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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Corporations (Commonwealth Powers) Act 2001
Act No.
TABLE OF PROVISIONS
Clause Page
1. Purpose 1
2. Commencement 2
3. Definitions 2
4. Reference of matters 4
5. Termination of references 6
6. Extension of period of reference by proclamation 7
7. Earlier termination of reference by proclamation 7
8. Evidence 8
9. Operation of Act 9
10. Direct amendment of section 85 of the Constitution Act 1975 9
ENDNOTES 10
INDEX 11
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PARLIAMENT OF VICTORIA
Initiated in Assembly 20 March 2001
A BILL
to refer certain matters relating to corporations and financial products
and services to the Parliament of the Commonwealth for the purposes
of section 51(xxxvii) of the Constitution of the Commonwealth, to
amend section 85 of the Constitution Act 1975 and for other
purposes.
Corporations (Commonwealth Powers)
Act 2001
The Parliament of Victoria enacts as follows:
1. Purpose
(1) The purpose of this Act is to refer certain matters
relating to corporations and financial products and
services to the Parliament of the Commonwealth
5 for the purposes of section 51(xxxvii) of the
Constitution of the Commonwealth, so as to
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Corporations (Commonwealth Powers) Act 2001
s. 2
Act No.
enable that Parliament to make laws that apply of
their own force in the State, instead of those
matters being dealt with by the Corporations Law
and other applied laws.
5 (2) Nothing in this Act is intended to enable the
making of a law pursuant to the amendment
reference with the sole or main underlying
purpose or object of regulating industrial relations
matters even if, but for this sub-section, the law
10 would be a law with respect to a matter referred to
the Parliament of the Commonwealth by the
amendment reference.
2. Commencement
This Act comes into operation on a day or days to
15 be proclaimed.
3. Definitions
(1) In this Act--
"amendment reference" means the reference
under section 4(1)(b);
20 "commencement day" means the day on which
section 4(1) comes into operation;
"Corporations instrument" means any
instrument made or issued under the
Corporations legislation;
25 "Corporations legislation" means
Commonwealth Acts enacted in the terms, or
substantially in the terms, of the tabled text
and as in force from time to time;
"express amendment" of the Corporations
30 legislation means the direct amendment of
the text of the Corporations legislation
(whether by the insertion, omission, repeal,
substitution or relocation of words or matter)
by Commonwealth Acts, but does not
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Corporations (Commonwealth Powers) Act 2001
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include the enactment by a Commonwealth
Act of a provision that has or will have
substantive effect otherwise than as part of
the text of the Corporations legislation;
5 "initial reference" means the reference under
section 4(1)(a);
"prescribed termination day" means the day on
which both the references are to terminate as
set out in section 5(1);
10 "reference" means--
(a) the initial reference; or
(b) the amendment reference;
"referred provisions" means the tabled text to
the extent to which that text deals with
15 matters that are included in the legislative
powers of the Parliament of the State;
"tabled text" means the text of the following
proposed Bills for Commonwealth Acts,
comprised in two or more documents (each
20 bearing identification as "part of the tabled
text") as tabled by or on behalf of the
Attorney General of New South Wales in the
Legislative Assembly of New South Wales
at any time during the period between the
25 giving of notice of motion for leave to
introduce the Bill for the Corporations
(Commonwealth Powers) Act 2001 of that
State in that Legislative Assembly and the
second reading of that Bill in that Legislative
30 Assembly--
(a) Corporations Bill 2001;
(b) Australian Securities and Investments
Commission Bill 2001.
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Corporations (Commonwealth Powers) Act 2001
s. 4
Act No.
(2) If a proclamation terminating the amendment
reference alone has been published under section
7 and has not been revoked, the expression "the
references" refers to the initial reference only.
5 4. Reference of matters
(1) The following matters are referred to the
Parliament of the Commonwealth--
(a) the matters to which the referred provisions
relate, but only to the extent of the making of
10 laws with respect to those matters by
including the referred provisions in Acts
enacted in the terms, or substantially in the
terms, of the tabled text (including laws
containing provisions that authorise the
15 making of Corporations instruments that
affect the operation of the Corporations
legislation, otherwise than by express
amendment); and
(b) the matters of the formation of corporations,
20 corporate regulation and the regulation of
financial products and services, but only to
the extent of the making of laws with respect
to those matters by making express
amendments of the Corporations legislation
25 (including laws inserting or amending
provisions that authorise the making of
Corporations instruments that affect the
operation of the Corporations legislation,
otherwise than by express amendment).
30 (2) The reference of a matter under sub-section (1)
has effect only--
(a) if and to the extent that the matter is not
included in the legislative powers of the
Parliament of the Commonwealth (otherwise
35 than by a reference under section 51(xxxvii)
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Corporations (Commonwealth Powers) Act 2001
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of the Constitution of the Commonwealth);
and
(b) if and to the extent that the matter is included
in the legislative powers of the Parliament of
5 the State.
(3) The operation of each paragraph of sub-section
(1) is not affected by the other paragraph.
(4) For the avoidance of doubt, it is the intention of
the Parliament of the State that--
10 (a) the Corporations legislation may be
expressly amended, or have its operation
otherwise affected, at any time on or after
the commencement day by provisions of
Commonwealth Acts the operation of which
15 is based on legislative powers that the
Parliament of the Commonwealth has apart
from the references; and
(b) the Corporations legislation may have its
operation affected, otherwise than by express
20 amendment, at any time on or after the
commencement day by provisions of
Corporations instruments; and
(c) the references are not made subject to any
condition relating to--
25 (i) the express amendment or affecting of
the Corporations legislation by
provisions referred to in paragraph (a);
or
(ii) the affecting of the Corporations
30 legislation by provisions referred to in
paragraph (b).
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Corporations (Commonwealth Powers) Act 2001
s. 5
Act No.
(5) Despite any other provision of this section, a
reference has effect for a period--
(a) beginning at the beginning of the
commencement day; and
5 (b) ending at the beginning of the day on which
it terminates as set out in section 5--
but not longer.
5. Termination of references
(1) Subject to earlier termination under this section,
10 the references terminate on the day that is the fifth
anniversary of the day of commencement of the
Corporations legislation or on a later day fixed by
the Governor in Council by proclamation under
section 6.
15 (2) Both the references terminate on a day that is
earlier than the prescribed termination day if the
Governor in Council fixes that earlier day by
proclamation under section 7 as the day on which
the references terminate.
20 (3) The amendment reference alone terminates on a
day that is earlier than the prescribed termination
day if the Governor in Council fixes that earlier
day by proclamation under section 7 as the day on
which the amendment reference terminates.
25 (4) If the amendment reference terminates before the
initial reference, the termination of the
amendment reference does not affect--
(a) laws that were made under the amendment
reference before that termination but have
30 not come into operation before that
termination; or
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(b) the continued operation in the State of the
Corporations legislation as in operation
immediately before that termination or as
subsequently amended or affected by--
5 (i) laws referred to in paragraph (a); or
(ii) provisions referred to in section 4(4)(a)
or (b).
(5) For the purposes of sub-section (4)--
(a) the laws referred to in sub-section (4)(a)
10 include Corporations instruments; and
(b) the reference in sub-section (4)(b) to the
Corporations legislation as in operation
immediately before the termination of the
amendment reference includes that
15 legislation as affected by Corporations
instruments that have come into operation
before that time.
6. Extension of period of reference by proclamation
(1) The Governor in Council may, at any time before
20 the prescribed termination day, by proclamation
published in the Government Gazette, fix a day
that is later than the prescribed termination day as
the day on which both the references terminate.
(2) More than one proclamation may be made under
25 sub-section (1).
7. Earlier termination of reference by proclamation
(1) The Governor in Council may, at any time, by
proclamation published in the Government
Gazette, fix a day that is earlier than the
30 prescribed termination day as the day on which--
(a) the references terminate; or
(b) the amendment reference terminates.
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(2) The day fixed under sub-section (1) must be no
earlier than the first day after the end of the period
of 6 months beginning with the day on which the
proclamation is published under that sub-section.
5 (3) The Governor in Council may, by proclamation
published in the Government Gazette, revoke a
proclamation published under sub-section (1), in
which case the revoked proclamation is taken (for
the purposes of section 5) never to have been
10 published.
(4) A revoking proclamation has effect only if
published before the day fixed under sub-
section (1).
(5) The revocation of a proclamation published under
15 sub-section (1) does not prevent publication of a
further proclamation under that sub-section.
(6) A proclamation under sub-section (1) has effect
despite any earlier proclamation published under
section 6(1).
20 8. Evidence
(1) A certificate of the Clerk of the Legislative
Assembly of New South Wales certifying that a
document is an accurate copy of the tabled text, or
is an accurate copy of a particular part or of
25 particular provisions of the tabled text, is
admissible in evidence in any proceedings and is
evidence--
(a) of the matter certified; and
(b) that the text of proposed Commonwealth
30 Bills was tabled in the Legislative Assembly
of New South Wales as referred to in the
definition of "tabled text" in section 3.
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(2) Sub-section (1) does not affect any other way in
which the tabling or content of the tabled text, or
the accuracy of a copy of the tabled text or of a
part or provisions of the tabled text, may be
5 established.
9. Operation of Act
This Act has effect despite any provision of the
Corporations (Victoria) Act 1990 or of the
applicable provisions (as defined in that Act) of
10 the State.
10. Direct amendment of section 85 of the Constitution
Act 1975
In section 85 of the Constitution Act 1975, after
sub-section (10) insert--
15 "(11) Section 4 of the Corporations
(Commonwealth Powers) Act 2001 alters
or varies this section and has effect as a
direct amendment of this section.".
20
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Corporations (Commonwealth Powers) Act 2001
Endnotes
Act No.
ENDNOTES
By Authority. Government Printer for the State of Victoria.
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Corporations (Commonwealth Powers) Act 2001
Act No.
INDEX
Subject Section
Act
10
amendment of Constitution Act 1975
commencement 2
operation 9
purpose 1
Amendment reference
definition 3
industrial relations matters regulated pursuant to 1
referral to Commonwealth 4
separate termination 3, 5, 7
Constitution Act 1975
direct amendment of s. 85 10
3, 4, 5
Corporations instruments
Corporations legislation
definition 3
express amendment of 3, 4
matters referred to Commonwealth 4
operation as affected by Corporations instruments 4, 5
operation if amendment reference terminated 5
tabled text of relevant Commonwealth bills 3, 4, 8
3
Definitions
8
Evidence
Industrial relations matters
regulated pursuant to amendment reference 1
3, 4
Initial reference
References
amendment reference 3, 4, 5, 7
commencement day (def.) 3
definition 3
extension of period of 6
initial reference 3, 4
matters referred by 4
period of 4, 6
termination generally 5н7
earlier than prescribed 7
later than prescribed 6
of amendment reference alone 3, 5, 7
prescribed termination day 3, 5
Tabled text
definition 3
evidentiary provisions 8
laws to be substantially in terms of 4
referred provisions in (def.) 3
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