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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
Corporations (Consequential Amendments) Bill
(No. 3) 2001
CONTENTS
Part 1 -- Preliminary
1. Short title 2
2. Commencement 2
3. Interpretation 2
4. Validation 2
5. Power to amend certain statutory rules 3
6. Regulations 3
7. Retrospective effect of regulations and statutory rules 4
Part 2 -- Country Housing Act 1998
8. The Act amended 6
9. Section 3 amended 6
10. Section 24 amended 6
Part 3 -- Declarations and Attestations
Act 1913
11. Declarations and Attestations Act 1913 amended 7
Part 4 -- Electricity Corporation
Act 1994
12. Electricity Corporation Act 1994 amended 8
Part 5 -- Finance Brokers Control
Act 1975
13. Finance Brokers Control Act 1975 amended 9
page i
78--2
Corporations (Consequential Amendments) Bill (No. 3) 2001
Contents
Part 6 -- Grain Marketing Act 1975
14. Grain Marketing Act 1975 amended 10
Part 7 -- Local Government Act 1995
15. Local Government Act 1995 amended 11
Part 8 -- Members of Parliament
(Financial Interests) Act 1992
16. Members of Parliament (Financial Interests) Act 1992
amended 12
Part 9 -- Mental Health Act 1996
17. Mental Health Act 1996 amended 13
Part 10 -- Osteopaths Act 1997
18. Osteopaths Act 1997 amended 14
Part 11 -- Port Authorities Act 1999
19. Port Authorities Act 1999 amended 15
Part 12 -- Real Estate and Business
Agents Act 1978
20. Real Estate and Business Agents Act 1978 amended 16
Part 13 -- Settlement Agents Act 1981
21. The Act amended 17
22. Section 4 amended 17
23. Section 36 amended 17
Part 14 -- Stamp Act 1921
24. The Act amended 19
25. Section 4 amended 19
26. Section 73E amended 20
27. Section 75D amended 20
28. Sections 75JA, 76AI and 76AP amended 20
29. Section 112B amended 20
30. Section 112BA amended 21
31. Section 112C amended 21
32. Section 121 inserted 21
page ii
Corporations (Consequential Amendments) Bill (No. 3) 2001
Contents
33. Second Schedule amended 22
Part 15 -- State Superannuation
Act 2000
34. State Superannuation Act 2000 amended 23
Part 16 -- Water Corporation Act 1995
35. Water Corporation Act 1995 amended 24
Part 17 -- Western Australian Treasury
Corporation Act 1986
36. Western Australia Treasury Corporation Act 1986
amended 25
page iii
Western Australia
LEGISLATIVE ASSEMBLY
(As amended in Committee)
Corporations (Consequential Amendments) Bill
(No. 3) 2001
A Bill for
An Act to amend various Acts as a consequence of the
Commonwealth enacting the Financial Services Reform Act 2001, and
for related purposes.
The Parliament of Western Australia enacts as follows:
page 1
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 1 Preliminary
s. 1
Part 1 -- Preliminary
1. Short title
This Act may be cited as the Corporations (Consequential
Amendments) Act (No. 3) 2001.
5 2. Commencement
(1) If this Act receives the Royal Assent before the day on which
Schedule 1 to the Financial Services Reform Act comes into
operation, this Act comes into operation at the same time as that
Schedule comes into operation.
10 (2) If this Act receives the Royal Assent on or after the day on which
Schedule 1 to the Financial Services Reform Act comes into
operation, this Act is deemed to have come into operation at the
same time as that Schedule comes into operation.
3. Interpretation
15 In this Part --
"Financial Services Reform Act" means the Financial
Services Reform Act 2001 of the Commonwealth;
"FSR commencement time" means the time when Schedule 1
to the Financial Services Reform Act comes into operation;
20 "statutory rule" means a regulation, rule or by-law.
4. Validation
(1) This section applies if this Act comes into operation under
section 2(2).
