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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Corporations (Ancillary Provisions) Act 2001
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
3. Definitions 2
4. Corresponding provision 8
5. Operation of Act 10
PART 2--TRANSITIONAL PROVISIONS 11
6. National scheme laws 11
7. Effect of section 6 11
8. Certain provisions of State law taken to operate despite national
scheme law 13
9. Court proceedings and orders 15
10. Existing rules of court continue to have effect 17
11. References to old/new corporations legislation or old/new ASIC
legislation 17
12. References to companies incorporated in a State or Territory 21
PART 3--APPLICATION OF COMMONWEALTH
CORPORATIONS LEGISLATION TO STATE MATTERS 24
13. Definitions 24
14. State provisions to which this Part applies 24
15. Effect of declaratory provisions 25
16. Modifications to applied law 26
17. Conferral of functions on ASIC 27
18. Conferral of functions or duties on State courts 28
19. Implied application of regulations and other provisions of
Corporations legislation 28
20. Proceedings for offences 29
21. Application of Corporations legislation by other means 30
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Clause Page
PART 4--GENERAL 31
22. Power to amend certain statutory rules 31
23. Rules of the Supreme Court 31
24. ASIC has certain functions and powers 32
25. Regulations 33
PART 5--AMENDMENT OF CERTAIN ACTS 37
26. Amendment of Companies (Application of Laws) Act 1981 37
27. Amendment of Securities Industry (Application of Laws) Act
1981 37
28. Amendment of Futures Industry (Application of Laws) Act
1986 37
29. Amendment of Jurisdiction of Courts (Cross-vesting) Act
1987 38
3A. Corporations Act of the Commonwealth 38
30. Amendment of Corporations (Victoria) Act 1990 38
31. New Division 7 inserted in Part 13 of Corporations (Victoria)
Act 1990 40
Division 7--Functions of Commonwealth authorities and
officers of the Commonwealth 41
96E. Definitions 41
96F. Functions of Commonwealth authorities and officers of
the Commonwealth 41
__________________
SCHEDULE 42
ENDNOTES 45
INDEX 46
ii
541148B.A1-13/6/2001 BILL LA AS SENT 13/6/2001
PARLIAMENT OF VICTORIA
Initiated in Assembly 16 May 2001
As amended by Assembly 12 June 2001
A BILL
to enact ancillary provisions relating to the enactment by the
Parliament of the Commonwealth of new corporations legislation and
new ASIC legislation and for other purposes.
Corporations (Ancillary Provisions) Act
2001
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to enact ancillary
provisions, including transitional provisions,
5 relating to the enactment by the Parliament of the
Commonwealth of new corporations legislation
and new ASIC legislation under its legislative
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powers, including powers with respect to matters
referred to that Parliament for the purposes of
section 51(xxxvii) of the Constitution of the
Commonwealth.
5 Note: The Corporations (Commonwealth Powers) Act
2001 refers 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.
10 2. Commencement
This Act comes into operation immediately before
the Corporations Act 2001 of the Commonwealth,
as originally enacted, comes into operation.
3. Definitions
15 (1) In this Act--
"ASIC" means the Australian Securities and
Investments Commission;
"carried over provision"--
(a) of the old corporations legislation
20 means a provision of that legislation
that--
(i) was in force immediately before
the relevant time; and
(ii) corresponds to a provision of the
25 new corporations legislation; and
(b) of the old ASIC legislation means a
provision of that legislation that--
(i) was in force immediately before
the relevant time; and
30 (ii) corresponds to a provision of the
new ASIC legislation;
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"co-operative scheme law" has the meaning
given by section 84 of the Corporations
(Victoria) Act 1990;
"corresponds" has a meaning affected by
5 section 4;
"law of the State" includes a statutory rule and
any other instrument of a legislative
character made under an Act;
"liability" includes a duty or obligation;
10 "made" includes issued, given or published;
"national scheme law of this jurisdiction" has
the same meaning as in the Corporations
(Victoria) Act 1990;
"new ASIC Act" means the Australian Securities
15 and Investments Commission Act 2001 of
the Commonwealth;
"new ASIC legislation" means--
(a) the new ASIC Act; and
(b) the new ASIC Regulations (as amended
20 and in force from time to time) and any
other regulations made under the new
ASIC Act; and
(c) the laws of the Commonwealth referred
to in paragraph (a)(ii) and (in relation to
25 the State) paragraph (b)(iii) of the
definition of "old ASIC legislation" in
section 254(1) of the new ASIC Act,
being those laws as they apply after the
relevant time; and
30 (d) the preserved instruments;
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"new ASIC Regulations" means the old ASIC
Regulations that, because of section 264 of
the new ASIC Act, have effect as if they
were made under section 251 of that Act;
5 "new Corporations Act" means the Corporations
Act 2001 of the Commonwealth;
"new corporations legislation" means--
(a) the new Corporations Act; and
(b) the new Corporations Regulations (as
10 amended and in force from time to
time) and any other regulations made
under the new Corporations Act; and
(c) the laws of the Commonwealth referred
to (in relation to the State) in paragraph
15 (c) of the definition of "old
corporations legislation" in section
1371(1) of the new Corporations Act,
being those laws as they apply after the
relevant time; and
20 (d) the preserved instruments;
"new Corporations Regulations" means the old
Corporations Regulations that, because of
section 1380 of the new Corporations Act,
have effect as if they were made under
25 section 1364 of that Act;
"old application Act" means the Corporations
(Victoria) Act 1990 as in force from time to
time before the relevant time;
"old ASIC Act" means the Australian Securities
30 and Investments Commission Act 1989 of
the Commonwealth as in force from time to
time before the relevant time;
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"old ASIC Law" means the ASIC Law of
Victoria (within the meaning of the old
application Act) as in force from time to time
before the relevant time;
5 "old ASIC legislation" means--
(a) the old ASIC Law and the old ASIC
Regulations, and any instruments made
under that Law or those Regulations;
and
10 (b) the old application Act, and any
instruments made under that Act, as
applying in relation to the old ASIC
Law and the old ASIC Regulations
from time to time before the relevant
15 time; and
(c) the laws of the Commonwealth as
applying in relation to the old ASIC
Law and the old ASIC Regulations
from time to time before the relevant
20 time as laws of, or for the government
of, the State because of Part 8 of the old
application Act, and any instruments
made under those laws as so applying;
"old ASIC Regulations" means the ASIC
25 Regulations of Victoria (within the meaning
of the old application Act) as in force from
time to time before the relevant time;
"old Corporations Law" means the Corporations
Law of Victoria, within the meaning of the
30 old application Act, as in force from time to
time before the relevant time;
"old corporations legislation" means--
(a) the old Corporations Law and the old
Corporations Regulations, and any
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instruments made under that Law or
those Regulations; and
(b) the old application Act, and any
instruments made under that Act, as
5 applying in relation to the old
Corporations Law and the old
Corporations Regulations from time to
time before the relevant time; and
(c) the laws of the Commonwealth as
10 applying in relation to the old
Corporations Law and the old
Corporations Regulations from time to
time before the relevant time as laws of,
or for the government of, the State
15 because of Part 8 of the old application
Act, and any instruments made under
those laws as so applying;
"old Corporations Regulations" means the
Corporations Regulations of Victoria, within
20 the meaning of the old application Act, as in
force from time to time before the relevant
time;
"order", in relation to a court, includes any
judgment, conviction or sentence of the
25 court;
"preserved instrument" means--
(a) in relation to the new corporations
legislation, an instrument that, because
of section 1399 of the new
30 Corporations Act, has effect after the
relevant time as if it were made under a
provision of the new corporations
legislation; and
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(b) in relation to the new ASIC legislation,
an instrument that, because of section
275 of the new ASIC Act, has effect
after the relevant time as if it were
5 made under a provision of the new
ASIC legislation;
"previous State corporations law" means--
(a) the Companies Act 1961; or
(b) the Marketable Securities Act 1970;
10 or
(c) the Securities Industry Act 1975; or
(d) a co-operative scheme law; or
(e) any other Act, or provision of an Act,
specified by the regulations under sub-
15 section (2);
"provision" of a law includes any portion of the
law;
"referring State" has the meaning given by
section 4 of the new Corporations Act;
20 "relevant time" means the time when the new
Corporations Act, as originally enacted,
comes into operation;
"right" includes an interest or status;
"State" includes the Northern Territory;
25 "statutory rule" has the same meaning as in the
Subordinate Legislation Act 1994;
"Territory" means the Australian Capital
Territory or the Jervis Bay Territory.
