(1) An association is declared to be an excluded matter
for the purposes of section 5F of the Corporations Act 2001 of the
Commonwealth in relation to the whole of the Corporations legislation.
Note :
This section ensures that neither the Corporations Act 2001 of the
Commonwealth, nor the Australian Securities and Investments Commission Act
2001 of the Commonwealth, will apply to an association other than to the
extent specified in this section. Section 5F of the Corporations Act 2001provides that if a State law declares a matter to be an excluded matter in
relation to the whole of the Corporations legislation, other than to a
specified extent, then that legislation will apply, except to the specified
extent, in relation to that matter in the State concerned. However, other
provisions of this Act provide for the application of provisions of the
Corporations legislation to associations as laws of the State.
(2) Subsection
(1) does not exclude the application of the following provisions of the
Corporations legislation to an association to the extent to which those
provisions would otherwise be applicable to the association--
(a) provisions
relating to the role of an association in the formation of a company,
(b)
provisions relating to the registration of an association as a company under
Chapter 5B of the Corporations Act 2001 of the Commonwealth,
(c) provisions
relating to substantial shareholdings, by or involving an association, in a
company,
(d) provisions conferring or imposing functions on an association as
a member, or former member, of a corporation,
(e) provisions relating to
dealings by an association in financial products of a corporation,
(f)
provisions conferring or imposing functions on an association in its dealings
with a corporation,
(g) provisions relating to any of the following
activities of an association--
(i) the activity of operating, or being
concerned in the operation of, a managed investment scheme,
(ii) the activity
of providing advice about, or dealing in, insurance,
(iii) any activity
regulated by or under Chapter 2L (Debentures), Part 5.7 (Winding up bodies
other than companies), Chapter 6D (Fundraising) or Chapter 7 (Financial
services and markets) of the Corporations Act 2001 of the Commonwealth.
(3)
To avoid doubt, it is declared that subsection (1) does not operate to exclude
the operation of--
(b) Part 1, 2 or 3 of the
Australian Securities and Investments Commission Act 2001 of the Commonwealth
to the extent necessary to enforce the provisions of the Corporations
legislation referred to in subsection (2) (a)-(g) and in paragraph (a) of this
subsection.
(4) In this section,
"the Corporations legislation" means the Corporations legislation, within the
meaning of the Corporations Act 2001of the Commonwealth, to which Part 1.1A
of that Act applies.
