Corporations Act 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS

Modifying legislative instruments: The application of Ch 6A is affected by the following legislative instruments that commenced on or after 1 January 2022: ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.

For legislative instruments or class orders before 1 January 2022 that affect the application of Ch 6A, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.

PART 6A.6 - ASIC POWERS

SECTION 669 ASIC ' S POWER TO EXEMPT AND MODIFY

669(1)
ASIC may:

(a) exempt a person from a provision of this Chapter; or

(b) declare that this Chapter applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.

669(2)
The exemption or declaration may:

(a) apply to all or specified provisions of this Chapter; and

(b) apply to all persons, specified persons, or a specified class of persons; and

(c) relate to all securities, specified securities or a specified class of securities; and

(d) relate to any other matter generally or as specified.

669(3)
An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.

669(4)
The exemption or declaration must be in writing and ASIC must publish notice of it in the Gazette .

669(5)
For the purposes of this section, the provisions of this Chapter include:

(a) regulations made for the purposes of this Chapter; and

(b) definitions in this Act or the regulations as they apply to references in:

(i) this Chapter; or

(ii) regulations made for the purposes of this Chapter; and

(c) the old Division 12 of Part 11.2 transitionals.

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