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Corporations (Aboriginal and Torres Strait Islander) Amendment (Strengthening Governance and Transparency) Bill 2018

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Presented and read a first time

 

 

 

 

Corporations (Aboriginal and Torres Strait Islander) Amendment (Strengthening Governance and Transparency) Bill 2018

 

No.      , 2018

 

(Indigenous Affairs)

 

 

 

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—Classification of Aboriginal and Torres Strait Islander corporations       3

Corporations (Aboriginal and Torres Strait Islander) Act 2006                        3

Part 2—Constitutions                                                                                                     5

Corporations (Aboriginal and Torres Strait Islander) Act 2006                        5

Part 3—Review of financial reports                                                                     16

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      16

Part 4—Subsidiaries and other entities                                                               26

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      26

Part 5—Meeting and reporting obligations                                                       30

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      30

Part 6—Members and membership                                                                       41

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      41

Part 7—Key management personnel                                                                    46

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      46

Part 8—Related party transactions                                                                        49

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      49

Part 9—Special administration                                                                                51

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      51

Part 10—Voluntary deregistration                                                                        52

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      52

Part 11—Investigation and enforcement                                                           54

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      54

Part 12—Publication of notices                                                                              60

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      60

Part 13—Independent directors                                                                             62

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      62

Part 14—Qualified privilege for auditors                                                          64

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      64

Part 15—Resolutions to be the same in all material respects                   67

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      67

Part 16—Unanimous requests for special administration                          68

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      68

Part 17—Insolvency                                                                                                     69

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      69

Part 18—Conflicting duties under State or Territory legislation           71

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      71

Part 19—Minor technical amendments                                                               73

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      73

 

 



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 (Strengthening Governance and Transparency) Act 2018 .

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

1 July 2019.

1 July 2019

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.