30Foreign companies

30 Foreign companies

(1) A corporation formed outside the Territory, other than a corporation that is a recognized company for the purposes of the Companies Act 1981, that was, immediately before the commencement of that Act, registered as a foreign company under the Companies Ordinance 1962 shall be deemed to be registered, as from the commencement of the Companies Act 1981, as a foreign company for the purposes of that Act. (2) A corporation formed outside Australia and the external Territories, that was, immediately before the commencement of the Companies Act 1981, registered as a foreign company under the Companies Ordinance 1962 may, within one month after the date of commencement of the Companies Act 1981, 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 that Act; and

(b) if the corporation states that it does not wish to continue to be registered as a foreign company under that Act—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 the Companies Act 1981 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 paragraph (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 paragraph (2)(b) a State or Territory as the State or Territory under the law of which the corporation wishes to be registered as a foreign company:

(a) the corporation shall, as from the date on which the notice is so lodged, cease to be registered as a foreign company for the purposes of the Companies Act 1981; and

(b) the registered office of the corporation in the Territory the situation of which was specified:

(i) in a case to which subparagraph (ii) does not apply—in a notice lodged under subsection 346(1) of the Companies Ordinance 1962; or

(ii) if a notice or notices has or have been lodged under subsection 347(1) of that Ordinance in relation to the situation of the registered office of the corporation—in that notice or in the later or latest of those notices;