CORPORATIONS ACT 2001

CHAPTER 1 - INTRODUCTORY  

PART 1.1A - INTERACTION BETWEEN CORPORATIONS LEGISLATION AND STATE AND TERRITORY LAWS  

SECTION 5E   CONCURRENT OPERATION INTENDED  

5E(1)   [ Concurrent operation]  

The Corporations legislation is not intended to exclude or limit the concurrent operation of any law of a State or Territory.

5E(2)   [ Particular laws]  

Without limiting subsection (1), the Corporations legislation is not intended to exclude or limit the concurrent operation of a law of a State or Territory that:


(a) imposes additional obligations or liabilities (whether criminal or civil) on:


(i) a director or other officer of a company or other corporation; or

(ii) a company or other body; or


(b) confers additional powers on:


(i) a director or other officer of a company or other corporation; or

(ii) a company or other body; or


(c) provides for the formation of a body corporate; or


(d) imposes additional limits on the interests a person may hold or acquire in a company or other body; or


(e) prevents a person from:


(i) being a director of; or

(ii) being involved in the management or control of;
a company or other body; or


(f) requires a company:


(i) to have a constitution; or

(ii) to have particular rules in its constitution.

Note: Paragraph (a) - this includes imposing additional reporting obligations on a company or other body.

5E(3)   [ Reference to law of State or Territory imposing obligations, etc]  

Without limiting subsection (2), a reference in that subsection to a law of a State or Territory imposing obligations or liabilities, or conferring powers, includes a reference to a law of a State or Territory imposing obligations or liabilities, or conferring powers, by reference to the State or Territory in which a company is taken to be registered.

5E(4)   [ Direct inconsistency]  

This section does not apply to the law of the State or Territory if there is a direct inconsistency between the Corporations legislation and that law.

Note: Section 5G prevents direct inconsistencies arising in some cases by limiting the operation of the Corporations legislation.

5E(5)   [ Double jeopardy]  

If:


(a) an act or omission of a person is both an offence against the Corporations legislation and an offence under the law of a State or Territory; and


(b) the person is convicted of either of those offences;

the person is not liable to be convicted of the other of those offences.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.