House of Representatives
Company Law Review Bill 1997
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)4. Structure of the Law
The following table indicates where in the Corporations Law the new provision will be located after the Bill commences.
| New Chapter Number | Topic |
|---|---|
| Chapter 2A | Registering a company |
| Chapter 2B | Basic features of a company |
| Chapter 2C | Registers (Existing Part 2.5) |
| Chapter 2D | Directors (Existing Part 3.2) |
| Chapter 2E | Financial benefits to related parties (Existing Part 3.2A) |
| Chapter 2F | Members rights and remedies |
| Chapter 2G | Meetings |
| Chapter 2H | Shares |
| Chapter 2J | Transactions affecting share capital |
| Chapter 2K | Charges (Existing Part 3.5) |
| Chapter 2L | Debentures (Reserved for Division 4 of Part 7.12) |
| Chapter 2M | Financial reports and audit |
| Chapter 2N | Annual returns and lodgments with the ASC |
| Chapter 5A | Deregistration of companies |
What will happen to existing Chapters 2, 3 and 4?
4.1 Chapter 2 will be repealed, apart from:
- (a)
- section 208 (new section 1096A)
- (b)
- section 213 (new section 1091C)
- (c)
- section 216A to 216K (new Chapter 2C)
- (d)
- Division 2 of Part 2.2, which will be moved to transitional provisions
- (e)
- Divisions 3 and 5 of Part 2.2, which will be moved to Chapter 5B
- (f)
- Divisions 4 and 4A of Part 2.2, which will be moved to Chapter 10.
4.2 Chapter 3 will be repealed, apart from:
- (a)
- Part 3.2 (new Chapter 2D)
- (b)
- Part 3.2A (new Chapter 2E)
- (c)
- Part 3.4 (moved to Part 2F.1)
- (d)
- Division 2 of Part 3.5 (new Chapter 2K)
- (e)
- Division 1 of Part 3.7 (moved to Part 2M.4).
4.3 Chapter 4 will be repealed, apart from Part 4.1 (new Chapter 5B).