Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (69 of 2020)

Schedule 1   Amendments relating to the Registrar

Part 2   Other amendments

Corporations Act 2001

900   Subsections 601CL(3) to (5)

Repeal the subsections, substitute:

(3) If the Registrar has reasonable cause to believe that a registered foreign company does not carry on business in this jurisdiction, the Registrar may give the foreign company a notice that:

(a) is to that effect; and

(b) informs the foreign company that, if no response showing cause to the contrary is received within 1 month from the date of the notice, the Registrar will publish notice with a view to cancelling the foreign company's registration.

(4) Unless the Registrar receives, within 1 month after the date of the notice, a response to the effect that the foreign company is still carrying on business in this jurisdiction, the Registrar may:

(a) give the foreign company a notice informing the foreign company that, at the end of 3 months after the date of the notice, the foreign company's registration will, unless cause to the contrary is shown, be cancelled; and

(b) publish the notice.

(5) At the end of the period specified in a notice given under subsection (3), the Registrar:

(a) may, unless cause to the contrary has been shown, cancel the foreign company's registration; and

(b) if the registration is cancelled - must publish notice of the cancellation.

(5A) A response by the foreign company showing cause to the contrary for the purposes of paragraph (3)(b) or (4)(a) must meet any requirements of the data standards.

(5B) However, if ASIC notifies the Registrar of its objection to the cancellation, cause to the contrary is taken to have been shown for the purposes of those paragraphs.