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Corporations (Repeals, Consequentials and Transitionals) Bill 2001

 

 

 

 

Corporations (Repeals, Consequentials and Transitionals) Act 2001

 

No. 55, 2001



 

 

 

 

Corporations (Repeals, Consequentials and Transitionals) Act 2001

 

No. 55, 2001

 

 

 

 

An Act to deal with matters consequential on the enactment of the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 , and for related purposes

   

   



Contents

Part 1—Preliminary                                                                                                                1

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

Part 2—Repeals and amendments                                                                                 4

3............ Schedule(s).......................................................................................... 4

Part 3—Special transitional arrangements for ACT                                            5

Division 1—Transitional arrangements for the former Corporations Law and ASIC Law           5

4............ Definitions.......................................................................................... 5

5............ Corresponding provision.................................................................... 8

6............ Extinguishing rights and liabilities, and terminating proceedings, dealt with by new Corporations legislation       10

7............ Court proceedings and orders........................................................... 11

Division 2—Transitional arrangements for the former co-operative scheme legislation             13

8............ Definitions........................................................................................ 13

9............ Winding up started before commencement....................................... 13

10.......... Companies Liquidation Account...................................................... 13

11.......... General.............................................................................................. 14

Part 4—Functions of Commonwealth agencies in relation to transitional national scheme law matters    15

12.......... Definitions........................................................................................ 15

13.......... Continuing functions of Commonwealth agencies under State and Territory national scheme laws       17

Part 5—Regulations                                                                                                             18

14.......... The regulations................................................................................. 18

Schedule 1—Repeals                                                                                                           19

Part 1—The applied laws                                                                                              19

Australian Securities and Investments Commission Act 1989                           19

Corporations Act 1989                                                                                              19

Part 2—The former co-operative scheme Acts                                                   20

Companies Act 1981                                                                                                  20

Companies (Acquisition of Shares) Act 1980                                                       20

Companies (Acquisition of Shares—Fees: Taxation Component) Act 1989 20

Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980        20

Companies ( Fees: Taxation Component) Act 1989                                             20

Companies (Transitional Provisions) Act 1981                                                   20

Futures Industry Act 1986                                                                                        20

Futures Industry (Fees: Taxation Component) Act 1989                                   21

Securities Industry Act 1980                                                                                    21

Securities Industry (Fees: Taxation Component) Act 1989                               21

Schedule 2—Amendment of the new ASIC and corporations legislation on commencement of that legislation                                                                                                      22

Australian Securities and Investments Commission Act 2001                           22

Corporations Act 2001                                                                                              25

Schedule 3—Consequential amendments of other Acts                                  29

Aboriginal and Torres Strait Islander Commission Act 1989                           29

Aboriginal Councils and Associations Act 1976                                                 29

ACIS Administration Act 1999                                                                                 29

Acts Interpretation Act 1901                                                                                    30

Administrative Appeals Tribunal Act 1975                                                           32

Administrative Decisions (Judicial Review) Act 1977                                        32

Aerospace Technologies of Australia Limited Sale Act 1994                            32

Agricultural and Veterinary Chemicals Code Act 1994                                     33

Air Navigation Act 1920                                                                                           33

Airports Act 1996                                                                                                       33

Airports (Transitional) Act 1996                                                                            34

Air Services Act 1995                                                                                                 34

A New Tax System (Australian Business Number) Act 1999                              34

A New Tax System (Goods and Services Tax) Act 1999                                      34

A New Tax System (Luxury Car Tax) Act 1999                                                     35

Auditor-General Act 1997                                                                                        35

Australian Hearing Services Act 1991                                                                   35

Australian Industry Development Corporation Act 1970                                  36

Australian Land Transport Development Act 1988                                             37

Australian Meat and Live-stock Industry 1997                                                    37

Australian Postal Corporation Act 1989                                                              37

Australian Prudential Regulation Authority Act 1998                                       38

Australian Sports Drug Agency Act 1990                                                              38

Banking Act 1959                                                                                                       38

Bank Integration Act 1991                                                                                       39

Bankruptcy Act 1966                                                                                                 39

Broadcasting Services Act 1992                                                                              40

CFM Sale Act 1996                                                                                                    41

Charter of the United Nations Act 1945                                                                41

Cheques Act 1986                                                                                                       41

Child Support (Registration and Collection) Act 1988                                     42

Coal Mining Industry (Long Service Leave Funding) Act 1992                       42

Coal Mining Industry (Long Service Leave) Payroll Levy Collection Act 1992                 42

Commonwealth Authorities and Companies Act 1997                                       42

Commonwealth Banks Act 1959                                                                              44

Commonwealth Borrowing Levy Act 1987                                                            45

Commonwealth Electoral Act 1918                                                                        45

Commonwealth Funds Management Limited Act 1990                                      45

Commonwealth Serum Laboratories Act 1961                                                     45

Commonwealth Superannuation Board Act 2001                                               47

Crimes Act 1914                                                                                                          47

Criminal Code Act 1995                                                                                           47

Crown Debts (Priority) Act 1981                                                                            48

Customs Act 1901                                                                                                       48

Dairy Produce Act 1986                                                                                            49

Defence Housing Authority Act 1987                                                                     49

