Commonwealth Numbered Acts

CORPORATIONS LEGISLATION AMENDMENT ACT 1991 No. 110 of 1991 - SCHEDULE 7

                        SCHEDULE 7                           Section 11

AMENDMENTS OF THE AUSTRALIAN SECURITIES COMMISSION ACT 1989 Subsection 1 (4):
Omit "the Australian Capital", substitute "a". Subsection 5 (1) (definition of
"agency"):
Omit the definition. Subsection 5 (1) (definition of "Director"):
Omit "Review", substitute "Standards". Subsection 5 (1) (paragraph (a) of the
definition of "eligible person"):
After "corresponding" insert "previous". Subsection 5 (1) (paragraph (d) of
the definition of "meetingin"):
Omit "Review", substitute "Standards". Subsection 5 (1) (paragraphs (a) and
(e) of the definition of "member"):
Omit "Review" (wherever occurring), substitute "Standards". Subsection 5 (1):
Insert: "'Corporations Law' and "Corporations Regulations" have the meaning
provided for by Parts 2 and 3 of the Corporations Act 1989;". After paragraph
6A (b):
Insert:
  "(ba)   in the case of an appointment to act in a vacant
office - the appointee must not continue to act in the office for more than 12
months;". Subsection 43 (1):
After "Law" (wherever occurring) insert "of this jurisdiction". Paragraph 46
(1) (a):
After "Law" insert "of this jurisdiction". Subparagraph 46 (1) (b) (i):
After "Law" insert "of this jurisdiction". Subsection 49 (5):
Add at the end "or that Act as it applies as a law of this jurisdiction".
Subsection 88 (1A):
Omit the subsection, substitute:

"(1A) For the purposes of a national scheme law of this jurisdiction:

   (a)  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; and

   (b)  an offence under Part III of the Crimes Act 1914 as it applies, in
        relation to an examination or hearing held under the ASC Law of
        another jurisdiction, as a law of that jurisdiction is taken to be an
        offence against Part 3 of the ASC Law of that jurisdiction.".
        Subsection 102 (7):
Omit "34A of the Acts Interpretation Act 1901", substitute "109ZF of the
Corporations Law". Heading to Division 3 of Part 7:
Omit "securities and". Section 128:
Repeal the section, substitute: Certain persons not to deal on the basis of
certain information

"128. Where:

   (a)  because of being, or having at any time been, or acting as, or having
        at any time acted as, a member or staff member; or

   (b)  because of being, or having at any time been, a Commission delegate;
        or

   (c)  in the course of assisting, or because of assisting, or having at any
        time assisted, a Commission delegate; a person has acquired
        information that is not generally available but that, if it were,
        would be likely to affect materially the price for dealing in a
        futures contract, the person must not deal in, or procure another
        person to deal in, that futures contract or a futures contract of the
        same kind as that futures contract. Penalty: $20,000 or imprisonment
        for 5 years, or both.". Subsection 129 (1):
Omit the subsection, substitute:

"(1) A person who contravenes section 128 is liable to compensate any other
party to the transaction for any loss sustained by that party because of any
difference between the price at which the dealing in the futures contract took
place and the price at which it would be likely to have taken place if the
information had been generally available.". Subparagraph 135 (1) (a) (iv):
Omit "Review", substitute "Standards". Section 174:
Add at the end:

"(2) The Panel has power to do acts in the Capital Territory in the
performance or exercise of any function or power expressed to be conferred on
the Panel by a national scheme law of another jurisdiction.". Paragraph 203
(1) (c):
Before "Accountants" insert "Certified Practising". Section 204:
Add at the end:

"(2) The Disciplinary Board has power to do acts in the Capital Territory in
the performance or exercise of any function or power expressed to be conferred
on the Disciplinary Board by a national scheme law of another jurisdiction.".
ADDITIONAL NOTES 1. On the commencement of section 4 of this Act, headings of
sections of the Corporations Act 1989 are altered as follows:

   (a)  the heading to section 9 is altered by omitting all the words before
        "not" and substituting "Certain laws"; and

   (b)  the heading to section 53 is altered by adding "by the Federal Court
        and State and Territory Supreme Courts". 2. On the commencement of
        section 7 of this Act, headings of sections of the Corporations Law
        set out in section 82 of the Corporations Act 1989 are altered as
        follows:

   (a)  the heading to section 62 is altered by omitting "bodies corporate"
        and substituting "entities"; and

   (b)  the heading to section 302 is altered by omitting "group" and
        substituting "consolidated"; and

   (c)  the heading to section 304 is altered by omitting "other than group
        holding company" and substituting "that is not a chief entity"; and

   (d)  the heading to section 305 is altered by omitting "group holding
        company" and substituting "company that is a chief entity"; and

   (e)  the heading to section 312 is altered by omitting "holding company"
        and substituting "chief entity"; and

   (f)  the heading to section 332 is omitted and the following heading is
        substituted: "Auditor may obtain information and attend company
        meetings, and must report certain breaches to Commission"; and

   (g)  the heading to section 409 is omitted and the following heading is
        substituted: "Accounts, and directors'" reports, of a prescribed
        corporation".