Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p43
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 105415–108102

applied to the Commission for the making of a declaration under this sub-section and has been declared by the Commission, by instrument in writing published in the Gazette, to be a person in relation to whom this section does not apply.".

68. After section 215a of the Principal Act the following Division is inserted in Part IV:
"Division 10—Exemption from, and modification of the application of, Divisions of this Part and related provisions

Banking business
"215b. (1) Subject to sub-section (3)—
     (a) nothing in a prescribed provision applies to or in relation to anything done or to be done by a banking corporation in the ordinary course of its banking business;
     (b) a banking corporation is not required to comply with a prescribed provision in respect of anything done or to be done by the corporation in the ordinary course of its banking business; and
     (c) a banking corporation shall riot be taken, by reason of anything done or to be done by the corporation in the ordinary course of its banking business, to be a borrowing corporation for the purposes of a prescribed provision.
"(2) In sub-section (1), 'prescribed provision' means a provision of Division 1 or 5 or of section 552.
"(3) Where—
     (a) a borrowing corporation is required by sub-section 152 (1) to make provision in a trust deed for the appointment of a corporation as a trustee for the holders of debentures; and
     (b) a banking corporation is appointed as a trustee for the holders of those debentures,
sub-section (1) does not affect the application of a provision of Division 5 to or in relation to the banking corporation in its capacity as trustee for the holders of those debentures.

Powers of Commission
"215c. (1) This section applies to Divisions 1, 2, 5 and 6.
"(2) The Commission may, by instrument in writing, exempt a person, as specified in the instrument and subject to such conditions (if any) as are specified in the instrument, from compliance with all or any of the provisions of—
     (a) the Divisions to which this section applies;
     (b) regulations made for the purposes of the provisions of those Divisions or any of them; and
     (c) section 552.
"(3) Without limiting the generality of sub-section (2), an exemption under that sub-section may relate to particular securities or to securities included in a class of securities.

"(4) A person shall not contravene or fail to comply with a condition to which an exemption under sub-section (2) is subject.
"(5) Where a person has contravened or failed to comply with a condition to which an exemption under sub-section (2) is subject, the Court may, on the application of the Commission, order the person to