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This is a Bill, not an Act. For current law, see the Acts databases.
CORPORATIONS AMENDMENT BILL (NO. 1) 2005
2004-2005
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Corporations Amendment Bill (No. 1)
2005
No. , 2005
(Treasury)
A Bill for an Act to amend the Corporations Act
2001, and for related purposes
i Corporations Amendment Bill (No. 1) 2005 No. , 2005
Contents
1
Short title.......................................................................................1
2
Commencement .............................................................................1
3
Schedule(s)....................................................................................2
Schedule 1--Liability of directors of corporate trustees
3
Corporations Act 2001
3
Schedule 2--Technical amendments
4
Corporations Act 2001
4
Corporations Amendment Bill (No. 1) 2005 No. , 2005 1
A Bill for an Act to amend the Corporations Act
1
2001, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Corporations Amendment Act (No. 1)
5
2005.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2 Corporations Amendment Bill (No. 1) 2005 No. , 2005
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day on which this Act receives the
Royal Assent.
2. Schedule 1
The day on which this Act receives the
Royal Assent.
3. Schedule 2
Immediately after the commencement of
section 1462 of the Corporations Act 2001.
30 June 2004
Note:
This table relates only to the provisions of this Act as originally
1
passed by the Parliament and assented to. It will not be expanded to
2
deal with provisions inserted in this Act after assent.
3
(2) Column 3 of the table contains additional information that is not
4
part of this Act. Information in this column may be added to or
5
edited in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Liability of directors of corporate trustees Schedule 1
Corporations Amendment Bill (No. 1) 2005 No. , 2005 3
1
Schedule 1--Liability of directors of corporate
2
trustees
3
4
Corporations Act 2001
5
1 Subsection 197(1)
6
Repeal the subsection, substitute:
7
(1) A person who is a director of a corporation when it incurs a
8
liability while acting, or purporting to act, as trustee, is liable to
9
discharge the whole or a part of the liability if the corporation:
10
(a) has not discharged, and cannot discharge, the liability or that
11
part of it; and
12
(b) is not entitled to be fully indemnified against the liability out
13
of trust assets solely because of one or more of the following:
14
(i) a breach of trust by the corporation;
15
(ii) the corporation's acting outside the scope of its powers
16
as trustee;
17
(iii) a term of the trust denying, or limiting, the corporation's
18
right to be indemnified against the liability.
19
The person is liable both individually and jointly with the
20
corporation and anyone else who is liable under this subsection.
21
Note:
The person will not be liable under this subsection merely because
22
there are insufficient trust assets out of which the corporation can be
23
indemnified.
24
Schedule 2 Technical amendments
4 Corporations Amendment Bill (No. 1) 2005 No. , 2005
1
Schedule 2--Technical amendments
2
3
Corporations Act 2001
4
1 After subsection 1462(2)
5
Insert:
6
(2A) The following provisions of the old Act continue to apply to an
7
audit of the financial report for a financial year, or an audit or
8
review of the financial report for a half-year in a financial year, if
9
the financial year begins before 1 July 2004:
10
(a) subsections 324(1) to (6) (inclusive) (other than paragraphs
11
324(1)(d) and (2)(d) and (e));
12
(b) subsection 324(11);
13
(c) subsection 327(4);
14
(d) section 331AA (other than paragraphs 331AA(1)(d) and
15
(2)(d) and (e)).
16
Subsection 331AA(4) of the old Act continues to apply as if the
17
references in that subsection to subsections 324(7), (8), (9), (10)
18
and (16) were omitted.
19