Victorian Consolidated Legislation

Companies (Application of Laws) Act 1981 - SECT 16

Exemptions from Division 6 of Part 4 and prescribed corporation for purposes of Division 8 of Part 4 of the Companies (Victoria) Code

16. Exemptions from Division 6 of Part 4 and prescribed corporation for
purposes of Division 8 of Part 4 of the Companies (Victoria) Code



(1) Where the Ministerial Council approves the exemption of a company from
complying with all or any of the provisions of Division 6 of Part IV of the
Companies (Victoria) Code in relation to any prescribed interest, or class of
prescribed interests, specified by the Ministerial Council, the Governor in
Council may make regulations exempting that company, subject to such terms and
conditions as are specified in the regulations, from so complying.

(2) Where the Ministerial Council approves-

   (a)  a body corporate incorporated in the State, not being a company within
        the meaning of the Companies (Victoria) Code; or

   (b)  an unincorporated society, association or other body, formed or
        established in the State, that has been admitted to the official list
        of a stock exchange that is a prescribed stock exchange for the
        purposes of that Code and has not been removed from that official
        list-

as a prescribed corporation for the purposes of Division 8 of Part IV of that
Code, the Governor in Council may make regulations prescribing that body
corporate, unincorporated society, association or other body as a prescribed
corporation for the purposes of that Division.

(3) Where the Ministerial Council approves the declaration of a right or
interest, or a right or interest included in a class or kind of rights or
interests as an exempt right or interest, or a class or kind of exempt rights
or interests, for the purposes of Division 6 of Part IV of the Companies
(Victoria) Code, the Governor in Council may make regulations declaring that
right or interest, or a right or interest included in that class or kind of
rights or interests, to be an exempt right or interest, or a class or kind of
exempt rights or interests, for the purposes of that Division.

(4) Where, immediately before the commencement of this Act, a right or
interest was, under regulations under the Companies Act 1961, an exempt right
or interest for the purposes of section 76(1)(g) or of Division 5 of Part IV
of that Act, that right or interest shall be deemed to have been declared by
regulations under this section to be an exempt right or interest for the
purposes of Division 6 of Part IV of the Companies (Victoria) Code.

(5) A right or interest to which subsection (4) applies ceases to be an exempt
right or interest for the purposes of Division 6 of Part IV of the Companies
(Victoria) Code if the Governor in Council makes regulations declaring that it
so ceases.

(6) Regulations under this section shall be read and construed as one with the
Companies (Victoria) Regulations.