New South Wales Consolidated Acts

GAS INDUSTRY RESTRUCTURING ACT 1986 - SECT 38

38 Application of Corporations legislation to AGL and its subsidiaries

(1) Subject to this Act, AGL and any relevant gas distributor are declared to be applied Corporations legislation matters for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to non-applicable Commonwealth provisions, subject to the following modifications:

(a) a reference to a company includes a reference to AGL and a relevant gas distributor,

(b) AGL is not required to use the word “Limited” in its name despite anything to the contrary in Part 2B.6 of the Corporations Act 2001 of the Commonwealth,

(c) such other modifications (within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001 ) as may be prescribed by the regulations.

Note: Part 3 of the Corporations (Ancillary Provisions) Act 2001 provides for the application of provisions of the Corporations Act 2001 and Part 3 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth as laws of the State in respect of any matter declared by a law of the State (whether with or without modification) to be an applied Corporations legislation matter for the purposes of that Part in relation to those Commonwealth provisions. Section 14 (2) of the Corporations (Ancillary Provisions) Act 2001 ensures that a declaration made for the purposes of Part 3 of that Act only operates to apply a provision of the Corporations legislation to a matter as a law of the State if that provision does not already apply to the matter as a law of the Commonwealth. If a provision referred to in a declaration already applies as a law of the Commonwealth, nothing in the declaration will affect its continued operation as a law of the Commonwealth.

(2) Subsection (1) does not extend to any AGL matter.

(3) Any AGL matter 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: Section 5F of the Corporations Act 2001 of the Commonwealth provides that if a State law declares a matter to be an excluded matter for the purposes of that section in relation to all or part of the Corporations legislation of the Commonwealth, then the provisions that are the subject of the declaration will not apply in relation to that matter in the State concerned.

(4) The regulations may declare any matter relating to AGL or a relevant gas distributor (including any matter dealt with by or under Part 4) to be an excluded matter for the purposes of section 5F of the Corporations Act 2001 of the Commonwealth in relation to:

(a) the whole of the Corporations legislation, or

(b) a specified provision of the Corporations legislation, or

(c) the Corporations legislation other than a specified provision, or

(d) the Corporations legislation other than to a specified extent.

(5) The regulations may provide for the Australian Securities and Investments Commission to exercise a function under any provision of the Corporations legislation that is the subject of the declaration under subsection (1), but only if:

(a) the Australian Securities and Investments Commission is to exercise that function pursuant to an agreement of the kind referred to in section 11 (8) or (9A) (b) of the Australian Securities and Investments Commission Act 2001 of the Commonwealth, and

(b) the Australian Securities and Investments Commission is authorised to exercise that function under section 11 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth.

(6) Section 17 of the Corporations (Ancillary Provisions) Act 2001 has effect in relation to a regulation under subsection (5) as if subsection (1) had expressly made provision for the Australian Securities and Investments Commission to exercise the functions concerned.

(7) In this section:
"AGL" means The Australian Gas Light Company.
"AGL matter" means a matter to the extent that it is dealt with by section 8, 10-13, 16, 17 or 19-42 of the Australian Gas Light Company Act 1837 .
"matter" includes act, omission, body, person or thing.
"non-applicable Commonwealth provisions" means provisions of the Corporations legislation that do not apply to a matter as a law of the Commonwealth.
"relevant gas distributor" means a gas distributor that is a wholly owned subsidiary of AGL.