House of Representatives

Corporations (Repeals, Consequentials and Transitionals) Bill 2001

Explanatory Memorandum

(Circulated by authority of the Minister for Financial Services and Regulation, the Honourable J.B. Hockey MP and the Attorney-General, the Honourable Daryl Williams AM QC MP)

Chapter 6 - Schedule 3 - Consequential amendment of existing provisions

6.1. Schedule 3 makes consequential amendments to Commonwealth Acts that currently refer to the Corporations Law and other superseded legislation. It also provides general transitional arrangements relating to references to old corporations legislation or old ASIC legislation in Commonwealth Acts.

6.2. The bulk of the amendments under Part 2 of Schedule 3 make simple amendments to references to the old corporations legislation and old ASIC legislation in Commonwealth Acts. For the most part, this is done by updating them so that they refer to the titles of the new corporations legislation. As there will only be one Corporations Act 2001 applying throughout the referring States, the Bill also removes references to individual jurisdictions when referring to the new legislation.

6.3. Occasionally, section references or definitions have also been amended where those references or definitions no longer exist in or under the Corporations Act 2001 . For example:

where a Commonwealth Act previously referred to a provision of the Corporations Act 1989 that has been included in the Corporations Act 2001 with different section numbering, such as in subsection 141(7) of the Airports Act 1996 ; or
where a Commonwealth Act previously referred to a definition under the Corporations Law that has been undated or removed, such as the definition of prescribed interest in the Insurance Act 1973 .

Amendments to the Acts Interpretation Act 1901

6.4. The Bill amends the Acts Interpretation Act 1901 (the AIA) to take account of the new corporations legislation. Section 40A of the AIA provides that ASIC Law and ASIC Regulations have the meaning provided for by the Australian Securities and Investments Commission Act 1989 , and Corporations Law and Corporations Regulations have the meaning provided for by the Corporations Act 1989 . The section is to be amended to take account of the repeal of this legislation, and to provide a regime in relation to references to the new corporations legislation.

6.5. The amendments to the AIA essentially duplicate the effect of section 1405 of the Corporations Act 2001 (which covered references in the new corporations legislation) in relation to all Commonwealth Acts that continue to refer to old corporations legislation and old ASIC legislation. For the purposes of this item, new corporations legislation, old corporations legislation, new ASIC legislation and old ASIC legislation have the same meanings as they have in Part 10.1 of the Corporations Act 2001 or Part 16 of the Australian Securities and Investments Commission Act 2001 , as applicable.

6.6. The effect of this item is that, where appropriate, references in Commonwealth Acts, regulations and other instruments to a provision in the new corporations legislation or new ASIC legislation will be taken to include a reference to the provision of the old corporations legislation or old ASIC legislation that corresponds to that other provision. For example, if a Commonwealth Act provides that a person is disqualified from holding a particular office or licence if they have been convicted of an offence against a specified provisions of the Corporations Act 2001 , they will also be disqualified if they were previously convicted of offences against the corresponding provisions of the Corporations Law.

Commonwealth legislation amended

6.7. The Commonwealth Acts that are amended by Schedule 3 are listed below:

Aboriginal and Torres Strait Islander Commission Act 1989
Aboriginal Councils and Associations Act 1976
ACIS Administration Act 1999
Acts Interpretation Act 1901
Administrative Appeals Tribunal Act 1975
Administrative Decisions (Judicial Review) Act 1977
Aerospace Technologies of Australia Limited Sale Act 1994
Agricultural and Veterinary Chemicals Code Act 1994
Air Navigation Act 1920
Airports Act 1996
Airports (Transitional) Act 1996
Air Services Act 1995
A New Tax System (Australian Business Number) Act 1999
A New Tax System (Goods and Services Tax) Act 1999
A New Tax System (Luxury Car Tax) Act 1999
Auditor-General Act 1997
Australian Hearing Services Act 1991
Australian Industry Development Corporation Act 1970
Australian Land Transport Development Act 1988
Australian Meat and Live-stock Industry 1997
Australian Postal Corporation Act 1989
Australian Prudential Regulation Authority Act 1998
Australian Sports Drug Agency Act 1990
Banking Act 1959
Bank Integration Act 1991
Bankruptcy Act 1966
Broadcasting Services Act 1992
CFM Sale Act 1996
Charter of the United Nations Act 1945
Cheques Act 1986
Child Support (Registration and Collection) Act 1988
Coal Mining Industry (Long Service Leave Funding) Act 1992
Coal Mining Industry (Long Service Leave) Payroll Levy Collection Act 1992
Commonwealth Authorities and Companies Act 1997
Commonwealth Banks Act 1959
Commonwealth Borrowing Levy Act 1987
Commonwealth Electoral Act 1918
Commonwealth Funds Management Limited Act 1990
Commonwealth Serum Laboratories Act 1961
Commonwealth Superannuation Board Act 2001
Crimes Act 1914
Criminal Code Act 1995
Crown Debts (Priority) Act 1981
Customs Act 1901
Dairy Produce Act 1986
Defence Housing Authority Act 1987
Education Services for Overseas Students Act 2000
Environment Protection and Biodiversity Conservation Act 1999
Equal Opportunity for Women in the Workplace Act 1999
Evidence Act 1995
Excise Act 1901
Export Market Development Grants Act 1997
Federal Airports Corporation Act 1986
Federal Proceedings (Costs) Act 1981
Film Licensed Investment Company Act 1998
Financial Corporations (Transfer of Assets and Liabilities) Act 1993
Financial Corporations Act 1974
Financial Sector (Collection of Data) Act 2001
Financial Sector (Transfers of Business) Act 1999
Financial Transaction Reports Act 1988
Fisheries Management Act 1991
Foreign Evidence Act 1994
Foreign Proceedings (Excess of Jurisdiction) Act 1984
Fringe Benefits Tax Assessment Act 1986
Health Insurance Commission (Reform and Separation of Functions) Act 1997
Hearing Services and AGHS Reform Act 1997
Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
Industry Research and Development Act 1986
Insurance Act 1973
Insurance (Agents and Brokers) Act 1984
Interactive Gambling Act 2001
International Air Services Commission Act 1992
Judiciary Act 1903
Life Insurance Act 1995
Management and Investment Companies Act 1983
National Environment Protection Measures (Implementation) Act 1998
National Health Act 1953
National Rail Corporation Agreement Act 1992
National Residue Survey (Excise) Levy Act 1998
Norfolk Island Act 1979
Off-shore Minerals (Registration Fees) Act 1981
Patents Act 1990
Payment Systems and Netting Act 1998
Pay-roll Tax (Territories) Assessment Act 1971
Petroleum Resource Rent Tax Assessment Act 1987
Petroleum (Submerged Lands) Act 1967
Petroleum (Submerged Lands) (Registration Fees) Act 1967
Pig Industry Act 1986
Pig Industry Act 2001
Pipeline Authority Act 1973
Pooled Development Funds Act 1992
Primary Industries (Customs) Charges Act 1999
Primary Industries (Excise) Levies Act 1999
Privacy Act 1988
Protection of the Sea (Oil Pollution Compensation Fund) Act 1993
Qantas Sale Act 1992
Reserve Bank Act 1959
Retirement Savings Accounts Act 1997
Safety, Rehabilitation and Compensation Act 1988
Service and Execution of Process Act 1992
Snowy Hydro Corporatisation Act 1997
Snowy Mountains Engineering Corporation Limited Sale Act 1993
Social Security Act 1991
States Grants (Petroleum Products) Act 1965
States Grants (Primary and Secondary Education Assistance) Act 1996
Stevedoring Levy (Collection) Act 1998
Superannuation Act 1990
Superannuation Benefits (Supervisory Mechanisms) Act 1990
Superannuation Guarantee (Administration) Act 1992
Superannuation Industry (Supervision) Act 1993
Sydney Airport Demand Management Act 1997
Taxation Administration Act 1953
Telecommunications Act 1997
Telecommunications (Interception) Act 1979
Telstra Corporation Act 1991
Tobacco Advertising Prohibition Act 1992
Trade Practices Act 1974
Tradex Scheme Act 1999
Veterans Entitlements Act 1986
Wool International Act 1993
Wool International Privatisation Act 1999
Wool Services Privatisation Act 2000
Workplace Relations Act 1996
Workplace Relations (Registered Organisations) Act 2001
Year 2001 Information Disclosure Act 1999


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