(2) The regulations may provide that a specified Act,
30 or a specified provision of an Act, is a previous
State corporations law for the purposes of this
Act.
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4. Corresponding provision
(1) For the purposes of this Act, a provision (the old
provision) of the old corporations legislation or
the old ASIC legislation corresponds to a
5 provision (the new provision) of the new
corporations legislation or the new ASIC
legislation (and vice versa) if--
(a) the old provision and the new provision are
substantially the same, unless the regulations
10 specify that the 2 provisions do not
correspond; or
(b) the regulations specify that the 2 provisions
correspond.
(2) For the purposes of this Act, a provision (the old
15 provision) of a previous State corporations law
corresponds to a provision (the new provision) of
a national scheme law of this jurisdiction (and
vice versa) if--
(a) the old provision and the new provision are
20 substantially the same, unless the regulations
specify that the 2 provisions do not
correspond; or
(b) the regulations specify that the 2 provisions
correspond.
25 (3) For the purposes of sub-section (1)(a) or (2)(a),
differences of all or any of the following kinds are
not sufficient to mean that 2 provisions are not
substantially the same--
(a) differences in the numbering of the
30 provisions;
(b) differences of a minor technical nature (for
example, differences in punctuation, or
differences that are attributable to the
correction of incorrect cross references);
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(c) the fact that one of the provisions refers to a
corresponding previous law and the other
does not;
(d) for the purposes of sub-section (1)(a), the
5 fact that--
(i) the old provision allowed a court to
exercise powers on its own motion but
the new provision does not; or
(ii) the old provision required a court to
10 apply a criterion of public interest but
the new provision requires a court to
apply a criterion of justice and equity;
or
(iii) the new provision requires ASIC to
15 take account of public interest but the
old provision did not;
(e) for the purposes of sub-section (1)(a), other
differences that are attributable to the fact
that the new corporations legislation and the
20 new ASIC legislation apply as
Commonwealth laws in this and other States
and in the internal Territories;
(f) other differences of a kind prescribed by the
regulations for the purposes of this
25 paragraph.
(4) Sub-section (3) is not intended to otherwise limit
the circumstances in which 2 provisions are, for
the purposes of sub-section (1)(a) or (2)(a),
substantially the same.
30 (5) The regulations may provide that--
(a) a specified provision of the old corporations
legislation does, or does not, correspond to a
specified provision of the new corporations
legislation;
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(b) a specified provision of the old ASIC
legislation does, or does not, correspond to a
specified provision of the new ASIC
legislation;
5 (c) a specified provision of a previous State
corporations law does, or does not,
correspond to a specified provision of a
national scheme law of this jurisdiction.
5. Operation of Act
10 This Act has effect despite any provision of the
old application Act or of the applicable provisions
(as defined in that Act) of the State.
_______________
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PART 2--TRANSITIONAL PROVISIONS
6. National scheme laws
(1) The national scheme laws of this jurisdiction
operate of their own force only in relation to--
5 (a) matters arising before the relevant time; and
(b) matters arising, directly or indirectly, out of
such matters--
in so far as those matters are not dealt with by the
new corporations legislation, the new ASIC
10 legislation or the co-operative scheme laws.
(2) Except as provided by sub-section (1) and
section 9, the national scheme laws of this
jurisdiction have no operation of their own force
at and after the relevant time.
15 7. Effect of section 6
(1) To the extent that a national scheme law of this
jurisdiction ceases to operate of its own force
because of section 6, the effect is that which
would have resulted had this Act and that law
20 been Commonwealth Acts in relation to which the
Acts Interpretation Act 1901 of the
Commonwealth as in force on 1 November 2000
applied.
Note: Part III of the Acts Interpretation Act 1901 of the
25 Commonwealth contains provisions dealing with the
effect of repeal of an Act. These provisions protect
accrued rights and liabilities and allow legal
proceedings in respect of them to be commenced or
continued. However, this section and section 9 have
30 the effect of cancelling certain rights and liabilities
and terminating certain legal proceedings.
(2) Despite sub-section (1), if by force of Chapter 10
of the new Corporations Act or Part 16 of
the new ASIC Act a person acquires, accrues or
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incurs a right or liability in substitution for a
pre-commencement right or liability, the
pre-commencement right or liability is cancelled
at the relevant time and ceases at that time to be a
5 right or liability under a law of the State.
(3) Despite sub-section (1), a proceeding in a court
that--
(a) was started before the relevant time; and
(b) was--
10 (i) under a provision of the old
corporations legislation or the old ASIC
legislation; or
(ii) brought as, or connected with, a
prosecution for an offence against a
15 provision of the old corporations
legislation or the old ASIC legislation;
and
(c) was a proceeding to which section 1383 of
the new Corporations Act or section 267 of
20 the new ASIC Act applies at the relevant
time; and
(d) had not been concluded or terminated before
the relevant time--
is terminated at the relevant time by force of this
25 sub-section.
(4) Despite sub-section (1), if by force of a
Commonwealth Act (other than the new
Corporations Act) referred to in sections 1393 to
1396 of the new Corporations Act a person
30 becomes liable to pay an amount that is the same,
and is in respect of the same matter, as an amount
(the pre-commencement amount) that was
payable by the person before the relevant time
under a provision of the old corporations
35 legislation, the person's liability to pay the
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pre-commencement amount is cancelled at the
relevant time and ceases at that time to be a
liability under a law of the State.
