Commonwealth Consolidated Acts

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CORPORATE LAW ECONOMIC REFORM PROGRAM ACT 1999 - SCHEDULE 6

- Miscellaneous amendments of the Corporations Law

1 Section 9 (at the end of the definition of contributory)

Add:

(c)
in relation to a no liability company—subject to section 385, a member of the company.

2 Section 9 (both definitions of financial statements)

Repeal the definitions, substitute:

"financial statements" means annual financial statements under section 295 or half-year financial statements under section 303.

3 Before paragraph 66A(6)(c)

Insert:

(a)
the Cullen Bay Marina Management Corporation;

4 Subsection 227(3)

Repeal the subsection.

5 After subsection 249D(1)

Insert:

(1A)
The regulations may prescribe a different number of members for the purposes of the application of paragraph (1)(b) to:

(a)
a particular company; or
(b)
a particular class of company.

Without limiting this, the regulations may specify the number as a percentage of the total number of members of the company.

6 After subsection 249N(1)

Insert:

(1A)
The regulations may prescribe a different number of members for the purposes of the application of paragraph (1)(b) to:

(a)
a particular company; or
(b)
a particular class of company.

Without limiting this, the regulations may specify the number as a percentage of the total number of members of the company.

7 After subsection 249P(2)

Insert:

(2A)
The regulations may prescribe a different number of members for the purposes of the application of paragraph (2)(b) to:

(a)
a particular company; or
(b)
a particular class of company.

Without limiting this, the regulations may specify the number as a percentage of the total number of members of the company.

8 After subsection 252B(1)

Insert:

(1A)
The regulations may prescribe a different number of members for the purposes of the application of paragraph (1)(b) to:

(a)
a particular scheme; or
(b)
a particular class of scheme.

Without limiting this, the regulations may specify the number as a percentage of the total number of members of the scheme.

9 After subsection 252L(1)

Insert:

(1A)
The regulations may prescribe a different number of members for the purposes of the application of paragraph (1)(b) to:

(a)
a particular scheme; or
(b)
a particular class of scheme.

Without limiting this, the regulations may specify the number as a percentage of the total number of members of the scheme.

10 After subsection 252N(2)

Insert:

(2A)
The regulations may prescribe a different number of members for the purposes of the application of paragraph (2)(b) to:

(a)
a particular scheme; or
(b)
a particular class of scheme.

Without limiting this, the regulations may specify the number as a percentage of the total number of members of the scheme.

11 Subsection 329(1)

Omit "special notice", substitute "notice under subsection (1A)".

12 Subsection 329(2)

Omit "special notice", substitute "notice under subsection (1A)".

13 Subsection 340(1)

Omit "and 2M.3", substitute ", 2M.3 and 2M.4".

14 Subsection 341(1)

Omit "and 2M.3", substitute ", 2M.3 and 2M.4".

15 Subsection 342(1)

Omit "and 2M.3", substitute ", 2M.3 and 2M.4".

16 Subsection 1209(6)

Repeal the subsection, substitute:

(6)
A futures broker must not deal with property deposited by the broker in safe custody under subsection (3) except:

(a)
in accordance with the terms and conditions on which it was deposited with, or received by, the broker; or
(b)
for the purpose of meeting obligations incurred by the broker in connection with margining, guaranteeing, securing, transferring, adjusting or settling dealings in futures contracts effected by the broker on behalf of clients only.


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