Australian Securities and Investments Commission Act 1989
1 The whole of the Act
Repeal the Act.
Corporations Act 1989
2 The whole of the Act
Repeal the Act.
Part 2—The former co‑operative scheme Acts
Companies Act 1981
3 The whole of the Act
Repeal the Act.
Companies (Acquisition of Shares) Act 1980
4 The whole of the Act
Repeal the Act.
Companies (Acquisition of Shares—Fees: Taxation Component) Act 1989
5 The whole of the Act
Repeal the Act.
Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980
6 The whole of the Act
Repeal the Act.
Companies (Fees: Taxation Component) Act 1989
7 The whole of the Act
Repeal the Act.
Companies (Transitional Provisions) Act 1981
8 The whole of the Act
Repeal the Act.
Futures Industry Act 1986
9 The whole of the Act
Repeal the Act.
Futures Industry (Fees: Taxation Component) Act 1989
10 The whole of the Act
Repeal the Act.
Securities Industry Act 1980
11 The whole of the Act
Repeal the Act.
Securities Industry (Fees: Taxation Component) Act 1989
12 The whole of the Act
Repeal the Act.
Schedule 2—Amendment of the new ASIC and corporations legislation on commencement of that legislation
Australian Securities and Investments Commission Act 2001
1 Section 122
Repeal the section, substitute:
122 Staff seconded to ASIC
In addition to the other staff members, officers and employees of Agencies (within the meaning of the Public Service Act 1999), and of authorities of the Commonwealth, whose services are made available to ASIC in connection with the performance or exercise of any of its functions or powers are to assist ASIC.
2 Subsection 254(1)
Insert:
old corporations legislation has the meaning given by subsection 1371(1) of the Corporations Act 2001.
3 Subsection 255(4)
Repeal the subsection, substitute:
(4) In this section:
Division Division 3 - Corporations (Repeals, Consequentials and Transitionals) Act 2001 - Functions and powers | Zoe
State validation Act means an Act of a State in this jurisdiction under which certain administrative actions (within the meaning of that Act) taken, or purportedly taken, at or before the commencement by Commonwealth authorities or officers of the Commonwealth (within the meaning of that Act) pursuant to functions or powers (the relevant functions or powers) conferred, or purportedly conferred, by or under laws that include the old application Act for that State have, and are deemed always to have had, the same force and effect for all purposes as they would have had if:
(a) they had been taken, or purportedly taken by a State authority or officer of the State (within the meaning of that Act); and
(b) the relevant functions or powers had been duly conferred on those authorities or officers.
4 Subsection 266(1) (after paragraph (c) of the definition of federal ASIC proceeding)
Insert:
(ca) a proceeding in relation to a matter to which a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory applied:
(i) in which the Commonwealth was seeking an injunction or a declaration; or
(ii) to which the Commonwealth, or a person suing or being sued on behalf of the Commonwealth, was a party;
(cb) any other proceeding in relation to a matter to which a provision of the old ASIC legislation of a State in this jurisdiction applied that was in the exercise of federal jurisdiction;
(cc) any other proceeding in relation to a matter to which a provision of the old ASIC legislation of the Northern Territory applied that would be covered by paragraph (cb) if the Northern Territory had been a State;
(cd) any other proceeding under the old ASIC legislation of the Commonwealth that was in the exercise of federal jurisdiction;
5 After section 268
Insert:
268A Appeals etc. in relation to some former federal corporations proceedings
(1) This section applies to a proceeding in relation to which all of the following paragraphs are satisfied:
(a) the proceeding was started in a court before the commencement;
(b) the proceeding was a federal ASIC proceeding that related to matter to which a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory applied;
(c) the proceeding had been concluded or terminated before the commencement.
(2) A decision or order made in the proceeding may be appealed against, or otherwise reviewed, as if it had been made in a proceeding that related to a matter to which a provision of this Act applied.
(3) An order made in the proceeding may be enforced as if it had been made in a proceeding that related to a matter to which a provision of this Act applied.
