Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1114

1114. (1) Where:

   (a)  on the application of the Commission, it appears to the Court that a
        person:

        (i)    has contravened this Chapter, or any other law relating to
               trading or dealing in eligible securities;

        (ii)   has contravened the conditions or restrictions of a licence or
               the business rules or listing rules of a securities exchange;
               or

        (iii)  is about to do an act with respect to trading or dealing in
               eligible securities that, if done, would be such a
               contravention; or

   (b)  on the application of a securities exchange, it appears to the Court
        that a person has contravened the business rules or listing rules of
        the securities exchange; the Court may make such order or orders as it
        thinks fit, including, but without limiting the generality of the
        foregoing, one or more of the following orders:

   (c)  in the case of persistent or continuing contraventions of this
        Chapter, or of any other law relating to trading or dealing in
        eligible securities, of the conditions or restrictions of a licence,
        or of the business rules or listing rules of a securities exchange-an
        order restraining a person from carrying on a business, or doing an
        act or classes of acts, in relation to eligible securities;

   (d)  an order restraining a person from acquiring, disposing of or
        otherwise dealing with any eligible securities that are specified in
        the order;

   (e)  an order appointing a receiver of the property of a dealer or of
        property that is held by a dealer on behalf of another person, whether
        in trust or otherwise;

   (f)  an order declaring a contract relating to eligible securities to be
        void or voidable;

   (g)  for the purpose of securing compliance with any other order under this
        section, an order directing a person to do or refrain from doing a
        specified act;

   (h)  any ancillary order considered to be just and reasonable in
        consequence of the making of an order under any of the preceding
        provisions of this subsection.

(2) Where an application is made to the Court for an order under subsection
(1), the Court may, if in the opinion of the Court it is desirable to do so,
before considering the application, make an interim order, being an order of
the kind applied for that is expressed to apply pending the determination of
the application.

(3) Where the Commission applies to the Court for an order under subsection
(1), the Court shall not require the Commission or any other person, as a
condition of making an interim order under subsection (2), to give any
undertakings as to damages.

(4) The Court shall not make an order under subsection (1) if it is satisfied
that the order would unfairly prejudice any person.

(5) Before making an order under subsection (1), the Court may direct that
notice of the application be given to such persons as it thinks fit or direct
that notice of the application be published in such manner as it thinks fit,
or both.

(6) A person appointed by order of the Court under subsection (1) as a
receiver of the property of a dealer:

   (a)  may require the dealer to deliver to the person any property of which
        the person has been appointed receiver or to give to the person all
        information concerning that property that may reasonably be required;

   (b)  may acquire and take possession of any property of which the person
        has been appointed receiver;

   (c)  may deal with any property that the person has acquired or of which
        the person has taken possession in any way in which the dealer might
        lawfully have dealt with the property; and

   (d)  has such other powers in respect of the property as the Court
        specifies in the order.

(7) In paragraph (1) (e) and subsection (6):

"property", in relation to a dealer, includes money, securities and documents
of title to securities or other property entrusted to or received on behalf of
any other person by the dealer or another person in the course of or in
connection with a securities business carried on by the dealer.

(8) A person shall not, without reasonable excuse, contravene:

   (a)  an order under this section; or

   (b)  a requirement of a receiver appointed by order of the Court under
        subsection (1).

(9) The Court may rescind or vary an order made by it under this section or
suspend the operation of such an order.