(2) Anything done or omitted to have been done after the FSR
25 commencement time and before this Act receives the Royal Assent
that could have been done if this Act had received the Royal
Assent before the FSR commencement time is taken to be as valid
and lawful, and to always have been as valid and lawful, as it
page 2
Corporations (Consequential Amendments) Bill (No. 3) 2001
Preliminary Part 1
s. 5
would have been if this Act had received the Royal Assent before
the FSR commencement time.
(3) Anything done or omitted to have been done by a person after
the FSR commencement time and before this Act received the
5 Royal Assent that would have been valid and lawful if the
Financial Services Reform Act had not commenced, is taken to be
valid and lawful.
(4) Anything done or omitted to have been done after the FSR
commencement time and before this Act receives the Royal
10 Assent --
(a) that could only have been validly and lawfully done or
omitted because this Act received the Royal Assent after
the FSR commencement time; and
(b) that could not have been validly and lawfully done or
15 omitted if this Act had received the Royal Assent before
the FSR commencement time,
is taken not to be valid, and to never have been valid.
5. Power to amend certain statutory rules
(1) The Governor, on the recommendation of the Minister, may
20 make regulations amending a statutory rule made by the
Governor in the exercise of a power conferred by an Act.
(2) The Minister may make a recommendation under subsection (1)
only if he or she considers that each amendment proposed to be
made by the regulations is consequential on the enactment of
25 the Financial Services Reform Act.
(3) Nothing in this section prevents a statutory rule from being
amended in accordance with the Act under which it is made.
6. Regulations
(1) The Governor may make regulations prescribing all matters that
30 are required or permitted by this Act to be prescribed, or are
page 3
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 1 Preliminary
s. 7
necessary or convenient to be prescribed for giving effect to the
purposes of this Act.
(2) Without limiting subsection (1), the regulations may deal with
matters of a transitional nature (includes matters of an
5 application or savings nature) relating to the transition from the
application of the Corporations Act 2001 of the Commonwealth
as in force immediately before the FSR commencement time to
the application of that Act as in force after the FSR
commencement time.
10 7. Retrospective effect of regulations and statutory rules
(1) A regulation made under section 5(1) or 6(1) may be expressed
to take effect from a time that is earlier than the beginning of the
day on which it is published in the Gazette, but not earlier than
immediately before the FSR commencement time.
15 (2) If an Act confers a power on a person, other than the Governor,
to make statutory rules, then, for the purposes of amending
those statutory rules as a consequence of the enactment of the
Financial Services Reform Act, the power is taken to include a
power to provide that those amendments may be expressed to
20 take effect from a time that is earlier than the beginning of the
day on which the statutory rules are published in the Gazette,
but not earlier than immediately before the FSR commencement
time.
(3) Subsections (1) and (2) have effect if, and only if, regulations
25 (made under section 5(1) or 6(1)) and statutory rules (referred to
in subsection (2)) are published in the Gazette within the 3
months after the day on which this Act receives the Royal
Assent.
(4) To the extent to which a regulation (made under section 5(1) or
30 6(1)) or a statutory rule (referred to in subsection (2)) takes
effect from a time that is earlier than the beginning of the day on
which the regulation or statutory rule is published in the
page 4
Corporations (Consequential Amendments) Bill (No. 3) 2001
Preliminary Part 1
s. 7
Gazette, the regulation or statutory rule does not operate
so as --
(a) to prejudicially affect the rights of a person (other than
the State or an authority of the State) existing before the
5 day on which the regulation or statutory rule is
published in the Gazette; or
(b) to impose liabilities on any person (other than the State
or an authority of the State) in respect of anything done
or omitted to be done before the day on which the
10 regulation or statutory rule is published in the Gazette.
page 5
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 2 Country Housing Act 1998
s. 8
Part 2 -- Country Housing Act 1998
8. The Act amended
The amendments in this Part are to the Country Housing
Act 1998*.
5 [* Act No. 4 of 1998.
