Commonwealth Numbered Acts

CORPORATIONS LEGISLATION AMENDMENT ACT 1990 No. 110 of 1990 - SCHEDULE 7

                 SCHEDULE 7                      Section 15

AMENDMENTS OF THE AUSTRALIAN SECURITIES COMMISSION ACT 1989 Subsection 5 (1)
(definition of "affairs"):
Omit "Corporations Act 1989", substitute "Corporations Law". Subsection 5 (1)
(definition of "appropriate officer"):
Omit the definition. Subsection 5 (1) (definition of "company"):
Omit the definition. Subsection 5 (1) (definition of "contravention"):
Omit "of the Commonwealth". Subsection 5 (1) (definition of "examination"):
Omit the definition, substitute: " `examination' means:

   (a)  in this section, and Part 3 (other than subsection 27 (2) and Division
        9) - an examination of a person pursuant to a requirement made under
        section 19; or

   (b)  in subsection 27 (2) and Division 9 of Part 3 - an examination of a
        person pursuant to a requirement made under section 19 or a
        corresponding provision of the ASC Law of another jurisdiction;".
        Subsection 5 (1) (definition of "federal proceeding"):
Omit the definition. Subsection 5 (1) (definition of "foreign country"):
Omit the definition, substitute: " `foreign country' means:

   (a)  an external Territory to which this Act does not extend; or

   (b)  a country outside Australia and the external Territories; or

   (c)  a part of such a country;". Subsection 5 (1) (definition of "national
        scheme law"):
Omit the definition, substitute: " `national scheme law' means:

   (a)  the following:

   (i)  the Corporations Act 1989;

   (ii) the Corporations Law of the Capital Territory;

   (iii) this Act; or

   (b)  a law of another jurisdiction that corresponds to an Act or Law
        referred to in paragraph (a);". Subsection 5 (1) (definition of
        "Panel"):
Insert "established by section 171" after "Securities Panel". Subsection 5 (1)
(definition of "Parliamentary Committee"):
Insert "referred to in section 241" after "Securities". Subsection 5 (1)
(definition of "proceeding"):
Omit the definition, substitute: " `proceeding' means:

   (a)  a proceeding in a court; or

   (b)  a proceeding or hearing before, or an examination by or before, a
        tribunal; whether the proceeding, hearing or examination is of a
        civil, administrative, criminal, disciplinary or other nature;".
        Subsection 5 (1) (definition of "Review Board"):
Omit the definition. Subsection 5 (1):
Insert: " `national scheme law of this jurisdiction' means an Act or Law
referred to in paragraph (a) of the definition of `national scheme law' in
this subsection; `non-applied provisions' means the following provisions of
this Act:
Part 1 (other than section 6A)
Part 2
Section 88
Divisions 1 and 4 of Part 4
Part 5
Part 6
Division 1 of Part 7
Part 8
Part 9
Division 1 of Part 10
Division 1 of Part 11
Part 12
Part 14 Sections 251 and 252; `prescribed' means prescribed by this Act or the
regulations; `regulations' means the ASC Regulations of this jurisdiction;
`Standards Board' means the Australian Accounting Standards Board established
by section 224; `this Law' includes the regulations;". Subsection 5 (2):
Omit "Corporations Act 1989", substitute "Corporations Law of the Capital
Territory". Subsection 5 (3):
Omit the subsection, substitute:

"(3) Except so far as the contrary intention appears in this Act, Parts 1.2
and 1.3 (except section 8) of the Corporations Law apply for the purposes of
this Act as if the provisions of this Act were provisions of that Law.

"(4) This Part, and Parts 1.2 and 1.3 of the Corporations Law as applying
because of subsection (3) of this section, have effect to the exclusion of the
Acts Interpretation Act 1901.

"(5) Subject to subsection (4), the Acts  Interpretation Act 1901 as amended
and in force at the commencement of this subsection applies, and that Act as
amended and in force at any later time does not apply, in relation to this Act
(other than the non-applied provisions).". After section 6:
Insert in Part 1: Acting appointments

"6A. Where a provision of the ASC Law of this jurisdiction (other than
subsection 109ZB (8) of the Corporations Law as it applies because of
subsection 5 (3) of the ASC Law) confers on a person or body (in this section
called the `appointer') a power to appoint a person (in this section called
the `appointee') to act in a particular office, then, except so far as the ASC
Law otherwise provides, the following paragraphs apply in relation to an
appointment made under the provision:

   (a)  the appointment may be expressed to have effect only in the
        circumstances specified in the instrument of appointment;

   (b)  the appointer may:

   (i)  determine the terms and conditions of the appointment, including
        remuneration and allowances; and

   (ii) terminate the appointment at any time;

   (c)  where the appointee is acting in an office other than a vacant office
        and the office becomes vacant while the appointee is acting, then,
        subject to paragraph (a), the appointee may continue so to act until:

