Commonwealth Numbered Acts

CORPORATIONS LEGISLATION AMENDMENT ACT 1994 No. 104 of 1994 - SCHEDULE 9

                              SCHEDULE 9             Section 12

AMENDMENTS OF ASC ACT AND CORPORATIONS LAW RELATING TO APPLICATION
OF CHANGES
PART 1 - AMENDMENT OF ASC ACT 1. After section 262: Insert:

"PART 17 - COMMENCEMENT AND APPLICATION OF CERTAIN AMENDMENTS OF
THE ASC LAW

"Division 1 - Preliminary Meaning of ASC Law"

"263. In this Part:
'ASC Law' means the provisions of the Australian Securities Commission  Act
1989 as they have effect as the ASC Law of this jurisdiction. Meaning of
"amendment of the ASC Law"

"264. In this Part, a reference to an amendment of the ASC Law, or of a
provision of the ASC Law, is a reference to a change to the ASC Law, or to
that provision, that results from an amendment of the Australian  Securities
Commission Act 1989 .

"Division 2 - Amendments made by the Corporations Legislation 
Amendment Act 1994  Meaning of "Amending Act"

"265. In this Division:
'Amending Act' means the Corporations Legislation Amendment Act 1994. Schedule
4 - application of amendments made by Part 1 of the Schedule

"266. The amendments of the ASC Law made by Part 1 of Schedule 4 to the
Amending Act apply to inquiries begun after the commencement of those
amendments. Schedule 5 - application of amendments made by Part 2 of the
Schedule

"267. The amendments of the ASC Law made by Part 2 of Schedule 5 to the
Amending Act apply to decisions made after the commencement of those
amendments.".
PART 2 - AMENDMENTS OF CORPORATIONS LAW 2. After section 1362: Insert in Part
9.11:

"Division 1A - Preliminary Meaning of "amendment of this Law"

"1362A. In this Part, a reference to an amendment of this Law, or of a
provision of this Law, is a reference to a change to this Law, or to that
provision, that results from an amendment of the Corporations Law set out in
section 82 of the Corporations Act 1989.". 3. After Division 6 of Part 9.11:
Insert:

"Division 7 - Amendments made by the Corporations Legislation 
Amendment Act 1994  Meaning of "Amending Act"

"1399. In this Division:
'Amending Act' means the Corporations Legislation Amendment Act 1994. Schedule
1 - application of amendments made by Part 2 of the Schedule

"1400. The amendments of this Law made by Part 2 of Schedule 1 to the Amending
Act apply to proceedings commenced or recommenced after the commencement of
those amendments, whether the cause of action arose before or after that
commencement. Schedule 3 - application of amendments Law continues to apply to
registered charges

"1401.(1) If, immediately before the commencement of item 3 of Schedule 3 to
the Amending Act, a charge on property of a financial institution was
registered under Part 3.5 of this Law, this Law continues to apply after that
commencement in relation to the charge as if the amendment of this Law made by
that item had not been made and despite subsection (2) of this section.
Institutions cease to be registered under Division 1 of Part 4.1

"(2) If, immediately before the commencement of item 3 of Schedule 3 to the
Amending Act, a financial institution was registered under Division 1 of Part
4.1 of this Law, or under a corresponding previous law, the institution ceases
to be so registered by force of this subsection on the commencement of that
item. But institutions taken to be registered bodies for the purposes of
section 433

"(3) If, immediately before the commencement of item 3 of Schedule 3 to the
Amending Act, section 433 of this Law applied to a financial institution,
then, for the purposes of that section as it applies after that commencement,
the institution is taken to continue to be a registered body (within the
meaning of that section) despite:

   (a)  the amendment of this Law made by that item; and

   (b)  subsection (2) of this section. Law continues to apply to approved
        compromises and arrangements

"(4) If, immediately before the commencement of item 3 of Schedule 3 to the
Amending Act, an approval under subsection 411(6) of this law was in force in
respect of a compromise or arrangement between a financial institution and its
creditors or members, or a class of its creditors or members, (whether or not
other Part 5.1 bodies are involved in the compromise or arrangement) this Law
continues to apply after that commencement in relation to the compromise or
arrangement as if the amendment of this Law made by that item had not been
made and despite subsection (2) of this section. Law continues to apply to
winding up already commenced

"(5) If:

   (a)  the winding up of a financial institution under Chapter 5 of this Law
        (pursuant to Part 5.7) commenced before the commencement of item 3 of
        Schedule 3 to the Amending Act; and

