320Exemptions—classes of non-auditor members etc

#### 320 Exemptions—classes of non-auditor members etc 320 Exemptions—classes of non-auditor members etc (cf Corporations Act s 342AB) > > (1) The Registrar may, by designated instrument in respect of a specified class of audit firms or audit companies, exempt any of the following from all or specified requirements of the target provisions referred to in subsection (2)— > > > > > (a) members of firms who are not registered company auditors; > > > > > (b) persons who have ceased to be— > > > > > > > (i) members of audit firms; or > > > > > > > (ii) directors of audit companies; or > > > > > > > (iii) professional employees of audit companies. > > > > Note— > > > > For the criteria for granting exemptions under this section, see section 321. > > > (2) The target provisions are the provisions of Division 3 of Part 2M.4 of the Corporations Act (as applying under Division 12 of this Part). > > > > Note— > > > > The target provisions correspond to the provisions of the Corporations Act referred to in section 342AB of that Act. > > > (3) The exemption may— > > > > > (a) be expressed to be subject to conditions; and > > > > > (b) be indefinite or limited to a specified period; and > > > > > (c) if indefinite, be expressed to commence on a specified date.