Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 1216

(1)

A futures broker may, with the consent of the Commission, remove an auditor of the broker from office.

(2)

An auditor of a futures broker may, by notice in writing given to the broker, resign as auditor of the broker if:

(a)

the auditor has, by notice in writing given to the Commission, applied for consent to the resignation and, at or about the same time as the notice was given to the Commission, notified the broker in writing of the application to the Commission; and

(b)

the auditor has received the consent of the Commission.

(3)

The Commission shall, as soon as practicable after receiving a notice from an auditor under subsection (2), notify the auditor and the futures broker whether it consents to the resignation of the auditor.

(4)

A statement made by an auditor in an application to the Commission under subsection (2) or in answer to an inquiry by the Commission relating to the reasons for the application:

(a)

is not admissible in evidence in any civil or criminal proceedings against the auditor other than proceedings for an offence against section 1308; and

(b)

may not be made the ground of a prosecution (other than a prosecution for an offence against section 1308), action or suit against the auditor;

and a certificate by the Commission that the statement was made in the application or in answer to an inquiry by the Commission is conclusive evidence that the statement was so made.

(5)

Subject to subsection (6), the resignation of an auditor takes effect:

(a)

on the date (if any) specified for the purpose in the notice of resignation;

(b)

on the date on which the Commission gives its consent to the resignation; or

(c)

on the date (if any) fixed by the Commission for the purpose;

whichever last occurs.

(6)

Where, on the retirement or withdrawal from a firm of a member, the firm will no longer be capable, by reason of the provisions of paragraph 1215(3)(d), of acting as auditor of a futures broker, the member so retiring or withdrawing shall, if not disqualified from acting as auditor of the broker, be deemed to be the auditor of the broker until the member obtains the consent of the Commission to the retirement or withdrawal.

(7)

This section does not apply in relation to a body corporate (except a proprietary company) in relation to which section 329 applies.