Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 409

409. (1) In this section, "prescribed corporation" means:

   (a)  an Australian bank; or

   (b)  a body corporate that is registered under the Life Insurance Act 1945.

(2) Subject to this section, Parts 3.6 and 3.7 apply in relation to a
prescribed corporation that is a company or a subsidiary of a company.

(3) Where, under a law of the Commonwealth relating to banking, a prescribed
corporation is required to prepare accounts annually, accounts of the
corporation that comply with that law shall be deemed to comply with the
provisions of Chapter 3 relating to accounts.

(4) Subsection 304 (1) does not apply to or in relation to a prescribed
corporation or its directors.

(5) Where, under a law of the Commonwealth relating to life insurance, a
prescribed corporation is required to prepare accounts annually, the
prescribed corporation and the directors and auditors of the corporation shall
not be taken to have contravened such of the provisions of Parts 3.6 and 3.7
as are applicable to it or them by reason only:

   (a)  that no accounts are laid before the annual general meeting of the
        corporation other than accounts that:

        (i)    comply with that law; or

        (ii)   comply with such conditions as are specified by the Commission;
               or

   (b)  that, where accounts that comply with such conditions as are specified
        by the Commission are laid before the annual general meeting of the
        corporation, an auditor's report to the members on those accounts is
        not laid before that meeting.

(6) Subsection 332 (3) does not apply in relation to the accounts of a
prescribed corporation that is registered under the Life Insurance Act 1945
where those accounts comply with that law.

(7) Where, at the end of a financial year, a company is a group holding
company and is, under section 295, required to cause group accounts to be made
out, the company and the directors and auditors of the company:

   (a)  shall not be taken to have contravened the provisions of Chapter 3
        relating to group accounts by reason only that the group accounts do
        not contain, whether separately or consolidated with other accounts,
        accounts of a prescribed corporation in the group other than accounts
        that:

        (i)    in any case-comply with a law of the Commonwealth relating to
               the preparation of annual accounts of the
               prescribed corporation; or

        (ii)   in the case of a prescribed corporation registered under the
               Life Insurance Act 1945-comply with such conditions as are
               specified by the Commission;

   (b)  shall not be taken to have contravened section 305 by reason only that
        a directors' report made under that section relates only to bodies
        corporate in the group other than prescribed corporations; and

   (c)  shall not be taken to have contravened section 296 or 332 by reason
        only that that section is not complied with in relation to prescribed
        corporations in the group that are registered under the Life Insurance
        Act 1945.

(8) A prescribed corporation shall not be taken to have contravened section
315 in relation to an annual general meeting by reason only that it does not
send to a person entitled to receive notice of general meetings of the company
accounts or documents referred to in that section other than accounts and
documents so referred to that, in compliance with the provisions of Part 3.6,
whether by the operation of this section or otherwise, are to be laid before
that annual general meeting.

(9) Where a prescribed corporation registered under the Life Insurance Act
1945 does not lay before its annual general meeting accounts and an auditor's
report that comply with that Act, it shall lodge a copy of those accounts and
a copy of that report on or before a day at most 9 months after the end of the
period to which they relate.