268B Effect of decisions and orders made in federal corporations proceedings before commencement
(1) For the avoidance of doubt, if:
(a) a proceeding was started in a court before the commencement; and
(b) the proceeding was a federal ASIC proceeding that related to matter to which a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory applied; and
(c) a decision was made or an order given in the proceeding before the commencement;
the decision or order continues to have effect after the commencement despite the provision of the old ASIC legislation ceasing to have effect.
(2) This section does not limit the operation of section 268 in relation to the decision or order.
6 Subsection 271(4) (after paragraph (a) of the definition of non‑federal proceeding)
Insert:
(aa) a proceeding in relation to which paragraphs 1383(1)(a), (b) and (d) of the Corporations Act 2001 are satisfied but paragraph 1383(1)(e) of that Act is not satisfied;
7 Subsection 271(4) (after subparagraph (b)(i) of the definition of non‑federal proceeding)
Insert:
(ia) under a provision of the old corporations legislation of a State or Territory in this jurisdiction; or
8 Subsection 271(4) (at the end of paragraph (b) of the definition of non‑federal proceeding)
Add:
(iii) brought as, or connected with, a prosecution for an offence against a provision of the old corporations legislation of a State or Territory in this jurisdiction; or
9 Subsection 271(4) (paragraph (c) of the definition of non‑federal proceeding)
After “paragraph (a)”, insert “or (aa)”.
10 Subsection 272(1)
Omit “that is a relevant Act for the purposes of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980”, substitute “that was a relevant Act for the purposes of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980 as in force immediately before the commencement”.
11 Subsection 272(2)
Omit “that is a relevant Act for the purposes of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980”, substitute “that was a relevant Act for the purposes of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980 as in force immediately before the commencement”.
Corporations Act 2001
12 Subsection 9(1) (definition of person)
Repeal the definition, substitute:
person, when used in Division 2 of Part 2D.2 (sections 200A to 200J), includes a superannuation fund.
13 At the end of Part 7.1A
Add:
Division 3—Functions and powers
766J The Exchange’s functions and powers
(1) In addition to the legal capacity and powers it has because of section 124, the Exchange has such functions and powers as are conferred, or expressed to be conferred, on it by this Act.
(2) Section 125 does not apply in relation to a function or power conferred, or expressed to be conferred, as mentioned in subsection (1) of this section.
(3) The Exchange is to perform the functions, and may exercise the powers, that are conferred on it by or under this Act.
14 Subsection 1372(4)
Repeal the subsection, substitute:
(4) In this section:
State validation Act means an Act of a State in this jurisdiction under which certain administrative actions (within the meaning of that Act) taken, or purportedly taken, at or before the commencement by Commonwealth authorities or officers of the Commonwealth (within the meaning of that Act) pursuant to functions or powers (the relevant functions or powers) conferred, or purportedly conferred, by or under laws that include the old application Act for that State have, and are deemed always to have had, the same force and effect for all purposes as they would have had if:
(a) they had been taken, or purportedly taken by a State authority or officer of the State (within the meaning of that Act); and
(b) the relevant functions or powers had been duly conferred on those authorities or officers.
15 Subsection 1382(1) (after paragraph (b) of the definition of federal corporations proceeding)
Insert:
(ba) a proceeding that relates to a matter to which a provision of the Corporations Act 1989 applied (other than a proceeding that relates to a matter to which a provision of the Corporations Law of the Australian Capital Territory applied);
(bb) a proceeding in relation to a matter to which a provision of the old corporations legislation of a State or Territory in this jurisdiction applied:
(i) in which the Commonwealth was seeking an injunction or a declaration; or
(ii) to which the Commonwealth, or a person suing or being sued on behalf of the Commonwealth, was a party;
(bc) any other proceeding in relation to a matter to which a provision of the old corporations legislation of a State in this jurisdiction applied that was in the exercise of federal jurisdiction;
(bd) any other proceeding in relation to a matter to which a provision of the old corporations legislation of a Territory in this jurisdiction applied that would be covered by paragraph (bc) if the Territory had been a State;
16 After section 1384
Insert:
1384A Appeals etc. in relation to some former federal corporations proceedings
(1) This section applies to a proceeding in relation to which all of the following paragraphs are satisfied:
(a) the proceeding was started in a court before the commencement;
(b) the proceeding was a federal corporations proceeding that related to a matter to which a provision of the old corporations legislation of a State or Territory in this jurisdiction applied; and
(c) the proceeding had been concluded or terminated before the commencement.
