153YVariation and revocation of contracting order

153Y Variation and revocation of contracting order

(1) The Treasurer may, in writing, vary or revoke a contracting order in respect of a body corporate, on the Treasurer’s own initiative or on application made by the body corporate.

(2) The Treasurer cannot make a variation under subsection (1) unless the Treasurer is satisfied that:

(a) the order as varied is a proportionate means of preventing the relevant corporation, or any related body corporate, from engaging in the kind of prohibited conduct (mentioned in the order) in the future; and

(b) if the body corporate does not consent to the variation—the variation is minor or insubstantial, or all of the following conditions are met:

(i) the corporation or any related body corporate gave the Treasurer or the Commission information relevant to the prohibited conduct recommendation that is false or misleading in a material particular, or failed to give the Treasurer or the Commission information relevant to the prohibited conduct recommendation that is not publicly available;

(ii) the variation is reasonably necessary to address the circumstances described in subparagraph (i).

(3) A variation can be of a kind that results in the order, as varied, not being of a kind recommended in the prohibited conduct recommendation (in accordance with paragraph 153S(2)(d)).

(4) The Treasurer need not consider an application by the body corporate to vary or revoke a contracting order if the application is made after:

(a) if there is only one period mentioned in paragraph 153X(3)(d)—that period has ended; or

(b) if there is more than one such period—all of those periods have ended.

(5) The Treasurer must publish, by electronic or other means, the following information:

(a) the fact that the variation or revocation has been made;

(b) the day on which the variation or revocation is made;

(c) the name of the body corporate.