Corporations Act 2001

CHAPTER 2N - UPDATING ASIC INFORMATION ABOUT COMPANIES, REGISTERED SCHEMES AND NOTIFIED FOREIGN PASSPORT FUNDS  

PART 2N.4 - RETURN OF PARTICULARS  

SECTION 348A   ASIC MAY GIVE A RETURN OF PARTICULARS  

348A(1)    

ASIC may give to a company or responsible entity of a registered scheme a return of particulars for the company or scheme if ASIC suspects or believes that particulars recorded in relation to the company or scheme in a register maintained by ASIC under subsection 1274(1) are not correct.

348A(1A)    

ASIC may give to the operator of a notified foreign passport fund a return of particulars for the fund if ASIC suspects or believes that particulars recorded in relation to the fund in a register:

(a)    that ASIC maintains, or ensures is maintained, under subsection 1214(1) ; or

(b)    that ASIC maintains under subsection 1274(1) ;

are not correct.

348A(2)    
Subsection (2A) applies if an agreement or approval under subsection 352(1) covers the lodgment of a response to a return of particulars for a company, registered scheme or notified foreign passport fund.

348A(2A)    
ASIC may satisfy subsection (1) or (1A) by making the return of particulars available by electronic means to:

(a)    the company, the responsible entity of the scheme or the operator of the fund; or

(b)    an agent of the company, the responsible entity or the operator.

348A(3)    
A return of particulars must specify the date ofissue.

SECTION 348B  

348B   ASIC MAY ASK QUESTIONS  

ASIC may include, in a return of particulars for a company, a registered scheme or a notified foreign passport fund a requirement that the company, responsible entity of the scheme or operator of the fund provide a particular prescribed by the regulations for the purposes of this section.

SECTION 348C   ASIC MAY REQUIRE A SOLVENCY RESOLUTION AND STATEMENT  

348C(1)    
ASIC may include, in a return of particulars for a company, a requirement that the company comply with subsection (2) or subsection (3) . The company may choose which subsection to comply with.

Note: This section does not apply to CCIVs: see subsection 1232U(2) .

348C(2)    
The company complies with this subsection if:

(a)    before the company lodges a response to the return of particulars, the directors of the company pass a solvency resolution; and

(b)    the response to the return of particulars states whether the resolution passed was a positive solvency resolution or a negative solvency resolution.

348C(3)    
The company complies with this subsection if the response to the return of particulars states the date on which the directors passed a positive solvency resolution under section 347A in respect of the company ' s most recent review date.

SECTION 348D   GENERAL REQUIREMENTS IN RELATION TO A RETURN OF PARTICULARS  

Response is required

348D(1)    
A company, responsible entity of a registered scheme or operator of a notified foreign passport fund, must respond to a return of particulars that it receives. The response must comply with subsection (2) .

Contents of response

348D(2)    
The response to a return of particulars by a company, the responsible entity of a registered scheme or the operator of a notified foreign passport fund:

(a)    

must be lodged with ASIC within 2 months after the date of issue of the return; and

(b)    must be in the prescribed form; and

(c)    must be signed or authenticated; and

(d)    if, as at the date that the response is signed or authenticated, any particular set out in the return is not correct - must be such that the particulars set out in the return, taken together with the response, are correct as at the date the response is signed or authenticated; and

(e)    if the return includes a requirement that the company, responsible entity of the scheme or operator of the fund provide a particular under section 348B - must provide the required particular, correct as at the date the response is signed or authenticated; and

(f)    if the return includes a requirement to comply with a subsection of section 348C - must include the statement required by the subsection that the company chooses to comply with.

Response satisfies other requirements to notify

348D(3)    
If a company responds to a return of particulars:

(a)    correcting a particular; or

(b)    providing a particular;

in accordance with subsection (2) , any requirement elsewhere in this Act to lodge a prescribed form in relation to the particular is satisfied by the response.

348D(4)    

Subsection (3) does not affect the company ' s liability for late lodgment fees incurred before the response to the return of particulars is lodged or continuing offences committed before that time.

Strict liability offences

348D(5)    
An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .