Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteIf an unacceptable control situation exists in relation to a controlled Australian financial body and a person, any of the following courts may make such orders as the court considers appropriate for the purpose of ensuring that the unacceptable control situation ceases to exist: (a) the Federal Court; (b) the Federal Circuit and Family Court of Australia (Division 2); (c) a court of a State or Territory that has jurisdiction in relation to the matter.
852DE(2)
However, the court may only make orders under this section on application by: (a) ASIC; or (b) the body; or (c) a person who has any voting power in the body.
852DE(3)
Without limiting subsection (1) , the court ' s orders may include: (a) an order directing the disposal of shares; or (b) an order restraining the exercise of any rights attached to shares; or (c) an order prohibiting or deferring the payment of any sums due to a person in respect of shares held by the person; or (d) an order that any exercise of rights attached to shares be disregarded; or (e) an order directing any person to do or refrain from doing a specified act, for the purpose of securing compliance with any other order made under this section; or (f) an order containing such ancillary or consequential provisions as the court thinks just.
852DE(4)
Before making an order under this section, the court may direct that notice of the application: (a) be given to such persons as the court thinks fit; or (b) be published in such manner as the court thinks fit.
852DE(5)
The court may, by order: (a) rescind, vary or discharge an order made by the court under this section; or (b) suspend the operation of such an order.
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