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(c)  if the Norfolk Island Companies Act is repealed - the repeal of that Act.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Note 2: The Norfolk Island Companies Act may be repealed by an amendment of the Norfolk Island Continued Laws Ordinance 2015 .

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 .

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) .

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

(ii) entry, search or seizure;

(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.

This section is repealed at the end of the first Monday after the period of 12 months beginning on the commencement day.


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