Victorian Consolidated Legislation

Futures Industry (Application of Laws) Act 1986 - SCHEDULE 1

Section 5 MODIFICATIONS TO THE COMMONWEALTH ACT The provisions of the
Commonwealth Act apply as if- 1. unless inconsistent with another provision of
this Schedule-

   (a)  for "this Act" in the Commonwealth Act (wherever occurring except
        where occurring in conjunction with the words "commencement of") there
        were substituted "this Code";

   (b)  for "the Territory" in the Commonwealth Act (wherever occurring) there
        were substituted "Victoria";

   (c)  for "law of a participating State or participating Territory" in the
        Commonwealth Act (wherever occurring) there were substituted "law in
        force in a participating State or in a participating Territory";

   (d)  for "law of a State or of another Territory" in the Commonwealth Act
        (wherever occurring) there were substituted "law in force in another
        State or in a Territory";

   (e)  for "law of a State or Territory" (wherever occurring) there were
        substituted "law in force in a State or in a Territory";

   (f)  for "commencement of this Act" in the Commonwealth Act (wherever
        occurring) there were substituted "commencement of the Futures
        Industry (Application of Laws) Act 1986";

   (g)  for "that Act" in the Commonwealth Act (wherever occurring) there were
        substituted "that Code";

   (h)  for "of a participating State or of" in the Commonwealth Act (wherever
        occurring) there were substituted "in force in a participating State
        or in";

   (i)  for "relevant Act" in the Commonwealth Act (wherever occurring) there
        were substituted "relevant Code";

   (j)  after "Banking Act 1958" in the Commonwealth Act (wherever occurring)
        there were inserted "of the Commonwealth";

   (k)  after "Bankruptcy Act 1966" in the Commonwealth Act (wherever
        occurring) there were inserted "of the Commonwealth";

   (l)  after "National Companies and Securities Commission Act 1979" in the
        Commonwealth Act (wherever occurring) there were inserted "of the
        Commonwealth";

   (m)  for "Securities Industry Act 1980" in the Commonwealth Act (wherever
        occurring), there were substituted "Securities Industry (Victoria)
        Code";

   (n)  for "Companies Act 1981" in the Commonwealth Act (wherever occurring)
        there were substituted "Companies (Victoria) Code"; 2. in section 4(1)
        of the Commonwealth Act-

   (aa) in the definition of "Australian company law"-

   (i)  for "of a State or of another Territory" there were substituted "in
        force in another State or in a Territory"; and

   (ii) for "that Act" there were substituted "that Code";

   (a)  after the definition of "commodity agreement" there were inserted- '
        "Commonwealth Minister" means the Minister of State for the
        Commonwealth for the time being administering the
        Futures Industry Act 1986 of the Commonwealth;';

   (b)  after the definition of "futures exchange" there were inserted- '
        "Futures Industry (Victoria) Code" or "Code" means the provisions
        applying by reason of section 5 of the
        Futures Industry (Application of Laws) Act 1986;';

   (c)  in the definition of "local recognised futures exchange" for "law of
        that State or Territory" there were substituted "law in force in that
        State or Territory";

   (d)  after the definition of "lodge" there were inserted- ' "Minister"
        means the Minister of State for Victoria for the time being
        administering the Futures Industry (Application of Laws) Act 1986;';

   (e)  after the definition of "registered company auditor" there were
        inserted- ' "regulations" means the provisions applying as regulations
        made under this Code by reason of section 6 of the
        Futures Industry (Application of Laws) Act 1986;'; 3. in section 4(6)
        of the Commonwealth Act, after "Act 1974" there were inserted "of the
        Commonwealth"; 4. after section 4(11) of the Commonwealth Act there
        were inserted-

"(12) In this Code, a reference to a Commonwealth Act shall be construed as
including a reference to that Act as amended and in force for the time being
and to an Act passed in substitution for that Act;

(13) In this Code-

   (a)  a reference to a previous law, or provision of a previous law, or
        previous enactment, of Victoria corresponding to, or to a provision
        of, the Companies (Victoria) Code includes a reference to, or to a
        provision of, the Companies Act 1961; and

   (b)  a reference to a previous law, or provision of a previous law, or
        previous enactment, of another State or of a Territory corresponding
        to, or to a provision of, the Companies (Victoria) Code includes a
        reference to, or to a provision of, the law of that State or Territory
        corresponding to the Companies Act 1961."; 5. in sections 10(3), 23,
        41, 49 and 52 of the Commonwealth Act after "Gazette" (wherever
        occurring) there were inserted "and the Government Gazette"; 5A. in
        section 10(8) of the Commonwealth Act, after "1989" there were
        inserted "of the Commonwealth"; 5B. in section 11(c)(ii) of the
        Commonwealth Act, for "law of that State" there were substituted "law
        in force in that State"; 6. in section 13(1)(a)(i) of the Commonwealth
        Act there were omitted the expression "(other than the exercise of a
        power of the Commission under sub-section 6(3) of the National
        Companies and Securities Commission Act 1979)"; 7. in section 14(1) of
        the Commonwealth Act for the words "Australian Federal Police" there
        were substituted the words "police force of Victoria"; 8. in section
        21 of the Commonwealth Act for paragraph (a) of the definition of
        "relevant authority" in sub-section (1) there were substituted-

