Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1113

1113. (1) This section applies to Divisions 1, 2 and 3.

(2) The power of the Commission to grant an exemption or make a declaration
under this section may be exercised in relation to securities or a class of
securities only where the Commission is satisfied that:

   (a)  if the exemption were granted or the declaration were made, the
        interests of the holders of those securities or of securities in that
        class would continue to have adequate protection; and

   (b)  the granting of the exemption or the making of the declaration would
        make transfer of those securities, or of securities in that class,
        more efficient.

(3) The Commission may, by writing, exempt particular securities, or a
particular class of securities, either generally or as otherwise provided in
the exemption, and either unconditionally or subject to such conditions (if
any) as are specified in the exemption, from the operation of all or any of
the provisions of:

   (a)  the Divisions of this Part to which this section applies; and

   (b)  regulations made for the purposes of the provisions of those Divisions
        or any of them.

(4) A person shall not contravene a condition to which an exemption under
subsection (3) is subject.

(5) Where a person has contravened a condition to which an exemption under
subsection (3) is subject, the Court may, on the application of the
Commission, order the person to comply with the condition.

(6) The Commission may, by writing, declare that a Division to which this
section applies, and regulations made for the purposes of the provisions of
that Division or any of them, shall have effect in their application in
relation to particular securities, or a particular class of securities, either
generally or otherwise as provided in the declaration, as if a specified
provision or provisions of that Division or of those regulations were omitted,
modified or varied in a manner specified in the declaration, and, where such a
declaration is made, that Division and those regulations have effect
accordingly.

(7) The Commission shall cause a copy of an exemption or declaration under
this section to be published in the Gazette.