(5) In sub-section (2) "pre-commencement right or
5 liability" means a right or liability, whether civil
or criminal, other than a right or liability under an
order made by a court before the relevant time or
a liability referred to in section 1397(4) of the new
Corporations Act, that--
10 (a) was acquired, accrued or incurred under--
(i) a carried over provision of the old
corporations legislation or the old ASIC
legislation; or
(ii) a provision of the old corporations
15 legislation or the old ASIC legislation
that was no longer in force immediately
before the relevant time; and
(b) was in existence immediately before the
relevant time.
20 (6) Nothing in this Act revives the co-operative
scheme laws or otherwise affects the superseding
of those laws by the national scheme laws of this
jurisdiction as provided by Division 2 of Part 13
of the old application Act and any regulations
25 made under section 80 of that Act for the purposes
of that Division.
8. Certain provisions of State law taken to operate
despite national scheme law
(1) Any provision of a relevant law of the State that--
30 (a) makes (or, if not in force, would make on
coming into force) provision in relation to a
matter in a manner that is inconsistent with a
provision or provisions of a national scheme
law of this jurisdiction; or
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(b) but for the operation of section 5 of the old
application Act would have made (or, if not
in force, would have made on coming into
force) provision in relation to a matter in a
5 manner that is inconsistent with a provision
or provisions of a national scheme law of
this jurisdiction--
is declared by this sub-section to have effect
despite the provision or provisions of the national
10 scheme law of this jurisdiction with which it is
inconsistent and as if the relevant law, or (in the
case of a relevant law that is not an Act) the Act
under which the relevant law was made, had itself
provided expressly for this outcome.
15 Note: Section 5G of the Corporations Act 2001 of the
Commonwealth applies to a provision of a State law
that is inconsistent with a provision of the
Corporations legislation to which Part 1.1A of that
Act applies if that provision operated, immediately
20 before the commencement of that Act, despite the
provision of the old Corporations Law or the old
ASIC Law that corresponds to the Commonwealth
provision.
(2) Any provision of a relevant law of the State that
25 provides that the whole of a previous State
corporations law or a specified provision of a
previous State corporations law does not apply to
a matter is declared by this sub-section to also
provide that the whole of the old Corporations
30 Law and the old ASIC Law or the corresponding
provision (if any) of the old Corporations Law or
the old ASIC Law (as the case requires) does not
apply to that matter.
Note: Under section 5F(4) of the Corporations Act 2001 of
35 the Commonwealth if the old Corporations Law or the
old ASIC law, or a provision of that Law, did not
apply to a matter immediately before the
commencement of that Act, then the Corporations
legislation to which Part 1.1A of that Act applies, or
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the corresponding provision of that legislation, does
not apply to the matter.
(3) Sub-section (1) or (2) does not apply to a
provision of a relevant law of the State (or a class
5 of provision of relevant laws of the State)
specified by the regulations as a provision (or
class of provision) to which the sub-section does
not apply.
(4) For the purposes of sub-section (1), a provision of
10 a relevant law of the State is inconsistent with a
provision of a national scheme law of this
jurisdiction if it would be inconsistent within the
meaning of section 109 of the Constitution of the
Commonwealth of Australia if the national
15 scheme law were an Act of the Commonwealth.
(5) Nothing in this section affects the operation of
section 6 of the old application Act in relation to
an Act enacted before the commencement of that
section or an instrument made under such an Act.
20 (6) In this section--
"matter" includes act, omission, body, person or
thing;
"relevant law of the State" means a law of the
State enacted or made before the relevant
25 time (whether or not it is in force before that
time) other than a national scheme law of
this jurisdiction or a previous State
corporations law.
9. Court proceedings and orders
30 (1) This section applies to a proceeding, whether
criminal or civil, in relation to which the
following paragraphs are satisfied--
(a) the proceeding was started in a court before
the relevant time; and
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(b) the proceeding was--
(i) under a provision of the old
corporations legislation or the old ASIC
legislation; or
5 (ii) brought as, or connected with, a
prosecution for an offence against a
provision of the old corporations
legislation or the old ASIC legislation;
and
10 (c) the proceeding was not a proceeding to
which section 1383 or 1384 of the new
Corporations Act or section 267 or 268 of
the new ASIC Act applies; and
(d) the proceeding had not been concluded or
15 terminated before the relevant time.
(2) Without limiting section 7(1) but subject to sub-
section (3), a proceeding to which this section
applies may be continued, and any order made by
a court in such a proceeding may be appealed
20 against, reviewed or enforced as if section 6 had
not been enacted.
(3) Nothing in this Part, or in the Acts Interpretation
Act 1901 of the Commonwealth as applying by
force of section 7(1), operates to preserve the
25 effect of an order to which section 1383(5) of the
new Corporations Act or section 267(5) of the
new ASIC Act applies and, at the relevant time,
that order ceases to have effect as an order of the
court by which it was made and any proceeding in
30 relation to such an order is terminated by force of
this sub-section.
(4) For the avoidance of doubt, Part 9 of the old
application Act continues to have the same
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application to a proceeding to which this section
applies as it did before the relevant time.
(5) In this section, "proceeding" includes--
(a) a proceeding by way of appeal against, or
5 otherwise seeking review of, an order made
by a court; and
(b) a proceeding to enforce an order made by a
court; and
(c) any other proceeding in respect of a breach
10 of an order made by a court.
10. Existing rules of court continue to have effect
The rules of court made under section 51 of the
old application Act and all other enabling powers,
as in force immediately before the relevant time,
15 continue to have effect (and may be dealt with) at
and after the relevant time as if--
(a) they were rules of court in force under
section 23; and
(b) they were made for the purposes of the
20 provisions of the corporations legislation
(within the meaning of section 23) that
correspond to the provisions of the old
Corporations Law for which they were made.
11. References to old/new corporations legislation or
25 old/new ASIC legislation
(1) Subject to sub-sections (2) and (3), a reference in,
or taken immediately before the relevant time to
be in, an Act, an instrument made under an Act or
a law applying as a law of the State by force of an
30 Act to--
(a) a Law, Regulations or instrument of a kind
specified in column 1 of the Table in the
Schedule is taken, at and after the relevant
time, to include a reference to the Act,
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Regulations or instrument of the kind
specified opposite it in column 2 of that
Table; or
(b) a provision or group of provisions of a Law,
5 Regulations or instrument of a kind specified
in column 1 of the Table in the Schedule is
taken, at and after the relevant time, to
include a reference to the corresponding
provision or provisions (if any) of the Act,
10 Regulations or instrument of the kind
specified opposite it in column 2 of that
Table.
(2) The regulations may do either or both of the
following--
15 (a) provide that sub-section (1) does not apply in
relation to prescribed references, or
references of a prescribed kind--
(i) in prescribed Acts or instruments made
under Acts; or
20 (ii) in prescribed laws applying as laws of
the State by force of an Act; or
(iii) in Acts, instruments made under Acts,
or laws applying as laws of the State by
force of an Act, of a prescribed kind;
25 (b) provide that sub-section (1) applies in
relation to prescribed references, or
references of a prescribed kind--
(i) in prescribed Acts or instruments made
under Acts; or
30 (ii) in prescribed laws applying as laws of
the State by force of an Act; or
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(iii) in Acts, instruments made under Acts,
or laws applying as laws of the State by
force of an Act, of a prescribed kind--
as if, in that sub-section, the words "to be a
5 reference" were substituted for the words "to
include a reference".
