Commonwealth Numbered Acts

CORPORATIONS (REPEALS, CONSEQUENTIALS AND TRANSITIONALS) ACT 2001 NO. 55, 2001 - SCHEDULE 6

Corporations Act 2001

1 Paragraph 300A(1)(a)

(a)

discussion of board policy for determining the nature and amount of emoluments of board members and senior executives of the company; and

2 Subsection 601ED(2)

(2) A managed investment scheme does not have to be registered if all the issues of interests in the scheme that have been made would not have needed disclosure to investors under Part 6D.2 (see sections 706 and 708) if the scheme had been registered when the issues were made.

3 Subsection 601FC(1) (note)

4 Subsection 601FC(3)

5 At the end of section 601FC

(5) A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity's contravention of that subsection, contravenes this subsection.

Note 1: Section 79 defines involved .

Note 2: Subsection (5) is a civil penalty provision (see section 1317E).

(6) A person must not intentionally or recklessly be involved in a responsible entity's contravention of subsection (1).
(7) For the purposes of subsection (6), a person is taken to be reckless if:

(a)

the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (6); and

(b)

having regard to the circumstances known to the person, it is unjustifiable to take the risk.

(8) The question whether taking a risk is unjustifiable is one of fact.

6 Subsection 601FD(1) (note)

7 Subsection 601FD(2)

8 At the end of section 601FD

(3) A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1: Section 79 defines involved.

Note 2: Subsection (3) is a civil penalty provision (see section 1317E).

(4) A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).
(5) For the purposes of subsection (4), a person is taken to be reckless if:

(a)

the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (4); and

(b)

having regard to the circumstances known to the person, it is unjustifiable to take the risk.

(6) The question whether taking a risk is unjustifiable is one of fact.

9 Subsection 601FE(1) (note)

10 Subsection 601FE(2)

11 At the end of section 601FE

(3) A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1: Section 79 defines involved .

Note 2: Subsection (3) is a civil penalty provision (see section 1317E).

(4) A person must not intentionally contravene, or be involved in a contravention of, subsection (1).

12 Section 601FG (note 1)

13 Section 601FG (note 2)

14 At the end of section 601FG

(2) A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity's contravention of that subsection, contravenes this subsection.

Note 1: Section 79 defines involved.

Note 2: Subsection (2) is a civil penalty provision (see section 1317E).

(3) A person must not intentionally be involved in a responsible entity's contravention of subsection (1).

15 Subsection 601JD(1) (note)

16 At the end of section 601JD

(3) A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1: Section 79 defines involved .

Note 2: Subsection (3) is a civil penalty provision (see section 1317E).

(4) A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).
(5) For the purposes of subsection (4), a person is taken to be reckless if:

(a)

the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (4); and

(b)

having regard to the circumstances known to the person, it is unjustifiable to take the risk.

(6) The question whether taking a risk is unjustifiable is one of fact.

17 Paragraphs 1317E(1)(f) to (j) (inclusive)

(f)

subsection 601FC(5) (duties of responsible entity)

(g)

subsection 601FD(3) (duties of officers of responsible entity)

(h)

subsection 601FE(3) (duties of employees of responsible entity)

(i)

subsection 601FG(2) (acquisition of interest in scheme by responsible entity)

(j)

subsection 601JD(3) (duties of members)

18 Schedule 3 (table item 30)

30

Section 184

2,000 penalty units or imprisonment for 5 years, or both.

19 Schedule 3 (after table item 163)

163A	Subsection 601FC(6)	2,000 penalty units or imprisonment for 5 years, or both.
163B	Subsection 601FD(4)	2,000 penalty units or imprisonment for 5 years, or both
163C	Subsection 601FE(4)	2,000 penalty units or imprisonment for 5 years, or both

20 Schedule 3 (after table item 164)

164A	Subsection 601FG(3)	2,000 penalty units or imprisonment for 5 years, or both
164B	Subsection 601JD(4)	2,0 00 penalty units or imprisonment for 5 years, or both

21 Schedule 3 (table item 338)

[ Minister's second reading speech made in—
House of Representatives on 24 May 2001
Senate on 18 June 2001 ]
(91/01)