Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1200U

             (1)  If ASIC is satisfied that:

                     (a)  an offer of securities is being made or has been made in a recognised jurisdiction under a foreign recognition scheme; and

                     (b)  there is a contravention of section 734 or 1018A (as they apply by force of section 1200T) constituted by conduct in the recognised jurisdiction in relation to the offer;

ASIC may order that no offers, issues, sales or transfers of the securities the subject of the offer be made in the recognised jurisdiction while the order is in force.

             (2)  Before making an order under subsection (1), ASIC must:

                     (a)  hold a hearing; and

                     (b)  give a reasonable opportunity to any interested people to make oral or written submissions to ASIC on whether an order should be made.

             (3)  If ASIC considers that any delay in making an order under subsection (1) pending the holding of a hearing would be prejudicial to the public interest, ASIC may make an interim order that no offers, issues, sales or transfers of the securities be made while the interim order is in force. The interim order may be made without holding a hearing and lasts for 21 days after the day on which it is made unless revoked before then.

             (4)  At any time during the hearing, ASIC may make an interim order that no offers, issues, sales or transfers of the securities be made while the interim order is in force. The interim order lasts until:

                     (a)  ASIC makes an order under subsection (1) after the conclusion of the hearing; or

                     (b)  the interim order is revoked;

whichever happens first.

             (5)  An order under subsection (1), (3) or (4) must be in writing and must be served on the person who is ordered not to offer, issue, sell or transfer securities.

             (6)  The person on whom the order is served must take reasonable steps to ensure that other people who engage in conduct to which the order applies are aware of the order.

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).

             (7)  The person on whom the order is served, or a person who is aware of the order, must not engage in conduct contrary to the order.

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).

Contents

Chapter 9--Miscellaneous                                                                                                 1

Part 9.1--Registers and registration of documents                                             1

1274...... Registers ............................................................................................. 1

1274AA Register of disqualified company directors and other officers ........... 6

1274A... Obtaining information from certain registers ...................................... 7

1274B... Use, in court proceedings, of information from ASIC's national database               8

1274C... ASIC certificate .................................................................................. 8

1275...... Relodging of lost registered documents .............................................. 8

Part 9.2--Registration of auditors and liquidators                                             10

Division 1--Interpretation                                                                                        10

1276...... Definitions ........................................................................................ 10

Division 2--Registration                                                                                           11

1279...... Application for registration as auditor or liquidator ......................... 11

1280...... Registration of auditors .................................................................... 11

1280A... Approval of auditing competency standard ..................................... 13

1281...... Auditor‑General taken to be registered as auditor ............................ 13

1282...... Registration of liquidators ................................................................ 14

1283...... Registration of official liquidators .................................................... 16

1284...... Insurance to be maintained by liquidators ........................................ 16

1285...... Register of Auditors ......................................................................... 17

1286...... Registers of Liquidators and Official Liquidators ............................. 17

1287...... Notification of certain matters .......................................................... 19

1287A... Annual statements by registered company auditors ........................ 20

1288...... Annual statements by registered liquidators .................................... 20

1289...... Auditors and other persons to enjoy qualified privilege in certain circumstances    21

Division 2A--Conditions on registration of auditors                                 24

1289A... ASIC may impose conditions on registration ................................... 24

Division 3--Cancellation or suspension of registration                            25

1290...... Cancellation at request of registered person ..................................... 25

1290A... Cancellation on certain grounds ........................................................ 25

1291...... Official liquidators ............................................................................ 26

1292...... Powers of Board in relation to auditors and liquidators ................... 26

1294...... Board to give opportunity for hearing etc. ....................................... 30

1294A... Pre‑hearing conference ...................................................................... 31

1295...... Board may remove suspension ......................................................... 31

1296...... Notice of Board's decision ............................................................... 32

1297...... Time when Board's decision comes into effect ................................ 33

1298...... Effect of suspension ......................................................................... 34

1298A... Transfer of books ............................................................................. 34

Part 9.2A--Authorised audit companies                                                                   36

Division 1--Registration                                                                                           36

1299A... Application for registration as authorised audit company ............... 36

