Explanatory Memorandum
(Circulated by authority of the Minister for Financial Services and Regulation, the Honourable J.B. Hockey MP and the Attorney-General, the Honourable Daryl Williams AM QC MP)Chapter 6 - Schedule 3 - Consequential amendment of existing provisions
6.1. Schedule 3 makes consequential amendments to Commonwealth Acts that currently refer to the Corporations Law and other superseded legislation. It also provides general transitional arrangements relating to references to old corporations legislation or old ASIC legislation in Commonwealth Acts.
6.2. The bulk of the amendments under Part 2 of Schedule 3 make simple amendments to references to the old corporations legislation and old ASIC legislation in Commonwealth Acts. For the most part, this is done by updating them so that they refer to the titles of the new corporations legislation. As there will only be one Corporations Act 2001 applying throughout the referring States, the Bill also removes references to individual jurisdictions when referring to the new legislation.
6.3. Occasionally, section references or definitions have also been amended where those references or definitions no longer exist in or under the Corporations Act 2001 . For example:
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- where a Commonwealth Act previously referred to a provision of the Corporations Act 1989 that has been included in the Corporations Act 2001 with different section numbering, such as in subsection 141(7) of the Airports Act 1996 ; or
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- where a Commonwealth Act previously referred to a definition under the Corporations Law that has been undated or removed, such as the definition of prescribed interest in the Insurance Act 1973 .
Amendments to the Acts Interpretation Act 1901
6.4. The Bill amends the Acts Interpretation Act 1901 (the AIA) to take account of the new corporations legislation. Section 40A of the AIA provides that ASIC Law and ASIC Regulations have the meaning provided for by the Australian Securities and Investments Commission Act 1989 , and Corporations Law and Corporations Regulations have the meaning provided for by the Corporations Act 1989 . The section is to be amended to take account of the repeal of this legislation, and to provide a regime in relation to references to the new corporations legislation.
6.5. The amendments to the AIA essentially duplicate the effect of section 1405 of the Corporations Act 2001 (which covered references in the new corporations legislation) in relation to all Commonwealth Acts that continue to refer to old corporations legislation and old ASIC legislation. For the purposes of this item, new corporations legislation, old corporations legislation, new ASIC legislation and old ASIC legislation have the same meanings as they have in Part 10.1 of the Corporations Act 2001 or Part 16 of the Australian Securities and Investments Commission Act 2001 , as applicable.
6.6. The effect of this item is that, where appropriate, references in Commonwealth Acts, regulations and other instruments to a provision in the new corporations legislation or new ASIC legislation will be taken to include a reference to the provision of the old corporations legislation or old ASIC legislation that corresponds to that other provision. For example, if a Commonwealth Act provides that a person is disqualified from holding a particular office or licence if they have been convicted of an offence against a specified provisions of the Corporations Act 2001 , they will also be disqualified if they were previously convicted of offences against the corresponding provisions of the Corporations Law.
Commonwealth legislation amended
6.7. The Commonwealth Acts that are amended by Schedule 3 are listed below:
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- Aboriginal and Torres Strait Islander Commission Act 1989
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- Aboriginal Councils and Associations Act 1976
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- ACIS Administration Act 1999
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- Acts Interpretation Act 1901
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- Administrative Appeals Tribunal Act 1975
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- Administrative Decisions (Judicial Review) Act 1977
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- Aerospace Technologies of Australia Limited Sale Act 1994
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- Agricultural and Veterinary Chemicals Code Act 1994
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- Air Navigation Act 1920
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- Airports Act 1996
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- Airports (Transitional) Act 1996
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- Air Services Act 1995
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- A New Tax System (Australian Business Number) Act 1999
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- A New Tax System (Goods and Services Tax) Act 1999
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- A New Tax System (Luxury Car Tax) Act 1999
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- Auditor-General Act 1997
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- Australian Hearing Services Act 1991
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- Australian Industry Development Corporation Act 1970
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- Australian Land Transport Development Act 1988
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- Australian Meat and Live-stock Industry 1997
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- Australian Postal Corporation Act 1989
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- Australian Prudential Regulation Authority Act 1998
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- Australian Sports Drug Agency Act 1990
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- Banking Act 1959
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- Bank Integration Act 1991
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- Bankruptcy Act 1966
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- Broadcasting Services Act 1992
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- CFM Sale Act 1996
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- Charter of the United Nations Act 1945
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- Cheques Act 1986
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- Child Support (Registration and Collection) Act 1988
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- Coal Mining Industry (Long Service Leave Funding) Act 1992
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- Coal Mining Industry (Long Service Leave) Payroll Levy Collection Act 1992
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- Commonwealth Authorities and Companies Act 1997
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- Commonwealth Banks Act 1959
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- Commonwealth Borrowing Levy Act 1987
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- Commonwealth Electoral Act 1918
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- Commonwealth Funds Management Limited Act 1990
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- Commonwealth Serum Laboratories Act 1961
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- Commonwealth Superannuation Board Act 2001
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- Crimes Act 1914
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- Criminal Code Act 1995
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- Crown Debts (Priority) Act 1981
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- Customs Act 1901
