Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 340

(1)

On an application made in accordance with subsection (3) in relation to a company, registered scheme or disclosing entity, ASIC may make an order in writing relieving any of the following from all or specified requirements of Parts 2M.2, 2M.3 and 2M.4:

(a)

the directors

(b)

the company, scheme or entity

(c)

the auditor.

Note: For the criteria for making orders under this section, see section 342.

(2)

The order may:

(a)

be expressed to be subject to conditions; and

(b)

be indefinite or limited to a specified period.

(3)

The application must be:

(a)

authorised by a resolution of the directors; and

(b)

in writing and signed by a director; and

(c)

lodged with ASIC.

(4)

ASIC must give the applicant written notice of the making, revocation or suspension of the order.