   (b)  the winding up was still in progress immediately before that
        commencement; this Law continues to apply after that commencement in
        relation to the winding up of the financial institution as if the
        amendment of this Law made by that item had not been made and despite
        subsection (2) of this section. Law continues to apply to controller
        of property

"(6) If, immediately before the commencement of item 4 of Schedule 3 to the
Amending Act:

   (a)  there was a controller of property of a financial institution; and

   (b)  the control day began before that commencement; this Law (including
        Part 5.2 and section 1379) continues to apply in relation to the
        controller and the institution as if the amendments of this Law made
        by that item, and by item 6 of that Schedule, had not been made.
        Division 5 of Part 5.7B continues to apply to debts already incurred

"(7) Division 5 of Part 5.7B of this Law applies, after the commencement of
item 4 of Schedule 3 to the Amending Act, to a debt incurred before that
commencement by a company that is a subsidiary of a financial institution as
if the amendments of this Law made by that item, and by item 6 of that
Schedule, had not been made. Parts 7.11 and 7.12 do not apply to issues under
disclosure statements already registered

"(8) If, after the commencement of item 4 of Schedule 3 to the Amending Act, a
financial institution may, under Division 6 of Part 5 of any of the Financial
Institutions Codes, issue securities pursuant to a disclosure statement
registered under that Division before that commencement, then, despite the
amendments of this Law made by that item, and by item 6 of that Schedule,
Parts 7.11 and 7.12 of this Law do not apply to the issue of securities
pursuant to the disclosure statement. Schedule 4 - application of amendments
made by Part 2 of the Schedule

"1402. The amendments of this Law made by Part 2 of Schedule 4 to the Amending
Act apply to inquiries begun after the commencement of those amendments.
Schedule 5 - application of amendments made by Part 3 of the Schedule

"1403. The amendments of this Law made by Part 3 of Schedule 5 to the Amending
Act apply to decisions made after the commencement of those amendments.
Schedule 7 - transitional provisions relating to unclaimed property

"1404.(1) As soon as practicable after the relevant commencement, the money in
the Account that was paid into it under this Law must be paid into an
unclaimed money account.

"(2) For the purposes of subsections 1341(1) and (2) as in force after the
relevant commencement, money that was paid into an unclaimed money account
under subsection (1) of this section is taken to have been paid into that
account under subsection 1339(2) on the day when it was paid to the credit of
the Account under section 1339 as in force before the relevant commencement.

"(3) The Minister must pay into an unclaimed money account money that,
immediately before the relevant commencement:

   (a)  he or she held; and

   (b)  was unclaimed property as defined by section 1337 as then in force.

"(4) If, immediately before the relevant commencement, the Minister:

   (a)  held property (other than money) that was unclaimed property as
        defined by section 1337 as then in force; and

   (b)  had not yet sold or disposed of the property under section 1339 as
        then in force; the property vests in the Commission, because of this
        subsection, at the relevant commencement.

"(5) Where:

   (a)  immediately before the relevant commencement, a transfer provision, as
        then in force, required or permitted a person to pay money or transfer
        property to the Minister; and

   (b)  as at the time immediately after the relevant commencement:

        (i)    the person has not yet so paid the money or transferred the
               property; or

        (ii)   the person has so paid the money or transferred the property
               but the payment or transfer has not yet taken effect; then:

   (c)  if the transfer provision is an order of the Court under paragraph
        544(2)(c) - the order has effect after the relevant commencement as if
        it directed the person to pay the money to the Commission instead of
        to the Minister; or

   (d)  if the transfer provision is subsection 577(4) - the Commission must
        instead deal with the money under Part 9.7 as in force after the
        relevant commencement; or

   (e)  otherwise - the person must, or may, as the case may be, instead pay
        the money or transfer the property to the Commission in accordance
        with the transfer provision as in force after the relevant
        commencement; unless subparagraph (b)(ii) of this subsection applies
        and the payment or transfer takes effect after the relevant
        commencement.

"(6) Where, before the relevant commencement, a person transferred property to
the Minister under a transfer provision as then in force but the transfer only
takes effect after the relevant commencement:

   (a)  if the property is money - the Minister must pay it into an unclaimed
        money account; or

   (b)  otherwise - the property vests in the Commission, because of this
        subsection, immediately after the transfer takes effect.

"(7) Subsection 544(3), as in force before the relevant commencement,
continues to apply in relation to a payment to the Minister made under section
544 as so in force.

"(8) Subsection 702(5), as in force after the relevant commencement, applies
in relation to a calendar year ending at or after the relevant commencement.

"(9) Subsections 702(8), (9) and (10), as in force after the relevant
commencement:

   (a)  apply in relation to a register given, or required to be given,
        whether before, at or after the relevant commencement, to the Minister
        or to the Commission; and

   (b)  so apply as if a register given, or required to be given, to the
        Minister had been given, or required to be given, to the Commission.

