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Corporations (Aboriginal and Torres Strait Islander) Amendment Bill 2021

2019-2020-2021

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Corporations (Aboriginal and Torres Strait Islander) Amendment Bill 2021

 

No.      , 2021

 

(Indigenous Australians)

 

 

 

A Bill for an Act to amend the law in relation to Aboriginal and Torres Strait Islander corporations, and for related purposes

   

   



Contents

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

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Amendments                                                                                                 3

Part 1—Review of operation of Act                                                                      3

Corporations (Aboriginal and Torres Strait Islander) Act 2006                        3

Part 2—Powers and functions of Registrar                                                        5

Corporations (Aboriginal and Torres Strait Islander) Act 2006                        5

Part 3—Membership applications, member contact details and electronic communication           20

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      20

Part 4—Subsidiaries and joint ventures                                                              38

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      38

Part 5—Classification of corporations                                                                 41

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      41

Part 6—Meetings and reports                                                                                  43

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      43

Part 7—Constitutions                                                                                                   55

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      55

Part 8—Officers of corporations                                                                            56

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      56

Part 9—Related party transactions                                                                        63

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      63

Part 10—Power to exempt corporation from employee-director requirement       65

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      65

Part 11—Independent directors                                                                             66

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      66

Part 12—Modernising publication requirements                                            68

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      68

Part 13—Storage of information                                                                            75

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      75

Part 14—Improving consistency with Corporations Act                           76

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      76

Part 15—Finalising processes                                                                                   84

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      84

Part 16—Dealing with unclaimed property                                                      85

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      85

Part 17—External administration and deregistration                                   88

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      88

Part 18—Minor technical amendments                                                               93

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      93

Part 19—Review of financial reports                                                                   94

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      94

Part 20—Native Title Register                                                                              104

Native Title Act 1993                                                                                               104

 

 



A Bill for an Act to amend the law in relation to Aboriginal and Torres Strait Islander corporations, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Corporations (Aboriginal and Torres Strait Islander) Amendment Act 2021 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

The first 1 January or 1 July to occur after the day this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.