Education Services for Overseas Students Act 2000                                           49

Environment Protection and Biodiversity Conservation Act 1999                  50

Equal Opportunity for Women in the Workplace Act 1999                                50

Evidence Act 1995                                                                                                      50

Excise Act 1901                                                                                                           50

Export Market Development Grants Act 1997                                                      50

Federal Airports Corporation Act 1986                                                                51

Federal Proceedings (Costs) Act 1981                                                                  51

Film Licensed Investment Company Act 1998                                                      51

Financial Corporations (Transfer of Assets and Liabilities) Act 1993           51

Financial Corporations Act 1974                                                                           52

Financial Sector (Collection of Data) Act 2001                                                  52

Financial Sector (Transfers of Business) Act 1999                                              52

Financial Transaction Reports Act 1988                                                              52

Fisheries Management Act 1991                                                                             53

Foreign Evidence Act 1994                                                                                      53

Foreign Proceedings (Excess of Jurisdiction) Act 1984                                    54

Fringe Benefits Tax Assessment Act 1986                                                              54

Health Insurance Commission (Reform and Separation of Functions) Act 1997                54

Hearing Services and AGHS Reform Act 1997                                                      55

Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996        55

Income Tax Assessment Act 1936                                                                             55

Income Tax Assessment Act 1997                                                                             60

Industry Research and Development Act 1986                                                     61

Insurance Act 1973                                                                                                    61

Insurance (Agents and Brokers) Act 1984                                                            62

Interactive Gambling Act 2001                                                                                63

International Air Services Commission Act 1992                                                64

Judiciary Act 1903                                                                                                     64

Life Insurance Act 1995                                                                                             64

Management and Investment Companies Act 1983                                             67

National Environment Protection Measures (Implementation) Act 1998      68

National Health Act 1953                                                                                         68

National Rail Corporation Agreement Act 1992                                                 73

National Residue Survey (Excise) Levy Act 1998                                                73

Norfolk Island Act 1979                                                                                            73

Offshore Minerals (Registration Fees) Act 1981                                                  74

Patents Act 1990                                                                                                         74

Payment Systems and Netting Act 1998                                                                 74

Pay-roll Tax (Territories) Assessment Act 1971                                                   75

Petroleum Resource Rent Tax Assessment Act 1987                                            75

Petroleum (Submerged Lands) Act 1967                                                               76

Petroleum (Submerged Lands) (Registration Fees) Act 1967                           76

Pig Industry Act 1986                                                                                                76

Pig Industry Act 2001                                                                                                76

Pipeline Authority Act 1973                                                                                     77

Pooled Development Funds Act 1992                                                                    77

Primary Industries (Customs) Charges Act 1999                                                 78

Primary Industries (Excise) Levies Act 1999                                                        78

Privacy Act 1988                                                                                                        78

Protection of the Sea (Oil Pollution Compensation Fund) Act 1993              78

Qantas Sale Act 1992                                                                                                79

Reserve Bank Act 1959                                                                                              80

Retirement Savings Accounts Act 1997                                                                  80

Safety, Rehabilitation and Compensation Act 1988                                           81

Service and Execution of Process Act 1992                                                          81

Snowy Hydro Corporatisation Act 1997                                                               82

Snowy Mountains Engineering Corporation Limited Sale Act 1993              82

Social Security Act 1991                                                                                           83

States Grants (Petroleum Products) Act 1965                                                      84

States Grants (Primary and Secondary Education Assistance) Act 1996       84

Stevedoring Levy (Collection) Act 1998                                                               84

Superannuation Act 1990                                                                                         84

Superannuation Benefits (Supervisory Mechanisms) Act 1990                        84

Superannuation Guarantee (Administration) Act 1992                                     85

Superannuation Industry (Supervision) Act 1993                                               85

Sydney Airport Demand Management Act 1997                                                  86

Taxation Administration Act 1953                                                                          86

Telecommunications Act 1997                                                                                 86

Telecommunications (Interception) Act 1979                                                      86

Telstra Corporation Act 1991                                                                                  86

Tobacco Advertising Prohibition Act 1992                                                          90

Trade Practices Act 1974                                                                                          90

Tradex Scheme Act 1999                                                                                           91

Veterans’ Entitlements Act 1986                                                                             91

Wool International Act 1993                                                                                    91

Wool International Privatisation Act 1999                                                           92

Wool Services Privatisation Act 2000                                                                    92

Workplace Relations Act 1996                                                                                92

Workplace Relations (Registered Organisations) Act 2001                              93

Year 2001 Information Disclosure Act 1999                                                         93

Schedule 4—Amendments dependent on prior commencement of Administrative Review Tribunal legislation                                                                                                      94

Australian Securities and Investments Commission Act 2001                           94

Corporations Act 2001                                                                                              95

Schedule 5—Amendments dependent on later commencement of Administrative Review Tribunal legislation                                                                                                      98

Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001                98

Schedule 6—Criminal Code related amendments                                             101

Corporations Act 2001                                                                                            101



Corporations (Repeals, Consequentials and Transitionals) Act 2001

No. 55, 2001

 

 

 

An Act to deal with matters consequential on the enactment of the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 , and for related purposes

[ Assented to 28 June 2001 ]

The Parliament of Australia enacts: