CORPORATIONS AMENDMENT REGULATIONS 2007 (NO. 9) (SLI NO 227 OF 2007) - SCHEDULE 1 Amendments
CORPORATIONS AMENDMENT REGULATIONS 2007 (NO. 9) (SLI NO 227 OF 2007) - SCHEDULE 1
Amendments
[1] Before regulation 2C.1.01
insert
Part 2C.1 Prescribed financial market
[2] Chapter 2C, before regulation 2C.1.02
insert
Part 2C.2 Form of notice
[3] Chapter 2C, regulation 2C.1.02
renumber as regulation 2C . 2 . 01
[4] Chapter 2C, after regulation 2C.2.01 (as renumbered)
insert
Part 2C.3 Use of information on registers by bodies corporate
2C.3.01 Contact with members after failure to provide copy of register
(1) This regulation applies if a body corporate mentioned in regulation 12.8.02 has failed to give a person a copy of the part of the register of members of the body who hold member shares:
(a) within 28 days after the person's request for a copy; or
(b) if a longer period has been allowed by ASIC -- within the longer period.
(2) If the person:
(a) makes a statutory declaration that the person intends to use information that is contained in that part of the register:
(i) for the purpose of contacting members of the body, or sending material to members of the body, for a purpose mentioned in subsection 177 (1A) of the Act; and
(ii) in a way that does not contravene that subsection or another law; and
(b) gives the statutory declaration to the body corporate; and
(c) pays the reasonable costs of contacting the members, or sending material to the members;
the body corporate must do everything that is reasonably possible to arrange for the members to be contacted, or for the material to be sent to the members, on the person's behalf by a third party service provider nominated by the body corporate.
(3) If the body corporate believes on reasonable grounds that the person intends to use information that is contained in that part of the register:
(a) for a purpose that is not in accordance with subparagraph (2) (a) (i); or
(b) in a way that is not in accordance with subparagraph (2) (a) (ii);
the body corporate is not required to arrange for the members to be contacted or for the material to be sent to the members on the person's behalf, and may terminate any existing arrangement.
(4) The arrangements made by the body corporate must ensure that , to the extent reasonably possible:
(a) the details, from the register of members, of each member to whom material is to be sent, or with whom contact is to be made, will be provided to the third party service provider within 14 days after the person pays the costs mentioned in subregulation (2); and
(b) a copy of any material that is to be sent to a member will be provided to the third party service provider within 28 days after the person provides the material to the body corporate; and
(c) if material is not to be sent to a member -- written details of the contact that is to be made with a member must be provided to the third party service provider within 28 days after the person provides the written details to the body corporate; and
(d) for any material that is to be sent to a member -- the material will be sent to the member within 14 days after the body corporate provides the material to the third party service provider; and
(e) if material is not to be sent to a member -- contact will be made with the member within 14 days after the body corporate provides, to the third party service provider, the written details of the contact that is to be made with the member.
(5) An arrangement made under subregulation (2) must:
(a) allow for contact to be made, or material to be sent, for a period of 6 months after the period mentioned in subregulation (1); and
(b) require the person to pay the reasonable costs of contacting the members or sending material to the members to be paid on each occasion before the contact is made or the material is sent.
(6) A reference in subregulation (1) to the register of members of a body corporate who hold member shares includes a reference to:
(a) the register of members of a body corporate that is a company limited by guarantee; and
(b) the register of members of a body corporate limited by shares and guarantee, who do not hold shares in the body.
[5] Paragraph 12.8.02 (b)
substitute
(b) a company that is permitted to use the expression building society , credit society or credit union under section 66 of the Banking Act 1959 ; or
(c) a friendly society.
[6] Subregulation 12.8.06 (3)
substitute
(3) Section 173 of the Act is modified in relation to the body corporate by inserting after subsection 173 (1):
(1AA) However, a body corporate mentioned in regulation 12.8.02 of the Corporations Regulations may, before allowing a person to inspect the part of the register for members of the body corporate who hold member shares, require the person to agree in writing with the body that the person will only:
(a) divulge information obtained by the person from inspecting the register to a person who is, or to persons who are, specified in the agreement; or
(b) use information obtained by the person from inspecting the register for a purpose that is, or purposes that are, specified in the agreement.
(1AB) Also, the body corporate mentioned in regulation 12.8.02 of the Corporations Regulations may refuse to allow a person to inspect the part of the register for members of the body who hold member shares if:
(a) the body is not satisfied that the person is a member of the body who intends to call a meeting of members, or of particular members, of the body; or
(b) the body is not satisfied that the person proposes to inspect the register for a purpose that is approved in writing by ASIC:
(i) on its own initiative; or
(ii) on the written application of the person or of another person; or
(c) the body is not satisfied that allowing the person to inspect that part of the register is in the interests of the members as a whole.
[7] Subregulation 12.8.06 (4)
substitute
(4) Section 173 of the Act is modified in relation to the body corporate by inserting after subsection 173 (3):
(3A) However, a body corporate mentioned in regulation 12.8.02 of the Corporations Regulations may, before giving a person a copy of the part of the register for members of the body corporate who hold member shares, require the person to agree in writing with the body that the person will only:
(a) give the original copy, or a copy of that original, to a person who is, or to persons who are, specified in the agreement; or
(b) use information obtained from that part of the register for a purpose that is, or purposes that are, specified in the agreement.
(3B) Also, the body corporate mentioned in regulation 12.8.02 of the Corporations Regulations may refuse to give a person a copy of the part of the register for members of the body who hold member shares if the body is not satisfied that:
(a) the person is a member of the body who intends to call a meeting of members, or of particular members, of the body; or
(b) the person proposes to use information obtained from that part of the register for a purpose that is approved in writing by ASIC:
(i) on its own initiative; or
(ii) on the written application of the person or of another person; or
(c) giving the person the copy is in the interests of the members as a whole.
Note If a body corporate has failed to give a person a copy of the part of the register for members of the body who hold member shares, the body corporate must, in certain circumstances, arrange for the members to be contacted, or for material to be sent to the members, on the person's behalf -- see regulation 2C.3.01 of the Corporation Regulations.