Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

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Note: See section 600K .

PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS  

Division 70 - Information  

Subdivision G - External administrator may be compelled to comply with requests for information etc.  

SECTION 70-85   ASIC MAY IMPOSE CONDITIONS ON USE OF THE RELEVANT MATERIAL  

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ASIC may, by notice, impose conditions

70-85(1)    
ASIC may, by notice in writing to the person or persons to whom the relevant material is to be given, impose conditions on the use and disclosure of the relevant material, or part of the relevant material, by the person or persons.

Offence

70-85(2)    
A person commits an offence if:


(a) ASIC directs that the relevant material, or part of the relevant material, be given to the person; and


(b) ASIC has given the person notice under subsection (1) imposing a condition in relation to the use or disclosure of that material by the person; and


(c) the person does not comply with the condition.

Penalty: 3 months imprisonment.

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Notice is not a legislative instrument

70-85(3)    
A notice under subsection (1) is not a legislative instrument.

 

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