TRADEX SCHEME AMENDMENT BILL 2010

i Tradex Scheme Amendment Bill 2010 No. , 2010

Contents

1 Short

title

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2 Commencement

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3 Schedule(s)

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Schedule 1--Amendments

Part 1--Partnerships

Tradex Scheme Act 1999

Part 2--Repeal of spent provisions

Tradex Scheme Act 1999

Tradex Scheme Amendment Bill 2010 No. , 2010 1

A Bill for an Act to amend the Tradex Scheme Act

1999, and for other purposes

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Tradex Scheme Amendment Act 2010.

2 Commencement

(1) Each provision of this Act specified in column 1 of the table

commences, or is taken to have commenced, in accordance with

column 2 of the table. Any other statement in column 2 has effect

according to its terms.

2 Tradex Scheme Amendment Bill 2010 No. , 2010

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 this Act receives the Royal Assent.

2. Schedule 1

A single day to be fixed by Proclamation.

However, if any of the provision(s) do not

commence within the period of 6 months

beginning on the day this Act receives the

Royal Assent, they commence on the day

after the end of that period.

Note:

This table relates only to the provisions of this Act as originally

passed by both Houses of the Parliament and assented to. It will not be

expanded to deal with provisions inserted in this Act after assent.

(2) Column 3 of the table contains additional information that is not

part of this Act. Information in this column may be added to or

edited in any published version of this Act.

3 Schedule(s)

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repealed as set out in the applicable items in the Schedule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.

Amendments Schedule 1

Partnerships Part 1

Tradex Scheme Amendment Bill 2010 No. , 2010 3

Schedule 1--Amendments

Part 1--Partnerships

Tradex Scheme Act 1999

1 Section 4 (definition of ineligible)

Repeal the definition, substitute:

ineligible: a person is ineligible to apply for, or to hold, a tradex

order if:

(a) where the person is an individual--the person is an insolvent

under administration; or

(b) where the person is a body corporate--the person is an

externally-administered body corporate; or

insolvent under administration or an externally-administered

body corporate.

2 Section 4

Insert:

person means:

(a) an individual; or

(b) a body corporate; or

(c)

partnership.

Note:

See also section 48A (partnerships).

3 Paragraph 6(b)

Repeal the paragraph, substitute:

(b) the person gave information, or a document, to the Secretary

or to an authorised officer in connection with an application

for, or for a variation of, the order or an application for, or for

a variation of, another tradex order, being information or a

document that:

(i) if the person is an individual or body corporate--the

person knew, or ought to have known, to be false or

misleading in a material particular; or

Schedule 1 Amendments

Part 1 Partnerships

4 Tradex Scheme Amendment Bill 2010 No. , 2010

(ii) if the person is a partnership--any of the partners knew,

or ought to have known, to be false or misleading in a

material particular; or

4 After section 6

Insert:

6A Continuity of partnerships

For the purposes of this Act, a change in the composition of a

partnership does not affect the continuity of the partnership.

5 Paragraph 11(1)(c)

Repeal the paragraph, substitute:

authorised officer for the purposes of this Act any

information or document that:

(i) if the applicant is an individual or body corporate--the

applicant knew, or ought to have known, to be false or

misleading in a material particular; or

(ii) if the applicant is a partnership--any of the partners

knew, or ought to have known, to be false or misleading

in a material particular; and

6 Section 20

After "body corporate" (wherever occurring), insert "or partnership".

Note:

The heading to section 20 is altered by omitting "incorporated" and substituting

"non-individual".

7 After section 48

Insert:

48A Treatment of partnerships

(1) This Act applies to a partnership as if it were a person, but with the

changes set out in this section.

(2) An obligation that would otherwise be imposed on the partnership

by this Act is imposed on each partner instead, but may be

discharged by any of the partners.

Amendments Schedule 1

Partnerships Part 1

Tradex Scheme Amendment Bill 2010 No. , 2010 5

(3) If under this Act a notice or other document is given to a partner of

the partnership in accordance with whichever of the following is

applicable:

(a) section 28A of the Acts Interpretation Act 1901;

(b) regulations made for the purposes of paragraph 49(d);

the notice or document is taken to have been given to the

partnership.

(4) The partners are jointly and severally liable to pay an amount that

would otherwise be payable by the partnership under this Act.

(5) An offence against this Act that would otherwise be committed by

the partnership is taken to have been committed by each partner.

(6) A partner does not commit an offence because of subsection (5) if

the partner:

(a) does not know of the circumstances that constitute the

contravention of the provision concerned; or

(b) knows of those circumstances but takes all reasonable steps

to correct the contravention as soon as possible after the

partner becomes aware of those circumstances.

Note:

A defendant bears an evidential burden in relation to the matters in

subsection (6)--see subsection 13.3(3) of the Criminal Code.

8 Transitional

Despite the amendments made by this Part, the Tradex Scheme Act 1999

continues to apply, after the commencement of this item, in relation to:

(a) an application made under section 10 of the Tradex Scheme

Act 1999 before that commencement; or

(b) a tradex order made in response to an application referred to

in paragraph (a); or

order referred to in paragraph (b);

as if those amendments had not been made.

Commonwealth of Australia Bills

TRADEX SCHEME AMENDMENT BILL 2010