(3) Sub-section (1) does not apply in relation to
references in, or taken immediately before the
relevant time to be in--
10 (a) the old application Act or the applicable
provisions (as defined in that Act) of the
State; or
(b) a previous State corporations law or an
instrument made under such a law; or
15 (c) this Act or any regulations made under this
Act; or
(d) the Corporations (Consequential
Amendments) Act 2001; or
(e) the Interpretation of Legislation Act 1984;
20 or
(f) any other Act, or any provision of an Act, or
any kind of Act or provision of an Act,
specified by the regulations; or
(g) an instrument made under an Act, or any
25 provision of an instrument made under an
Act, or any kind of instrument made under
an Act or provision of such an instrument,
specified by the regulations; or
(h) a law applying as a law of the State by force
30 of an Act, or any provision of a law applying
as a law of the State by force of an Act, or
any kind of law applying as a law of the
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State by force of an Act or provision of such
a law, specified by the regulations.
(4) For the purposes of this Act, the regulations may
provide that a reference of a specified kind in, or
5 taken immediately before the relevant time to be
in, a specified Act or instrument made under an
Act or a specified law applying as a law of the
State by force of an Act is to be taken to be a
reference of the kind specified in relation to the
10 reference in the regulations.
(5) An express reference in an Act, an instrument
made under an Act or a law applying as a law of
the State by force of an Act to--
(a) an Act, regulations or other instrument
15 forming part of the new corporations
legislation or the new ASIC legislation; or
(b) a provision or group of provisions of such an
Act, regulations or other instrument--
is taken, in relation to events, circumstances or
20 things that happened or arose at a time before the
relevant time, to include (unless the contrary
intention appears or the context of the reference
otherwise requires) a reference to the
corresponding provision or provisions of the old
25 corporations legislation, or the old ASIC
legislation, as the case requires, of this jurisdiction
and of each other jurisdiction referred to in
sections 12(2) and (3) and 64(2) and (3) of the old
application Act.
30 (6) The regulations may do either or both of the
following--
(a) provide that sub-section (5) does not apply in
relation to prescribed references, or
references of a prescribed kind--
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(i) in prescribed Acts or instruments made
under Acts; or
(ii) in prescribed laws applying as laws of
the State by force of an Act; or
5 (iii) in Acts, instruments made under Acts,
or laws applying as laws of the State by
force of an Act, of a prescribed kind;
(b) provide that sub-section (5) applies in
relation to prescribed references, or
10 references of a prescribed kind--
(i) in prescribed Acts or instruments made
under Acts; or
(ii) in prescribed laws applying as laws of
the State by force of an Act; or
15 (iii) in Acts, instruments made under Acts,
or laws applying as laws of the State by
force of an Act, of a prescribed kind--
as if, in that sub-section, the words "of a
jurisdiction specified by the regulations"
20 were substituted for the words "of this
jurisdiction and of each other jurisdiction
referred to in sections 12(2) and (3) and
64(2) and (3) of the old application Act".
12. References to companies incorporated in a State or
25 Territory
(1) Unless the contrary intention appears and subject
to sub-sections (2) and (4), a reference (however
expressed) in, or taken immediately before the
relevant time to be in, an Act, an instrument made
30 under an Act or a law applying as a law of the
State by force of an Act to--
(a) a company (within the meaning of the
Corporations Law of Victoria or of another
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State or a Territory) incorporated in Victoria
or that other State or that Territory; or
(b) a company that is incorporated under the
Corporations Law of Victoria or of another
5 State or a Territory; or
(c) a company that is registered or taken to be
registered under the Corporations Law of
Victoria or of another State or a Territory; or
(d) a body that is taken to be registered as a
10 company under the Corporations Law of
Victoria or of another State or a Territory--
is taken, after the relevant time, to be a reference
to a company that, under section 119A or 1378(4)
of the new Corporations Act, is taken to be
15 registered in Victoria or that other State or that
Territory, as the case requires.
(2) Unless the contrary intention appears and subject
to sub-section (4), a reference (however
expressed) in, or taken immediately before the
20 relevant time to be in, an Act, an instrument made
under an Act or a law applying as a law of the
State by force of an Act to a foreign company
(within the meaning of the Corporations Law of
Victoria or of another State or a Territory) is
25 taken, after the relevant time, to be a reference to
a foreign company within the meaning of the new
Corporations Act.
(3) Unless the contrary intention appears and subject
to sub-section (4), a reference (however
30 expressed) in, or taken immediately before the
relevant time to be in, an Act, an instrument made
under an Act or a law applying as a law of the
State by force of an Act to the jurisdiction of
incorporation of a corporation, being a company
35 registered or taken to be registered under the
Corporations Law of Victoria or of another State
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or a Territory, is taken, after the relevant time, to
be a reference to the State or Territory in which
the corporation is taken to be registered under
section 119A or 1378(4) of the new Corporations
5 Act.
(4) The regulations may do either or both of the
following--
(a) provide that sub-section (1), (2) or (3) does
not apply in relation to prescribed references,
10 or references of a prescribed kind--
(i) in prescribed Acts or instruments made
under Acts; or
(ii) in prescribed laws applying as laws of
the State by force of an Act; or
15 (iii) in Acts, instruments made under Acts,
or laws applying as laws of the State by
force of an Act, of a prescribed kind;
(b) provide that sub-section (1), (2) or (3)
applies in relation to prescribed references,
20 or references of a prescribed kind--
(i) in prescribed Acts or instruments made
under Acts; or
(ii) in prescribed laws applying as laws of
the State by force of an Act; or
25 (iii) in Acts, instruments made under Acts,
or laws applying as laws of the State by
force of an Act, of a prescribed kind--
as if, in that sub-section, the words "to
include a reference" were substituted for the
30 words "to be a reference".
_______________
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PART 3--APPLICATION OF COMMONWEALTH
CORPORATIONS LEGISLATION TO STATE MATTERS
13. Definitions
In this Part--
5 "applied law" means a provision or provisions of
the Corporations legislation, or of an Act,
regulations or other instrument forming part
of the Corporations legislation, that this Part
applies to a matter as if the provision or
10 provisions were a law or laws of the State;
"confer" includes impose;
"Corporations legislation" means the
Corporations legislation to which Part 1.1A
of the new Corporations Act applies;
15 "declaratory provision" means a provision of a
law of the State to which this Part applies by
operation of section 14;
"function" includes a power;
"matter" includes act, omission, body, person or
20 thing;
"modification" includes addition, exception,
omission or substitution;
"perform" includes exercise.