For subsequent amendments see 2000 Index to Legislation of
Western Australia, Table 1, p. 97 and Acts Nos. 10 and 12 of
2001.]
9. Section 3 amended
10 Section 3 is amended as follows:
(a) in the definition of "farming company" in paragraph (a)
by deleting "listed on a stock exchange" and inserting
instead --
" quoted on a financial market ";
15 (b) in the definition of "farming company" in
paragraph (b)(ii)(I) by deleting "listed on the stock
exchange" and inserting instead --
" quoted on a financial market ";
(c) by inserting the following definition in the appropriate
20 alphabetical position --
"
"financial market" has the same meaning as in
Chapter 7 of the Corporations Act 2001 of the
Commonwealth;
25 ".
10. Section 24 amended
Section 24(2)(a) is amended by deleting "listed on a stock
exchange" and inserting instead --
" quoted on a financial market ".
page 6
Corporations (Consequential Amendments) Bill (No. 3) 2001
Declarations and Attestations Act 1913 Part 3
s. 11
Part 3 -- Declarations and Attestations Act 1913
11. Declarations and Attestations Act 1913 amended
Schedule item 16 of the Declarations and Attestations
Act 1913* is deleted and the following items are inserted
5 instead --
"
16. A financial services licensee (within the meaning of the
Corporations Act 2001 of the Commonwealth), who is, in
effect, authorised to carry on the business of an insurance
10 broker.
16A. A regulated principal (within the meaning of section 1430 of
the Corporations Act 2001 of the Commonwealth), who is
authorised to carry on the business of an insurance broker under
Part 10.2 Division 1 Subdivision D of that Act.
15 ".
[* Reprinted as at 10 September 1992.
For subsequent amendments see 2000 Index to Legislation of
Western Australia, Table 1, p. 116 and Act No. 10 of 2001.]
page 7
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 4 Electricity Corporation Act 1994
s. 12
Part 4 -- Electricity Corporation Act 1994
12. Electricity Corporation Act 1994 amended
Section 84(1)(a)(xi) of the Electricity Corporation Act 1994* is
amended by deleting "within the meaning of the Corporations
5 Act".
[* Reprinted as at 4 January 2000.
For subsequent amendments see 2000 Index to Legislation of
Western Australia, Table 1, p. 134 and Acts Nos. 43 of 2000
and 10 of 2001.]
page 8
Corporations (Consequential Amendments) Bill (No. 3) 2001
Finance Brokers Control Act 1975 Part 5
s. 13
Part 5 -- Finance Brokers Control Act 1975
13. Finance Brokers Control Act 1975 amended
Section 5(1)(d) of the Finance Brokers Control Act 1975* is
deleted and the following paragraphs are inserted instead --
5 "
(d) a financial services licensee (within the
meaning of the Corporations Act 2001 of the
Commonwealth), when dealing in securities
(within the meaning of section 92 of that Act)
10 that he or she is authorised to deal in by that
licence;
(da) a regulated principal (within the meaning of
section 1430 of the Corporations Act 2001 of
the Commonwealth), who held a dealers licence
15 under the Corporations Act 2001 of the
Commonwealth immediately before the
commencement of Schedule 1 to the Financial
Services Reform Act 2001 of the
Commonwealth, when dealing in securities that
20 he or she is authorised to deal in by Part 10.2
Division 1 Subdivision D of that Act;
".
[* Reprinted as at 3 March 2000.
For subsequent amendments see Acts Nos. 10 and 12
25 of 2001.]
page 9
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 6 Grain Marketing Act 1975
s. 14
Part 6 -- Grain Marketing Act 1975
14. Grain Marketing Act 1975 amended
Section 19(2)(b) of the Grain Marketing Act 1975* is amended
by deleting "(within the meaning of the Corporations Act 2001
5 of the Commonwealth)".
[* Reprinted as at 19 November 1999.
