asic determination ann, page-21

This is the start from today.

Anyone can try to dissect it, but good luck! (Corporate lawyers excepted!)

More to come..........

Relevant section of announcement:
CityView Corporation Limited (“CityView”) advises that it has received a determination from ASIC dated August 20, 2009. The determination has been made under subsections 708AA(3), 708A(2) and 713(6) of the Corporations Act in relation to CityView until August 20, 2010.

Corps Act website: http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/ or click here

708AA(3): - Rights issues that do not need disclosure

(3) ASIC may make a determination under this subsection if ASIC is satisfied that in the previous 12 months the body contravened any of the following provisions:

(a) subsection 283AA(1), 283AB(1) or 283AC(1);

(b) the provisions of Chapter 2M as they apply to the body;

(c) section 674 or 675;

(d) section 724 or 728;

(e) subsection (10) of this section;

(f) section 1308 as that section applies to a notice under subsection (2) of this section.


708A (2) -Sale offers that do not need disclosure

(2) ASIC may make a determination under this subsection if ASIC is satisfied that in the previous 12 months the body contravened any of the following provisions:

(a) subsection 283AA(1), 283AB(1) or 283AC(1);

(b) the provisions of Chapter 2M as they apply to the body;

(c) section 674 or 675;

(d) section 724 or 728;

(e) subsection (9) of this section; or

(f) section 1308 as that section applies to a notice under subsection (5) of this section.


713 (6) -Special prospectus content rules for continuously quoted securities

(6) ASIC may determine in writing that a body may not rely on this section if it is satisfied that, in the previous 12 months, any of the following provisions were contravened in relation to the body:

(a) the provisions of Chapter 2M;

(aa) subsection 674(2) or 675(2);

(ab) subsection 708AA(10) or 708A(9);

(b) section 724;

(c) section 728;

(d) section 1308 as it applies to a notice under subsection 708AA(2) or 708A(5);

ASIC must publish a copy of the determination in the Gazette . While the determination is in force, section 710 and not this section applies to securities of the body.