CORPORATIONS (COMMONWEALTH POWERS) ACT 2001 - SECT 4 Reference of matters

CORPORATIONS (COMMONWEALTH POWERS) ACT 2001 - SECT 4

    (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 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 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, 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 (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).

    (2)     The reference of a matter under subsection (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 than by a reference under section 51(xxxvii) 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 the State.

    (3)     The operation of each paragraph of subsection (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—

        (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 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 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—

              (i)     the express amendment or affecting of the Corporations legislation by provisions referred to in paragraph (a); or

              (ii)     the affecting of the Corporations legislation by provisions referred to in paragraph (b).

    (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

        (b)     ending at the beginning of the day on which it terminates as set out in section 5—

but not longer.