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Corporations (Repeals, Consequentials and Transitionals) Bill 2001
Schedule 6 Criminal Code related amendments

   

Corporations Act 2001

1  Paragraph 300A(1)(a)

Repeal the paragraph, substitute:

                     (a)  discussion of board policy for determining the nature and amount of emoluments of board members and senior executives of the company; and

2  Subsection 601ED(2)

Repeal the subsection, substitute:

             (2)  A managed investment scheme does not have to be registered if all the issues of interests in the scheme that have been made would not have needed disclosure to investors under Part 6D.2 (see sections 706 and 708) if the scheme had been registered when the issues were made.

3  Subsection 601FC(1) (note)

Repeal the note.

4  Subsection 601FC(3)

Omit “section 232”, substitute “section 180, 181, 182, 183 or 184”.

5  At the end of section 601FC

Add:

             (5)  A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity’s contravention of that subsection, contravenes this subsection.

Note 1:       Section 79 defines involved .

Note 2:       Subsection (5) is a civil penalty provision (see section 1317E).

             (6)  A person must not intentionally or recklessly be involved in a responsible entity’s contravention of subsection (1).

             (7)  For the purposes of subsection (6), a person is taken to be reckless if:

                     (a)  the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (6); and

                     (b)  having regard to the circumstances known to the person, it is unjustifiable to take the risk.

             (8)  The question whether taking a risk is unjustifiable is one of fact.

6  Subsection 601FD(1) (note)

Repeal the note.

7  Subsection 601FD(2)

Omit “section 232”, substitute “section 180, 181, 182, 183 or 184”.

8  At the end of section 601FD

Add:

             (3)  A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1:       Section 79 defines involved.

Note 2:       Subsection (3) is a civil penalty provision (see section 1317E).

             (4)  A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).

             (5)  For the purposes of subsection (4), a person is taken to be reckless if:

                     (a)  the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (4); and

                     (b)  having regard to the circumstances known to the person, it is unjustifiable to take the risk.

             (6)  The question whether taking a risk is unjustifiable is one of fact.

9  Subsection 601FE(1) (note)

Repeal the note.

10  Subsection 601FE(2)

Omit “section 232”, substitute “section 180, 181, 182, 183 or 184”.

11  At the end of section 601FE

Add:

             (3)  A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1:       Section 79 defines involved .

Note 2:       Subsection (3) is a civil penalty provision (see section 1317E).

             (4)  A person must not intentionally contravene, or be involved in a contravention of, subsection (1).

12  Section 601FG (note 1)

Omit “Note 1:”, substitute “Note:”.

13  Section 601FG (note 2)

Repeal the note.

14  At the end of section 601FG

Add:

             (2)  A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity’s contravention of that subsection, contravenes this subsection.

Note 1:       Section 79 defines involved.

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

             (3)  A person must not intentionally be involved in a responsible entity’s contravention of subsection (1).

15  Subsection 601JD(1) (note)

Repeal the note.

16  At the end of section 601JD

Add:

             (3)  A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1:       Section 79 defines involved .

Note 2:       Subsection (3) is a civil penalty provision (see section 1317E).

             (4)  A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).

             (5)  For the purposes of subsection (4), a person is taken to be reckless if:

                     (a)  the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (4); and

                     (b)  having regard to the circumstances known to the person, it is unjustifiable to take the risk.

             (6)  The question whether taking a risk is unjustifiable is one of fact.

17  Paragraphs 1317E(1)(f) to (j) (inclusive)

Repeal the paragraphs, substitute:

                      (f)  subsection 601FC(5) (duties of responsible entity)

                     (g)  subsection 601FD(3) (duties of officers of responsible entity)

                     (h)  subsection 601FE(3) (duties of employees of responsible entity)

                      (i)  subsection 601FG(2) (acquisition of interest in scheme by responsible entity)

                      (j)  subsection 601JD(3) (duties of members)

18  Schedule 3 (table item 30)

Repeal the item, substitute:

30

Section 184

2,000 penalty units or imprisonment for 5 years, or both.

19  Schedule 3 (after table item 163)

Insert:

163A

Subsection 601FC(6)

2,000 penalty units or imprisonment for 5 years, or both.

163B

Subsection 601FD(4)

2,000 penalty units or imprisonment for 5 years, or both

163C

Subsection 601FE(4)

2,000 penalty units or imprisonment for 5 years, or both

20  Schedule 3 (after table item 164)

Insert:

164A

Subsection 601FG(3)

2,000 penalty units or imprisonment for 5 years, or both

164B

Subsection 601JD(4)

2,0 00 penalty units or imprisonment for 5 years, or both

21  Schedule 3 (table item 338)

Repeal the item.

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 24 May 2001

Senate on 18 June 2001 ]

 

(91/01)