Corporations Act 2001
SCHEDULE 4
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TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES
PART 7
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TRANSITIONAL PROVISIONS
CLAUSE 38
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MODIFICATION BY REGULATIONS
38(1)
The regulations may modify the operation of this Act (including the provisions applied by clause 36) in relation to:
(a) a company registered under clause 3; or
(b) a company that is permitted to use the expression building society , credit union or credit society under section 66 of the Banking Act 1959 ; or
(c) a company that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(d) a specified class of any of those companies.
38(2)
Regulations made for the purposes of this clause may only modify this Act in relation to the following matters:
(a) issuing, cancelling or redeeming membership shares or redeemable preference shares;
(b) inspection of the register of members required by section 169;
(c) giving notice of a meeting of a company ' s members;
(d) members ' rights to request the directors to hold a general meeting or to move a resolution at a general meeting;
(e) issuing share certificates for membership shares or redeemable preference shares, or numbering those shares;
(f) the publication of the names and addresses of members in the annual return;
(g) the report to members required by section 314;
(h) disposing of securities in a company if the whereabouts of the holder of the securities is unknown as described in section 1343;
(i) the treatment of members who hold shares jointly or who have jointly given a guarantee;
(j) selective buy-backs.
38(2A)
Without limiting paragraph (2)(c) , regulations made under this clause may provide for ASIC to make, by legislative instrument, a determination relating to manners in which notice mentioned in that paragraph may be published.
38(3)
Regulations made for the purposes of this clause may not:
(a) create an offence with a penalty greater than 10 penalty units; or
(b) increase the penalty for an existing offence; or
(c) substitute for an existing offence an offence with a penalty greater than the penalty for the existing offence; or
(d) modify an obligation, contravention of which will result in committing an offence, so as to make it more difficult to comply with.
Note: See section 1465A .
[ CCH Note: The reference to " section 1465A " is a reference to the former Corporations Law.]
The regulations may modify the operation of this Act (including the provisions applied by clause 36) in relation to:
(a) a company registered under clause 3; or
(b) a company that is permitted to use the expression building society , credit union or credit society under section 66 of the Banking Act 1959 ; or
(c) a company that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(d) a specified class of any of those companies.
38(2)
Regulations made for the purposes of this clause may only modify this Act in relation to the following matters:
(a) issuing, cancelling or redeeming membership shares or redeemable preference shares;
(b) inspection of the register of members required by section 169;
(c) giving notice of a meeting of a company ' s members;
(d) members ' rights to request the directors to hold a general meeting or to move a resolution at a general meeting;
(e) issuing share certificates for membership shares or redeemable preference shares, or numbering those shares;
(f) the publication of the names and addresses of members in the annual return;
(g) the report to members required by section 314;
(h) disposing of securities in a company if the whereabouts of the holder of the securities is unknown as described in section 1343;
(i) the treatment of members who hold shares jointly or who have jointly given a guarantee;
(j) selective buy-backs.
View history note
Hide history note38(2A)
Without limiting paragraph (2)(c) , regulations made under this clause may provide for ASIC to make, by legislative instrument, a determination relating to manners in which notice mentioned in that paragraph may be published.
38(3)
Regulations made for the purposes of this clause may not:
(a) create an offence with a penalty greater than 10 penalty units; or
(b) increase the penalty for an existing offence; or
(c) substitute for an existing offence an offence with a penalty greater than the penalty for the existing offence; or
(d) modify an obligation, contravention of which will result in committing an offence, so as to make it more difficult to comply with.
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