Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p153
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 153/212)
Character Range: 402694–405315

the company.

"(2) The Commission may, by written order published in the Gazette, vary or revoke an order made under subsection (1).

"(3) A copy of an order under subsection (1) and of any order by which it is revoked or varied must be served on the company and on any person to whom the order is directed.

"(4) Where an order made under subsection (1) is in force, a person aggrieved by the order may apply to the Court for variation or revocation of the order, and the Court may, if it is satisfied that it is reasonable to do so, vary the order or revoke the order and any order by which it has been varied.

  "(5) A person must not contravene an order under subsection (1).

  Penalty: $2,500 or imprisonment for 6 months, or both.

SCHEDULE 5—continued

"(6) Where a body corporate contravenes subsection (5), each officer of the body who is in default contravenes this subsection.

  Penalty: $2,500 or imprisonment for 6 months, or both.

"(7) An order made under subsection (1) ceases to operate at the end of 30 days after it is made or at the end of the day specified in it as the day on which it ceases to operate, whichever is earlier.

"(8) The Commission may only make an order under subsection (1) if it has afforded the person to whom the order is directed an opportunity to appear at a hearing before the Commission and to make submissions and give evidence to the Commission in relation to the matter.

"(9) The Commission is not empowered to make an order under subsection (1) in reliance on a declaration made by the Commission if:

     (a) an application has been made to the Court under section 206aag in relation to the declaration; or

     (b) the Court has revoked under subsection (4) of this section an order made in reliance on the declaration.

Court may reverse Commission's declaration

"206aaf. (1) Where the Commission makes a declaration under section 206aad, the Court may, on an application by the company or on an application made under section 206aag in relation to the declaration, declare the transaction or proposed transaction not to be part of an unacceptable self-acquisition scheme.

"(2) On the making of a declaration under subsection (1), the Commission's declaration ceases to have effect.

Court may act on Commission's declaration

"206aag. (1) This section applies where the Commission makes a declaration under section 206aad.

  "(2) The Court may make any order it thinks necessary or expedient:

     (a) to protect the rights or interests of a person who is affected by the scheme or by a connected transaction; or

     (b) to prevent a person from entering