Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 21 - Title and transfer  

REGULATION 10.2.110   DUTIES OF COMPANY WITH RESPECT TO ISSUE OF CERTIFICATES: ALLOTMENT OF SHARES OR DEBENTURES OR MAKING INTERESTS AVAILABLE  

10.2.110(1)   [ Application]  

This regulation applies if:

(a) a company:

(i) allotted shares in, issued debentures of, or made available interests in the company before the FSR commencement; and

(ii) did not complete all of its obligations under paragraph 1096(1)(a) or (b) of the old Corporations Act (whether or not those obligations were affected by paragraph 1096(1A)(b) of the old Corporations Act) within the 2 month period required by subsection 1096(1) of that Act; and

(b) paragraph 1096(1A)(a) of the old Corporations Act did not apply in relation to the company during the 2 month period.

Note: Subsection 1096(1A) of the old Corporations Act referred to the possibility that the SCH business rules may include a provision to the effect that:

(a) no document is required to be completed and delivered in relation to the allotment, issue or making available of a share, debenture or interest in specified circumstances; or

(b) the only document to be completed and delivered is such document as the rules require.

10.2.110(2)   [ Continued application of previous provisions]  

Section 1096 of the old Corporations Act, and any associated provisions, continue to apply to the extent necessary to allow for:

(a) the completion of the company's obligations within the 2 month period; and

(b) a relevant person mentioned in paragraph 1096(1)(b) of the old Corporations Act to give instructions mentioned in that paragraph after the FSR commencement; and

(c) the operation of the arrangements mentioned in subsections 1096(3) and (4) of the old Corporations Act after the FSR commencement; and

(d) the consequences of not completing the obligations within the 2 month period.