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This is a Bill, not an Act. For current law, see the Acts databases.
CORPORATIONS AMENDMENT (NO. 1) BILL 2008
2008
The Parliament of the
Commonwealth of Australia
THE SENATE
Presented and read a first time
Corporations Amendment (No. 1) Bill
2008
No. , 2008
(Treasury)
A Bill for an Act to amend the law relating to
corporations, and for related purposes
i Corporations Amendment (No. 1) Bill 2008 No. , 2008
Contents
1
Short title ............................................................................................ 1
2
Commencement .................................................................................. 1
3
Schedule(s) ......................................................................................... 1
Schedule 1--Amendme nts
3
Corporations Act 2001
3
Corporations Amendment (No. 1) Bill 2008 No. , 2008 1
A Bill for an Act to amend the law relating to
1
corporations, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Corporations Amendment (No. 1) Act
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2008.
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2 Commence ment
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This Act commences on the day on which it receives the Royal
8
Assent.
9
3 Schedule(s)
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Each Act that is specified in a Schedule to this Act is amended or
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repealed as set out in the applicable items in the Schedule
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2 Corporations Amendment (No. 1) Bill 2008 No. , 2008
concerned, and any other item in a Schedule to this Act has effect
1
according to its terms.
2
3
Amend ments Schedule 1
Corporations Amendment (No. 1) Bill 2008 No. , 2008 3
1
Schedule 1
--
Amendments
2
3
Corporations Act 2001
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1 Subsection 199A(3) (note 1)
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Omit "or 206E", substitute ", 206E or 206EAA".
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2 At the end of section 206B
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Add:
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Foreign court orders
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(6) A person is disqualified from managing corporations if the person
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is disqualified, under an order made by a court of a foreign
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jurisdiction that is in force, from:
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(a) being a director of a foreign company; or
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(b) being concerned in the management of a foreign company.
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Definitions
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(7) In this section:
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foreign jurisdiction means a foreign country, or part of a foreign
17
country, prescribed by the regulations as a foreign jurisdiction for
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the purposes of this section.
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3 After section 206E
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Insert:
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206EAA Court power of disqualification--disqualification under a
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law of a foreign jurisdiction
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(1) On application by ASIC, the Court may disqualify a person from
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managing corporations for the period that the Court considers
25
appropriate if:
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(a) the person is disqualified under the law of a foreign
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jurisdiction from:
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(i) being a director of, or being concerned in the
29
management of, a foreign company; or
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Schedule 1 A mendments
4 Corporations Amendment (No. 1) Bill 2008 No. , 2008
(ii) carrying on activities that the Court is satisfied are
1
substantially similar to being a director of, or being
2
concerned in the management of, a foreign company;
3
and
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(b) the Court is satisfied that the disqualification under this
5
subsection is justified.
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(2) In determining what is an appropriate period for which to
7
disqualify the person, the Court may have regard to the period for
8
which the person is disqualified under the law of the foreign
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jurisdiction.
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(3) In determining whether the disqualification is justified, the Court
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may have regard to:
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(a) the person's conduct in relation to the management, business
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or property of a foreign company; and
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(b) any other matters that the Court considers appropriate.
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(4) In this section:
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foreign jurisdiction has the same meaning as in section 206B.
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4 Section 206H
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After "This Part", insert "(except for subsection 206B(6) and
19
section 206EAA)".
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5 Paragraph 1274AA(1)(a)
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After "206EA", insert ", 206EAA".
22
6 After paragraph 1274AA(2)(aa)
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Insert:
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(ab) every court order referred to in section 206EAA; and
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7 At the end of Chapter 10
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Add:
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Amend ments Schedule 1
Corporations Amendment (No. 1) Bill 2008 No. , 2008 5
Part 10.11--Transitional provisions relating to the
1
Corporations Amendment (No. 1) Act 2008
2
3
1485 Application of ne w subsection 206B(6)
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The amendments made by item 2 of Schedule 1 to the
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Corporations Amendment (No. 1) Act 2008 apply to an order made
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by a court of a foreign jurisdiction on or after the commencement
7
of that item.
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1486 Application of ne w section 206EAA
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The amendments made by item 3 of Schedule 1 to the
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Corporations Amendment (No. 1) Act 2008 apply to a
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disqualification under a law of a foreign jurisdiction that arises on
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or after the commencement of that item.
13