14. State provisions to which this Part applies
25 (1) This Part applies to a provision of a law of the
State if the provision declares a matter to be an
applied Corporations legislation matter for the
purposes of this Part in relation to any of the
following (whether with or without
30 modifications)--
(a) the whole of the Corporations legislation;
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(b) a specified Act, regulations or other
instrument forming part of the Corporations
legislation;
(c) a specified provision or provisions of the
5 Corporations legislation or of an Act,
regulations or other instrument forming part
of the Corporations legislation.
(2) Sub-section (1) does not apply to a provision of a
law of the State to the extent that it declares a
10 matter to be an applied Corporations legislation
matter for the purposes of this Part in relation to a
provision or provisions of the Corporations
legislation, or of an Act, regulations or other
instrument forming part of the Corporations
15 legislation, that already applies to the matter as a
law of the Commonwealth.
15. Effect of declaratory provisions
(1) Subject to this Part, a declaratory provision has
effect in relation to a matter as follows--
20 (a) if the declaratory provision is one to which
section 14(1)(a) applies, the whole of the
Corporations legislation applies to the matter
as if it were a law of the State; and
(b) if the declaratory provision is one to which
25 section 14(1)(b) applies, the Act, regulations
or other instrument specified by the
declaratory provision applies or apply to the
matter as if it or they were a law or laws of
the State; and
30 (c) if the declaratory provision is one to which
section 14(1)(c) applies, the provision or
provisions specified by the declaratory
provision applies or apply in relation to the
matter as if it or they were a law or laws of
35 the State.
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(2) A provision applied to a matter by a declaratory
provision, or taken by force of section 19(1) to
apply to the matter, is applied as in force for the
time being unless the declaratory provision
5 applies it as in force at a particular time specified
by the declaratory provision.
16. Modifications to applied law
(1) This Part operates to apply a provision of the
Corporations legislation, or of an Act, regulations
10 or other instrument forming part of the
Corporations legislation, as a law of the State
subject to the following modifications--
(a) such modifications as may be specified by or
under the law containing the declaratory
15 provision;
(b) a reference to ASIC is (unless a function
under an applied law is conferred on ASIC
as referred to in section 17) taken to be a
reference to--
20 (i) the Minister administering the
declaratory provision or such other
person (or person belonging to a class
of person) as may be specified by the
regulations (whether generally or in
25 relation to a particular applied law); or
(ii) such other person as may be specified
by or under the declaratory provision;
(c) a reference to the Gazette is a reference to
the Government Gazette;
30 (d) a reference to the Minister is a reference to
the Minister administering the declaratory
provision;
(e) a reference to this jurisdiction is a reference
to Victoria;
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(f) such other modifications as are necessary or
that are prescribed by regulations made
under this Act, whether generally or in
relation to a particular applied law.
5 (2) Any power to make regulations under an Act
containing a declaratory provision extends to the
making of regulations specifying modifications
for the purposes of this Part.
(3) Except as provided by sub-section (1), definitions
10 and other interpretation provisions of the
Corporations legislation, or of the Act, regulations
or other instrument forming part of the
Corporations legislation, relevant to the applied
law are taken also to apply to the matter that is the
15 subject of the declaratory provision.
(4) This section has effect subject to sections 17 to
20.
17. Conferral of functions on ASIC
(1) Neither a declaratory provision nor an applied law
20 operates to confer a function on ASIC in relation
to the applied law unless--
(a) the declaratory provision provides for ASIC
to perform that function pursuant to an
agreement or arrangement of the kind
25 referred to in section 11(8) or (9A)(b) of the
new ASIC Act; and
(b) ASIC is authorised to perform that function
under section 11 of the new ASIC Act.
(2) If a declaratory provision operates to confer a
30 function on ASIC in relation to an applied law, the
conferral of that function is taken not to impose a
duty to perform that function despite anything to
the contrary in the applied law.
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18. Conferral of functions or duties on State courts
An applied law that confers a function or duty on
a court or on the Court is taken to confer that
function or duty (along with the jurisdiction to
5 perform that function or duty) on the Supreme
Court or such other court of the State as may be
specified by or under the declaratory provision.
19. Implied application of regulations and other
provisions of Corporations legislation
10 (1) Unless a declaratory provision provides otherwise,
the following provisions of the Corporations
legislation, or of an Act, regulations or other
instrument forming part of the Corporations
legislation, are also taken to apply to a matter that
15 is the subject of a declaratory provision as if they
were laws of the State--
(a) the provisions of any regulations made under
the applied law;
(b) any provision of the Corporations legislation,
20 or of an Act, regulations or other instrument
forming part of the Corporations legislation,
that creates an offence in relation to a
contravention of the applied law or specifies
the penalty for an offence created by a
25 provision of the applied law;
(c) the provisions of Part 9.4B (Civil
consequences of contravening civil penalty
provisions) of the new Corporations Act for
the purposes of any provision of the applied
30 law that is a civil penalty provision within
the meaning of that Part.
(2) The regulations may prescribe modifications
(whether generally or in relation to a particular
applied law) of any of the provisions that are also
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taken to apply to a matter by force of sub-section
(1) for the purposes of that application.
20. Proceedings for offences
(1) Proceedings for an offence against an applied law
5 may be dealt with as an offence against a law of
the State.
(2) For the purposes of an offence against an applied
law--
(a) the amount of a penalty unit specified in
10 relation to that offence by the applied law, or
a provision taken by force of section 19(1) to
apply to the matter that is the subject of the
declaratory provision, is $100; and
(b) the laws of the State apply in relation to that
15 offence as if the applied law, or a provision
taken by force of section 19(1) to apply to
the matter that is the subject of the
declaratory provision, were a law or laws of
the State.
20 (3) Without limiting sub-section (2)(b), the laws of
the State referred to in that sub-section as
applying in relation to an offence include laws
with respect to--
(a) the investigation and prosecution of
25 offences; and
(b) the arrest, custody, bail, trial, finding of guilt
and conviction of persons charged with
offences; and
(c) proceedings relating to a matter referred to in
30 paragraph (a) or (b); and
(d) the classification of offences as indictable or
summary or indictable triable summarily;
and
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(e) appeals and reviews relating to criminal
proceedings and to proceedings of the kind
referred to in paragraph (c); and
(f) the sentencing, punishment and release of
5 persons found guilty or convicted of
offences; and
(g) fines, penalties and forfeitures; and
(h) confiscation of the proceeds of crime.
21. Application of Corporations legislation by other
10 means
Nothing in this Part prevents a law of the State
from applying any provision of the Corporations
legislation, or of an Act, regulations or other
instrument forming part of the Corporations
15 legislation, as a law of the State otherwise than by
means of a declaratory provision.
_______________
30
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23
Act No.
PART 4--GENERAL
22. Power to amend certain statutory rules
(1) The Governor in Council, on the recommendation
of the Minister, may make regulations amending a
5 statutory rule made by the Governor in Council in
the exercise of a power conferred by any Act.