1299B... Eligibility for registration as an authorised audit company .............. 36

1299C... Registration as authorised audit company ........................................ 37

1299D... Registration may be subject to conditions ........................................ 37

1299E.... Register of authorised audit companies ............................................ 38

1299F.... Notification of certain matters .......................................................... 38

1299G... Annual statements by authorised audit company ............................ 39

Division 2--Cancellation or suspension of registration                            41

1299H... Cancellation at request of registered person ..................................... 41

1299I..... Cancellation or suspension in other cases ........................................ 41

1299J.... Notice of cancellation or suspension ................................................ 41

1299K... Time when ASIC's decision comes into effect ................................. 41

1299L.... Effect of suspension ......................................................................... 42

1299M.. Effect of cancellation ........................................................................ 42

Part 9.3--Books                                                                                                                      43

1300...... Inspection of books .......................................................................... 43

1301...... Location of books on computers ...................................................... 43

1302...... Location of registers ......................................................................... 45

1303...... Court may compel compliance ......................................................... 46

1304...... Translations of instruments .............................................................. 46

1305...... Admissibility of books in evidence .................................................. 46

1306...... Form and evidentiary value of books ............................................... 46

1307...... Falsification of books ....................................................................... 47

Part 9.4--Offences                                                                                                                49

Division 1A--Application of the Criminal Code                                           49

1308A... Application of Criminal Code .......................................................... 49

Division 1--Specific offences                                                                                  50

1308...... False or misleading statements ......................................................... 50

1309...... False information etc. ....................................................................... 52

1310...... Obstructing or hindering ASIC etc. .................................................. 54

Division 2--Offences generally                                                                              55

1311...... General penalty provisions .............................................................. 55

1312...... Penalties for bodies corporate .......................................................... 56

1313...... Penalty notices ................................................................................. 56

1313A... Offences committed partly in and partly out of the jurisdiction ..... 60

1314...... Continuing offences .......................................................................... 60

1315...... Proceedings: how taken .................................................................... 63

1316...... Time for instituting criminal proceedings ......................................... 64

1316A... Privilege against self‑incrimination not available to bodies corporate in Corporations Act criminal proceedings    64

1317...... Certain persons to assist in prosecutions ......................................... 65

Part 9.4AAA--Protection for whistleblowers                                                         66

1317AA Disclosures qualifying for protection under this Part ...................... 66

1317AB Disclosure that qualifies for protection not actionable etc. .............. 67

1317AC Victimisation prohibited ................................................................... 68

1317AD Right to compensation ...................................................................... 69

1317AE. Confidentiality requirements for company, company officers and employees and auditors   69

Part 9.4A--Review by Administrative Appeals Tribunal of certain decisions          71

1317A... Definitions ........................................................................................ 71

1317B... Applications for review .................................................................... 71

1317C... Excluded decisions ............................................................................ 71

1317D... Notice of reviewable decision and review rights ............................... 72

Part 9.4AA--Infringement notices for alleged contraventions of continuous disclosure provisions            74

1317DAADefinitions ...................................................................................... 74

1317DABPurpose and effect of this Part ....................................................... 75

1317DACIssue of infringement notice ............................................................ 76

1317DADStatement of reasons must be given ................................................ 77

1317DAEMatters to be included in infringement notice ................................. 78

1317DAFEffect of issue and compliance with infringement notice ................ 80

1317DAGEffect of failure to comply with infringement notice ..................... 82

1317DAHCompliance period for infringement notice .................................... 85

1317DAIWithdrawal of infringement notice ................................................... 85

1317DAJPublication in relation to infringement notices ................................. 86

Part 9.4B--Civil consequences of contravening civil penalty provisions 89

1317DA Definitions ........................................................................................ 89

1317E.... Declarations of contravention ........................................................... 89

1317F.... Declaration of contravention is conclusive evidence ........................ 90

1317G... Pecuniary penalty orders .................................................................. 90

1317H... Compensation orders--corporation/scheme civil penalty provisions 91

1317HA Compensation orders--financial services civil penalty provisions .. 92

1317J.... Who may apply for a declaration or order ....................................... 93

