5GAvoiding direct inconsistency arising between the Corporations legislation and State and Territory laws

5G Avoiding direct inconsistency arising between the Corporations legislation and State and Territory laws

Section overrides other provisions of the Corporations legislation (1) This section has effect despite anything else in the Corporations legislation. Section does not deal with provisions capable of concurrent operation (2) This section does not apply to a provision of a law of a State or Territory that is capable of concurrent operation with the Corporations legislation.

Note: This kind of provision is dealt with by section 5E.

When this section applies to a provision of a State or Territory law (3) This section applies to the interaction between: (a) a provision of a law of a State or Territory (the State provision); and (b) a provision of the Corporations legislation (the Commonwealth provision); only if the State provision meets the conditions set out in the following table:

<table cellspacing="0" cellpadding="0" style="margin-left:0.05pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:220.8pt; border-top:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Conditions to be met before section applies</span></p></td><td style="width:105.05pt; border-top:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>[operative]</span></p></td></tr><tr><td style="width:25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:95.5pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span style="font-weight:bold">Kind of provision</span></p></td><td colspan="2" style="width:194.65pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span style="font-weight:bold">Conditions to be met</span></p></td></tr></thead><tbody><tr><td style="width:25pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:95.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>a pre</span><span>‑</span><span>commencement (commenced) provision</span></p></td><td colspan="2" style="width:194.65pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tablea"><span>(a)</span><span style="width:3.1pt; text-indent:0pt; display:inline-block"> </span><span>the State provision operated, immediately before this Act commenced, despite the provision of:</span></p><p class="Tablei"><span>(i)</span><span style="width:4.76pt; text-indent:0pt; display:inline-block"> </span><span>the Corporations Law of the State or Territory (as in force at that time); or</span></p><p class="Tablei"><span>(ii)</span><span style="width:1.98pt; text-indent:0pt; display:inline-block"> </span><span>the ASC or ASIC Law of the State or Territory (as in force at that time);</span></p><p class="Tablea"><span style="width:14.2pt; text-indent:0pt; display:inline-block"></span><span>that corresponds to the Commonwealth provision; and</span></p><p class="Tablea"><span>(b)</span><span style="width:2.54pt; text-indent:0pt; display:inline-block"> </span><span>the State provision is not declared to be one that this section does not apply to (either generally or specifically in relation to the Commonwealth provision) by:</span></p><p class="Tablei"><span>(i)</span><span style="width:4.76pt; text-indent:0pt; display:inline-block"> </span><span>regulations made under this Act; or</span></p><p class="Tablei"><span>(ii)</span><span style="width:1.98pt; text-indent:0pt; display:inline-block"> </span><span>a law of the State or Territory.</span></p></td></tr><tr><td style="width:25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:95.5pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>a pre</span><span>‑</span><span>commencement (enacted) provision</span></p></td><td colspan="2" style="width:194.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tablea"><span>(a)</span><span style="width:3.1pt; text-indent:0pt; display:inline-block"> </span><span>the State provision would have operated, immediately before this Act commenced, despite the provision of:</span></p><p class="Tablei"><span>(i)</span><span style="width:4.76pt; text-indent:0pt; display:inline-block"> </span><span>the Corporations Law of the State or Territory (as in force at that time); or</span></p><p class="Tablei"><span>(ii)</span><span style="width:1.98pt; text-indent:0pt; display:inline-block"> </span><span>the ASC or ASIC Law of the State or Territory (as in force at that time);</span></p><p class="Tablea"><span style="width:14.2pt; text-indent:0pt; display:inline-block"></span><span>that corresponds to the Commonwealth provision if the State provision had commenced before the commencement of this Act; and</span></p><p class="Tablea"><span>(b)</span><span style="width:2.54pt; text-indent:0pt; display:inline-block"> </span><span>the State provision is not declared to be one that this section does not apply to (either generally or specifically in relation to the Commonwealth provision) by:</span></p><p class="Tablei"><span>(i)</span><span style="width:4.76pt; text-indent:0pt; display:inline-block"> </span><span>regulations made under this Act; or</span></p><p class="Tablei"><span>(ii)</span><span style="width:1.98pt; text-indent:0pt; display:inline-block"> </span><span>a law of the State or Territory.</span></p></td></tr><tr><td style="width:25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:95.5pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>a post</span><span>‑</span><span>commencement provision</span></p></td><td colspan="2" style="width:194.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>the State provision is declared by a law of the State or Territory to be a Corporations legislation displacement provision for the purposes of this section (either generally or specifically in relation to the Commonwealth provision)</span></p></td></tr><tr><td style="width:25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>4</span></p></td><td style="width:95.5pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>a provision that is materially amended on or after this Act commenced if the amendment was enacted before this Act commenced</span></p></td><td colspan="2" style="width:194.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tablea"><span>(a)</span><span style="width:3.1pt; text-indent:0pt; display:inline-block"> </span><span>the State provision as amended would have operated, immediately before this Act commenced, despite the provision of:</span></p><p class="Tablei"><span>(i)</span><span style="width:4.76pt; text-indent:0pt; display:inline-block"> </span><span>the Corporations Law of the State or Territory (as in force at that time); or</span></p><p class="Tablei"><span>(ii)</span><span style="width:1.98pt; text-indent:0pt; display:inline-block"> </span><span>the ASC or ASIC Law of the State or Territory (as in force at that time);</span></p><p class="Tablea"><span style="width:14.2pt; text-indent:0pt; display:inline-block"></span><span>that corresponds to the Commonwealth provision if the amendment had commenced before the commencement of this Act; and</span></p><p class="Tablea"><span>(b)</span><span style="width:2.54pt; text-indent:0pt; display:inline-block"> </span><span>the State provision is not declared to be one that this section does not apply to (either generally or specifically in relation to the Commonwealth provision) by:</span></p><p class="Tablei"><span>(i)</span><span style="width:4.76pt; text-indent:0pt; display:inline-block"> </span><span>regulations made under this Act; or</span></p><p class="Tablei"><span>(ii)</span><span style="width:1.98pt; text-indent:0pt; display:inline-block"> </span><span>a law of the State or Territory.</span></p></td></tr><tr><td style="width:25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>5</span></p></td><td style="width:95.5pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>a provision that is materially amended on or after this Act commenced if the amendment is enacted on or after this Act commenced</span></p></td><td colspan="2" style="width:194.65pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>the State provision as amended is declared by a law of the State or Territory to be a Corporations legislation displacement provision for the purposes of this section (either generally or specifically in relation to the Commonwealth provision)</span></p></td></tr><tr style="height:0pt"><td style="width:35.7pt"></td><td style="width:106.2pt"></td><td style="width:89.6pt"></td><td style="width:115.75pt"></td></tr></tbody></table>