(2) The Minister may make a recommendation under
sub-section (1) only if he or she considers that
each amendment proposed to be made by the
10 regulations is consequential on the enactment, or
the proposed enactment, by the Parliament of the
Commonwealth of--
(a) the Australian Securities and Investments
Commission Act 1989; or
15 (b) the Corporations Act 1989; or
(c) an Act amending an Act referred to in
paragraph (a) or (b); or
(d) the new ASIC Act; or
(e) the new Corporations Act.
20 (3) Part 2 of the Subordinate Legislation Act 1994
does not apply to regulations made under this
section.
(4) Nothing in this section prevents a statutory rule
from being amended otherwise than by
25 regulations made under this section, including an
amendment of a kind referred to in sub-section
(2).
23. Rules of the Supreme Court
(1) The Judges of the Supreme Court or a majority of
30 them may make rules of court--
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(a) with respect to proceedings, and the practice
and procedure, of that Court under the
Corporations legislation; and
(b) with respect to any matter or thing that is--
5 (i) required or permitted by the
Corporations legislation to be
prescribed by rules within the meaning
of the Corporations legislation; or
(ii) necessary or convenient to be
10 prescribed by such rules for carrying
out or giving effect to the Corporations
legislation; and
(c) without limitation, with respect to costs, and
with respect to rules as to meetings ordered
15 by that Court.
(2) When a lower court of Victoria is exercising
jurisdiction with respect to matters arising under
the Corporations legislation, the court must apply
the rules of court made under sub-section (1), with
20 such alterations as are necessary.
(3) In this section--
"Corporations legislation" means--
(a) the new Corporations Act; and
(b) the new ASIC Act; and
25 (c) the regulations made under the new
Corporations Act and the new ASIC
Act.
24. ASIC has certain functions and powers
(1) The Minister, or a person authorised in writing by
30 the Minister, may enter into an agreement or
arrangement with ASIC for the performance of
functions or the exercise of powers by ASIC as an
agent of the State, even if those functions or
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powers are or may be conferred on another person
or body by or under a law of the State.
(2) An agreement or arrangement of a kind referred to
in sub-section (1) has effect by force of this
5 section despite any provision of a law of the State
with respect to any function or power that is the
subject of the agreement or arrangement.
Note: Section 11(9) of the Australian Securities and
Investments Commission Act 2001 of the
10 Commonwealth provides that ASIC has, but is not
under a duty to perform, the functions and powers that
are the subject of the agreement or arrangement with
the State.
25. Regulations
15 (1) The Governor in Council may make regulations
for or with respect to any matter or thing required
or permitted by this Act to be prescribed or
necessary to be prescribed to give effect to this
Act.
20 (2) Without limiting sub-section (1), the regulations
may provide that certain provisions of Part 2 are
taken to be modified as set out in the regulations.
Those provisions then have effect as if they were
so modified.
25 (3) Without limiting sub-section (1), the regulations
may--
(a) declare a matter to be an excluded matter for
the purposes of section 5F of the new
Corporations Act in relation to--
30 (i) the whole of the Corporations
legislation to which Part 1.1A of that
Act applies; or
(ii) a specified provision of that legislation;
or
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(iii) that legislation other than a specified
provision; or
(iv) that legislation otherwise than to a
specified extent;
5 (b) declare a provision of a law of the State, or a
provision of a law of the State as amended as
specified in the regulations, to be a
Corporations legislation displacement
provision for the purposes of section 5G of
10 the new Corporations Act (either generally
or specifically in relation to a provision of
the Corporations legislation to which Part
1.1A of that Act applies).
(4) Without limiting sub-section (1), the regulations
15 may make provision for or with respect to
enabling jurisdiction conferred by or under the old
corporations legislation or the old ASIC
legislation or a previous State corporations law to
be exercised by a court of the State, or confirming
20 that such jurisdiction is exercisable by a court of
the State, including (without limitation) provisions
for or with respect to--
(a) conferring jurisdiction on courts of the State;
and
25 (b) the construction of references in the old
corporations legislation or the old ASIC
legislation or a previous State corporations
law to Commonwealth authorities and
officers; and
30 (c) the disapplication of provisions of the old
corporations legislation or the old ASIC
legislation or a previous State corporations
law, including provisions that contemplate
the administration or enforcement of laws as
35 if they were Commonwealth laws or that
contemplate offences and other matters as
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being offences against and matters under
Commonwealth laws; and
(d) the treatment of offences arising under the
old corporations legislation or the old ASIC
5 legislation or a previous State corporations
law (including the specification of penalties);
and
(e) prescribing modifications of the old
corporations legislation or the old ASIC
10 legislation or a previous State corporations
law; and
(f) associated, procedural and consequential
matters.
(5) Without limiting sub-section (1), the regulations
15 may deal with matters of a transitional nature
relating to the transition from the application of
provisions of the old corporations legislation or a
previous State corporations law to the application
of provisions of the new corporations legislation
20 or the new ASIC legislation.
(6) Any provision of the regulations may be
expressed to take effect from a time that is earlier
than the beginning of the day on which the
regulations containing the provision are made, not
25 being a time earlier than immediately before the
relevant time.
(7) To the extent to which a provision of a regulation
takes effect from a time that is earlier than the
beginning of the day on which the regulations
30 containing the provision are made, the provision
does not operate so as--
(a) to affect in a manner prejudicial to any
person (other than the State or an authority
of the State), the rights of that person
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Act No.
existing before the date of making of those
regulations; or
(b) to impose liabilities on any person (other
than the State or an authority of the State) in
5 respect of anything done or omitted to be
done before the date of making of those
regulations.
(8) The regulations have effect despite anything to the
contrary in Part 2.
10 (9) In this section "matters of a transitional
nature" includes matters of an application or
savings nature.
_______________
36
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Act No.
PART 5--AMENDMENT OF CERTAIN ACTS
26. Amendment of Companies (Application of Laws) Act
1981
See: (1) In section 6 of the Companies (Application of
Act No.
5 Laws) Act 1981, after "Commonwealth Act"
9712.
Reprint No. 1 insert "as in force on 31 December 1990".
as at
31 October
(2) In section 7 of the Companies (Application of
1996.
Laws) Act 1981, for "for the time being"
LawToday:
www.dms.
substitute "on 31 December 1990".
dpc.vic.
gov.au
10 27. Amendment of Securities Industry (Application of
Laws) Act 1981
See:
(1) In section 6 of the Securities Industry
Act No.
(Application of Laws) Act 1981, after
9562.
Reprint No. 1
"Commonwealth Act" insert "as in force on 31
as at
15 December 1990".
7 November
1996.
LawToday: (2) In section 7 of the Securities Industry
www.dms.
(Application of Laws) Act 1981, for "for the time
dpc.vic.
gov.au being" substitute "on 31 December 1990".
28. Amendment of Futures Industry (Application of
20 Laws) Act 1986
See: (1) In section 5 of the Futures Industry
Act No.
(Application of Laws) Act 1986, after
56/1986.
Reprint No. 1 "Commonwealth Act" insert "as in force on 31
as at
December 1990".