1317K... Time limit for application for a declaration or order ........................ 94

1317L.... Civil evidence and procedure rules for declarations of contravention and civil penalty orders                94

1317M.. Civil proceedings after criminal proceedings .................................... 94

1317N... Criminal proceedings during civil proceedings .................................. 95

1317P.... Criminal proceedings after civil proceedings .................................... 95

1317Q... Evidence given in proceedings for penalty not admissible in criminal proceedings 96

1317R... ASIC requiring person to assist ........................................................ 96

1317S.... Relief from liability for contravention of civil penalty provision .... 97

Part 9.5--Powers of Courts                                                                                              99

1318...... Power to grant relief ......................................................................... 99

1319...... Power of Court to give directions with respect to meetings ordered by the Court 100

1321...... Appeals from decisions of receivers, liquidators etc. ..................... 100

1322...... Irregularities .................................................................................... 101

1323...... Power of Court to prohibit payment or transfer of money, financial products or other property          103

1324...... Injunctions ...................................................................................... 106

1324A... Provisions relating to prosecutions ................................................ 109

1324B... Order to disclose information or publish advertisements ............... 109

1325...... Other orders .................................................................................... 109

1325A... Orders if contravention of Chapter 6, 6A, 6B or 6C ...................... 111

1325B... Court may order bidder to make offers .......................................... 112

1325C... Unfair or unconscionable agreements, payments or benefits ......... 113

1325D... Contravention due to inadvertence etc. .......................................... 114

1325E.... Orders to secure compliance ........................................................... 115

1326...... Effect of sections 1323, 1324 and 1325 ......................................... 115

1327...... Power of Court to punish for contempt of Court .......................... 115

Part 9.6--Proceedings                                                                                                       116

1330...... ASIC's power to intervene in proceedings ..................................... 116

1331...... Civil proceedings not to be stayed ................................................. 116

1332...... Standard of proof ............................................................................ 116

1333...... Evidence of contravention .............................................................. 117

1335...... Costs ............................................................................................... 117

1336...... Vesting of property ........................................................................ 118

Part 9.6A--Jurisdiction and procedure of Courts                                              119

Division 1--Civil jurisdiction                                                                                119

Subdivision A--Preliminary                                                                                  119

1337A... Operation of Division ..................................................................... 119

Subdivision B--Conferral of jurisdiction                                                            120

1337B... Jurisdiction of Federal Court and State and Territory Supreme Courts   120

1337C... Jurisdiction of Family Court and State Family Courts .................. 121

1337D... Jurisdiction of courts (decisions to prosecute and related criminal justice process decisions made by Commonwealth officers) ........................................................................................... 121

1337E.... Jurisdiction of lower courts ............................................................ 123

1337F.... Appeals .......................................................................................... 123

1337G... Courts to act in aid of each other .................................................... 124

Subdivision C--Transfer of proceedings                                                             124

1337H... Transfer of proceedings by the Federal Court and State and Territory Supreme Courts         124

1337J.... Transfer of proceedings by Family Court and State Family Courts 126

1337K... Transfer of proceedings in lower courts ......................................... 128

1337L.... Further matters for a court to consider when deciding whether to transfer a proceeding         129

1337M.. Transfer may be made at any stage ................................................ 129

1337N... Transfer of documents .................................................................... 130

1337P.... Conduct of proceedings .................................................................. 130

1337Q... Rights of appearance ...................................................................... 131

1337R... Limitation on appeals ..................................................................... 131

Subdivision D--Rules of court                                                                               131

1337S.... Rules of the Federal Court .............................................................. 131

1337T... Rules of the Supreme Court ........................................................... 132

1337U... Rules of the Family Court .............................................................. 133

Division 2--Criminal jurisdiction                                                                        134

1338A... Operation of Division ..................................................................... 134

1338B... Jurisdiction of courts ...................................................................... 134

1338C... Laws to be applied ......................................................................... 136

Part 9.7--Unclaimed property                                                                                      138

1339...... ASIC to deal with unclaimed property .......................................... 138

1340...... No liability to pay calls on shares etc. ........................................... 138

