ASIC Corporations (Uncontactable Members) Instrument 2016/187

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ASIC Corporations (Uncontactable Members) Instrument 2016/187

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Uncontactable Members) Instrument 2016/187 as in force on 18 September 2018. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information

about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary

1 Name of legislative instrument

3 Authority

4 Definitions

Part 2—Order

5 Relief from sending out hard copies of financial reports to uncontactable members

6 Condition

Endnotes

Endnote 1—Instrument history

Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Uncontactable Members) Instrument 2016/187.

3 Authority

This instrument is made under subsection 341(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

relevant entity means a company, registered scheme, notified foreign passport fund or disclosing entity.

Part 2—Order

5 Relief from sending out hard copies of financial reports to uncontactable members

A relevant entity does not have to comply with subsection 314(1) or 314A(1) (as applicable) of the Act by the time specified in section 315 of the Act in relation to a member of the entity to whom all of the following apply:

(a) the member:

(i) in relation to a company, registered scheme or disclosing entity—has made the election referred to in paragraph 314(1AB)(a) and has in accordance with paragraph 314(1AB)(c) elected to receive a copy of the reports as a hard copy;

(ii) in relation to a notified foreign passport fund—has made the election referred to in paragraph 314A(3)(a) and has in accordance with paragraph 314A(3)(c) elected to receive a copy of the reports as a hard copy;

(b) the entity has reasonable grounds to believe that the member does not reside at the address shown in the register of members;

(c) the entity has been unable to find out the current address for the member after the exercise of reasonable diligence.

6 Condition

A relevant entity that relies on the relief in section 5 must send to the address shown in the register of members a notice that states:

(a) in relation to a company, registered scheme or disclosing entity—the dispatch of concise reports or financial reports, directors’ reports and auditor’s reports to that person has been suspended but will be resumed on receipt of instructions (including a current address to do so);

(b) in relation to a notified foreign passport fund—the dispatch of financial reports and auditor’s reports to that person has been suspended but will be resumed on receipt of instructions (including a current address to do so).

The notice must be sent at least once a year for 6 years after the date on which both paragraphs 5(b) and (c) first applied to the member.

Endnotes

Endnote 1—Instrument history

Endnote 2—Amendment history

Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted