Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 173

Right to inspect

             (1)  A company or registered scheme must allow anyone to inspect a register kept under this Chapter. If the register is not kept on a computer, the person inspects the register itself. If the register is kept on a computer, the person inspects a hard copy of the information on the register.

Note:   Other provisions that are relevant to the inspection of registers are:

section 1300 (place and times for inspection)

section 1301 (the location of documents that are kept on computers)

section 1306 (form and evidentiary value).

          (1A)  The requirement in subsection (1) to allow the person to inspect a hard copy of the information on the register does not apply in relation to a register that is kept on a computer if the person and the company or the responsible entity agree that the person can access the information by computer.

Note:          A defendant bears an evidential burden in relation to the matter in subsection (1A), see subsection 13.3(3) of the Criminal Code .

Inspection fees

             (2)  A member of a company or a registered scheme, a registered option holder or a registered debenture holder may inspect a register kept under this Chapter without charge. Other people may inspect the register only on payment of any fee (up to the prescribed amount) required by the company or scheme.

Right to get copies

             (3)  The company or scheme must give a person a copy of the register (or a part of the register) within 7 days if the person:

                     (a)  asks for the copy; and

                     (b)  pays any fee (up to the prescribed amount) required by the company or scheme.

ASIC may allow a longer period to comply with the request. If the register is kept on a computer and the person asks for the data on floppy disk, the company or scheme must give the data to the person on floppy disk. The data must be readable but the floppy disk need not be formatted for the person's preferred operating system.

             (4)  A person has the same rights to inspect, and obtain copies of, thedocuments kept under subsection 170(3) as the person has in respect of the register of option holders itself.

             (5)  The company is not required under subsection (1) or (3) to allow a person to see, or to give a person a copy that contains, share certificate numbers.

ASIC power in relation to register of debenture holders

             (6)  ASIC may exempt a company from complying with subsections (1) and (3) in relation to information in a register of debenture holders about debentures that are not convertible into shares or options over unissued shares.

             (7)  The exemption:

                     (a)  must be in writing; and

                     (b)  may be general or limited; and

                     (c)  may be subject to conditions specified in the exemption.

             (8)  ASIC must publish a copy of the exemption in the Gazette .

             (9)  A person must not contravene a condition of the exemption.

          (9A)  An offence based on subsection (1), (3) or (9) is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

           (10)  On application by ASIC, the Court may order a person who contravenes a condition of the exemption to comply with the condition.