   (i)  the appointer otherwise directs; or

   (ii) the vacancy is filled; or

   (iii) a period of 12 months from the day of the vacancy ends;
whichever happens first;

   (d)  the appointment ceases to have effect if the appointee resigns in
        writing delivered to the appointer;

   (e)  while the appointee is acting in the office:

   (i)  the appointee has and may exercise all the powers, and shall perform
        all the functions and duties, of the holder of the office; and

   (ii) any law of this jurisdiction applies in relation to the appointee as
        if the appointee were the holder of the office. Alterations of names
        and constitutions

"6B. (1) Where:

   (a)  the name of a body established by this Act is changed by law (whether
        or not the body is incorporated); or

   (b)  the name of an office established by this Act is changed by law; then,
        unless the contrary intention appears:

   (c)  the body or office continues in existence under the new name so that
        its identity is not affected; and

   (d)  a reference, in:

   (i)  any Act of this jurisdiction; or

   (ii) any instrument under such an Act; or

   (iii) any award or other industrial determination or order or any
        industrial agreement; or

   (iv) any other order (whether executive, judicial or otherwise); or

   (v)  any contract; or

   (vi) any pleading in, or process issued in connection with, any legal or
        other proceeding; or

   (vii) any other instrument; to the body or the office under the former
        name, except in relation to matters that occurred before the change
        took place, is taken as a reference to the body or the office under
        the new name.

"(2) Where the constitution of a body established by this Act is changed by
law (whether or not the body is incorporated), then, unless the contrary
intention appears:

   (a)  the body continues in existence as newly constituted so that its
        identity is not affected; and

   (b)  the alteration does not affect any functions, powers, property,
        rights, liabilities or obligations of the body; and

   (c)  the change does not affect any legal or other proceedings instituted
        or to be instituted by or against the body, and any legal or other
        proceedings that might have been continued or commenced by or against
        the body as previously constituted may be continued or commenced by or
        against the body as newly constituted; and

   (d)  the change does not affect any investigation or inquiry being or
        proposed to be undertaken by any tribunal, authority or person into
        any action taken or practice engaged in by the body before the change
        took place, and any investigation or inquiry that might have been
        continued or commenced into any such action or practice may be
        continued or commenced as if the action had been taken or the practice
        had been engaged in by the body as newly constituted. Presentation of
        papers to the Parliament

"6C. (1) Where, by this Act, provision is made requiring or permitting the
presentation (however expressed) of a paper to the Parliament or to both
Houses, or to each or either House, of the Parliament, it is sufficient
compliance with the provision, in relation to a House, if:

   (a)  the paper is presented in that House in accordance with the rules or
        orders of the House or, if, under the rules or orders of the House,
        papers are taken to be presented to the House if they are delivered to
        the Clerk of the House and recorded in the records of the proceedings
        of the House, the paper is so delivered and recorded; and

   (b)  where the provision provides for a specified person to present the
        paper or to cause the paper to be presented - that person, or any
        other person who could by virtue of this or any other Act, or of a law
        of a Territory, act in the place of that person, makes or causes to be
        made, as the case may be, the presentation or the delivery of the
        paper referred to in paragraph (a); and

   (c)  where the provision specifies a period within which the paper is to be
        presented - the presentation, or the delivery and recording, of the
        paper referred to in paragraph (a) takes place within that period.

"(2) For the purposes of a provision of this Act that refers to papers
presented (however the presentation is described) to the Parliament or to both
Houses, or to each or either House, of the Parliament:

   (a)  presentation of a paper in a House of the Parliament in accordance
        with the rules or orders of the House; or

   (b)  if, under the rules or orders of a House of the Parliament, papers are
        to be deemed to be presented to the House if they are delivered to the
        Clerk of the House and recorded in the records of the proceedings of
        the House - such a delivery and recording of a paper; is taken to have
        been presentation of the paper to that House, as described in this
        Act, effected or caused by the person who so presented or delivered
        the paper or caused the paper to be so presented or delivered.

"(3) In this section, `paper' includes:

   (a)  an ordinance, rule, regulation or by-law; and

   (b)  a report; and

   (c)  any other document or instrument whatever. Periodic reports

"6D. (1) In this section: `periodic report' means a regular report relating to
the activities, operations, business or affairs of a body established by this
Act.

"(2) Where this or any other Act:

   (a)  requires a body to furnish a periodic report to the Minister; but

   (b)  does not specify a period within which the report is to be so
        furnished; that body must furnish the report to the Minister as soon
        as practicable after the end of the particular period to which the
        report relates and, in any event, within 6 months after the end of
        that particular period.

"(3) Where this or any other Act:

   (a)  requires a body to furnish a periodic report to the Minister for
        presentation to the Parliament; but

   (b)  does not specify a period within which the report is to be so
        presented; the Minister must cause a copy of the periodic report to be
        laid before each House of the Parliament within 15 sitting days of
        that House after receiving the report.

