Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1994 No. 31 of 1994 - SCHEDULE 6

                            SCHEDULE 6                   Section 9

AMENDMENTS OF THE AUSTRALIAN SECURITIES COMMISSION ACT RELATING TO
DISCLOSURE OF INFORMATION AND ADVICE ABOUT OPERATION OF CERTAIN
PROVISIONS
1. After subsection 127(4): Insert:

"(4A) The Chairperson may impose conditions to be complied with in relation to
information disclosed under subsection (4).

"(4B) The disclosure of information to a body corporate specified in
regulations under subsection (4C) is authorised use and disclosure of the
information if:

   (a)  the Chairperson is satisfied that the information will enable or
        assist the body corporate to monitor compliance with, enforce, or
        perform functions or exercise powers under:

        (i)    the Corporations Law of a State or internal Territory; or

        (ii)   the business rules, or the listing rules (if any), of the body
               corporate; and

   (b)  the disclosure is by a person authorised by the Chairperson for the
        purpose.

"(4C) The regulations may specify a body corporate for the purposes of
subsection (4B) if, and only if, the body corporate:

   (a)  conducts a stock market or a futures market; or

   (b)  is the securities clearing house or a clearing house for a futures
        exchange.

"(4D) The Chairperson may impose conditions to be complied with by a body
corporate and its officers, employees and agents in relation to information
disclosed to the body corporate under subsection (4B).

"(4E) A person must comply with a condition imposed under subsection (4D).
Penalty: $10,000 or imprisonment for 2 years, or both.

"(4F) If information is disclosed to a body corporate under subsection (4B),
the body corporate, or an officer, employee or agent of the body corporate,
must not, without the written consent of the Chairperson:

   (a)  disclose the information to a person who is not an officer, employee
        or agent of the body corporate; or

   (b)  use the information otherwise than for the purpose of monitoring
        compliance with, enforcing, or performing functions or exercising
        powers under:

        (i)    the Corporations Law of a State or internal Territory; or

        (ii)   the business rules, or the listing rules (if any), of the body
               corporate.
Penalty: $10,000 or imprisonment for 2 years, or both.".
2. Subsection 127(5): Insert ", (4A), (4B), (4D) or (4F)" after "subsection
(4)".
3. Subsection 127(6):
Omit "and (4)", substitute ", (4) and (4B)".
4. After section 148: Insert: Minister to ask Advisory Committee to advise on
operation of continuous disclosure provisions etc.

"148A.(1) Subject to this section, the Minister must, under section 148,
request the Advisory Committee to advise the Minister about how effectively
the following provisions are operating:

   (a)  sections 1001A and 1001B of the Corporations Law of the Capital
        Territory;

   (b)  sections 776, 777 and 779 of the Corporations Law of the Capital
        Territory;

   (c)  section 127 of this Act.

"(2) The Minister must make the request at, or as soon as practicable after,
the end of 18 months after the day on which item 92 of Schedule 1 to the
Corporate Law Reform Act 1994 commences.

"(3) The Advisory Committee must provide its advice within 6 months of the
request being made.".
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 57
Add at the end:

"or prescribed interests".
Same as item 13 of Schedule 1 to this Act.
2
Section 241
Omit the heading, substitute:

"Company not to indemnify officer or auditor".
Same as item 2 of Schedule 3 to this Act.
3
Section 285
Omit "financial years", substitute "accounting
periods".
Same as item 29 of Schedule 1 to this Act.
4
Section 408B
Omit the heading, substitute: "Application of Parts
3.6 and 3.7-companies that are prescribed
corporations".
Same as item 80 of Schedule 1 to this Act.
5
Section 779
Omit "in respect of disciplinary proceedings".
Same as item 90 of Schedule 1 to this Act.
6
Section 996
Omit the heading, substitute:

"Misstatement in, or omission from, lodged
prospectus".
Same as item 13 of Schedule 2 to this Act.
7
Section 1022
Add at the end:

"other than prospectuses to which section 1022AA
applies".
Same as item 93 of Schedule 1 to this Act.
8
Section 1023
Omit "primary".
Same as item 68 of Schedule 2 to this Act.
9
Section 1029
Omit the heading, substitute: "Documents to be kept".
Same as item 68 of Schedule 2 to this Act.
10
Section 1040
Omit the heading, substitute:

"Securities not to be allotted or issued more than 12
months after issue of prospectus".
Same as item 57 of Schedule 2 to this Act.
11
Section 1041
Omit "allotment, issue or sale", substitute

