Corporations Act 2001
ASIC may, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) in relation to the following: (a) the amendments of this Act made by Division 1 of Part 1 of Schedule 2 to the Territories Legislation Amendment Act 2020 ; (b) the amendments of this and any other Act made by the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 ; (c) if the Norfolk Island Companies Act is repealed - the repeal of that Act.
Note 1: The amendments mentioned in paragraph (a) included the insertion of this Part.
Note 2: The Norfolk Island Companies Act may be repealed by an amendment of the Norfolk Island Continued Laws Ordinance 2015 .1678D(2)
Without limiting subsection (1), rules under that subsection may include: (a) rules providing for the Registrar under this Act to exercise powers, or perform functions, of ASIC under this Part; and (b) rules in relation to the registration of a particular corporation or corporations under Part 5B.1 . 1678D(3)
A rule of the kind mentioned in paragraph (2)(b) must specify a period, ending no later than the end of the day that is 2 years after the commencement day, during which it is to remain in force for the purposes of subsection 1678E(1) . 1678D(4)
To avoid doubt, the rules may not do the following: (a) create an offence or civil penalty; (b) provide powers of:
(i) arrest or detention; or
(c) impose a tax; (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act; (e) directly amend the text of this Act. 1678D(5)
(ii) entry, search or seizure;
This section is repealed at the end of the first Monday after the period of 12 months beginning on the commencement day.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.