"(4) Where:

   (a)  this or any other Act requires a body to furnish a periodic report to
        the Minister within a specified period; and

   (b)  the body is of the opinion that it will not be reasonably possible to
        comply with the requirement; the body may, within the specified
        period, apply to the Minister for an extension of the period, and,
        where the body does so apply, it must give the Minister a statement in
        writing explaining why, in the body's opinion, it will not be
        reasonably possible to comply with the requirement.

"(5) The Minister may, on application under subsection (4), grant such
extension as he or she considers reasonable in the circumstances.

"(6) Despite subsection (2) and any other provisions of this Act, where the
Minister grants an extension pursuant to an application under subsection (4):

   (a)  the Minister must cause to be laid before each House of the
        Parliament, within 3 sitting days of that House after granting the
        extension, a copy of the statement given under subsection (4) in
        respect of the application together with a statement specifying the
        extension granted and the reasons for granting the extension; and

   (b)  the body that made the application must furnish the periodic report to
        the Minister within the period as so extended; and

   (c)  the Minister must cause a copy of the periodic report to be laid
        before each House of the Parliament within 15 sitting days of that
        House after receiving the report.

"(7) Where this or any other Act requires a body to furnish a periodic report
to the Minister within a specified period or an extension of that period under
this section and the body fails to do so:

   (a)  the body must, not later than 14 days after the end of that specified
        period or extension, as the case may be, give the Minister a statement
        in writing explaining why the report was not furnished as required;
        and

   (b)  the Minister must cause a copy of the statement to be laid before each
        House of the Parliament within 3 sitting days of that House after
        receiving the statement.". Subsection 11 (1):
Omit the subsection, substitute:

"(1) The Commission has such functions and powers as are conferred on it by or
under the following:

   (a)  the Corporations Act 1989;

   (b)  the Corporations Law of the Capital Territory;

   (c)  this Act.

"(1A) The Commission also has the functions and powers expressed to be
conferred upon the NCSC by or under:

   (a)  any Act that is a relevant Act for the purposes of the
        Companies and Securities (Interpretation and  Miscellaneous
        Provisions) Act 1980 ; or

   (b)  any law of a State that corresponds to such an Act.

"(1B) In the performance of a function, or the exercise of a power, referred
to in paragraph (1A) (a), the Commission is not subject to any directions
other than directions given under section 12.". Subsection 11 (5):
Omit the subsection. Section 11:
Add at the end:

"(7) The Commission has any functions and powers that are expressed to be
conferred on it by a national scheme law of another jurisdiction.

"(8) The Commission may, with the consent of the Minister, enter into an
agreement or arrangement with a State or Territory for the performance of
functions or the exercise of powers by the Commission as an agent of the State
or Territory.

"(9) The Commission has such functions and powers as are referred to in such
an agreement or arrangement.

"(10) The Commission has power to do acts in the Capital Territory in the
performance or exercise of any function or power:

   (a)  expressed to be conferred on the Commission by a national scheme law
        of another jurisdiction; or

   (b)  referred to in an agreement or arrangement of the kind referred to in
        subsection (8).". Subsection 12 (1):
Add at the end "under a national scheme law of this jurisdiction". Subsection
13 (1):
Insert "of this jurisdiction" after "national scheme law" (first occurring).
Subsection 13 (2):
Omit "Corporations Act 1989", substitute "Corporations Law of this
jurisdiction". Paragraph 13 (2) (a):
Omit "Act", substitute "Law". Section 13:
Add at the end:

"(3) Where the Commission has reason to suspect that a contravention of a
relevant previous law of this jurisdiction may have been committed, the
Commission may make such investigation as it thinks appropriate.

"(4) Neither of subsections (1) and (3) limits the generality of the other.

"(5) Where:

   (a)  immediately before the commencement of this subsection, the NCSC was
        investigating a matter under a relevant previous law of this
        jurisdiction; and

   (b)  either or both of subsections (1) and (3) empower the Commission to
        investigate that matter; then:

   (c)  the Commission may continue the NCSC's investigation of that matter;
        and

   (d)  the investigation, as continued by the Commission, is taken to be an
        investigation under that subsection, or each of those subsections, as
        the case may be.". Subsection 14 (1):
Insert "in respect of this jurisdiction" after "public interest". Subsection
14 (2):
Insert "any of the following, whether occurring, or alleged to have occurred,
within this jurisdiction or elsewhere" after "matter relating to". Paragraph
14 (2) (a):
After "law" insert "or of a relevant previous law of a jurisdiction".
Paragraph 14 (2) (b):
Before "Territory" insert "State or". Paragraph 14 (2) (d):
Omit "eligible". Paragraph 14 (2) (e):
Omit the paragraph, substitute:
    "(e)   dealing in futures contracts;".
Paragraph 14 (2) (f):
Omit the paragraph, substitute:
     "(f)   the establishment or conducting of a stock
market or futures market;". Paragraphs 14 (2) (g) and (h):
Omit the paragraphs, substitute:
  "(g)   the provision of clearing house facilities for
a futures market;". Paragraphs 14 (2) (j) and (k):
Omit the paragraphs, substitute:
  "(j)   the giving of advice, analyses or reports about
securities or futures contracts.". After section 14:
Insert: Directions under relevant previous laws