For subsequent amendments see 2000 Index to Legislation of
Western Australia, Table 1, p. 188 and Act No. 10 of 2001.]
page 10
Corporations (Consequential Amendments) Bill (No. 3) 2001
Local Government Act 1995 Part 7
s. 15
Part 7 -- Local Government Act 1995
15. Local Government Act 1995 amended
(1) The amendments in this Part are to the Local Government
Act 1995*.
5 [* Reprinted as at 18 February 2000.
For subsequent amendments see 2000 Index to Legislation of
Western Australia, Table 1, p. 257 and Act No. 10 of 2001.]
(2) Section 5.84(1)(c) is amended by deleting "listed for quotation
on a stock market" and inserting instead --
10 " quoted on a prescribed financial market ".
(3) Section 5.84(2) is repealed and the following subsection is
inserted instead --
"
(2) In this section --
15 "interest" means a relevant interest (within the
meaning given by section 9 of the Corporations
Act 2001 of the Commonwealth) in any securities
(within the meaning given by section 92 of that
Act) issued or made available by the corporation;
20 "prescribed financial market" has the meaning given
by section 9 of the Corporations Act 2001 of the
Commonwealth.
".
page 11
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 8 Members of Parliament (Financial Interests) Act 1992
s. 16
Part 8 -- Members of Parliament (Financial Interests)
Act 1992
16. Members of Parliament (Financial Interests) Act 1992
amended
5 (1) The amendments in this Part are to the Members of Parliament
(Financial Interests) Act 1992*.
[* Act No. 44 of 1992.
For subsequent amendments see 2000 Index to Legislation of
Western Australia, Table 1, p. 276 and Act No. 10 of 2001.]
10 (2) Section 11(1)(c) is amended by deleting "listed for quotation on
a stock market" and inserting instead --
" quoted on a prescribed financial market ".
(3) Section 11(2) is repealed and the following subsection is
inserted instead --
15 "
(2) In this section --
"interest" means a relevant interest (within the
meaning given by section 9 of the Corporations
Act 2001 of the Commonwealth) in any securities
20 (within the meaning given by section 92 of that
Act) issued or made available by the corporation;
"prescribed financial market" has the meaning given
by section 9 of the Corporations Act 2001 of the
Commonwealth.
25 ".
page 12
Corporations (Consequential Amendments) Bill (No. 3) 2001
Mental Health Act 1996 Part 9
s. 17
Part 9 -- Mental Health Act 1996
17. Mental Health Act 1996 amended
Section 193 of the Mental Health Act 1996* is amended as
follows:
5 (a) in the definition of "related person" in paragraphs (b)
and (c) by deleting "stock exchange" and inserting
instead --
" prescribed financial market ";
(b) by inserting the following definition in the appropriate
10 alphabetical position --
"
"prescribed financial market" has the meaning given
by section 9 of the Corporations Act 2001 of the
Commonwealth;
15 ";
(c) in the definition of "relevant interest" by inserting after
"has the meaning given by" --
" section 9 of ".
[* Act No. 68 of 1996.
20 For subsequent amendments see 2000 Index to Legislation of
Western Australia, Table 1, p. 276 and Act No. 10 of 2001.]
page 13
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 10 Osteopaths Act 1997
s. 18
Part 10 -- Osteopaths Act 1997
18. Osteopaths Act 1997 amended
Schedule 2 clause 5 to the Osteopaths Act 1997* is amended by
inserting after "as defined in" (in the second place where it
5 occurs) --
" section 92 of ".
[* Act No. 58 of 1997.
For subsequent amendments see 2000 Index to Legislation of
Western Australia, Table 1, p. 315 and Act No. 10 of 2001.]
page 14
Corporations (Consequential Amendments) Bill (No. 3) 2001
Port Authorities Act 1999 Part 11
s. 19
Part 11 -- Port Authorities Act 1999
19. Port Authorities Act 1999 amended
Section 87(1)(a)(xi) of the Port Authorities Act 1999* is
amended by deleting "within the meaning of the Corporations
5 Act".
[* Act No. 22 of 1999.
