Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 775

775. (1) Where the Commission forms the opinion that it is necessary to
prohibit trading in particular securities of a body corporate on a stock
market of a securities exchange in order to protect persons buying or selling
the securities or in the interests of the public, the Commission may give
written notice to the securities exchange stating that it has formed that
opinion and setting out the reasons for that opinion.

(2) If, after receiving the notice, the securities exchange does not take
action to prevent trading in the securities on a stock market of the
securities exchange and the Commission is still of the opinion that it is
necessary to prohibit trading in the securities on such a stock market, the
Commission may, by written notice to the securities exchange, prohibit trading
in the securities on such a stock market during a period of not more than 21
days.

(3) Where the Commission gives a notice to a securities exchange under
subsection (2), the Commission shall:

   (a)  at the same time send a copy of the notice to the body corporate
        together with a statement setting out the reasons for the giving of
        the notice; and

   (b)  as soon as practicable give to the Minister a written report setting
        out the reasons for the giving of the notice and send a copy of the
        report to the securities exchange.

(4) The body corporate may request the Commission in writing to refer the
matter to the Minister.

(5) Where such a request is made, the Commission shall immediately refer the
matter to the Minister, who may, if he or she thinks fit, direct the
Commission to revoke the notice and, if such a direction is given, the
Commission shall immediately revoke the notice.

(6) A securities exchange shall not permit trading in securities on a stock
market of the securities exchange in contravention of a notice under
subsection (2).

(7) Where a notice duly given to a securities exchange by the NCSC under a law
corresponding to subsection (2) was in force immediately before the
commencement of this Part and the period for which trading in the securities
to which the notice relates on the stock market specified in the notice was
prohibited by the notice had not ended before that commencement:

   (a)  the notice shall be deemed to be a notice duly given to that
        securities exchange on that commencement by the Commission under that
        subsection and prohibiting trading in those securities on that stock
        market for the unexpired portion of that period;

   (b)  a copy of the notice and a statement sent to the corporation before
        that commencement under a law corresponding to paragraph (3) (a) shall
        be deemed to have been duly sent by the Commission under that
        paragraph;

   (c)  a written report given to the Ministerial Council before that
        commencement under a law corresponding to paragraph (3) (b) shall be
        deemed to have been duly given by the Commission under that paragraph
        to the Minister and a copy of that report sent to the securities
        exchange under that corresponding law shall be deemed to have been
        sent by the Commission under that paragraph;

   (d)  any request made by the corporation before that commencement under a
        law corresponding to subsection (4) to refer the matter to the
        Ministerial Council shall be deemed to have been a request duly made
        under that subsection to refer the matter to the Minister; and

   (e)  if the matter had been referred by the NCSC to the Ministerial Council
        before that commencement under a law corresponding to subsection (5)
        the matter shall be deemed to have been referred by the Commission to
        the Minister under that subsection.