"14A. (1) This section applies where, immediately before the commencement of
this section:

   (a)  a direction was in force under:

   (i)  subsection 290 (4) or 291 (1), (2) or (3) of the relevant previous law
        of this jurisdiction relating to the formation of companies; or

   (ii) subsection 16 (1), (2) or (3) of the relevant previous law of this
        jurisdiction relating to the securities industry; or

   (iii) subsection 22 (1), (2) or (3) of the relevant previous law of this
        jurisdiction relating to the futures industry; and

   (b)  no investigation pursuant to the direction had yet begun, or such an
        investigation had begun but had not yet been completed or terminated.

"(2) The direction has effect:

   (a)  with such modifications (if any) as are specified, in relation to the
        direction, in an application order; and

   (b)  with such other modifications (if any) as the circumstances require;
        as if it were a direction to the Commission under subsection 14 (1).

"(3) If, immediately before that commencement, an investigation was being
carried out pursuant to the direction:

   (a)  the Commission must comply with the direction, as it has effect
        because of subsection (2), by continuing the investigation in
        accordance with the direction as it so has effect; and

   (b)  the investigation, as continued by the Commission, is taken to be an
        investigation under section 14.". Section 15:

   (a)  Omit "Corporations Act 1989", substitute "Corporations Law or under a
        previous law corresponding to section 422 or 533 of that Law".

   (b)  Omit "law of the Commonwealth or a Territory", substitute "national
        scheme law of this jurisdiction". Subsection 27 (2):
Omit "the examination", substitute "an examination". Paragraphs 28 (a), (b)
and (c):
Omit the paragraphs, substitute:
    "(a)   for the purposes of the performance or
exercise of any of the Commission's functions and powers under a national
scheme law of this jurisdiction; or

   (b)  for the purposes of ensuring compliance with a national scheme law of
        this jurisdiction; or

   (c)  in relation to:

        (i)    an alleged or suspected contravention of a national scheme law
               of this jurisdiction; or

        (ii)   an alleged or suspected contravention of a law of this
               jurisdiction, being a contravention that concerns the
               management or affairs of a body corporate, or involves fraud or
               dishonesty and relates to a body corporate, securities or
               futures contracts; or". Subsection 29 (1):
After "national scheme law" insert "of this jurisdiction". Subsection 35 (1):
After "particular premises" insert "within this jurisdiction". Paragraph 35
(1) (a):
After "this Division" insert "or a corresponding law of another jurisdiction".
Paragraph 36 (1) (a):
After "this Division" insert "or a corresponding law of another jurisdiction".
Section 37:
Add at the end:

"(10) In this section: " `proceeding' includes a proceeding under a law of
another jurisdiction.". Section 40:
Repeal the section, substitute: When certain powers may be exercised

"40. A power conferred by section 41 or 44 may only be exercised:

   (a)  for the purposes of the performance or exercise of any of the
        Commission's functions and powers under a national scheme law of this
        jurisdiction; or

   (b)  for the purposes of ensuring compliance with a national scheme law of
        this jurisdiction; or

   (c)  in relation to:

   (i)  an alleged or suspected contravention of a national scheme law of this
        jurisdiction; or

   (ii) an alleged or suspected contravention of a law of this jurisdiction,
        being a contravention that concerns the management or affairs of a
        body corporate, or involves fraud or dishonesty and relates to a body
        corporate, securities or futures contracts; or

   (d)  for the purposes of an investigation under Division 1.". Section 42:
Repeal the section. Paragraphs 43 (1) (a), (b) and (c):
Omit " Corporations Act 1989", substitute "Corporations Law". Paragraph 43 (1)
(d):
Omit "the Commonwealth or a Territory", substitute "this jurisdiction".
Paragraphs 43 (1) (e) and (f):
Omit " Corporations Act 1989", substitute "Corporations Law". Paragraph 43 (4)
(c):
Omit " Corporations Act 1989", substitute "Corporations Law". Section 45:
Repeal the section. Paragraph 46 (1) (a):
Omit " Corporations Act 1989", substitute "Corporations Law". Subparagraph 46
(1) (b) (i):
Omit " Corporations Act 1989", substitute "Corporations Law". Subparagraph 46
(1) (b) (ii):
Omit "the Commonwealth or of a Territory", substitute "this jurisdiction".
Subsection 49 (1):
Omit the subsection, substitute:

"(1) This section applies where:

   (a)  as a result of an investigation; or

   (b)  from a record of an examination; conducted under this Part or a
        corresponding law, it appears to the Commission that a person:

   (c)  may have committed an offence against a national scheme law, or a
        relevant previous law, of this jurisdiction; and

   (d)  ought to be prosecuted for the offence.". Section 50:

   (a)  Insert "(being an investigation or examination conducted under this
        Part or a corresponding law)" after "examination" (first occurring).