"allotment or issue".
Same as item 59 of Schedule 2 to this Act.
INDEX OF CORPORATIONS LAW AMENDMENTS MADE BY THIS ACT
Schedules 1 to 5 to this Act amend the Corporations Law. This 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. A brief description of the subject matter dealt with in the items is
also included.
Corporations Law
section
Amended/inserted by
Subject matter
9
Items 1 to 10, 114 and 115 of Schedule 1 and items 1, 2, 3, 65, 66 and 68 of
Schedule 2
Definitions of "accounting period", "accounts", "applicable accounting
standard", "application period", "audited or reviewed in accordance with this
Law", "board", "body", "class", "company", "consolidated accounts",
"deadline", "debenture", "disclosing entity", "ED securities", "excluded
prospectus", "financial statements", "financial year", "half-year", "listed
disclosing entity", "primary prospectus", "profit and loss account",
"prospectus", "quoted ED securities", "replacement prospectus", "secondary
prospectus", "seller", "share", "supplementary prospectus", "undertaking",
"unlisted disclosing entity"

*50A
Item 11 of Schedule 1
Accounting periods and half-years (definition)

*53AAA
Item 12 of Schedule 1
Audited or reviewed in accordance with this Law (definition)
57
Item 13 of Schedule 1
Classes of shares or prescribed interests (definition)

*58C
Item 14 of Schedule 1
Deadline after an accounting period (definition)
60
Items 15 to 21 of Schedule 1
Directors (definition)
66
Items 4 to 6 of Schedule 2
Excluded issues, offers and invitations (definition)

*70A
Item 22 of Schedule 1
Financial years (definition)
83
Item 23 of Schedule 1
Officers, and other persons, in default (definition)
92
Items 24 and 25 of Schedule 1
Securities (definition)

*111AA to 111AX
Item 26 of Schedule 1
Disclosing entities (definitions, significance and exemptions and
modifications)
232A
Item 1 of Schedule 3
Directors' interests in contracts of insurance
241
Items 2 to 4 of Schedule 3
Indemnification of officers or auditors

*241A
Item 5 of Schedule 3
Insurance of officers or auditors
243K
Items 6 to 8 of Schedule 3
Remunerating officers
244
Item 68 of Schedule 2
Secondary trading
284
Items 27 and 28 of Schedule 1
Accounts and audit
285
Items 29 to 33 of Schedule 1
Accounts and audit

*285A
Item 34 of Schedule 1
Accounts and audit
287
Item 114 of Schedule 1
Accounts and audit
289
Item 35 of Schedule 1
Accounts and audit
292
Items 36, 114 and 115 of Schedule 1
Accounts and audit
293
Items 37, 114 and 115 of Schedule 1
Accounts and audit

*293A
Item 38 of Schedule 1
Accounts and audit
294
Items 114 and 116 of Schedule 1
Accounts and audit
294A
Items 39, 114 and 115 of Schedule 1
Accounts and audit
294B
Items 39, 114 and 115 of Schedule 1
Accounts and audit
295
Items 114 and 115 of Schedule 1
Accounts and audit
295A
Item 115 of Schedule 1
Accounts and audit
295B
Items 40 and 115 of Schedule 1
Accounts and audit
296
Items 41, 42, 114 and 115 of Schedule 1
Accounts and audit
297
Item 114 of Schedule 1
Accounts and audit
298
Item 114 of Schedule 1
Accounts and audit
299
Item 114 of Schedule 1
Accounts and audit
300
Items 43 to 47, 114 and 116 of Schedule 1
Accounts and audit
301
Items 48 to 50 and 116 of Schedule 1
Accounts and audit
302
Items 114 to 116 of Schedule 1
Accounts and audit
303
Items 51, 114 and 116 of Schedule 1
Accounts and audit
304
Items 52 to 55, 114 and 116 of Schedule 1
Accounts and audit
305
Items 56 to 62, 114 and 116 of Schedule 1
Accounts and audit
306
Items 63 and 64 of Schedule 1
Accounts and audit
307
Item 116 of Schedule 1
Accounts and audit
308
Items 65 and 66 of Schedule 1
Accounts and audit
309
Items 67 and 116 of Schedule 1
Accounts and audit

*309A
Item 9 of Schedule 3
Accounts and audit
310
Items 114 and 116 of Schedule 1
Accounts and audit
312
Items 68 and 116 of Schedule 1
Accounts and audit
313
Items 69 and 114 of Schedule 1
Accounts and audit
317
Item 70 of Schedule 1
Accounts and audit

*317A
Item 71 of Schedule 1
Accounts and audit

*323A to 323L
Item 72 of Schedule 1
Accounts and audit
331A
Items 73 to 77 of Schedule 1
Accounts and audit

