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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
Corporations (Commonwealth Powers) Bill 2001
CONTENTS
1. Short title and purpose 1
2. Commencement 2
3. Definitions 2
4. Reference of matters 4
5. Termination of references 5
6. Extension of period of reference by proclamation 7
7. Earlier termination of reference by proclamation 7
8. Evidence 8
9. Operation of Act 8
10 . Expiry of Act 8
page i
10--1
Western Australia
LEGISLATIVE COUNCIL
Corporations (Commonwealth Powers) Bill 2001
A Bill for
An Act to refer 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 of the
Commonwealth, and for related purposes.
The Parliament of Western Australia enacts as follows:
1. Short title and purpose
(1) This Act may be cited as the Corporations (Commonwealth
Powers) Act 2001.
page 1
Corporations (Commonwealth Powers) Bill 2001
s. 2
(2) The purpose of this Act is to refer 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 of the Commonwealth, so
5 as to enable that Parliament to make laws that apply of their
own force in the State, instead of those matters being dealt with
by the Corporations Law and other applied laws.
(3) Nothing in this Act is intended to enable the making of a law
pursuant to the amendment reference with the sole or main
10 underlying purpose or object of regulating industrial relations
matters even if, but for this subsection, the law would be a law
with respect to a matter referred to the Parliament of the
Commonwealth by the amendment reference.
2. Commencement
15 (1) This Act comes into operation on a day fixed by proclamation.
(2) Different days may be fixed under subsection (1) for different
provisions.
3. Definitions
(1) In this Act, unless the contrary intention appears --
20 "amendment reference" means the reference under
section 4(1)(b);
"commencement day" means the day on which section 4(1)
comes into operation;
"Corporations instrument" means any instrument made or
25 issued under the Corporations legislation;
"Corporations legislation" means Commonwealth Acts
enacted in the terms, or substantially in the terms, of the
tabled text and as in force from time to time;
page 2
Corporations (Commonwealth Powers) Bill 2001
s. 3
"express amendment" of the Corporations legislation means
the direct amendment of the text of the Corporations
legislation (whether by the insertion, omission, repeal,
substitution or relocation of words or matter) by
5 Commonwealth Acts, but does not include the enactment
by a Commonwealth Act of a provision that has or will
have substantive effect otherwise than as part of the text of
the Corporations legislation;
"initial reference" means the reference under section 4(1)(a);
10 "prescribed termination day" means the day on which both
the references are to terminate as set out in section 5(1);
"reference" means --
(a) the initial reference; or
(b) the amendment reference;
15 "referred provisions" means the tabled text to the extent to
which that text deals with matters that are included in the
legislative powers of the Parliament of the State;
"tabled text" means the text of the following proposed Bills for
Commonwealth Acts, comprised in documents (each
20 bearing identification as "part of the tabled text") as tabled
in the Legislative Assembly of New South Wales on
7 March 2001 --
(a) Corporations Bill 2001;
(b) Australian Securities and Investments Commission
25 Bill 2001.
(2) If a proclamation terminating the amendment reference alone
has been made under section 7 and has not been revoked, the
expression "the references" refers to the initial reference only.
page 3
Corporations (Commonwealth Powers) Bill 2001
s. 4
4. Reference of matters
(1) The following matters are referred to the Parliament of the
Commonwealth --
(a) the matters to which the referred provisions relate, but
5 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
10 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
15 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
20 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
25 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.
30 (3) The operation of each paragraph of subsection (1) is not
affected by the other paragraph.
page 4
Corporations (Commonwealth Powers) Bill 2001
s. 5
(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
5 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
10 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 --
15 (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).
20 (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
25 terminates as set out in section 5,
but not longer.
5. Termination of references
(1) Subject to earlier termination under this section, the references
terminate on the day that is the fifth anniversary of the
page 5
Corporations (Commonwealth Powers) Bill 2001
s. 5
commencement day or on a later day fixed by the Governor by
proclamation under section 6.
(2) Both the references terminate on a day that is earlier than the
prescribed termination day if the Governor fixes that earlier day
5 by proclamation under section 7 as the day on which the
references terminate.
(3) The amendment reference alone terminates on a day that is
earlier than the prescribed termination day if the Governor fixes
that earlier day by proclamation under section 7 as the day on
10 which the amendment reference terminates.
(4) If the amendment reference terminates before the initial
reference terminates, the termination of the amendment
reference does not affect --
(a) laws that were made under the amendment reference
15 before that termination but have not come into operation
before that termination; or
(b) the continued operation in the State of the Corporations
legislation as in operation immediately before that
termination or as subsequently amended or affected
20 by --
(i) laws referred to in paragraph (a); or
(ii) provisions referred to in section 4(4)(a) or (b).
(5) For the purposes of subsection (4) --
(a) the laws referred to in subsection (4)(a) include
25 Corporations instruments; and
(b) the reference in subsection (4)(b) to the Corporations
legislation as in operation immediately before the
termination of the amendment reference includes that
legislation as affected by Corporations instruments that
30 have come into operation before that time.
page 6
Corporations (Commonwealth Powers) Bill 2001
s. 6
6. Extension of period of reference by proclamation
(1) The Governor may, at any time before the prescribed
termination day, by proclamation, fix a day that is later than the
prescribed termination day as the day on which both the
5 references terminate.
(2) More than one proclamation may be made under subsection (1).
7. Earlier termination of reference by proclamation
(1) The Governor may, at any time, by proclamation (a
"termination proclamation"), fix a day that is earlier than the
10 prescribed termination day as the day on which --
(a) the references terminate; or
(b) the amendment reference terminates.
(2) The day fixed by a termination proclamation must be no earlier
than the first day after the end of the period of 6 months
15 beginning with the day on which the proclamation is published.
(3) The Governor may, by proclamation, revoke a termination
proclamation, in which case the revoked proclamation is taken
(for the purposes of section 5) never to have been made.
(4) A revoking proclamation has effect only if published before the
20 day fixed by the termination proclamation.
(5) The revocation of a termination proclamation does not prevent
the making of a further termination proclamation under
subsection (1).
(6) A termination proclamation has effect despite any earlier
25 proclamation made under section 6(1).
page 7
Corporations (Commonwealth Powers) Bill 2001
s. 8
8. Evidence
(1) A certificate of the Clerk of the Legislative Assembly of New
South Wales certifying that a document is an accurate copy of
the tabled text, or is an accurate copy of a particular part or of
5 particular provisions of the tabled text, is admissible in evidence
in any proceedings and is evidence --
(a) of the matter certified; and
(b) that the text of proposed Commonwealth Bills was
tabled in the Legislative Assembly of New South Wales
10 as referred to in the definition of "tabled text" in
section 3.
(2) Subsection (1) does not affect any other way in which the
tabling or content of the tabled text, or the accuracy of a copy of
the tabled text or of a part or provisions of the tabled text, may
15 be established.
9. Operation of Act
This Act has effect despite any provision of the Corporations
(Western Australia) Act 1990 or of the applicable provisions (as
defined in that Act) of the State.
20 10. Expiry of Act
This Act expires at the beginning of the day on which the initial
reference terminates as set out in section 5.
page 8
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