   (b)  Omit "federal". Section 51:

   (a)  After "functions and powers" insert "under a national scheme law of
        this jurisdiction".

   (b)  Omit " Corporations Act 1989", substitute "Corporations Law".

   (c)  Add at the end:

"(2) Where:

   (a)  immediately before the commencement of this section, the NCSC was
        holding a hearing, under a relevant previous law of this jurisdiction,
        in relation to a matter; and

   (b)  subsection (1) empowers the Commission to hold a hearing in relation
        to that matter;
then:

   (c)  the Commission may continue the NCSC's hearing, so far as it relates
        to that matter; and

   (d)  the hearing, as continued by the Commission, is taken to be a hearing
        under subsection (1).". Paragraph 53 (1) (a):
After "national scheme law" insert "of this jurisdiction". Section 54:
After "national scheme law" insert "of this jurisdiction". Paragraph 56 (2)
(a):
After "national scheme law" insert "of this jurisdiction". Subsection 57 (1):
After "national scheme law" insert "of this jurisdiction". Subsection 59 (1):
After "national scheme laws" insert "of this jurisdiction". Subsection 61 (2):
Omit the subsection. After subsection 62 (1):
Insert:

"(1A) A delegate of a member has, in the performance or exercise of any
delegated function or power in relation to a hearing, the same protection and
immunity as a Justice of the High Court.". Subsection 62 (3):
Omit "Act", substitute "Law". Subsection 67 (2):
After "national scheme law" insert "of this jurisdiction". Paragraph 68 (2)
(a):
Insert "or under a corresponding law of another jurisdiction," after "Part
11,". Subsection 76 (1):
Omit "federal". Subsection 76 (3):
Omit "federal". Section 77:
Omit "federal". Subsection 79 (1):
Omit "federal". Subsection 80 (1):
Omit "federal". Section 81:

   (a)  After "Division 1" insert "or a corresponding law of another
        jurisdiction".

   (b)  Omit "federal". Paragraph 81 (a):
Omit " Corporations Act 1989", substitute "Corporations Law of this
jurisdiction". Before section 84:
Insert in Division 10 of Part 3: Exercise of powers etc. for purposes of
investigation under corresponding law

"83A. Where an investigation is being conducted under the provisions of a law
of another jurisdiction that correspond to this Part, actions may be taken,
and powers may be exercised, within this jurisdiction, for the purposes of
that investigation as if the investigation were being conducted under this
Part.". Section 86:
Omit all the words before "to leaving" (first occurring), substitute "Section
109X of the Corporations Law of this jurisdiction has effect for the purposes
of this Part as if a reference in subparagraph (1) (a) (ii) of that section".
After subsection 88 (1):
Insert:

"(1A) For the purposes of this Law, an offence under Part III of the
Crimes Act 1914 as it applies in relation to an examination or hearing is
taken to be an offence against this section.". Subsection 91 (1):
Omit all the words from and including "Where" to and including "orders:",
substitute:

"Subject to subsection (1A), where:

   (a)  a person is convicted of an offence against a law of this jurisdiction
        in a prosecution; or

   (b)  a judgment is awarded against a person in a proceeding in a court of
        this jurisdiction; begun as a result of an investigation under
        Division 1 or a corresponding law of another jurisdiction, the
        Commission may make one of the following orders:". After subsection 91
        (1):
Insert:

"(1A) The Commission may not make an order under subsection (1) in respect of
expenses or costs that have already been paid, or recovered by the Commission,
pursuant to an order made under a provision of a law of another jurisdiction
that corresponds to that subsection.". Subsection 91 (4):
Insert "or a corresponding law of another jurisdiction" after "section".
Subsection 93 (2):
Omit "a State or Territory", substitute "of this or any other jurisdiction".
Subsection 95 (1):
Omit the subsection, substitute:

"(1) For the purpose of performing its functions and exercising its powers
under national scheme laws, the Commission must establish a regional office in
each jurisdiction, and may establish such other offices as it thinks fit.".
Section 96:
Repeal the section, substitute: Regional Commissioners

"96. (1) There is to be a different Regional Commissioner, employed by the
Commission under subsection 120 (3), for each jurisdiction.

"(2) A Regional Commissioner for a jurisdiction is to manage the regional
office established under section 95 in that jurisdiction.". Paragraph 102 (4)
(a):
Add at the end "and". Paragraph 102 (4) (b):
Omit "; and". Paragraph 102 (4) (c):
Omit the paragraph. Subsection 102 (6):

   (a)  Omit "an Act (including this Act)", substitute "a law (including this
        Law)".