1341...... Entitlement to unclaimed property ................................................ 138

1342...... Commonwealth or ASIC not liable for loss or damage ................... 139

1343...... Disposal of securities if whereabouts of holder unknown ............. 139

1343A... Disposal of interests in registered scheme if whereabouts of member unknown     140

Part 9.9--Miscellaneous                                                                                                  141

1344...... Use of ABN .................................................................................... 141

1345A... Minister may delegate prescribed functions and powers under this Act                 141

1346...... Non‑application of rule against perpetuities to certain schemes .... 141

1348...... Operation of Life Insurance Act ..................................................... 142

1349...... Privilege against exposure to penalty--disqualification etc. .......... 142

1350...... Compensation for compulsory acquisition .................................... 145

Part 9.10--Fees imposed by the Corporations (Fees) Act 2001 and the Corporations (Review Fees) Act 2003                                                                                                                          146

1351...... Fees are payable to the Commonwealth ......................................... 146

1354...... Lodgment of document without payment of fee ............................ 147

1355...... Doing act without payment of fee .................................................. 147

1356...... Effect of sections 1354 and 1355 ................................................... 147

1359...... Waiver and refund of fees ............................................................... 147

1360...... Debts due to the Commonwealth ................................................... 148

1362...... Payment of fee does not give right to inspect or search ................. 148

Part 9.12--Regulations                                                                                                     149

1363...... Definitions ...................................................................................... 149

1364...... Power to make regulations .............................................................. 149

1365...... Scope of particular regulations ....................................................... 151

1366...... Verifying or certifying documents .................................................. 151

1367...... Documents lodged by an agent ....................................................... 151

1368...... Exemptions from Chapter 6D or 7 ................................................. 152

1369...... Penalty notices ............................................................................... 152

1369A... State termination of reference ......................................................... 153

Chapter 10--Transitional provisions                                                                        154

Part 10.1--Transition from the old corporations legislation                        154

Division 1--Preliminary                                                                                           154

1370...... Object of Part ................................................................................. 154

1371...... Definitions ...................................................................................... 155

1372...... Relationship of Part with State validation Acts ............................. 159

1373...... References to things taken or deemed to be the case etc. ............... 160

1374...... Existence of several versions of old corporations legislation does not result in this Part operating to take same thing to be done several times under new corporations legislation etc. ....... 161

1375...... Penalty units in respect of pre‑commencement conduct remain at $100                 162

1376...... Ceasing to be a referring State does not affect previous operation of this Part        162

Division 2--Carrying over registration of companies                              163

1377...... Division has effect subject to Division 7 regulations ..................... 163

1378...... Existing registered companies continue to be registered ................. 163

Division 3--Carrying over the old Corporations Regulations            165

1379...... Division has effect subject to Division 7 regulations ..................... 165

1380...... Old Corporations Regulations continue to have effect ................... 165

Division 4--Court proceedings and orders                                                   166

1381...... Division has effect subject to Division 7 regulations ..................... 166

1382...... Definitions ...................................................................................... 166

1383...... Treatment of court proceedings under or related to the old corporations legislation--proceedings other than federal corporations proceedings ................................................................ 168

1384...... Treatment of court proceedings under or related to the old corporations legislation--federal corporations proceedings ........................................................................................................ 170

1384A... Appeals etc. in relation to some former federal corporations proceedings               172

1384B... Effect of decisions and orders made in federal corporations proceedings before commencement            172

1385...... References to proceedings and orders in the new corporations legislation               173

Division 5--Other specific transitional provisions                                    175

1386...... Division has effect subject to Division 7 regulations ..................... 175

1387...... Certain applications lapse on the commencement .......................... 175

1388...... Carrying over the Partnerships and Associations Application Order 175

1389...... Evidentiary certificates ................................................................... 175

1390...... Preservation of nomination of body corporate as SEGC ............... 176

1391...... Preservation of identification of satisfactory records ..................... 176

1392...... Retention of information obtained under old corporations legislation of non‑referring State   176

1393...... Transitional provisions relating to section 1351 fees ..................... 177

1394...... Transitional provisions relating to securities exchange fidelity fund levies              177

