Coronavirus Economic Response Package Omnibus Act 2020 (22 of 2020)

Schedule 8   Providing flexibility in the Corporations Act

Corporations Act 2001

1   After Part 9.10

Insert:

Part 9.11 - Coronavirus known as COVID-19

1362A Coronavirus known as COVID-19

(1) If subsection (2) applies, the Minister may, by legislative instrument:

(a) exempt classes of persons from the operation of specified provisions of this Act or the regulations; or

(b) modify the operation of specified provisions of this Act or the regulations in relation to classes of persons.

Note: The Minister may only make instruments during the 6 months beginning on the day this section commences (see subsection (5)). An instrument may be in force for a maximum of 6 months (see paragraph (4)(a)).

(2) This subsection applies if the Minister is satisfied that:

(a) it would not be reasonable to expect the persons in the class to comply with the provisions because of the impact of the coronavirus known as COVID-19; or

(b) the exemption or modification is otherwise necessary or appropriate in order to:

(i) facilitate continuation of business in circumstances relating to the coronavirus known as COVID-19; or

(ii) mitigate the economic impact of the coronavirus known as COVID-19.

(3) A legislative instrument made under subsection (1) may exempt or modify generally or subject to specified conditions. A person to whom a condition applies must comply with the condition. The Court may, on application by ASIC, order the person to comply with the condition.

(4) A legislative instrument made under subsection (1) ceases to be in force:

(a) at the end of the period of 6 months beginning on the day after the instrument is made; or

(b) if the instrument specifies an earlier time - at the specified earlier time.

(5) A legislative instrument must not be made under subsection (1) after the end of the period of 6 months beginning on the day this section commences. However, this does not prevent the Minister amending an instrument at any time before the instrument ceases to be in force in accordance with subsection (4).