   (b)  Omit "that Act and this Act", substitute "that law and this Law".
        After section 119:
Insert the following Division in Part 5:

"Division 3 - Delegation by members Delegation by members

"119A. (1) A member may, in writing, delegate to a person all or any of his or
her functions and powers.

"(2) A member must not, without the Minister's approval, delegate a function
or power to a person other than:

   (a)  a staff member; or

   (b)  a person who, by virtue of the regulations, is a prescribed person in
        relation to the delegation.

"(3) In the performance of a function, or the exercise of a power, delegated
under this section, the delegate is subject to the member's directions.".
After section 122:
Insert in Part 6: Transfer of staff to Australian Public Service

"122A. Section 81B of the Public Service Act 1922 has effect in relation to
any person who, immediately before the commencement of this Part:

   (a)  was employed by the NCSC; and

   (b)  was an unattached officer for the purposes of the Public Service Act
        1922; as if the person had ceased to be an officer of the Australian
        Public Service immediately before the commencement of this Part.".
        Subsection 127 (1):
Add at the end "in or in connection with the performance of its functions or
the exercise of its powers under a national scheme law of this jurisdiction".
Subsection 127 (2):
Omit "a State or Territory", substitute "this or any other jurisdiction".
Paragraph 134 (b):
Add at the end "(including money paid by a State or Territory, but not
including money received by the Commission on behalf of a State or Territory
in the course of performing functions or exercising powers pursuant to an
agreement or arrangement entered into under subsection 11 (8))". Paragraph 135
(1) (a):
Add at the end "under a national scheme law of this or any other
jurisdiction". Subsection 135 (4):
Omit "law of the Commonwealth", substitute "national scheme law of this or any
other jurisdiction". Subsection 147 (5):
Omit the subsection, substitute:

"(5) In appointing the members:

   (a)  the Minister must have regard to the desirability of the views of
        business communities throughout Australia being adequately represented
        among the members; and

   (b)  the Minister must ensure so far as practicable that at any time there
        is at least one member of the Advisory Committee from each State and
        the Northern Territory.

"(6) For the purposes of subsection (5), a member is from a particular State
or Territory if he or she is a resident of that State or Territory.".
Paragraph 148 (d):
Omit "close corporations,". Section 148:
Add at the end:

"(2) In performing its functions, the Advisory Committee must have regard to
the implications of any recommendations made by it for the laws of the
jurisdictions other than the Capital Territory.

"(3) In this section: `national scheme law' means a national scheme law of the
Capital Territory.". Subsection 172 (3):
Omit the subsection, substitute the following subsection:

"(3) Each of the members may be appointed as a fulltime member or as a
part-time member.". After subsection 172 (4):
Insert:

"(4A) Each person who is the Minister for a jurisdiction other than this
jurisdiction may from time to time give to the Minister the names of persons
who, in the opinion of the first-mentioned Minister:

   (a)  are qualified for appointment as members of the Panel by virtue of
        their knowledge of, or experience in, one or more of the following
        fields, namely, business, the administration of companies, the
        financial markets, law, economics and accounting; and

   (b)  ought to be considered for appointment as members of the Panel.

"(4B) In nominating persons as members of the Panel, the Minister must ensure
so far as practicable that, at any time, at least one member of the Panel is a
person whose name has been given to the Minister under subsection (4A).".
Section 173:
Omit "full-time". Section 174:
Repeal the section, substitute: Functions and powers of Panel

"174. The Panel has the functions and powers conferred on it by or under a
national scheme law of this or any other jurisdiction.". Section 184:
Add at the end:

"(5) In this section: `functions or powers' means functions or powers of the
Panel under a national scheme law of this jurisdiction.". Section 185:
Add at the end:

"(3) In this section: `functions or powers' means functions or powers of the
Panel under a national scheme law of this jurisdiction.". Subsection 196 (2):
Omit the subsection. Subsection 197 (3):
Omit "Act", substitute "Law". Section 204:
Repeal the section, substitute: Functions and powers of Disciplinary Board

"204. The Disciplinary Board has the functions and powers conferred on it by
or under a national scheme law of this or any other jurisdiction.". Subsection
213 (1):
Add at the end "in or in connection with the performance of its functions or
the exercise of its powers under a national scheme law of this jurisdiction".
Paragraph 213 (2) (a):
Omit "a State or Territory", substitute "this or any other jurisdiction".
Subsection 221 (3):
Omit "Act", substitute "Law". Heading to Part 12:
Omit the heading, substitute:

"PART 12 - AUSTRALIAN ACCOUNTING STANDARDS BOARD". Section 224:
Repeal the section, substitute: Establishment of Standards Board

"224. An Australian Accounting Standards Board is established.". Subsection
225 (1), sections 226, 231 and 233 and subsection 234 (1):
Omit "Review" (wherever occurring), substitute "Standards". Subsection 226
(2):
Omit "necesssary", substitute "necessary". Section 226:
Add at the end:

"(4) In performing its functions, the Standards Board must have regard to the
implications of any recommendations made by it for the operation of the laws
of the jurisdictions other than the Capital Territory.