(2) A decision or order made in the proceeding may be appealed against, or otherwise reviewed, as if it had been made in a proceeding that related to a matter to which a provision of this Act applied.
(3) An order made in the proceeding may be enforced as if it had been made in a proceeding that related to a matter to which a provision of this Act applied.
1384B Effect of decisions and orders made in federal corporations proceedings before commencement
(1) For the avoidance of doubt, if:
(a) a proceeding was started in a court before the commencement; and
(b) the proceeding was a federal corporations proceeding that related to a matter to which a provision of the old corporations legislation of a State or Territory in this jurisdiction applied; and
(c) a decision was made or an order given in the proceeding before the commencement;
the decision or order continues to have effect after the commencement despite the provision of the old corporations legislation ceasing to have effect.
(2) This section does not limit the operation of section 1384 in relation to the decision or order.
Schedule 3—Consequential amendments of other Acts
Aboriginal and Torres Strait Islander Commission Act 1989
40A References to the new corporations and ASIC legislation
(1) A reference in an Act to:
(a) an Act, or regulations or another instrument, that is part of the new corporations legislation or the new ASIC legislation; or
(b) a provision, or group of provisions, of such an Act, regulations or other instrument;
is taken to include a reference to:
(c) the corresponding part, provision or provisions of the old corporations legislation or the old ASIC legislation; and
(d) any relevant earlier law.
(2) Subsection (1) does not apply to:
(a) a reference in an Act that is part of the new corporations legislation or the new ASIC legislation; or
(b) a reference in the Corporations (Repeals, Consequentials and Transitionals) Act 2001; or
(c) a reference that identifies an Act that is part of the new corporations legislation or the new ASIC legislation as an Act to be amended; or
(d) a reference in a provision that applies an Act that is part of the new corporations legislation or the new ASIC legislation, or a provision or group of provisions, of such an Act to a particular matter (whether with or without modification).
(3) Subsection (1) has effect:
(a) subject to an express provision to the contrary in the Act concerned; and
(b) subject to regulations made for the purposes of subsection (5).
(4) For the purposes of this section:
(a) the question whether a part, provision or provisions of the old corporations legislation corresponds to a part, provision or provisions of the new corporations legislation is to be determined in the same way as it is determined for the purposes of Part 10.1 of the Corporations Act 2001; and
(b) the question whether a part, provision or provisions of the old ASIC legislation corresponds to a part, provision or provisions of the new ASIC legislation is to be determined in the same way as it is determined for the purposes of Part 16 of the Australian Securities and Investments Commission Act 2001.
(5) The regulations may provide that subsection (1) does not apply in relation to a particular reference, or class of references, in an Act.
(6) In this section:
new ASIC legislation has the same meanings as in Part 16 of the Australian Securities and Investments Commission Act 2001.
new corporations legislation has the same meanings as in Part 10.1 of the Corporations Act 2001.
old ASIC legislation has the same meanings as in Part 16 of the Australian Securities and Investments Commission Act 2001.
old corporations legislation has the same meanings as in Part 10.1 of the Corporations Act 2001.
relevant earlier law, in relation to a provision of the old corporations legislation, or the old ASIC legislation, means a law that was:
(a) a corresponding previous law (as defined for the purposes of that provision or provisions that included that provision); or
(b) a relevant previous law (as defined for the purposes of that provision or provisions that included that provision).
10 At the end of the Act
Add:
51 Regulations
The Governor‑General may make regulations prescribing matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.
Administrative Appeals Tribunal Act 1975
11 Paragraph 27A(2)(d)
Repeal the paragraph, substitute:
(d) a decision under the Corporations Act 2001 to which section 1317B of that Act applies;
12 Paragraph 27A(2)(e)
Repeal the paragraph, substitute:
(e) a decision under the Australian Securities and Investments Commission Act 2001 to which section 244 of that Act applies.
Omit “paragraph 1317EA(3)(b) of the Corporations Law of a State or Territory”, substitute “section 1317G of the Corporations Act 2001”.
86 Paragraph 149D(1)(b)
Repeal the paragraph, substitute:
(b) after the date of the bankruptcy, the bankrupt contravened section 206A of the Corporations Act 2001 (disqualification from managing corporations);
87 Subsection 149ZD(1)
Repeal the subsection, substitute:
(1) A bankrupt is disqualified from discharge if, after the date of the bankruptcy, the bankrupt contravened section 206A of the Corporations Act 2001 (disqualification from managing corporations).
Broadcasting Services Act 1992
88 Section 103B (definition of registered auditor)
(e) any provision of the Corporations Act 2001 or the Australian Securities and Investments Commission Act 2001, or of regulations made under those Acts; or
Note: The Reader’s Guide to the Commonwealth Authorities and Companies Act 1997 is altered by omitting “Corporations Law” (wherever occurring) and substituting “Corporations Act 2001”.
103 Section 5 (definition of Corporations Law)
Repeal the definition.
104 Section 5 (definition of Corporations Law company)
Repeal the definition.
105 Section 5
Insert:
Corporations Act company means a body corporate that is incorporated, or taken to be incorporated, under the Corporations Act 2001.
106 Section 5 (paragraph (c) of the definition of director)
For the purposes of Division 2 of Part 5.6 of the Corporations Act 2001, a person is not a past member of CSL merely because he or she was a member of the CSL Commission, or acted as a member of the Commission, before the commencement of this Part.
Note: The heading to section 19Z is altered by omitting “Law” and substituting “Act”.
Commonwealth Superannuation Board Act 2001
146 Subsection 10(8)
Omit “Corporations Law from managing a corporation (within the meaning of that Law)”, substitute “Corporations Act 2001 from managing a corporation (within the meaning of that Act)”.
Crimes Act 1914
147 Paragraph 4AB(3)(b)
Repeal the paragraph.
Criminal Code Act 1995
148 The Dictionary in the Criminal Code (subparagraph (a)(iii) of the definition of Commonwealth Authority)
Repeal the subparagraph, substitute:
(iii) the Corporations Act 2001; or
149 The Dictionary in the Criminal Code (subparagraph (n)(iii) of the definition of Commonwealth public official)
Repeal the subparagraph, substitute:
(iii) the Corporations Act 2001; or
150 The Dictionary in the Criminal Code (subparagraph (r)(iii) of the definition of Commonwealth public official)
Repeal the subparagraph, substitute:
(iii) the Corporations Act 2001; or
Crown Debts (Priority) Act 1981
151 Section 4
Omit “Companies Act 1981 or in the Corporations Act 1989”, substitute “Corporations Act 2001”.
192 Subsection 4(1) (paragraph (a) of the definition of established)
Repeal the paragraph, substitute:
(a) it is registered under the Corporations Act 2001 and is taken, under section 119A or subsection 1378(4) of that Act, to be registered in that State or Territory; or
193 Subsection 4(1) (paragraph (b) of the definition of established)
FTR information means information obtained by the Director under Part II and includes information included in a notice under subsection 18(8A) or 22(1) or in a copy of a record given under subsection 24(5).
196 Subsection 3(1) (definition of futures broker)
Omit “prescribed interests as defined in section 9 of the Corporations Law”, substitute “an interest in a managed investment scheme as defined in section 9 of the Corporations Act 2001”.
