Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:2_323ee
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 2 cl 323EE
Character Range: 277687–279331

323EE  Lodging entity to respond to ASIC notice

 (1) The lodging entity must, within 14 days after receiving the notice, give ASIC a written response that, in relation to each relevant financial reporting requirement identified under paragraph 323ED(2)(a), either:
 (a) states that the lodging entity proposes to amend the financial report to incorporate the changes referred to in subparagraph 323ED(2)(b)(ii) (the ASIC proposed changes); or
 (b) states that the lodging entity:
 (i) does not agree that the ASIC proposed changes should be made; and
 (ii) proposes instead to amend the financial report to incorporate the changes set out in the response (the alternative changes);
  and sets out the lodging entity's reasons for its opinion that the financial report would comply with the relevant financial reporting requirement if the alternative changes were made; or
 (c) states that the lodging entity does not agree that the ASIC proposed changes should be made and sets out the lodging entity's reasons for its opinion that the financial report as originally lodged complies with the relevant financial reporting requirement.

 (2) An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability see section 6.1 of the Criminal Code.

 (3) Evidence or information included in a response under subsection (1) is not admissible in evidence against:
 (a) the lodging entity; or
 (b) a director of the lodging entity; or
 (c) any other representative of the lodging entity;
in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).