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 9 - Schedule 6 - Criminal Code related amendments
9.1. Schedule 6 of the Bill makes amendments to the Corporations Act 2001 to reflect amendments that were made to the Corporations Law by the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 (the TLA Act)
9.2. The amendments made to the Corporations Law by the TLA Act reflected the requirements of the Criminal Code Act 1995 and corrected anomalies relating to Chapter 5C of the Corporations Law. They took effect from 28 April 2001. However, as they took effect after the date at which the Commonwealth and the States had settled on the text of the corporations legislation to be the subject of references in accordance with section 51(xxxvii) of the Constitution, they were not included in the Corporations Bill 2001 introduced into Parliament on 4 April 2001.
9.3. As a result, the Bill makes consequential amendments to give effect to the TLA Act. Without doing so, the Corporations Act 2001 would reflect the position under the Corporations Law prior to the TLA Act changes.
9.4. An explanation for the amendments to the Corporations Law that are contained in the TLA Act can be found in the explanatory memorandum to the TLA Bill.