Omit “any prescribed interests as defined in section 9 of the Corporations Law”, substitute “an interest in a managed investment scheme as defined in section 9 of the Corporations Act 2001”.
284 Subsection 50(1) (definition of prescribed interest)
Omit “a prescribed interest as defined by section 9 of the Corporations Law”, substitute “an interest in a managed investment scheme as defined in section 9 of the Corporations Act 2001”.
285 Subsection 50(1) (paragraph (f) of the definition of prescribed person)
A reference in this Act to contracts that, under the Corporations Act 2001, are exempt from a law relating to gaming or wagering is a reference to any of the following:
(a) option contracts covered by subsection 778(1) of that Act;
(b) relevant agreements covered by subsection 778(2) of that Act;
(c) futures contracts covered by subsection 1141(1) of that Act;
(d) Chapter 8 agreements covered by subsection 1141(2) of that Act.
International Air Services Commission Act 1992
303 Subsection 4(1) (definition of wholly‑owned subsidiary)
Omit “Corporations Law of a State or an internal Territory”, substitute “Corporations Act 2001”.
313 Paragraph 86(1)(a)
Omit “Corporations Law of a State or internal Territory”, substitute “Corporations Act 2001”.
314 Subsection 89(3)
Omit “Corporations Law of a State or internal Territory”, substitute “Corporations Act 2001”.
315 Section 129
Omit “Corporations Law of a State or internal Territory if, in section 46 of that Law”, substitute “Corporations Act 2001 if, in section 46 of that Act”.
(2) For the purposes of section 442F of the Corporations Act 2001 as so applying, sections 128 and 129 of that Act are also taken to apply, subject to such modifications as are prescribed.
(1) Subject to this section, in the winding up of a fund, section 556 of the Corporations Act 2001 applies, but subject to such modifications as the regulations provide, and the assets of the fund must first be applied in meeting the debts and claims identified in subsection 556(1) of that Act that constitute liabilities of the fund, in the order provided for in that subsection.
For the purposes of this Act, 2 corporations constitute a group if they are related bodies corporate for the purposes of the Corporations Act 2001.
411 Subsection 21D(3)
Omit “, by virtue of subsection 7(5) of the Companies Act 1981, related to the first‑mentioned corporation for the purposes of that Act,”, substitute “a related body corporate of the first‑mentioned corporation for the purposes of the Corporations Act 2001”.
412 Subsection 21F(2)
Omit “, by virtue of subsection 7(5) of the Companies Act 1981, related to the second‑mentioned corporation for the purposes of that Act”, substitute “a related body corporate of the second‑mentioned corporation for the purposes of the Corporations Act 2001”.
Petroleum Resource Rent Tax Assessment Act 1987
413 Section 2 (paragraph (ea) of the definition of trustee)
Omit “the National Companies and Securities Commission relating to the creation of that charge pursuant to section 201 of the Companies Act 1981 or pursuant to the corresponding provision of a law of a State or Territory”, substitute “the Australian Securities and Investments Commission relating to the creation of that charge under section 263 of the Corporations Act 2001”.
417 Subsection 81(15)
Omit “201 of the Companies Act 1981”, substitute “263 of the Corporations Act 2001”.
Omit “related corporations within the meaning of the Companies Act 1981”, substitute “related bodies corporate within the meaning of the Corporations Act 2001”.
419 Subparagraph 4(6A)(a)(i)
Omit “related corporations within the meaning of the Companies Act 1981”, substitute “related bodies corporate within the meaning of the Corporations Act 2001”.
Pig Industry Act 1986
420 Section 3 (definition of Australian Food Council)
Omit “Chapter 7 of the Corporations Law”, substitute “Chapters 6D and 7 of the Corporations Act 2001”.
Note: The heading to section 8AT is altered by omitting “Corporations Law” and substituting “Corporations Act”.
526 Subsection 8AT(2)
Repeal the subsection, substitute:
(2) Subsection (1) has effect despite anything in the Corporations Act 2001.