17 October
1996.
25 (2) In section 6 of the Futures Industry
LawToday:
www.dms.
(Application of Laws) Act 1986, for "for the time
dpc.vic.
being" substitute "on 31 December 1990".
gov.au
37
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Act No.
29. Amendment of Jurisdiction of Courts (Cross-vesting)
Act 1987
See: After section 3 of the Jurisdiction of Courts
Act No.
(Cross-vesting) Act 1987 insert--
29/1987.
Reprint No. 2
5 "3A. Corporations Act of the Commonwealth
as at
3 August
This Act does not apply to the jurisdiction of
2000.
LawToday:
courts with which Division 1 of Part 9.6A of
www.dms.
the Corporations Act 2001 of the
dpc.vic.
gov.au
Commonwealth deals.".
10 30. Amendment of Corporations (Victoria) Act 1990
See: (1) In section 7 of the Corporations (Victoria) Act
Act No.
1990, for "for the time being" substitute
80/1990.
Reprint No. 2 "immediately before the repeal of that section".
as at
1 July 2000
(2) In section 8(1) of the Corporations (Victoria)
and
15 Act 1990--
amending
Act No
(a) for "for the time being" substitute
37/1999.
LawToday:
", immediately before the repeal of the
www.dms.
Corporations Act,";
dpc.vic.
gov.au
(b) for "the Corporations Act" substitute "that
20 Act".
(3) In section 12 of the Corporations (Victoria) Act
1990--
(a) in sub-section (2) omit "as in force for the
time being";
25 (b) in sub-section (3) omit "in force for the time
being".
(4) In section 31 of the Corporations (Victoria) Act
1990, after sub-section (4) insert--
"(5) A Commonwealth law applying because of
30 section 29 or 30 applies as if it did not
contain any provision empowering a
Minister of State for the Commonwealth to
give any directions in relation to the
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performance of a function or the exercise of
a power conferred by sub-section (1) or (2).".
(5) Section 33 of the Corporations (Victoria) Act
1990 is repealed.
5 (6) In section 37 of the Corporations (Victoria) Act
1990, after sub-section (4) insert--
"(5) A Commonwealth law applying because of
section 35 or 36 applies as if it did not
contain any provision empowering a
10 Minister of State for the Commonwealth to
give any directions in relation to the
performance of a function or the exercise of
a power conferred by sub-section (1) or (2).".
(7) Section 39 of the Corporations (Victoria) Act
15 1990 is repealed.
(8) In section 58(1) of the Corporations (Victoria)
Act 1990, after "Act" insert "as in force
immediately before its repeal".
(9) In section 59 of the Corporations (Victoria) Act
20 1990--
(a) for "for the time being" substitute
", immediately before the repeal of the
ASIC Act,";
(b) for "the ASIC Act" substitute "that Act".
25 (10) In the headings to Part 11, and to Divisions 1 and
2 of Part 11, of the Corporations (Victoria) Act
1990, for "ASC" (wherever occurring) substitute
"ASIC".
(11) In section 60(1) of the Corporations (Victoria)
30 Act 1990, in the definition of "Commission", after
"Securities" insert "and Investments".
(12) In sub-section 64(3) of the Corporations
(Victoria) Act 1990, omit "in force for the time
being".
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541148B.A1-13/6/2001 BILL LA AS SENT 13/6/2001
Corporations (Ancillary Provisions) Act 2001
s. 30
31
Act No.
(13) Sections 67, 68(b) and 69 of the Corporations
(Victoria) Act 1990 are repealed.
(14) In section 85(1) of the Corporations (Victoria)
Act 1990, after "in so far as the national scheme
5 laws" insert "or the Corporations legislation".
(15) After section 85(3) of the Corporations
(Victoria) Act 1990 insert--
'(4) In this section--
"Corporations legislation" means the
10 Corporations legislation to which Part
1.1A of the Corporations Act 2001 of
the Commonwealth applies.'.
(16) In section 87 of the Corporations (Victoria) Act
1990, after sub-section (2) insert--
15 "(3) The amendment of the Companies
(Application of Laws) Act 1981 by section
26 of the Corporations (Ancillary
Provisions) Act 2001 does not revive, or
otherwise affect the exclusion of, the
20 provisions referred to in section 18(1) of the
Companies (Application of Laws) Act
1981.
(4) The amendment of the Securities Industry
(Application of Laws) Act 1981 by section
25 27 of the Corporations (Ancillary
Provisions) Act 2001 does not revive, or
otherwise affect the exclusion of, the
provisions referred to in section 16(1) of the
Securities Industry (Application of Laws)
30 Act 1981.".
31. New Division 7 inserted in Part 13 of Corporations
(Victoria) Act 1990
In Part 13 of the Corporations (Victoria) Act
1990, after Division 6 insert--
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541148B.A1-13/6/2001 BILL LA AS SENT 13/6/2001
Corporations (Ancillary Provisions) Act 2001
Act No.
'Division 7--Functions of Commonwealth
authorities and officers of the Commonwealth
96E. Definitions
In this Division--
5 "function" includes a power;
"old corporations legislation" has the same
meaning as in the Corporations
(Ancillary Provisions) Act 2001;
"perform" includes exercise.
10 96F. Functions of Commonwealth authorities
and officers of the Commonwealth
If a Commonwealth authority or an officer of
the Commonwealth has a function expressed
to be conferred on the authority or officer by
15 or under the old corporations legislation, the
authority or officer is not under a duty to
perform that function.'.
__________________
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Corporations (Ancillary Provisions) Act 2001
Sch.
Act No.
SCHEDULE
Section 11
TABLE
Column 1 Column 2
the Corporations Law of Victoria the new Corporations Act
the Corporations Regulations of the new Corporations Regulations
Victoria
an instrument made under the a corresponding preserved
Corporations Law of Victoria or the instrument under the new
Corporations Regulations of Victoria corporations legislation
the Corporations Law the new Corporations Act
the Corporations Regulations the new Corporations Regulations
the Corporations Law of a the new Corporations Act
jurisdiction other than Victoria that
is a referring State
the Corporations Regulations of a the new Corporations Regulations
jurisdiction other than Victoria that
is a referring State
an instrument made under the a corresponding preserved
Corporations Law, or the instrument under the new
Corporations Regulations, of a corporations legislation
jurisdiction other than Victoria that
is a referring State
the old ASIC Law Part 3 of the new ASIC Act except
to the extent to which that Part
operates in relation to a
contravention of Part 2 of that Act
the ASC Law of Victoria Part 3 of the new ASIC Act except
to the extent to which that Part
operates in relation to a
contravention of Part 2 of that Act
the old ASIC Regulations the new ASIC Regulations made
for the purposes of Part 3 of the
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541148B.A1-13/6/2001 BILL LA AS SENT 13/6/2001
Corporations (Ancillary Provisions) Act 2001
Sch.
Act No.
