Section 1296 — Corporations Act 2001: Notice of Board’s decision

(1) Where the Board decides to exercise any of its powers under section 1292 in relation to a person, or decides that it is required to make an order under subsection 1292(7) in relation to a person, the Board must, within 14 days after the decision: (a) give to the person a notice in writing setting out the decision and the reasons for it; and (b) lodge a copy of the notice referred to in paragraph (a); and (c) cause to be published in the Gazette a notice in writing setting out the decision. (1A) If: (a) the Board decides to exercise the power, or makes the order, on the basis of particular conduct engaged in by the person; and (b) the person engaged in that conduct in the course of participating in the conduct of an audit on behalf of an audit firm or audit company; the notice under paragraph (1)(c) may identify the audit firm or audit company. (1B) If the Board: (a) decides to exercise any of its powers under section 1292 in relation to a person; or (b) decides that it is required to make an order under subsection 1292(7) in relation to a person; then, in addition to meeting the requirements of subsection (1), the Board may take such steps as it considers reasonable and appropriate to publicise: (c) the decision; and (d) the reasons for the decision. Without limiting this, the Board may make the decision and reasons available on the internet. (1C) If: (a) the Board decides to exercise the power under section 1292, or makes the order under subsection 1292(7), on the basis of particular conduct engaged in by the person; and (b) the person engaged in that conduct in the course of participating in the conduct of an audit on behalf of an audit firm or audit company; a publication under subsection (1B) may identify the audit firm or audit company. (2) Where the Board decides to refuse to exercise its powers under section 1292 in relation to a person, or decides that it is not required to make an order under subsection 1292(7) in relation to a person, the Board must, within 14 days after the decision: (a) give to the person a notice in writing setting out the decision and the reasons for it; and (b) lodge a copy of the notice referred to in paragraph (a). (3) The validity of a decision of the Board is not affected by failure of the Board to comply with subsection (1) or (2), as the case requires, in relation to the decision.