Declarations of contravention (cf Corporations Act s 1317E)

Current

(1) If the Supreme Court is satisfied that a person has contravened one of the following provisions, it must make a declaration of contravention:

(a)

section 192(1) (Care and diligence);

(b)

section 193(1) (Good faith);

(c)

section 193(2);

(d)

section 194(1) (Use of position);

(e)

section 194(2);

(f)

section 195(1) (Use of information);

(g)

section 195(3);

(h) section 328(1) (Contravention by directors of provisions of Part 3.3);

(i)

without limiting paragraph (h):

(i) section 315(1) of the Corporations Act (Deadline for reporting to members) as applying under section 285(2) or 328(1) of this Law;

(ii) section 318 of the Corporations Act (Additional reporting by debenture issuers) as applying under section 288 or 328(1) of this Law;

(j) any of the following provisions of the Corporations Act relating to debentures as applying under section 337 of this Law:

(i) section 674(2) (Continuous disclosure – listed disclosing entity bound by a disclosure requirement in market listing rules);

(ii)

section 674(2A);

(iii) section 675(2) (Continuous disclosure – other disclosing entities);

(iv)

section 675(2A);

(v)

section 1041A (Market manipulation);

(vi) section 1041B(1) (False trading and market rigging – creating a false or misleading appearance of active trading etc.);

(vii) section 1041C(1) (False trading and market rigging – artificially maintaining etc. trading price);

(viii) section 1041D (Dissemination of information about illegal transactions);

(ix) section 1043A(1) (Prohibited conduct by person in possession of inside information);

(x)

section 1043A(2);

(k) section 588G(2) of the Corporations Act (Director's duty to prevent insolvent trading by company) as applying under section 451 of this Law.

(2)

A declaration of contravention must specify the following:

(a)

the court that made the declaration;

(b)

the civil penalty provision that was contravened;

(c)

the person who contravened the provision;

(d)

the conduct that constituted the contravention.

This Act’s bill:Explanatory statement

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554 Declarations of contravention (cf Corporations Act s 1317E)