Column 1 Column 2
new ASIC Act except to the extent
to which they operate in relation to
a contravention of Part 2 of that
Act
the ASC Regulations of Victoria the new ASIC Regulations made
for the purposes of Part 3 of the
new ASIC Act except to the extent
to which they operate in relation to
a contravention of Part 2 of that
Act
an instrument made under the old a corresponding preserved
ASIC Law or the old ASIC instrument under the new ASIC
Regulations legislation
an instrument made under the ASC a corresponding preserved
Law of Victoria or the ASC instrument under the new ASIC
Regulations of Victoria legislation
the ASIC Law Part 3 of the new ASIC Act except
to the extent to which that Part
operates in relation to a
contravention of Part 2 of that Act
the ASC Law Part 3 of the new ASIC Act except
to the extent to which that Part
operates in relation to a
contravention of Part 2 of that Act
the ASIC Regulations the new ASIC Regulations made
for the purposes of Part 3 of the
new ASIC Act except to the extent
to which they operate in relation to
a contravention of Part 2 of that
Act
the ASC Regulations the new ASIC Regulations made
for the purposes of Part 3 of the
new ASIC Act except to the extent
to which they operate in relation to
a contravention of Part 2 of that
Act
Column 1 Column 2
the ASIC Law of a jurisdiction other Part 3 of the new ASIC Act except
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541148B.A1-13/6/2001 BILL LA AS SENT 13/6/2001
Corporations (Ancillary Provisions) Act 2001
Sch.
Act No.
than Victoria that is a referring State to the extent to which that Part
operates in relation to a
contravention of Part 2 of that Act
the ASC Law of a jurisdiction other Part 3 of the new ASIC Act except
than Victoria that is a referring State to the extent to which that Part
operates in relation to a
contravention of Part 2 of that Act
the ASIC Regulations of a the new ASIC Regulations made
jurisdiction other than Victoria that for the purposes of Part 3 of the
is a referring State new ASIC Act except to the extent
to which they operate in relation to
a contravention of Part 2 of that
Act
the ASC Regulations of a the new ASIC Regulations made
jurisdiction other than Victoria that for the purposes of Part 3 of the
is a referring State new ASIC Act except to the extent
to which they operate in relation to
a contravention of Part 2 of that
Act
an instrument made under the ASIC a corresponding preserved
Law, or the ASIC Regulations, of a instrument under the new ASIC
jurisdiction other than Victoria that legislation
is a referring State
an instrument made under the ASC a corresponding preserved
Law, or the ASC Regulations, of a instrument under the new ASIC
jurisdiction other than Victoria that legislation
is a referring State
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541148B.A1-13/6/2001 BILL LA AS SENT 13/6/2001
Corporations (Ancillary Provisions) Act 2001
Endnotes
Act No.
ENDNOTES
By Authority. Government Printer for the State of Victoria.
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541148B.A1-13/6/2001 BILL LA AS SENT 13/6/2001
Corporations (Ancillary Provisions) Act 2001
Act No.
INDEX
Subject Clause
Act
amendment of certain Acts 26ญ31
commencement 2
operation 5
purpose 1
Applied law (Corporations legislation)
application by declaratory provisions 14ญ16, 19
application by other means 21
conferral of functions, duties on State courts 18
conferral of functions on ASIC 17
construction of references 16
definition 13
modifications to 16, 19
offences and penalties 19ญ20
regulations made under 16, 19
ASIC
definition 3
conferral of functions in relation to applied law 17
functions, powers as agent of State 24
references in applied law to 16
ASIC legislation
corresponding provisions 4, 11
Court proceedings and orders under 7, 9
definitions
carried over provision 3
new ASIC Act, legislation, Regulations 3
old ASIC Act, Law, legislation, Regulations 3
preserved instrument 3
pre-commencement rights, liabilities 7
references to old/new legislation 11, Sch.
Companies
references to 12
3, 6, 7
Co-operative scheme laws
Corporations legislation
corresponding provisions 4, 11
Court proceedings and orders under 7, 9
definitions
carried over provision 3
Corporations legislation 13, 23
new corporations Act, legislation,
Regulations 3
old corporations Law, legislation,
Regulations 3
preserved instrument 3
pre-commencement rights, liabilities, amounts 7
references to old/new legislation 11, Sch.
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541148B.A1-13/6/2001 BILL LA AS SENT 13/6/2001
Corporations (Ancillary Provisions) Act 2001
Act No.
Subject Clause
See also Applied law (Corporations legislation);
National scheme laws;
Old application Act;
Previous State corporations laws
Corporations (Victoria) Act 1990
amendments to 30ญ31
as old application Act 3, 9ญ11
continued operation of s. 6 8
4, 11
Corresponding provisions
Courts
conferral of functions, duties under applied law 18
orders (def.) 3
proceedings, orders under corporations legislation 7, 9
rules of court under corporations legislation 23
rules of court under old application Act 10
Declaratory provisions
application of corporations legislation by 14
application of regulations, offences, penalties by 19
conferral of functions on ASIC by 17
courts specified under 18
definition 13
effect 15
modifications specified by 16
3, 13
Definitions
8, 13
Matter (def.)
Minister
administering declaratory provisions 16
agreements, arrangements with ASIC 24
recommendation of amendments to statutory rules 22
National scheme laws
corresponding provisions 4
effect of ceasing to operate of own force 7
national scheme law of this jurisdiction (def.) 3
operation of their own force 6
State laws inconsistent with 8
New ASIC Act, legislation, Regulations
See ASIC legislation
New Corporations Act, legislation, Regulations
See Corporations legislation
Offences and penalties
applied law 19ญ20
Old application Act
continued application of Part 9 9
definition 3
references to old legislation in 11
Rules of Court made under 10
Old ASIC Act, Law, legislation, Regulations
See ASIC legislation
Old Corporations Law, legislation, Regulations
See Corporations legislation
47
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Corporations (Ancillary Provisions) Act 2001
Act No.
Subject Clause
Previous State corporations laws
corresponding provisions 4
definition 3
not applied to certain matters 8
references to old legislation in 11
specified by regulations 3
3
Provision (def.)
3
Referring State (def.)
Regulations
having effect from time earlier than day made 25
made under applied law 16, 19
power to make and matters provided for 25
providing for matters regarding
amendments to statutory rules 22
corresponding provisions 4
excluded matters, displacement provisions 25
matters of a transitional nature 25
modifications to applied law 16, 19
operation of certain provisions of State laws 8
previous State corporations law 3
references to companies 12
references to old/new legislation 11
3
Relevant time (def.)
10, 23
Rules of Court
3
State (def.)
State laws
declarations as to operation of certain provisions 8
definition of law of the State 3
inconsistencies with national scheme laws 8
matters previous State corporations law does not
apply to 8
references to companies in 12
references to old/new legislation in 11, Sch.
relevant law of the State (def.) 8
See also Applied law (Corporations legislation);
Declaratory provisions;
National scheme laws
18, 23
Supreme Court
3
Territory (def.)
ญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญญ
48
541148B.A1-13/6/2001 BILL LA AS SENT 13/6/2001
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