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Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Personal Liability for Corporate Fault Reform Bill 2012


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Implements the Council of Australian Governments’ directors’ liability reform by amending: the Corporations Act 2001 to: remove the personal criminal liability of company secretaries for certain offences and replace it with a civil liability; and impose a penalty for a breach of the civil liability; the Foreign Acquisitions and Takeovers Act 1975 to provide that only an officer of a corporation who authorised or permitted the commission of an offence by that corporation is personally liable for the breach; the Health Insurance Act 1973 to remove the personal criminal liability on company officers of the proprietor of a private hospital who wilfully authorises or permits the bribery of a medical practitioner, midwife or nurse by their corporation, where the officer has not personally been responsible for the offence; the National Vocational Education and Training Regulator Act 2011 to limit the circumstances when executive officers including directors can be personally liable for certain offences of the company; the Therapeutic Goods Act 1989 to: remove the personal liability of executive officers for certain offences of a body corporate; and remove the automatic application of derivative liability; and 10 other Acts to align them with the principles and guidelines for the imposition of personal criminal liability for corporate fault.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 19/09/12  
Second reading moved 19/09/12  
Second reading debate 01/11/12  
Second reading agreed to 01/11/12  
Third reading agreed to 01/11/12  
     
Senate
Introduced and read a first time 01/11/12  
Second reading moved 01/11/12  
Second reading debate 22/11/12  
Second reading agreed to 22/11/12  
Third reading agreed to 22/11/12  
     
Text of bill as passed both Houses 22/11/12  
Assent 10/12/12 Act no.: 180 - Year: 2012
     

Text of bill

  • First reading

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  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (20/09/2012): Joint Committee on Corporations and Financial Services; Committee report (29/10/2012)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )