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Crimes Legislation Amendment (Proceeds of Crime and Other Measures) Bill 2015

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7845

 

2013-2014-2015-2016

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Crimes Legislation Amendment (Proceeds of Crime and Other Measures) Bill 2015

 

 

(1)     Page 2, clause 2 (table item 2), omit the table item, substitute:

2.  Schedules 1 to 2

The day after this Act receives the Royal Assent .

2A.  Schedule 2A

The day after the end of the period of 12 months beginning on the day this Act receives the Royal Assent.

2B.  Schedules 3 to 4

The day after this Act receives the Royal Assent.

[ amendments to Corporations Act 2011]

(2)     Page 12 (after line 22), after Schedule 2, insert:

Schedule 2A Amendments relating to the Corporations Act 2001

 

Corporations Act 2001

1  Section 9 (after paragraph (a) of the definition of financial records )

Insert:

                   (ab)  books, records or accounts needed to explain details of transactions that deal with assets; and

[financial records]

2  After section 190B

Insert:

190C   Internal accounting controls

             (1)  A director of a corporation must ensure that the corporation has a system of internal accounting controls.

             (2)  To comply with subsection (1), the system must ensure that:

                     (a)  transactions are executed in accordance with appropriate authorisation; and

                     (b)  transactions are recorded; and

                     (c)  assets of the corporation are regularly accounted for and reconciled; and

                     (d)  appropriate authorisations are in place in relation to dealing with assets of the corporation.

 [internal accounting controls]

3  Paragraph 286(1)(a)

Repeal the paragraph, substitute:

                     (a)  correctly record and explain its financial position and performance; and

                   (ab)  correctly record and explain its transactions in sufficient detail so that the record accurately reflects the transactions; and

[financial records]

4  Application provisions

The amendments made by items 1 and 3 of this Schedule apply to transactions that occur on or after the commencement of this Schedule.

[financial records]