Document ID: chunk:federal_register_of_legislation:C2007A00085:clause:1_6
Version: federal_register_of_legislation:C2007A00085
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 39485–42498

6            a recognised offer                                                                                                            an offering condition in section 1200G, the address for service condition in section 1200H or the dispute resolution condition in section 1200J is not being met                                                                                                                                        (a) that no offers, issues, sales or transfers of the securities be made while the order is in force;
                                                                                                                                                                                                                                                                                                                                                                                                                                                   (b) that specified conduct in respect of those securities must not be engaged in while the order is in force.

 (2) The order may include a statement that specified conduct engaged in contrary to the order will be regarded as not meeting a specified ongoing condition in Division 3.

 (3) Before making an order under subsection (1), ASIC must:
 (a) hold a hearing; and
 (b) give a reasonable opportunity to any interested people to make oral or written submissions to ASIC on whether an order should be made.

 (4) If ASIC considers that any delay in making an order under subsection (1) pending the holding of a hearing would be prejudicial to the public interest, ASIC may make an interim order. The interim order may be made without holding a hearing and lasts for 21 days after the day on which it is made unless revoked before then.

 (5) At any time during the hearing, ASIC may make an interim order. The interim order lasts until:
 (a) ASIC makes an order under subsection (1) after the conclusion of the hearing; or
 (b) the interim order is revoked;
whichever happens first.

 (6) An order under subsection (1), (4) or (5) must be in writing and must be served on the person who is ordered not to offer, issue, sell or transfer securities or not to engage in specified conduct.

 (7) The person on whom the order is served must take reasonable steps to ensure that other people who engage in conduct to which the order applies are aware of the order.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

 (8) The person on whom the order is served, or a person who is aware of the order, must not engage in conduct contrary to the order.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

 (9) A statement under subsection (2) has effect accordingly in relation to a person on whom the order is served, or who is aware of it, who engages in conduct contrary to the order. This applies in addition to any other consequence that is provided for in this Act.