1395...... Transitional provisions relating to National Guarantee Fund levies 178

1396...... Transitional provisions relating to futures organisation fidelity fund levies            179

Division 6--General transitional provisions relating to other things done etc. under the old corporations legislation                                                                                               181

1397...... Limitations on scope of this Division ............................................ 181

1398...... Provisions of this Division may have an overlapping effect .......... 182

1399...... Things done by etc. carried over provisions continue to have effect 182

1400...... Creation of equivalent rights and liabilities to those that existed before the commencement under carried over provisions of the old corporations legislation ................................ 184

1401...... Creation of equivalent rights and liabilities to those that existed before the commencement under repealed provisions of the old corporations legislation ....................................................... 185

1402...... Old corporations legislation time limits etc. ................................... 186

1403...... Preservation of significance etc. of events or circumstances .......... 187

1404...... References in the new corporations legislation generally include references to events, circumstances or things that happened or arose before the commencement ................................ 188

1405...... References in the new corporations legislation to that legislation or the new ASIC legislation generally include references to corresponding provisions of the old corporations legislation or old ASIC legislation        189

1406...... Carrying over references to corresponding previous laws .............. 190

1407...... References to old corporations legislation in instruments .............. 191

1408...... Old transitional provisions continue to have their effect ............... 192

Division 7--Regulations dealing with transitional matters                   195

1409...... Regulations may deal with transitional matters .............................. 195

Part 10.2--Transitional provisions relating to the Financial Services Reform Act 2001    196

Division 1--Transitional provisions relating to the phasing‑in of the new financial services regime    196

Subdivision A--Preliminary                                                                                  196

1410...... Definitions ...................................................................................... 196

Subdivision B--Treatment of existing markets                                                 198

1411...... When is a market being operated immediately before the FSR commencement?     198

1412...... Treatment of proposed markets that have not started to operate by the FSR commencement               198

1413...... Obligation of Minister to grant licences covering main existing markets 200

1414...... Section 1413 markets--effect of licences and conditions ............... 202

1415...... Section 1413 markets--preservation of old Corporations Act provisions during transition period        205

1416...... Section 1413 markets--powers for regulations to change how the old and new Corporations Act apply during the transition period ............................................................................. 205

1417...... Section 1413 markets--additional provisions relating to previously unregulated services      206

1418...... Treatment of exempt stock markets and exempt futures markets (other than markets with no identifiable single operator) ......................................................................................... 207

1419...... Treatment of exempt stock markets and exempt futures markets that do not have a single identifiable operator   209

1420...... Treatment of stock markets of approved securities organisations . 210

1421...... Treatment of special stock markets for unquoted interests in a registered scheme 212

1422...... Treatment of other markets that were not unauthorised ................ 213

Subdivision C--Treatment of existing clearing and settlement facilities     214

1423...... When is a clearing and settlement facility being operated immediately before the FSR commencement?                214

1424...... Treatment of proposed clearing and settlement facilities that have not started to operate by the FSR commencement ........................................................................................................ 214

1424A... Treatment of unregulated clearing and settlement facilities operated by holders of old Corporations Act approvals ........................................................................................................ 216

1425...... Obligation of Minister to grant licences covering main existing facilities                 217

1426...... Section 1425 facilities--effect of licences and conditions .............. 219

1427...... Section 1425 facilities--powers for regulations to change how the old and new Corporations Act apply during the transition period ............................................................................. 220

1428...... Section 1425 facilities--additional provisions relating to previously unregulated services     221

1429...... Treatment of other clearing and settlement facilities ...................... 222

Subdivision D--Treatment of people who carry on financial services businesses and their representatives                223

1430...... Meaning of regulated principal , regulated activities and relevant old legislation     223

1431...... Parts 7.6, 7.7 and 7.8 of the amended Corporations Act generally do not apply to a regulated principal during the transition period ............................................................................. 226

1432...... Continued application of relevant old legislation ........................... 228

1433...... Streamlined licensing procedure for certain regulated principals .... 229

1434...... Special licences for insurance multi‑agents during first 2 years after FSR commencement      230

