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

57   In the appropriate position in Chapter 10

Insert:

Part 10.64 - Application and transitional provisions relating to Schedules 1 and 4 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023

Division 1 - Modernising Business Communications

1694 Definitions

In this Division:

amending Part means Part 1 of Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023.

commencement day means the day the amending Part commences.

1694A Application - signing documents

The amendments made by the amending Part apply in relation to the signing of a document (including a deed) on or after the commencement day.

1694B Application - sending documents

The amendments made by the amending Part apply in relation to a document sent on or after the commencement day.

1694C Application - uncontactable members

Section 110JA, as inserted by the amending Part, applies in relation to documents required or permitted to be sent on or after the commencement day, if the notification under paragraph 110JA(3)(a) of this Act was received on or after that day.

1694D Application - directors' meetings

The amendment of section 248D made by the amending Part applies in relation to the calling or holding, on or after the commencement day, of a directors' meeting.

1694E Transitional - elections by Australian members of notified foreign passport funds to receive annual reports in particular form etc.

(1) This section applies in relation to an election by an Australian member of a notified foreign passport fund, to receive reports in hard copy or as an electronic copy, that is in force under subsection 314A(3) of this Act immediately before the commencement day.

(2) Despite the repeal of that subsection by the amending Part, the election continues in force on and after that day as if it were an election under section 110E of this Act, as amended by the amending Part:

(a) to be sent such reports:

(i) for an election to receive in hard copy - in physical form; or

(ii) for an election to receive as an electronic copy - in electronic form; and

(b) if the election included an election to receive the reports in English, or in an official language of the home economy of the fund - to be sent such reports in that language.

1694F Transitional - elections by members of companies limited by guarantee to receive reports etc.

(1) This section applies in relation to an election by a member of a company limited by guarantee, to receive reports in hard copy or as an electronic copy, that is in force under subsection 316A(1) immediately before the commencement day.

(2) Despite the amendment of that subsection by the amending Part:

(a) the election continues in force on and after the commencement day as an election under subsection 316A(1) of this Act to receive such reports (in accordance with subsection 316A(2)); and

(b) an election of the member is taken to be in force under section 110E on and after the commencement day to be sent such reports:

(i) for an election to receive in hard copy - in physical form; or

(ii) for an election to receive as an electronic copy - in electronic form.

(3) Paragraph (2)(b) has effect subject to paragraph 110E(7)(b) (withdrawal of election).