Corporations Amendment (Auditor Registration) Act 2016 (58 of 2016)

Schedule 1   Amendments

Corporations Act 2001

2   At the end of Part 9.2

Add:

Division 4 - Validation of approval of auditing competency standard

1298P Validation of approval of auditing competency standard

(1) This section applies, for the purposes of the laws of the Commonwealth (including this Act), in relation to the approval dated 24 November 2004 under section 1280A of an auditing competency standard (whether or not the approval is in force when this section commences).

(2) The Legislation Act 2003 has effect, and is taken always to have had effect, as if:

(a) the approval had been lodged for registration immediately after the approval was given; and

(b) the approval had been registered immediately after it was lodged for registration; and

(c) any other requirement imposed by that Act in relation to the approval had been met.

(3) However, this section does not affect rights or liabilities arising between parties to proceedings heard and finally determined by a court on or before the commencement of this section, to the extent that those rights or liabilities arose from, or were affected by, the approval.

Definitions

(4) In this section:

lodge has the same meaning as in the Legislation Act 2003.

register has the same meaning as in the Legislation Act 2003.

1298Q Compensation for acquisition of property

(1) If the operation of section 1298P would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.

(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

(3) To avoid doubt, this section applies in relation to the operation of section 1298P instead of section 1350.

(4) In this section:

acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.

just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.