Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 1196

(1)

Subject to sections 1197 and 1200, this section has effect where a person applies to the Commission to vary or revoke a banning order relating to the person.

(2)

If:

(a)

the person is not an insolvent under administration;

(b)

the Commission has no reason to believe that the person is not of good fame and character; and

(c)

the Commission has no reason to believe that the person will not perform efficiently, honestly and fairly the duties of:

(i)

a representative of a futures broker; or

(ii)

a representative of a futures adviser;

the Commission shall, by written order:

(d)

if only one of subparagraphs (c)(i) and (ii) applies—vary the banning order so that it no longer prohibits the person from doing an act as a representative of a futures broker or of a futures adviser, as the case may be; or

(e)

in any other case—revoke the banning order.

(3)

Otherwise, the Commission shall refuse the application.

(4)

In determining whether or not it has reason to believe as mentioned in paragraph (2)(b) or (c), the Commission shall have regard to any conviction of the person, during the 10 years ending on the day of the application, of serious fraud.

(5)

Nothing in subsection (4) limits the matters to which the Commission may have regard:

(a)

in deciding on the application; or

(b)

in connection with performing or exercising any other function or power under this Part.