Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 1181

(1)

Where the Commission believes on reasonable grounds that:

(a)

a person (in this section called the holder) holds, or will hold, a proper authority from a licensee;

(b)

having regard to that fact, the Commission should give to the licensee particular information that the Commission has about the person; and

(c)

the information is true;

the Commission may give the information to the licensee.

(2)

Where the Commission gives information under subsection (1), the licensee or an officer of the licensee may, for a purpose connected with:

(a)

the licensee making a decision about what action (if any) to take in relation to the holder, having regard to, or to matters including, the information; or

(b)

the licensee taking action pursuant to such a decision;

or for 2 or more such purposes, and for no other purpose, give to another person, make use of, or make a record of, some or all of the information.

(3)

A person to whom information has been given, in accordance with subsection

(2)

or this subsection, for a purpose or purposes may, for that purpose or one or more of those purposes, and for no other purpose, give to another person, make use of, or make a record of, that information.

(4)

Subject to subsections (2) and (3), a person shall not give to another person, make use of, or make a record of, information given by the Commission under subsection (1).

(4A)

Subsection 8(3) does not apply in relation to a reference in subsection (2), (3) or (4) of this section to a provision of this section.

(5)

A person has qualified privilege in respect of an act done by the person as permitted by subsection (2) or (3).

(6)

A person to whom information is given in accordance with this section shall not:

(a)

give any of the information to a court; or

(b)

produce in a court a document that sets out some or all of the information;

except:

(c)

for a purpose connected with:

(i)

the licensee making a decision about what action (if any) to take in relation to the holder, having regard to, or to matters including, some or all of the information;

(ii)

the licensee taking action pursuant to such a decision; or

(iii)

proving in a proceeding in that court that particular action taken by the licensee in relation to the holder was so taken pursuant to such a decision;

or for 2 or more such purposes, and for no other purpose;

(d)

in a proceeding in that court, in so far as the proceeding relates to an alleged contravention of this section;

(e)

in a proceeding in respect of an ancillary offence relating to an offence against this section; or

(f)

in a proceeding in respect of the giving to a court of false information being or including some or all of the first-mentioned information.

(7)

A reference in this section to a person taking action in relation to another person is a reference to the first-mentioned person:

(a)

taking action by way of making, terminating, or varying the terms and conditions of; or

(b)

otherwise taking action in relation to;

a relevant agreement, in so far as the relevant agreement relates to the other person being employed by, or acting for or by arrangement with, the first-mentioned person in connection with a futures broking business or futures advice business carried on by the first-mentioned person.

(8)

In addition, and without prejudice, to the effect it has of its own force, subsection (6) has by force of this subsection the effect it would have if:

(a)

the reference in it to information being given in accordance with this section were a reference to information being given in accordance with section 1181 of the Corporations Law of this jurisdiction; and

(b)

a reference in it to a court were a reference to a court of an external Territory or of a country outside Australia and the external Territories; and

(c)

paragraphs (6)(d) and (e) were omitted.