"(a) in the case of a direction given by the Commonwealth Minister other than
a direction that has been approved by the Ministerial Council under
sub-section 22(6)-the Commonwealth Minister;

   (aa) in the case of a direction given by the Minister other than a
        direction that has been approved by the Ministerial Council under
        sub-section 22(6)-the Minister; or"; 9. in section 22 of the
        Commonwealth Act-

   (a)  in sub-section (2) for "the Minister" (where twice occurring) there
        were substituted "the Commonwealth Minister";

   (b)  in sub-section (4) for "request the Minister in writing to exercise
        the Minister's powers under sub-section (1) or (2)" there were
        substituted "in writing, request the Minister to exercise the
        Minister's powers under sub-section (1), or request the Commonwealth
        Minister to exercise that Minister's powers under sub-section (2),";

   (c)  in sub-section (6) for "or (2)" there were substituted ", or by the
        Commonwealth Minister under sub-section (2)"; 10. section 25(3) of the
        Commonwealth Act were repealed; 11. section 26 of the Commonwealth Act
        were repealed; 12. in section 36 of the Commonwealth Act-

   (a)  the word "and" at the end of sub-section (4)(a) were repealed;

   (b)  in sub-section (4)(b) for "Commonwealth" there were substituted
        "State; and";

   (c)  after sub-section (4)(b) there were inserted-

"(c) the Commonwealth Minister may cause to be printed and published the whole
or any part of a report under this Division that relates to an investigation
the expenses of which are, under the Agreement, to be borne by the
Commonwealth.";

   (d)  in sub-section (5) for "Ministerial Council or the Minister" (wherever
        occurring) there were substituted "Ministerial Council, the Minister
        or the Commonwealth Minister";

13. after section 36(11) of the Commonwealth Act there were inserted-

"(12) Nothing in this section operates to diminish the protection afforded to
witnesses by the Evidence Act 1958."; 13A. in section 65(3) of the
Commonwealth Act, after "1989" there were inserted "of the Commonwealth"; 14.
in section 66(1)(b) of the Commonwealth Act for "of a State or of another
Territory" (where twice occurring) there were substituted "in force in another
State or in a Territory"; 14A. in section 69(b) of the Commonwealth Act, after
"1989" there were inserted "of the Commonwealth"; 14B. in section 80D(5)(b) of
the Commonwealth Act, for "law of that State" there were substituted "law in
force in that State"; 14C. in section 80S(1) of the Commonwealth Act, after
"1989" there were inserted "of the Commonwealth"; 15. in section 86(6)(a) of
the Commonwealth Act for "law of that State or Territory" there were
substituted "law in force in that State or Territory"; 16. in section 92(3)(e)
of the Commonwealth Act for "Business Names Ordinance 1963" there were
substituted "Business Names Act 1962"; 17. in section 119(1) of the
Commonwealth Act-

   (a)  for "any State or other Territory" there were substituted "any State
        other than Victoria or in any Territory";

   (b)  for "that State or other Territory" there were substituted "that other
        State or Territory"; 17A. in section 120(2)(b)(ii) of the Commonwealth
        Act for "law of that State or Territory" there were substituted "law
        in force in that State or Territory". 18. in section 149 of the
        Commonwealth Act-

   (a)  in sub-section (2)(b) for "Act 1980" there were substituted
        "(Victoria) Code";

   (b)  in sub-section (6) for "any other Act" there were substituted "any
        other Code or any Act";



   (c)  for sub-section (7) there were substituted the following sub-section:
'(7) In this section- "authority" includes a person; "prescribed" means
prescribed by the Futures Industry (Application of Laws) Act 1986 or by the
Futures Industry (Victoria) Regulations.'; 19. in section 153 of the
Commonwealth Act-

   (a)  for "a State or in another Territory" there were substituted "a State
        other than Victoria or in a Territory"; and

   (b)  for "law of that State or Territory" there were substituted "law in
        force in that State or Territory"; 20. for section 159 of the
        Commonwealth Act there were substituted-

"159. Rules of Court The judges of the Court may, subject to the Supreme Court
Act 1958 make rules, not inconsistent with this Code, with respect to
proceedings, and the practice and procedure, of the Court under this Code and,
in particular, with respect to costs of and incidental to, any such
proceedings."; 21. section 160 of the Commonwealth Act were repealed.
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