Corporations (Aboriginal and Torres Strait Islander) Consequential, Transitional and Other Measures Act 2006 (125 of 2006)

Schedule 3   Transitional provisions

Part 2   Bringing transitional corporations across to new system

Division 11   Reporting for financial year ending on 30 June 2008

60   Election to adopt old Act reporting

(1) A transitional corporation may elect to report under items 61 to 66 for the financial year ending on 30 June 2008.

Note: A transitional corporation may be exempt from the requirements of this Division (see Division 12 of this Part).

(2) The election must be made in writing and given to the CATSI Registrar before 30 June 2008.

(3) The election is irrevocable.

(4) If a transitional corporation makes an election under subitem (1):

(a) Divisions 327, 330, 342 and 345 of the new Act do not apply in relation to the corporation for the financial year; and

(b) items 61 to 66 apply in relation to the transitional corporation for the financial year.

Note: If a transitional corporation is not exempt and does not make an election, it will need to report under Part 7-3 of the new Act for the financial year.

(5) Items 61 to 66 apply to a transitional corporation only if it makes an election under this item.