Document ID: chunk:federal_register_of_legislation:C2014A00100:clause:1_53
Version: federal_register_of_legislation:C2014A00100
Segment Type: clause
Provision Reference: sch 1 cl 53
Character Range: 37931–40159

53  At the end of section 1309
Add:
 (7) For the purposes of subsection (2), a person is taken to have taken reasonable steps to ensure that information was not false or misleading in a material particular if the person proves that:
 (a) the person made all inquiries (if any) that were reasonable in the circumstances; and
 (b) after doing so, the person believed on reasonable grounds that the information was not misleading or deceptive in a material particular.
 (8) For the purposes of subsection (2), a person is taken to have taken reasonable steps to ensure that information did not have omitted from it any matter or thing the omission of which rendered the information misleading in a material respect if the person proves that:
 (a) the person made all inquiries (if any) that were reasonable in the circumstances; and
 (b) after doing so, the person believed on reasonable grounds that there was no such omission.
 (9) For the purposes of subsection (2), a person is taken to have taken reasonable steps to ensure that information was not false or misleading in a material particular if the person proves that:
 (a) the person relied on information given to the person by:
 (i) if the person is a body—someone other than a director, employee or agent of the body; or
 (ii) if the person is an individual—someone other than an employee or agent of the individual; and
 (b) the reliance placed on that information by the person was reasonable in all the circumstances.
 (10) For the purposes of subsection (2), a person is taken to have taken reasonable steps to ensure that information did not have omitted from it any matter or thing the omission of which rendered the information misleading in a material respect if the person proves that:
 (a) the person relied on information given to the person by:
 (i) if the person is a body—someone other than a director, employee or agent of the body; or
 (ii) if the person is an individual—someone other than an employee or agent of the individual; and
 (b) the reliance placed on that information by the person was reasonable in all the circumstances.

[Minister's second reading speech made in—
House of Representatives on 15 May 2014
Senate on 17 July 2014]

(70/14)