For subsequent amendments see 2000 Index to Legislation of
Western Australia, Table 1, p. 353 and Acts Nos. 43 of 2000
and 10 of 2001.]
page 15
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 12 Real Estate and Business Agents Act 1978
s. 20
Part 12 -- Real Estate and Business Agents Act 1978
20. Real Estate and Business Agents Act 1978 amended
Section 4(4) of the Real Estate and Business Agents Act 1978*
is amended as follows:
5 (a) after paragraph (a) by deleting "or";
(b) by deleting paragraph (b) and inserting the following
paragraphs instead --
"
(b) a financial services licensee (within the
10 meaning of the Corporations Act 2001 of the
Commonwealth), when dealing in securities
(within the meaning of section 92 of that Act)
that he or she is authorised to deal in by that
licence; or
15 (c) a regulated principal (within the meaning of
section 1430 of the Corporations Act 2001 of
the Commonwealth), when dealing in securities
that he or she is authorised to deal in by
Part 10.2 Division 1 Subdivision D of that Act.
20 ".
[* Reprinted as at 9 March 2000.
For subsequent amendments see Acts Nos. 10 and 12
of 2001.]
page 16
Corporations (Consequential Amendments) Bill (No. 3) 2001
Settlement Agents Act 1981 Part 13
s. 21
Part 13 -- Settlement Agents Act 1981
21. The Act amended
The amendments in this Part are to the Settlement Agents
Act 1981*.
5 [* Reprinted as at 3 November 2000.
For subsequent amendments see Act No. 10 of 2001.]
22. Section 4 amended
Section 4(1) is amended as follows:
(a) after paragraph (aa) by deleting "and";
10 (b) by deleting paragraph (b) and inserting the following
paragraphs instead --
"
(b) financial services licensees (within the meaning
of the Corporations Act 2001 of the
15 Commonwealth), when dealing in securities
(within the meaning of section 92 of that Act)
that he or she is authorised to deal in by that
licence; and
(c) regulated principals (within the meaning of
20 section 1430 of the Corporations Act 2001 of
the Commonwealth), when dealing in securities
that he or she is authorised to deal in by
Part 10.2 Division 1 Subdivision D of that Act.
".
25 23. Section 36 amended
(1) Section 36(3)(a) is amended by deleting "listed for quotation on
the stock market of a stock exchange" and inserting instead --
" quoted on a prescribed financial market ".
page 17
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 13 Settlement Agents Act 1981
s. 23
(2) After section 36(3) the following subsection is inserted --
"
(4) In this section --
"prescribed financial market" has the meaning given
5 by section 9 of the Corporations Act 2001 of the
Commonwealth.
".
page 18
Corporations (Consequential Amendments) Bill (No. 3) 2001
Stamp Act 1921 Part 14
s. 24
Part 14 -- Stamp Act 1921
24. The Act amended
The amendments in this Part are to the Stamp Act 1921*.
[* Reprinted as at 3 August 2001.]
5 25. Section 4 amended
(1) Section 4(1) is amended as follows:
(a) by inserting the following definitions in the appropriate
alphabetical positions --
"
10 "financial market" has the same definition as in
Chapter 7 of the Corporations Act;
"recognised financial market" means a financial
market prescribed for the purposes of this
definition;
15 ";
(b) in the definition of "marketable security" in
paragraph (c)(i) by deleting "stock exchange prescribed
by the Minister by notice published in the Government
Gazette" and inserting instead --
20 " recognised financial market ";
(c) in the definition of "overseas transfer" in paragraph (a)
by deleting "stock exchange" in both places where it
occurs and inserting instead --
" financial market ";
25 (d) by deleting the definition of "recognized stock
exchange".
(2) Section 4(3) is repealed.
page 19
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 14 Stamp Act 1921
s. 26
26. Section 73E amended
Section 73E(1) is amended in the definition of "share" by
deleting "stock exchange" and inserting instead --
" financial market ".