527 Subsection 8AT(4)
Repeal the subsection, substitute:
(4) For the purposes of subsection (1), if Chapter 6D or 7 of the Corporations Act 2001 is repealed and replaced by another provision of that Act that deals with fundraising or securities regulation, the reference in that subsection to Chapter 6D or 7 of that Act is to be read as a reference to the replacement provision.
Omit “Division 7 of Part IV of the Companies Act 1981”, substitute “the Corporations Act 2001”.
573 Section 234 (paragraph (a) of the definition of interest)
Omit “a prescribed interest made available by the company within the meaning of the Companies Act 1981”, substitute “an interest in a managed investment scheme made available by the company within the meaning of the Corporations Act 2001”.
Note 1: The heading to section 244 is altered by omitting “Administrative Appeals Tribunal” and substituting “Administrative Review Tribunal”.
Note 2: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
4 Subsection 244A(5)
Omit “special circumstances for the purposes of subsection 29(6) of the Administrative Appeals Tribunal Act 1975”, substitute “reasonable circumstances for the purposes of paragraph 142(2)(a) of the Administrative Review Tribunal Act 2001”.
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
5 At the end of section 244A
Add:
(6) A decision to which this section applies is not a notifiable decision for the purpose of section 56 of the Administrative Review Tribunal Act 2001.
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
13 Subsection 1297(1)
Omit “sections 41 and 44A of the Administrative Appeals Tribunal Act 1975”, substitute “sections 121 and 171 of the Administrative Review Tribunal Act 2001”.
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
14 Part 9.4A of Chapter 9 (heading)
Repeal the heading, substitute:
Part 9.4A—Review by Administrative Review Tribunal of certain decisions
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
17 Subsection 1317D(5)
Omit “special circumstances for the purposes of subsection 29(6) of the Administrative Appeals Tribunal Act 1975”, substitute “reasonable circumstances for the purposes of paragraph 142(2)(a) of the Administrative Review Tribunal Act 2001”.
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
18 At the end of section 1317D
Add:
(6) A decision to which this section applies is not a notifiable decision for the purpose of section 56 of the Administrative Review Tribunal Act 2001.
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have not commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(12).
Schedule 5—Amendments dependent on later commencement of Administrative Review Tribunal legislation
Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001
1 Section 5
Repeal the section, substitute:
5 Schedule(s)
Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(13).
2 Schedule 1 (heading relating to the Australian Securities and Investments Commission Act 1989)
Repeal the heading, substitute:
Australian Securities and Investments Commission Act 2001
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(13).
3 Schedule 1 (heading relating to the Corporations Act 1989)
Repeal the heading.
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(13).
4 Item 152A
Repeal the item.
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(13).
5 Schedule 1 (heading relating to the Corporations Law)
Repeal the heading, substitute:
Corporations Act 2001
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(13).
6 Schedule 2 (heading relating to the Australian Securities and Investments Commission Act 1989)
Repeal the heading, substitute:
Australian Securities and Investments Commission Act 2001
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(13).
7 Schedule 2 (heading relating to the Corporations Act 1989)
Repeal the heading.
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(13).
8 Item 88A
Repeal the item.
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(13).
9 Schedule 2 (heading relating to the Corporations Law)
Repeal the heading, substitute:
Corporations Act 2001
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(13).
10 Schedule 3 (heading relating to the Australian Securities and Investments Commission Act 1989)
Repeal the heading, substitute:
Australian Securities and Investments Commission Act 2001
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(13).
11 Schedule 3 (heading relating to the Corporations Law)
Repeal the heading, substitute:
Corporations Act 2001
Note: If Parts 4 to 10 of the Administrative Review Tribunal Act 2001 have commenced before the Corporations Act 2001 commences, this item does not come into operation. See subsection 2(13).
