39Foreign companies

39 Foreign companies

(1)  A corporation formed outside the State, other than a corporation that is a recognized company for the purposes of the Companies (Tasmania) Code , that was, immediately before the commencement of this Act, registered as a foreign company under the Companies Act 1962 shall be deemed to be registered, as from the commencement of this Act, as a foreign company for the purposes of the Companies (Tasmania) Code .

(2)  A corporation formed outside Australia and the external Territories that was, immediately before the commencement of this Act, registered as a foreign company under the Companies Act 1962 may, within 1 month after the date of commencement of this Act or within such further period as the Commission allows, lodge with the Commission a notice in the prescribed form –

(a) stating whether the corporation wishes to continue to be registered as a foreign company under the Companies (Tasmania) Code ; and

(b) if the corporation states that it does not wish to continue to be registered as a foreign company under that Code – specifying one State or Territory (being a State or Territory under the law of which the corporation was registered as a foreign company immediately before the commencement of this Act and which is a participating State or a participating Territory) as the State or Territory under the law of which the corporation wishes to be registered as a foreign company.

(3)  A corporation is not entitled pursuant to subsection (2) (b) –

(a) to specify a State in a notice if the corporation has specified a different State or a Territory in a notice under a corresponding provision of the law of a participating State or participating Territory; or

(b) to specify a Territory in a notice if the corporation has specified a State or another Territory in a notice under a corresponding provision of the law of a participating State or participating Territory.

(4)  Where a corporation to which subsection (2) applies lodges with the Commission a notice under that subsection specifying pursuant to of that subsection a State or Territory as the State or Territory under the law of which the corporation wishes to be registered as a foreign company –