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Corporations (Aboriginal and Torres Strait Islander) Bill 2006

Part 11-3 Receivers, and other controllers, of property of corporations

Division 516 Receivers, and other controllers, of property of corporations

516-1   Applying Corporations Act receiver provisions to Aboriginal and Torres Strait Islander corporations

             (1)  The Corporations Act receiver provisions apply to an Aboriginal and Torres Strait Islander corporation as if the following substitutions were made:

 

Substitutions to be made

Item

For a reference to...

substitute a reference to...

1

a corporation

an Aboriginal and Torres Strait Islander corporation

2

a company

an Aboriginal and Torres Strait Islander corporation

3

ASIC

the Registrar

4

a deed of company arrangement

a deed of corporation arrangement

             (2)  The Corporations Act receiver provisions apply to an Aboriginal and Torres Strait Islander corporation:

                     (a)  only to the extent to which they are capable of applying to an Aboriginal and Torres Strait Islander corporation; and

                     (b)  with the modifications specified in the regulations.

          (2A)  Regulations made for the purposes of paragraph (2)(b) must not:

                     (a)  increase, or have the effect of increasing, the maximum penalty for any offence; or

                     (b)  widen, or have the effect of widening, the scope of any offence.

             (3)  In this Act:

Corporations Act receiver provisions means:

                     (a)  Part 5.2 of the Corporations Act; and

                     (b)  the other provisions of that Act (including Parts 1.2, 5.8, 5.9 and 9.4 and Schedule 3 but not including Parts 1.1, 1.1A and 9.4A) to the extent to which they relate to the operation of Part 5.2 of that Act; and

                     (c)  the regulations made under that Act for the purposes of Part 5.2 of that Act and the provisions referred to in paragraph (b).