Personal Liability for Corporate Fault Reform Act 2012 (180 of 2012)

Schedule 1   Corporations Act 2001

1   Section 188

Repeal the section, substitute:

188 Responsibility of secretaries etc. for certain corporate contraventions

Responsibility of company secretaries

(1) A secretary of a company contravenes this subsection if the company contravenes any of the following provisions (each of which is a corporate responsibility provision ):

(a) section 142 (registered office);

(b) section 145 (public company's registered office to be open to public);

(c) section 146 (change of principal place of business);

(d) section 178A (change to proprietary company's member register);

(e) section 178C (change to proprietary company's share structure);

(f) section 205B (lodgement of notices with ASIC);

(g) section 254X (issue of shares);

(h) section 319 (lodgement of annual reports with ASIC);

(i) section 320 (lodgement of half-year reports with ASIC);

(j) section 346C (response to extract of particulars);

(k) section 348D (response to return of particulars);

(l) section 349A (change to proprietary company's ultimate holding company).

Note 1: See section 204A for the circumstances in which a company must have a secretary.

Note 2: This subsection is a civil penalty provision (see section 1317E).

Responsibility of directors of proprietary companies

(2) Each director of a proprietary company contravenes this subsection if:

(a) the proprietary company contravenes a corporate responsibility provision; and

(b) the proprietary company does not have a secretary when it contravenes that provision.

Note 1: See section 204A for the circumstances in which a company must have a secretary.

Note 2: This subsection is a civil penalty provision (see section 1317E).

Defence of reasonable steps

(3) A person does not contravene subsection (1) or (2) in relation to a company's contravention of a corporate responsibility provision if the person shows that he or she took reasonable steps to ensure that the company complied with the provision.