1435...... Licensing decisions made within the first 2 years of the FSR commencement--regard may be had to conduct and experience of applicant or related body corporate that currently provides same or similar services       232

1436...... Treatment of representatives--general ........................................... 232

1436A... Treatment of representatives--insurance agents ............................ 234

1437...... Exemptions and modifications by ASIC ........................................ 236

Subdivision E--Product disclosure requirements                                             237

1438...... New product disclosure provisions do not apply to existing products during transition period             237

1439...... Offences against new product disclosure provisions--additional element for prosecution to prove if conduct occurs after opting‑in and before the end of the first 2 years .................... 240

1440...... Continued application of certain provisions of old disclosure regimes during transition period              241

1441...... Certain persons who are not yet covered by Parts 7.6, 7.7 and 7.8 of the amended Corporations Act are required to comply with Part 7.9 obligations as if they were regulated persons 242

1442...... Exemptions and modifications by ASIC ........................................ 242

Subdivision F--Certain other product‑related requirements                          243

1442A... Deferred application of hawking prohibition ................................. 243

1442B... Deferred application of confirmation of transaction and cooling‑off provisions etc.               244

Division 2--Other transitional provisions                                                      246

1443...... Definitions ...................................................................................... 246

1444...... Regulations may deal with transitional, saving or application matters 247

1445...... ASIC determinations may deal with transitional, saving or application matters      249

Part 10.3--Transitional provisions relating to the Corporations Legislation Amendment Act 2003           252

1446...... Application of subparagraph 262(1)(g)(iii) .................................... 252

1447...... Application of sections 601AB and 601PB ................................... 252

1448...... Application of amendments made by Schedule 4 to the Corporations Legislation Amendment Act 2003               252

Part 10.4--Transitional provisions relating to the Financial Services Reform Amendment Act 2003        253

1449...... Definition ........................................................................................ 253

1450...... Application of Part 10.2 to Chapter 7 as amended by Schedule 2 to the amending Act          253

1451...... Provisions relating to the scope of the amendments of Chapter 7 made by Schedule 2           254

1452...... Amendments of section 1274 ......................................................... 255

Part 10.5--Transitional provisions relating to the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004                                   256

1453...... Definitions ...................................................................................... 256

1454...... Audit reforms in Schedule 1 to the amending Act (auditing standards and audit working papers retention rules) 256

1455...... Audit reforms in Schedule 1 to the amending Act (adoption of auditing standards made by accounting profession before commencement) ................................................................... 257

1456...... Audit reforms in Schedule 1 to the amending Act (new competency standard provisions)     258

1457...... Audit reforms in Schedule 1 to the amending Act (new annual statement requirements for auditors)     258

1458...... Audit reforms in Schedule 1 to the amending Act (imposition of conditions on existing registration as company auditor) ........................................................................................... 258

1459...... Audit reforms in Schedule 1 to the amending Act (application of items 62 and 63)                258

1460...... Audit reforms in Schedule 1 to the amending Act (non‑audit services disclosure)   259

1461...... Audit reforms in Schedule 1 to the amending Act (auditor appointment)                259

1462...... Audit reforms in Schedule 1 to the amending Act (auditor independence)               259

1463...... Audit reforms in Schedule 1 to the amending Act (auditor rotation) 261

1464...... Audit reforms in Schedule 1 to the amending Act (listed company AGMs)           261

1465...... Schedule 2 to the amending Act (financial reporting) ..................... 261

1466A... Schedule 2A to the amending Act (true and fair view) ................... 262

1466...... Schedule 3 to the amending Act (proportionate liability) .............. 262

1467...... Schedule 4 to the amending Act (enforcement) .............................. 262

1468...... Schedule 5 to the amending Act (remuneration of directors and executives)            262

1469...... Schedule 6 to the amending Act (continuous disclosure) ............... 263

1470...... Schedule 7 to the amending Act (disclosure rules) ......................... 263

1471...... Schedule 8 to the amending Act (shareholder participation and information)          264

Part 10.8--Transitional provisions relating to the Corporations Amendment (Takeovers) Act 2007         265

