Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.51 - TRANSITIONAL PROVISIONS RELATING TO THE TERRITORIES LEGISLATION AMENDMENT ACT 2020  

SECTION 1678F   DIRECTOR IDENTIFICATION NUMBERS - NORFOLK ISLAND COMPANY DIRECTORS  

Scope

1678F(1)  
This section applies if commencement (within the meaning of this Part) occurs on or after the application day within the meaning of subsection 1653(1) .

1678F(2)  
This section applies in relation to a person who:

(a)  is not an eligible officer immediately before commencement; and

(b)  becomes an eligible officer because of the registration of a company under Part 5B.1 for the purposes of section 1678A (which deals with the registration of former Norfolk Island companies).

Note: When such a company is registered, the former directors of the Norfolk Island company generally become directors of the registered company (see subsection 1678A(3) ). Such a director is an eligible officer (see section 1272B ).

Transitional application period for Norfolk Island company directors to apply for director identification numbers

1678F(3)  
If a period (the transitional application period ) is specified under subsection (5) of this section, section 1272C applies to the person as if:

(a)  the reference in subparagraph 1272C(2)(a)(ii) to an application period specified by regulations were instead a reference to the transitional application period; and

(b)  the reference in subparagraph 1272C(2)(a)(ii) to the start of the application period specified by regulations were instead a reference to when the transitional application period came into effect; and

(c)  the reference in subparagraph 1272C(2)(a)(iii) to the start of a longer period (if any) allowed by the Registrar under section 1272E were instead a reference to when the transitional application period came into effect.

Note: Section 1272C requires an eligible officer to have a director identification number, but allows a certain time (an application period) within which an application can be made for a director identification number.

1678F(4)  
Until a transitional application period comes into effect, section 1272C does not apply to the person.

1678F(5)  
The Minister may, by legislative instrument, specify a transitional application period for the purposes of subsection (3).

1678F(6)  
Subsection 1653(4) does not apply to the person.

Note: Subsection 1653(4) applies a default period of 28 days under section 1272C within which an application can be made for a director identification number.


 

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