"(5) In this section: `national scheme law' means a national scheme law of the
Capital Territory.". Paragraph 233 (2) (a):
Omit "a State or Territory", substitute "this or any other jurisdiction". Part
13:
Repeal the Part. Before section 244:
Insert in Part 15: Offences under 2 or more ASC Laws

"243A. Where:

   (a)  an act or omission constitutes an offence under the ASC Law of this
        jurisdiction and the ASC Law of another jurisdiction; and

   (b)  the offender has been punished for that offence under the law of the
        other jurisdiction; the offender is not liable to be punished for the
        offence under the law of this jurisdiction. Offences committed partly
        in and partly out of the jurisdiction

"243B. Where:

   (a)  a person does or omits to do an act outside this jurisdiction; and

   (b)  if that person had done or omitted to do that act in this
        jurisdiction, the person would, by reason of also having done or
        omitted to do an act in this jurisdiction, have been guilty of an
        offence against this Law; the person is guilty of that offence.
        Reciprocity in relation to offences

"243C. Where:

   (a)  a person does or omits to do an act within this jurisdiction; and

   (b)  if that person had done or omitted to do that act in another
        jurisdiction, the person would have been guilty of an offence against
        a provision of a law of another jurisdiction that corresponds to a
        provision of this Law; the person is guilty of an offence against that
        provision of this Law. Cash Transaction Reports

"243D. (1) If:

   (a)  a cash dealer within the meaning of the Cash  Transaction Reports Act
        1988 is a party to a transaction; and

   (b)  the cash dealer has reasonable grounds to suspect that information
        that the cash dealer has concerning the transaction may be relevant to
        investigation of, or prosecution of a person for, an offence against
        this Law or the Corporations Law; the cash dealer must, as soon as
        practicable after forming that suspicion:

   (c)  prepare a report of the transaction; and

   (d)  communicate the information contained in the report to the Director of
        the Cash Transaction Reports Agency.

"(2) The report must:

   (a)  be prepared in the approved form; and

   (b)  contain the reportable details of the transaction; and

   (c)  contain a statement of the grounds on which the cash dealer holds the
        suspicion referred to in subsection (1); and

   (d)  be signed by the cash dealer.

"(3) The communication must be made to the Director:

   (a)  by giving the Director a copy of the report; or

   (b)  in such other manner and form as is approved by the Director, in
        writing, in relation to the cash dealer or to a class of cash dealers
        that includes the cash dealer.

"(4) Where a cash dealer communicates information to the Director under
subsection (1), the cash dealer must, if requested to do so by:

   (a)  the Director; or

   (b)  a relevant authority; or

   (c)  an investigating officer who is carrying out an investigation arising
        from, or relating to the matters referred to in, the information
        contained in the report; give such further information as is specified
        in the request to the extent to which the cash dealer has that
        information.

"(5) An action, suit or proceeding does not lie against:

   (a)  a cash dealer; or

   (b)  an officer, employee or agent of the cash dealer acting in the course
        of that person's employment or agency; in relation to any action taken
        by the cash dealer or person pursuant to this section.

"(6) Where a cash dealer, or a person who is an officer, employee or agent of
a cash dealer, communicates or gives information under this section, the cash
dealer or person is taken, for the purposes of sections 81 and 82 of the
Proceeds of Crime Act 1987, not to have been in possession of that information
at any time.

"(7) The Cash Transaction Reports Act 1988 (other than sections 16 and 17)
applies as a law of this jurisdiction, to the entent that it makes provision
in connection with, or for the purposes of, the operation of sections 16 and
17 of that Act, as if, in that Act:

   (a)  references to section 16 were references to this section (other than
        subsection (6) and this subsection); and

   (b)  references to section 17 were references to subsection (6) of this
        section; and

   (c)  references to Part II included references to sections 16 and 17.

"(8) In this section: `approved' means approved by the Director, in writing,
for the purposes of this section; `investigating officer', `relevant
authority' and `reportable details' have the same meanings as in section 16 of
the Cash Transaction Reports Act 1988.". Section 245:
Omit "this Act", substitute "the Australian  Securities Commission Act 1989 ".
Paragraph 246 (f):
Omit "this Act or of any other prescribed Act", substitute "the
Australian Securities Commission Act  1989 or a prescribed law of the
Commonwealth or of this or any other jurisdiction". Section 246:
Omit "or a Territory", substitute "or of this or any other jurisdiction".
Subsection 248 (3):
Omit the subsection, substitute:

"(3) In this section:

   (a)  `court' includes a tribunal; and

   (b)  a reference, in relation to a tribunal, to taking judicial notice is a
        reference to taking the same notice as would be taken by a court.".
        Section 249:
Repeal the section. Section 250:
Repeal the section. Paragraphs 251 (1) (a) and (b):
After "Act" insert "(other than the non-applied provisions)". Section 251:
Add at the end:

