Corporations Act 2001

SCHEDULE 4 - TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES  

Note: See section 1465A .

PART 7 - TRANSITIONAL PROVISIONS  

CLAUSE 38   - MODIFICATION BY REGULATIONS  

38(1)    
The regulations may modify the operation of this Act (including the provisions applied by clause 36) in relation to:

(a) a company registered under clause 3; or

(b) a company that is permitted to use the expression building society , credit union or credit society under section 66 of the Banking Act 1959 ; or

(c) a company that is a friendly society for the purposes of the Life Insurance Act 1995 ; or

(d) a specified class of any of those companies.

38(2)    
Regulations made for the purposes of this clause may only modify this Act in relation to the following matters:

(a) issuing, cancelling or redeeming membership shares or redeemable preference shares;

(b) inspection of the register of members required by section 169;

(c) giving notice of a meeting of a company ' s members;

(d) members ' rights to request the directors to hold a general meeting or to move a resolution at a general meeting;

(e) issuing share certificates for membership shares or redeemable preference shares, or numbering those shares;

(f) the publication of the names and addresses of members in the annual return;

(g) the report to members required by section 314;

(h) disposing of securities in a company if the whereabouts of the holder of the securities is unknown as described in section 1343;

(i) the treatment of members who hold shares jointly or who have jointly given a guarantee;

(j) selective buy-backs.

38(2A)    

Without limiting paragraph (2)(c) , regulations made under this clause may provide for ASIC to make, by legislative instrument, a determination relating to manners in which notice mentioned in that paragraph may be published.

38(3)    
Regulations made for the purposes of this clause may not:

(a) create an offence with a penalty greater than 10 penalty units; or

(b) increase the penalty for an existing offence; or

(c) substitute for an existing offence an offence with a penalty greater than the penalty for the existing offence; or

(d) modify an obligation, contravention of which will result in committing an offence, so as to make it more difficult to comply with.