Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (69 of 2023)

Schedule 1   Modernising business communications

Part 1   Documents and meetings under the Corporations Act 2001

Corporations Act 2001

28   Subsections 314A(2), (3), (4), (5), (6), (7) and (8)

Repeal the subsections, substitute:

(2) A notified foreign passport fund may provide the reports by sending them to each Australian member.

(3) If an Australian member of a notified foreign passport fund elects under subsection 110E(2) to be sent reports mentioned in this section in physical form or in electronic form, that election may also include an election to be sent the reports in English or in an official language of the home economy of the fund.

(4) If the member makes an election to be sent the reports in a language mentioned in subsection (3) of this section:

(a) for the purposes of section 110F (failure to comply with member's election), such a report is not sent in a manner that complies with the election under section 110E unless it is sent in that language; and

(b) for the purposes of paragraph 110F(4A)(c), it is a requirement that such a report be sent in that language.

(5) A notified foreign passport fund must provide the reports in English to the extent that:

(a) the reports are provided by sending them in accordance with paragraph 110D(1)(e) (sending documents by making them available on a website); or

(b) the reports are provided to an Australian member for whom an election in accordance with subsection (3) of this section to be sent the reports in a particular language is not in force.