"(3) Regulations made under this section may provide that the ASC Law of this
jurisdiction has effect, with prescribed modifications, in relation to the
following:

   (a)  investigations that subsection 13 (5) empowers the Commission to
        continue;

   (b)  investigations that the Commission must make or continue because of
        section 14A;

   (c)  hearings that subsection 51 (2) empowers the Commission to continue;

   (d)  contraventions of relevant previous laws of this jurisdiction;

   (e)  authorisations by the Commission under such laws;

   (f)  requirements to produce books, or to give information, that are made
        of persons under such laws;

   (g)  informations laid under such laws in order to obtain warrants;

   (h)  warrants obtained under such laws.

"(4) Regulations in force because of subsection (3) have effect accordingly.

"(5) Regulations made under this section may require or permit matters to be
specified, for the purposes of the regulations, by or in application orders.".
After section 251:
Insert: Regulations for the purposes of non-applied provisions

"252. The Governor-General may make regulations, not inconsistent with this
Act, prescribing matters:

   (a)  required or permitted by the non-applied provisions to be prescribed;
        or

   (b)  necessary or convenient to be prescribed for carrying out or giving
        effect to the non-applied provisions.".
ADDITIONAL NOTES 1. On the commencement of Section 7 of this Act:

   (a)  the heading to section 71 of the Corporations Act 1989 is altered by
        omitting "and eligible futures advice business"; and

   (b)  the heading to section 77 of the Corporations Act 1989 is altered by
        omitting "and eligible investment advice business"; and

   (c)  the heading to section 93 of the Corporations Act 1989 is altered by
        omitting "and eligible securities business"; and

   (d)  the heading to section 103 of the Corporations Act 1989 is altered by
        omitting "Act" and substituting "Law"; and

   (e)  the heading to section 131 of the Corporations Act 1989 is altered by
        omitting "Act" and substituting "Law"; and

   (f)  the heading to section 133 of the Corporations Act 1989 is altered by
        omitting "foreign company" and substituting "non-company"; and

   (g)  the heading to section 150 of the Corporations Act 1989 is altered by
        omitting "2, 3 or 4" and substituting "2 or 3"; and

   (h)  the heading to section 151 of the Corporations Act 1989 is altered by
        omitting "2, 3 or 4" and substituting "2 or 3"; and

   (j)  the heading to section 154 of the Corporations Act 1989 is altered by
        omitting "2, 3 or 4" and substituting "2 or 3"; and

   (k)  the heading to section 323 of the Corporations Act 1989 is altered by
        omitting "or 4"; and

   (m)  the heading to section 384 of the Corporations Act 1989 is altered by
        omitting "Act" and substituting "Law"; and

   (n)  the heading to section 411 of the Corporations Act 1989 is omitted and
        the following heading is substituted: "Administration of compromises
        etc."; and

   (p)  the heading to section 412 of the Corporations Act 1989 is altered by
        omitting "or members"; and

   (q)  the heading to section 464 of the Corporations Act 1989 is altered by
        omitting "Commission Act" and substituting "ASC Law"; and

   (r)  the heading to section 557 of the Corporations Act 1989 is altered by
        omitting "Commission Act" and substituting "ASC Law"; and

   (s)  the heading to section 588 of the Corporations Act 1989 is altered by
        omitting "Part 5.7" and substituting "registrable"; and

   (t)  the heading to section 599 of the Corporations Act 1989 is omitted and
        the following heading is substituted: "Court may order persons not to
        manage certain corporations"; and

   (u)  the heading to section 929 of the Corporations Act 1989 is omitted and
        the following heading is substituted: "SEGC to keep Fund"; and

   (w)  the heading to each of sections 988 to 992, inclusive, of the
        Corporations Act 1989 is altered by inserting "previous" before "law";
        and

   (y)  the heading to section 1145 of the Corporations Act 1989 is altered by
        adding "to body corporate"; and

   (z)  the heading to section 1193 of the Corporations Act 1989 is altered by
        adding "against unlicensed person"; and

   (za) the heading to section 1267 of the Corporations Act 1989 is altered by
        omitting "eligible" (twice occurring); and

   (zb) the heading to section 1277 of the Corporations Act 1989 is altered by
        omitting "certain State and Territory laws" and substituting "other
        laws"; and

   (zc) the heading to section 1347 of the Corporations Act 1989 is altered by
        omitting "Act" and substituting "Law". 2. On the commencement of Part
        4 of this Act:

   (a)  the heading to section 225 of the Australian Securities Commission Act
        1989 is altered by omitting "Review" and substituting "Standards"; and

   (b)  the heading to section 251 of the Australian Securities Commission Act
        1989 is omitted and the following heading is substituted: "The ASC
        Regulations".