*331AA
Item 78 of Schedule 1
Accounts and audit
331C
Item 116 of Schedule 1
Accounts and audit
331E
Item 116 of Schedule 1
Accounts and audit
332
Items 79, 114 and 115 of Schedule 1
Accounts and audit
332A
Item 114 of Schedule 1
Accounts and audit
408B
Item 114 of Schedule 1
Accounts and audit

*408C
Item 80 of Schedule 1
Accounts and audit
409
Items 81 to 83 of Schedule 1
Accounts and audit
409A
Items 84 to 86, 114 and 115 of Schedule 1
Accounts and audit
622
Items 7, 8, 65 and 66 of Schedule 2
Secondary trading

*622A
Item 9 of Schedule 2
Secondary trading
776
Item 87 of Schedule 1
Securities exchanges to assist Commission
777
Items 88 and 89 of Schedule 1
Compliance with, or enforcement of, rules of a securities exchange
779
Items 90 and 91 of Schedule 1
Qualified privilege
994
Items 10 to 12 of Schedule 2
Statement in a prospectus
996
Item 13 of Schedule 2
False or misleading statements in, or omission from, prospectus
999
Item 14 of Schedule 2
False or misleading statements in relation to securities

*1001A to 1001D
Item 92 of Schedule 1
Continuous disclosure
1006
Items 15 and 16 of Schedule 2
Secondary trading
1007
Item 17 of Schedule 2
Secondary trading
1008
Items 18 and 67 of Schedule 2
Secondary trading
1008A
Items 19 and 67 of Schedule 2
Secondary trading
1009
Items 20 to 25 and 67 of Schedule 2
Secondary trading
1010
Item 26 of Schedule 2
Secondary trading
1011
Item 27 of Schedule 2
Secondary trading
1017
Items 65 and 66 of Schedule 2
Secondary trading
1018
Items 28, 65 and 66 of Schedule 2
Secondary trading
1019
Items 65 and 66 of Schedule 2
Secondary trading
1020
Item 29 of Schedule 2
Secondary trading and supplementary prospectuses
1021
Items 30 to 37 of Schedule 2
Secondary trading, life of prospectuses, interests to be disclosed in
prospectuses
1022
Item 93 of Schedule 1 and items 38 and 39 of Schedule 2
Disclosing entity prospectuses and secondary trading

*1022AA
Item 94 of Schedule 1
Disclosing entity prospectuses
1022A
Item 40 of Schedule 2
Secondary trading
1023
Item 68 of Schedule 2
Secondary trading

*1023A to 1024G
Item 41 of Schedule 2
Supplementary and replacement prospectuses, application forms and inclusion of
documents by reference
1025
Item 68 of Schedule 2
Secondary trading
1026
Item 68 of Schedule 2
Secondary trading
1027A
Item 42 of Schedule 2
Secondary trading
1029
Items 43 and 68 of Schedule 2
Secondary trading and life of prospectuses
1029A
Item 44 of Schedule 2
Secondary trading
1030
Item 68 of Schedule 2
Secondary trading
1031
Items 45 to 52 of Schedule 2
Secondary trading
1033
Items 53 to 55 of Schedule 2
Secondary trading and supplementary and replacement prospectuses
1038
Item 68 of Schedule 2
Secondary trading
1039
Items 56 and 68 of Schedule 2
Secondary trading
1040
Items 57, 58 and 68 of Schedule 2
Secondary trading and life of prospectuses
1041
Item 59 of Schedule 2
Secondary trading and life of prospectuses

*1043A to 1043D
Item 60 of Schedule 2
Secondary trading
1058
Items 95 to 98 of Schedule 1
Accounts and audit
1060
Items 61 and 66 of Schedule 2
Secondary trading
1069
Items 99 to 103 of Schedule 1
Accounts and audit
1071
Items 104 and 105 of Schedule 1
Accounts and audit
1078
Item 62 of Schedule 2
Hawking securities
1084
Item 63 of Schedule 2
Secondary trading
1114
Items 106 to 109 of Schedule 1
Compliance with, or enforcement of, rules of a securities exchange
1139
Item 110 of Schedule 1
Compliance with, or enforcement of, rules of a futures exchange etc. 1274
Items 111 and 112 of Schedule 1
Inspection of documents lodged with Commission

*1274B
Item 1 of Schedule 4
Use in court of information from Commission's national database

*1390 to 1398
Item 1 of Schedule 5
Application of amendments
Schedule 3
Item 113 of Schedule 1 and item 64 of Schedule 2
Penalties