"(10) Subsections 1341(2) and (3), as in force before the relevant
commencement, continue to apply in relation to a claim made under subsection
1341(2) as so in force. They so apply as if the second reference in subsection
1341(2), as so in force, to the Account were a reference to the unclaimed
money account into which the money to which the claim relates has been paid.

"(11) Subsection 1341(4) or (5), as in force before the relevant commencement,
continues to apply in relation to money that was paid, or money an amount
equivalent to which was paid, as the case may be, as directed by the Minister.

"(12) Section 1342, as in force before the relevant commencement, continues to
apply in relation to the powers that the Minister had:

   (a)  under Part 9.7 as so in force; or

   (b)  in relation to unclaimed property as defined by section 1337 as so in
        force.

"(13) In this section:
'relevant commencement' means the commencement of item 3 of Schedule 7 to the
Amending Act;
'transfer' includes pay;
'transfer provision' means any of the following:

   (a)  subsection 414(15);

   (b)  subsection 544(1);

   (c)  an order of the Court made under paragraph 544(2)(c);

   (d)  subsection 577(4);

   (e)  subsection 702(6);

   (f)  section 1343. Schedule 8 - application and commencement of amendments

"1405. The amendments of section 1336A of this Law made by items 29 and 30 of
Schedule 8 to the Amending Act are taken to have commenced on 1 January
1991.".

NOTE ABOUT SECTION HEADINGS 1. The following table changes some section
headings in the Corporations Law and sets out when the changes commence. Item
Heading to
Change
Commencement
1    Section 544

Omit "the heading", substitute "Unclaimed money to be paid to Commission".
Same as item 3 of Schedule 7 to this Act.
2    Section 588FF

Omit "Court", substitute "Courts".
Same as item 26 of Schedule 1 to this Act.
3    Section 1097B

Omit "the heading,
substitute "SCH business rules may extend meaning of quoted securities or
quoted rights".
Same as item 26 of Schedule 2 to this Act.
4    Section 1336A

Omit "the heading", substitute "Certain proceedings to be proceedings by or
against Commission".
Same as item 29 of Schedule 8 to this Act.
5    Sections 1340 and 1342

Omit "Minister", substitute "Commission".
Same as item 3 of Schedule 7 to this Act.
6    Section 1341

Omit "Account", substitute "unclaimed money account".
Same as item 3 of Schedule 7 to this Act.

INDEX
INDEX OF ASC ACT AND CORPORATIONS LAW AMENDMENTS MADE BY THIS ACT
PART 1 - ASC ACT AMENDMENTS Schedules 4, 5, 6 and 9 to this Act amend the ASC
Act. This part of the index lists the Schedule items that amend existing
sections of the ASC Act and that insert new sections into the ASC Act. New
sections are marked with an asterisk. ASC Act section
Amended/inserted by
5     Item 1 of Schedule 4 and item 1 of

Schedule 6
22    Item 2 of Schedule 6

25    Item 2 of Schedule 6

26    Item 2 of Schedule 6

47    Item 2 of Schedule 6

56    Item 2 of Schedule 6

63    Item 2 of Schedule 6

64    Item 2 of Schedule 6

65    Item 2 of Schedule 6

66    Item 2 of Schedule 6

67    Item 2 of Schedule 6

69    Item 2 of Schedule 6

75    Item 2 of Schedule 6

91    Item 2 of Schedule 6

125   Item 2 of Schedule 6

127   Item 2 of Schedule 6
127A Item 2 of Schedule 6
128   Item 2 of Schedule 6

184   Item 2 of Schedule 4

185   Item s 3 to 5 of Schedule 4

187   Item 7 of Schedule 4


* 188 and 189
Item 8 of Schedule 4 and item 2 of Schedule 6
190   Item s 9 and 10 of Schedule 4


* 191 Item 11 of Schedule 4
192   Item s 12 to 16 of Schedule 4


* 193 and 193A
Item 17 of Schedule 4
194   Item s 18 and 19 of Schedule 4


* 195 Item 20 of Schedule 4
196   Item s 21 and 22 of Schedule 4

197   Item s 23 to 25 of Schedule 4

198   Item 2 of Schedule 6

199   Item s 26 and 27 of Schedule 4 and item 2 of Schedule 6

200   Item 28 of Schedule 4 and item 2 of Schedule 6

201   Item 29 of Schedule 4


* 201A
Item 30 of Schedule 4
216   Item 2 of Schedule 6

219   Item 2 of Schedule 6

220   Item 2 of Schedule 6


* 244A
Item 2 of Schedule 5

* 263 to 267
Item 1 of Schedule 9
PART 2 - CORPORATIONS LAW AMENDMENTS Schedules 1 to 9 to this Act amend the
Corporations Law. This part of the index lists the Schedule items that amend
existing sections of the Corporations Law and that insert new sections into
the Corporations Law. New sections are marked with an asterisk. Corporations
Law section
Amended/inserted by
9           Item 20 of Schedule 1, item 1 of Schedule 2, items 1 to 5 of
Schedule 3, item 3 of Schedule 6, item 2 of Schedule 7, and items 1 to 3 of
Schedule 8