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- Dairy Produce Act 1986
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- Defence Housing Authority Act 1987
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- Education Services for Overseas Students Act 2000
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- Environment Protection and Biodiversity Conservation Act 1999
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- Equal Opportunity for Women in the Workplace Act 1999
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- Evidence Act 1995
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- Excise Act 1901
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- Export Market Development Grants Act 1997
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- Federal Airports Corporation Act 1986
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- Federal Proceedings (Costs) Act 1981
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- Film Licensed Investment Company Act 1998
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- Financial Corporations (Transfer of Assets and Liabilities) Act 1993
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- Financial Corporations Act 1974
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- Financial Sector (Collection of Data) Act 2001
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- Financial Sector (Transfers of Business) Act 1999
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- Financial Transaction Reports Act 1988
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- Fisheries Management Act 1991
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- Foreign Evidence Act 1994
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- Foreign Proceedings (Excess of Jurisdiction) Act 1984
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- Fringe Benefits Tax Assessment Act 1986
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- Health Insurance Commission (Reform and Separation of Functions) Act 1997
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- Hearing Services and AGHS Reform Act 1997
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- Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996
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- Income Tax Assessment Act 1936
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- Income Tax Assessment Act 1997
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- Industry Research and Development Act 1986
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- Insurance Act 1973
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- Insurance (Agents and Brokers) Act 1984
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- Interactive Gambling Act 2001
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- International Air Services Commission Act 1992
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- Judiciary Act 1903
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- Life Insurance Act 1995
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- Management and Investment Companies Act 1983
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- National Environment Protection Measures (Implementation) Act 1998
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- National Health Act 1953
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- National Rail Corporation Agreement Act 1992
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- National Residue Survey (Excise) Levy Act 1998
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- Norfolk Island Act 1979
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- Off-shore Minerals (Registration Fees) Act 1981
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- Patents Act 1990
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- Payment Systems and Netting Act 1998
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- Pay-roll Tax (Territories) Assessment Act 1971
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- Petroleum Resource Rent Tax Assessment Act 1987
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- Petroleum (Submerged Lands) Act 1967
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- Petroleum (Submerged Lands) (Registration Fees) Act 1967
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- Pig Industry Act 1986
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- Pig Industry Act 2001
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- Pipeline Authority Act 1973
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- Pooled Development Funds Act 1992
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- Primary Industries (Customs) Charges Act 1999
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- Primary Industries (Excise) Levies Act 1999
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- Privacy Act 1988
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- Protection of the Sea (Oil Pollution Compensation Fund) Act 1993
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- Qantas Sale Act 1992
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- Reserve Bank Act 1959
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- Retirement Savings Accounts Act 1997
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- Safety, Rehabilitation and Compensation Act 1988
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- Service and Execution of Process Act 1992
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- Snowy Hydro Corporatisation Act 1997
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- Snowy Mountains Engineering Corporation Limited Sale Act 1993
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- Social Security Act 1991
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- States Grants (Petroleum Products) Act 1965
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- States Grants (Primary and Secondary Education Assistance) Act 1996
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- Stevedoring Levy (Collection) Act 1998
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- Superannuation Act 1990
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- Superannuation Benefits (Supervisory Mechanisms) Act 1990
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- Superannuation Guarantee (Administration) Act 1992
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- Superannuation Industry (Supervision) Act 1993
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- Sydney Airport Demand Management Act 1997
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- Taxation Administration Act 1953
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- Telecommunications Act 1997
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- Telecommunications (Interception) Act 1979
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- Telstra Corporation Act 1991
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- Tobacco Advertising Prohibition Act 1992
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- Trade Practices Act 1974
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- Tradex Scheme Act 1999
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- Veterans Entitlements Act 1986
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- Wool International Act 1993
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- Wool International Privatisation Act 1999
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- Wool Services Privatisation Act 2000
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- Workplace Relations Act 1996
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- Workplace Relations (Registered Organisations) Act 2001
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- Year 2001 Information Disclosure Act 1999
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