Corporations Act 2001
Note: See section 600K .
PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS Division 40 - Disciplinary and other action Subdivision D - ASIC may suspend or cancel registration SECTION 40-35 NOTICE OF SUSPENSION OR CANCELLATIONApplication of this section
40-35(1)
This section applies if ASIC decides under section 40-25 or 40-30 to suspend or cancel the registration of a person as a liquidator.
ASIC must give notice of decision
40-35(2)
ASIC must, within 10 business days after making the decision, give the person a written notice setting out the decision, and the reasons for the decision.
When decision comes into effect
40-35(3)
The decision comes into effect on the day after the notice is given to the person.
[ CCH Note: Cl 40-35(3A) will be inserted by No 69 of 2020, s 3, Sch 1[1332] (effective 1 July 2026 or a day or days to be fixed by Proclamation). Cl 40-35(3A) will read:
ASIC must notify the Registrar
40-35(3A)
ASIC must notify the Registrar of the decision.]
Failure to give notice does not affect validity of decision
40-35(4)
A failure by ASIC to give the notice under subsection (2) within 10 business days does not affect the validity of the decision.
[ CCH Note 1: Cl 40-35(4) heading will be amended by No 69 of 2020, s 3, Sch 1[1333], by inserting " etc. " after " notice " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: Cl 40-35(4) will be amended by No 69 of 2020, s 3, Sch 1[1334], by inserting " , or to notify the Registrar under subsection (3A), " after " business days " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
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