Court power of disqualification—disqualification under a law of a foreign jurisdiction
206EAA Court power of disqualification—disqualification under a law of a foreign jurisdiction
On application by ASIC, the Court may disqualify a person from managing corporations for the period that the Court considers appropriate if:
the person is disqualified under the law of a foreign jurisdiction from:
being a director of, or being concerned in the management of, a foreign company; or
carrying on activities that the Court is satisfied are substantially similar to being a director of, or being concerned in the management of, a foreign company; or
being a director of a passport fund, or of the operator of a passport fund; or
being concerned in the management of a passport fund; or
carrying on activities that the Court is satisfied are substantially similar to being a director of a passport fund, or of the operator of a passport fund, or being concerned in the management of a passport fund; and
the Court is satisfied that the disqualification under this subsection is justified.
In determining what is an appropriate period for which to disqualify the person, the Court may have regard to the period for which the person is disqualified under the law of the foreign jurisdiction.
In determining whether the disqualification is justified, the Court may have regard to:
the person’s conduct in relation to the management, business or property of a foreign company or a passport fund (as the case requires); and
any other matters that the Court considers appropriate.
In this section:
foreign jurisdiction has the same meaning as in section 206B.
This Act’s bill:Explanatory memorandumSecond reading speech
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