Schedule 6—Criminal Code related amendments
Corporations Act 2001
1 Paragraph 300A(1)(a)
Repeal the paragraph, substitute:
(a) discussion of board policy for determining the nature and amount of emoluments of board members and senior executives of the company; and
2 Subsection 601ED(2)
Repeal the subsection, substitute:
(2) A managed investment scheme does not have to be registered if all the issues of interests in the scheme that have been made would not have needed disclosure to investors under Part 6D.2 (see sections 706 and 708) if the scheme had been registered when the issues were made.
3 Subsection 601FC(1) (note)
Repeal the note.
5 At the end of section 601FC
Add:
(5) A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity’s contravention of that subsection, contravenes this subsection.
Note 1: Section 79 defines involved.
Note 2: Subsection (5) is a civil penalty provision (see section 1317E).
(6) A person must not intentionally or recklessly be involved in a responsible entity’s contravention of subsection (1).
(7) For the purposes of subsection (6), a person is taken to be reckless if:
(a) the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (6); and
(b) having regard to the circumstances known to the person, it is unjustifiable to take the risk.
(8) The question whether taking a risk is unjustifiable is one of fact.
6 Subsection 601FD(1) (note)
Repeal the note.
8 At the end of section 601FD
Add:
(3) A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.
Note 1: Section 79 defines involved.
Note 2: Subsection (3) is a civil penalty provision (see section 1317E).
(4) A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).
(5) For the purposes of subsection (4), a person is taken to be reckless if:
(a) the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (4); and
(b) having regard to the circumstances known to the person, it is unjustifiable to take the risk.
(6) The question whether taking a risk is unjustifiable is one of fact.
9 Subsection 601FE(1) (note)
Repeal the note.
11 At the end of section 601FE
Add:
(3) A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.
Note 1: Section 79 defines involved.
Note 2: Subsection (3) is a civil penalty provision (see section 1317E).
(4) A person must not intentionally contravene, or be involved in a contravention of, subsection (1).
12 Section 601FG (note 1)
Omit “Note 1:”, substitute “Note:”.
13 Section 601FG (note 2)
Repeal the note.
14 At the end of section 601FG
Add:
(2) A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity’s contravention of that subsection, contravenes this subsection.
Note 1: Section 79 defines involved.
Note 2: Subsection (2) is a civil penalty provision (see section 1317E).
(3) A person must not intentionally be involved in a responsible entity’s contravention of subsection (1).
15 Subsection 601JD(1) (note)
Repeal the note.
16 At the end of section 601JD
Add:
(3) A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.
Note 1: Section 79 defines involved.
Note 2: Subsection (3) is a civil penalty provision (see section 1317E).
(4) A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).
(5) For the purposes of subsection (4), a person is taken to be reckless if:
(a) the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (4); and
(b) having regard to the circumstances known to the person, it is unjustifiable to take the risk.
(6) The question whether taking a risk is unjustifiable is one of fact.
17 Paragraphs 1317E(1)(f) to (j) (inclusive)
Repeal the paragraphs, substitute:
(f) subsection 601FC(5) (duties of responsible entity)
(g) subsection 601FD(3) (duties of officers of responsible entity)
(h) subsection 601FE(3) (duties of employees of responsible entity)
(i) subsection 601FG(2) (acquisition of interest in scheme by responsible entity)
(j) subsection 601JD(3) (duties of members)
18 Schedule 3 (table item 30)
Repeal the item, substitute:
30
Section 184
2,000 penalty units or imprisonment for 5 years, or both.
19 Schedule 3 (after table item 163)
Insert:
163A
Subsection 601FC(6)
2,000 penalty units or imprisonment for 5 years, or both.
163B
Subsection 601FD(4)
2,000 penalty units or imprisonment for 5 years, or both
163C
Subsection 601FE(4)
2,000 penalty units or imprisonment for 5 years, or both
20 Schedule 3 (after table item 164)
Insert:
164A
Subsection 601FG(3)
2,000 penalty units or imprisonment for 5 years, or both
164B
Subsection 601JD(4)
2,000 penalty units or imprisonment for 5 years, or both