Treasury Laws Amendment (2021 Measures No. 1) Act 2021 (82 of 2021)
Schedule 1 Virtual meetings and electronic communication of documents
Part 2 Other amendments
Corporations Act 2001
33B After section 1344
Insert:
1345 Exceptional circumstances - giving documents
(1) Subsections (2) to (4) apply in relation to a document that is required or permitted under this Act to be given by an entity to another entity (the recipient ) if:
(a) the entity giving the document is specified, or is in a class of entities specified, in a determination under subsection (5); and
(b) the document is specified, or is in a class of documents specified, in the determination.
Giving document by electronic communication etc.
(2) If the determination specifies that the document, or documents in that class, may be given in accordance with this subsection, then the document may be given:
(a) by means of an electronic communication; or
(b) by giving the recipient (by means of an electronic communication or otherwise) sufficient information to allow the recipient to access the document electronically.
(3) However, electronic communication or electronic access may only be used if, at the time the electronic communication is used or information about the electronic access is given, it is reasonable to expect that the document would be readily accessible so as to be useable for subsequent reference.
Extension of time
(4) If the requirement or permission mentioned in subsection (1) is for the document to be given within a particular time, the document is taken to have been given within that time if:
(a) the determination specifies a period of extension of that time that applies to the giving of the document by the entity to the recipient; and
(b) the specified period of extension starts after the determination is made; and
(c) the document is given by the entity to the recipient within the specified period of extension.
ASIC may make determination
(5) ASIC may make a determination specifying:
(a) an entity, or a class of entities; and
(b) a document, or a class of documents, required or permitted to be given under this Act (including a class that is any such document); and
(c) one or more matters mentioned in subsections (6) and (7).
(6) ASIC may specify that the document, or documents in that class, may be given in accordance with subsection (2) (giving document by electronic communication etc.), if ASIC considers that it may be unreasonable to expect the specified entity, or entities in the specified class, to give the document, or documents in the specified class, in a physical form because of a situation that is beyond the control of the entity, or the entities in the class.
(7) To the extent that the document, or documents in that class, are required or permitted under the Act to be given by the entity, or the entities in the class, within a particular time (the original time ), ASIC may specify a period of extension of that time applying in relation to the giving of the document or documents in that class, if ASIC considers that it may be unreasonable to expect the entity, or entities in the class, to give the document, or documents in the class, within the original time, because of a situation that is beyond the control of the entity, or the entities in the class.
Other matters relating to determination
(8) A determination under subsection (5) is:
(a) a notifiable instrument, if it specifies an entity; or
(b) a legislative instrument, if it specifies a class of entities.
(9) The determination may be subject to specified conditions applying to the specified entity, or to entities in the specified class. An entity to which a condition specified in the determination applies must comply with the condition. The Court may order the entity to comply with the condition in a specified way.
(10) Unless revoked earlier, the determination is repealed at the end of 12 months after the day on which it commences.
(11) This section has effect despite any election (however described) by an entity to be given a document in a physical form.