Section 1215B — Corporations Act 2001: Interim stop orders

(1) ASIC may make an interim stop order, if ASIC is of the opinion that: (a) any delay in making a stop order under section 1215 or 1215A would be prejudicial to the public interest; and (b) either: (i) in the case of an order that is to be made in relation to an Australian passport fund—one or more of the circumstances mentioned in subsection 1215(3) exists; or (ii) in the case of an order that is to be made in relation to a notified foreign passport fund—one or more of the circumstances mentioned in subsection 1215A(3) exists. (2) An interim stop order under subsection (1): (a) may be made without holding a hearing, or during a hearing; and (b) must be in writing; and (c) lasts: (i) if the stop order is made during a hearing—until ASIC makes a stop order after the conclusion of the hearing, or the interim stop order is revoked; and (ii) otherwise—for 21 days after the day on which it is made, unless sooner revoked. (3) If ASIC makes an interim stop order, ASIC must give the operator of the fund a copy of the order as soon as reasonably practicable after it is made.