1478...... Application of amendments of the takeovers provisions ............... 265

Part 10.9--Transitional provisions relating to the Corporations Amendment (Insolvency) Act 2007         266

1479...... Definition ........................................................................................ 266

1480...... Schedule 1 to the amending Act (improving outcomes for creditors) 266

1481...... Schedule 2 to the amending Act (deterring corporate misconduct) 269

1482...... Schedule 3 to the amending Act (improving regulation of insolvency practitioners)               269

1483...... Schedule 4 to the amending Act (fine‑tuning voluntary administration) 270

Part 10.10  Transitional provisions relating to the Corporations Amendment (Short Selling) Act 2008    273

1484...... Declarations under paragraph 1020F(1)(c) relating to short selling 273

Part 10.11--Transitional provisions relating to the Corporations Amendment (No. 1) Act 2009 275

1485...... Application of new subsection 206B(6) ........................................ 275

1486...... Application of new section 206EAA ............................................. 275

Part 10.12--Transitional provisions relating to the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009                                                         276

Division 1--Transitional provisions relating to Schedule 1 to the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009                    276

1487...... Definitions ...................................................................................... 276

1488...... Application of amendments--general ............................................ 276

1489...... Applications of amendments--application for and grant of licences etc. authorising margin lending financial services ........................................................................................................ 277

1490...... Application of amendments--between 6 and 12 months after commencement       278

1491...... Acquisition of property ................................................................. 279

1492...... Regulations ..................................................................................... 279

Division 2--Transitional provisions relating to Schedule 2 to the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009                    280

1493...... Definitions ...................................................................................... 280

1494...... Transitional provisions relating to limit on control of trustee companies                280

1495...... Transitional provisions relating to the amendments of Chapter 7 . 281

1496...... General power for regulations to deal with transitional matters .... 281

Division 3--Transitional provisions relating to Schedule 3 to the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009                    283

1497...... Definitions ...................................................................................... 283

1498...... Application of amendments ........................................................... 283

Schedule 3--Penalties                                                                                                       284

Schedule 4--Transfer of financial institutions and friendly societies    315

Part 1--Preliminary                                                                                                            315

1............ Definitions ...................................................................................... 315

Part 2--Financial institutions that became companies                                   318

Division 1--Registration and its consequences                                          318

3............ Background (registration of transferring financial institution as company)              318

4............ Rules applied to transferring institution that was registered as a company under the transfer provisions              318

11.......... Transferring financial institution under external administration ..... 319

Division 2--Membership                                                                                        322

12.......... Institution that became a company limited by shares .................... 322

13.......... Institution that became a company limited by guarantee ............... 323

14.......... Institution becoming a company limited by shares and guarantee . 324

15.......... Redeemable preference shares that were withdrawable shares ....... 324

16.......... Liability of members on winding up ............................................... 325

Division 3--Share capital                                                                                         326

17.......... Share capital .................................................................................... 326

18.......... Application of no par value rule ..................................................... 326

19.......... Calls on partly‑paid shares ............................................................. 327

20.......... References in contracts and other documents to par value ............. 327

Part 4--The transition period                                                                                        329

25.......... ASIC may direct directors of a company to modify its constitution 329

27.......... When certain modifications of a company's constitution under an exemption or declaration take effect                330

Part 5--Demutualisations                                                                                               332

29.......... Disclosure for proposed demutualisation ....................................... 332

30.......... ASIC's exemption power ............................................................... 334

31.......... Coverage of disclosure statement ................................................... 335

32.......... Registration of disclosure statement ............................................... 335

33.......... Expert's report ............................................................................... 337

34.......... Unconscionable conduct in relation to demutualisations ................ 337

35.......... Orders the Court may make ........................................................... 338

Part 6--Continued application of fundraising provisions of the Friendly Societies Code   340

36.......... Friendly Societies Code to apply to offers of interests in benefit funds 340

Part 7--Transitional provisions                                                                                   342

37.......... Unclaimed money ........................................................................... 342

38.......... Modification by regulations ........................................................... 343

39.......... Regulations may deal with transitional, saving or application matters 344

Notes                                                                                                                                           347