5 27. Section 75D amended
Section 75D(1) is amended as follows:
(a) in the definition of "farming company" in paragraph (a)
by deleting "stock exchange" and inserting instead --
" financial market ";
10 (b) in the definition of "farming company" in
paragraph (b)(ii)(I) by deleting "the stock exchange" and
inserting instead --
" a financial market ".
28. Sections 75JA, 76AI and 76AP amended
15 (1) Sections 75JA(1a)(c), 76AI(1)(a) and (1a)(a) and 76AP(1)(d)
and (1a)(a) are amended by deleting "stock exchange" and
inserting instead --
" financial market ".
(2) Sections 76AI(1a)(b) and 76AP(1a)(b) are amended by deleting
20 "exchange's".
(3) Sections 76AI(1a)(d) and (e) and 76AP(1a)(d) and (e) are
amended by deleting "exchange" and inserting instead --
" market ".
29. Section 112B amended
25 (1) Section 112B(1)(a) and (3) are amended by deleting "1085(3)"
and inserting instead --
" 1070A(4) ".
page 20
Corporations (Consequential Amendments) Bill (No. 3) 2001
Stamp Act 1921 Part 14
s. 30
(2) After section 112B(4) the following subsection is inserted --
"
(4a) Subsections (1)(a) and (3) are declared to be
Corporations legislation displacement provisions for
5 the purposes of section 5G of the Corporations Act in
relation to section 1070A(4) of that Act.
".
30. Section 112BA amended
Section 112BA(3) is amended in the definition of "unlisted
10 marketable security" by deleting "stock exchange" and inserting
instead --
" financial market ".
31. Section 112C amended
Section 112C(1a)(b) is amended by deleting "stock exchange"
15 and inserting instead --
" financial market ".
32. Section 121 inserted
After section 120 the following section is inserted --
"
20 121. Application of section 1070A of the Corporations
Act limited
The following matter is declared to be an excluded
matter for the purposes of section 5F of the
Corporations Act in relation to section 1070A(1)(a) of
25 that Act -- interests in registered schemes within the
meaning of that Act.
".
page 21
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 14 Stamp Act 1921
s. 33
33. Second Schedule amended
The Second Schedule is amended in items 4A(1)(fa) and 6(d) by
deleting "stock exchange" and inserting instead --
" financial market ".
page 22
Corporations (Consequential Amendments) Bill (No. 3) 2001
State Superannuation Act 2000 Part 15
s. 34
Part 15 -- State Superannuation Act 2000
34. State Superannuation Act 2000 amended
Schedule 2 clause 9(2)(e) of the State Superannuation
Act 2000* is amended by deleting "an Australian stock
5 exchange" and inserting instead --
"
a prescribed financial market (within the meaning
given by section 9 of the Corporations Act 2001 of
the Commonwealth) in Australia
10 ".
[* Act No. 42 of 2000.
For subsequent amendments see Act No. 10 of 2001.]
page 23
Corporations (Consequential Amendments) Bill (No. 3) 2001
Part 16 Water Corporation Act 1995
s. 35
Part 16 -- Water Corporation Act 1995
35. Water Corporation Act 1995 amended
Section 82(1)(a)(xi) of the Water Corporation Act 1995* is
amended by deleting "within the meaning of the Corporations
5 Act".
[* Reprinted as at 4 May 2001.
For subsequent amendments see Act No. 10 of 2001.]
page 24
Corporations (Consequential Amendments) Bill (No. 3) 2001
Western Australian Treasury Corporation Act 1986 Part 17
s. 36
Part 17 -- Western Australian Treasury Corporation
Act 1986
36. Western Australia Treasury Corporation Act 1986 amended
Section 10(2)(fa)(xi) of the Western Australian Treasury
5 Corporation Act 1986* is amended by deleting "within the
meaning of the Corporations Act 2001 of the Commonwealth".
[* Reprinted as at 5 January 2001.
For subsequent amendments see Acts Nos. 10 and 12
of 2001.]
page 25
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