Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 2   ALRC Financial Services Interim Report: single glossary of defined terms

Part 1   Amendments

Division 1   The single glossary

Corporations Act 2001

3   Section 7

Repeal the section, substitute:

7 Identifying defined terms

(1) The Dictionary in section 9 includes a definition for each term that is defined in this Act, except:

(a) a term that is defined for the purposes of a single section or part of a single section; and

(b) a term that is defined for the purposes of Chapter 10 (transitional provisions) or Schedule 4 (transfer of financial institutions and friendly societies); and

(c) a term that is defined for the purposes of Schedule 2 (the Insolvency Practice Schedule).

In some cases, the definition is a signpost to another provision or Act which defines the term.

Note 1: An example for paragraph (a) is a definition that is expressed as being for the purposes of a section or subsection.

Note 2: Schedule 2 also has its own Dictionary: see section 5-5 of Schedule 2. Subject to Schedule 2, the Dictionary in section 9 also has effect for the purposes of Schedule 2.

Note 3: This Part, including the Dictionary in section 9, also has effect for the purposes of the ASIC Act: see subsection 5(2) of that Act.

(2) Within a definition, the defined term is identified by bold italics .

Note: This Act also uses bold italics to "tag" a concept with a label for use as a narrative device.

(3) To the extent that a term used in a provision is not defined in this Act, it has its ordinary meaning.

Example 1: The definition of complaint in section 9 defines the term only in Part 7.8A. The term has it its ordinary meaning in all other Parts of this Act.

Example 2: The definition of participant in section 9 defines the term only in relation to a clearing and settlement facility and in relation to a financial market. The term has it its ordinary meaning when used in relation to all other persons and things.