* 57A
Item 6 of Schedule 3

* 58AA
Item 21 of Schedule 1 66A
Item s 7 to 18 of Schedule 3 69A
Item s 19 to 23 of Schedule 3 102A
Item 4 of Schedule 8

* 111AY to 111AZI
Item 24 of Schedule 3 120
Item 5 of Schedule 8

* 122
Item 6 of Schedule 8

* 149
Item 7 of Schedule 8 167
Item s 8 and 9 of Schedule 8 203
Item 22 of Schedule 1 206AAE
Item 4 of Schedule 6 206DB
Item 4 of Schedule 6 206RA
Item 23 of Schedule 1 206SD
Item 4 of Schedule 6 206SE
Item 4 of Schedule 6 210
Item s 2 to 4 of Schedule 2 272
Item 10 of Schedule 8 382
Item 11 of Schedule 8

* 382A
Item 12 of Schedule 8 414
Item 3 of Schedule 7 419A
Item 24 of Schedule 1 443B
Item 25 of Schedule 1 544
Item 3 of Schedule 7 577
Item 4 of Schedule 7 588FF
Item s 26 and 27 of Schedule 1 588FG
Item 28 of Schedule 1 588FH
Item s 29 and 30 of Schedule 1 588FI
Item 31 of Schedule 1 588M
Item s 32 and 33 of Schedule 1 588W
Item 34 of Schedule 1

* 642A
Item 5 of Schedule 2 650
Item s 6 and 7 of Schedule 2 658
Item s 8 to 11 of Schedule 2 701
Item s 12 and 13 of Schedule 2 702
Item 3 of Schedule 7 731
Item 31 of Schedule 4 732
Item 32 of Schedule 4 733
Item 33 of Schedule 4 734
Item 34 of Schedule 4

* 770A to 770C
Item 14 of Schedule 8 772
Item 15 of Schedule 8

* 779F
Item 14 of Schedule 2 896
Item 16 of Schedule 8 920
Item 15 of Schedule 2 927
Item 16 of Schedule 2 930
Item 17 of Schedule 8 932
Item s 17 and 18 of Schedule 2

* 961C to 961H
Item 19 of Schedule 2 977
Item 20 of Schedule 2 980
Item s 21 and 22 of Schedule 2 983
Item 23 of Schedule 2 983A
Item 24 of Schedule 2

* 1015A
Item 25 of Schedule 3 1047
Item 26 of Schedule 3

* 1083A
Item 27 of Schedule 3 1089
Item 25 of Schedule 2 1097
Item 28 of Schedule 3 1097B
Item 26 of Schedule 2 1109C
Item s 27 and 28 of Schedule 2

* 1109N and 1109P
Item 29 of Schedule 2

* 1112B to 1112D
Item 30 of Schedule 2 1113
Item s 18 and 19 of Schedule 8 1127
Item 20 of Schedule 8 1154
Item 21 of Schedule 8 1209
Item s 22 to 28 of Schedule 8 1274
Item 35 of Schedule 1 1301
Item 29 of Schedule 3 1302
Item 30 of Schedule 3 1306
Item 31 of Schedule 3 1311
Item 4 of Schedule 6 1314
Item 4 of Schedule 6 1317C
Item 3 of Schedule 5

* 1317D
Item 4 of Schedule 5 1317EA
Item 4 of Schedule 6 1317HD
Item 36 of Schedule 1 1336A
Item s 29 and 30 of Schedule 8 1337
Item 5 of Schedule 7

* 1339
Item 6 of Schedule 7 1340
Item 3 of Schedule 7 1341
Item s 3 and 7 of Schedule 7 1342
Item 3 of Schedule 7 1343
Item 3 of Schedule 7 1360
Item 37 of Schedule 1

* 1362A
Item 2 of Schedule 9

* 1399 to 1405
Item 3 of Schedule 9 Schedule 3
Item 31 of Schedule 2, item 4 of Schedule 6 and item 31 of
Schedule 8