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Corporations Legislation Amendment (Deregulatory and Other Measures) Bill 2014

Schedule 1 Amendment of the Corporations Act 2001

   

1  Subsection 249D(1)

Omit all the words after “the request”, substitute “of members with at least 5% of the votes that may be cast at the general meeting”.

2  Subsection 249D(1A)

Repeal the subsection.

3  Subparagraph 300A(1)(e)(iv)

Repeal the subparagraph, substitute:

                            (iv)  if options granted to the person as part of their remuneration lapse during the financial year—the number of those options, and the financial year in which those options were granted; and

4  Subparagraph 300A(1)(e)(vi)

Repeal the subparagraph.

5  Subsection 300A(2)

Omit “disclosing entity”, substitute “listed disclosing entity”.

6  At the end of subsection 323D(2A)

Add:

Note:          For the purposes of paragraph (b), financial years that, in reliance on subsection (2) or (4), were less than 12 months are disregarded.

7  After subsection 327A(1)

Insert:

          (1A)  Subsection (1) does not apply in relation to a company if:

                     (a)  the directors reasonably believe that subsection 301(3) will apply to the company’s financial reports; or

                     (b)  the company is a small company limited by guarantee.

8  After subsection 327B(1)

Insert:

          (1A)  Subsection (1) does not apply in relation to a company if:

                     (a)  subsection 301(3) applies to the company’s financial reports; or

                     (b)  the company is a small company limited by guarantee.

9  At the end of subsection 327C(1)

Add:

Note:          Certain public companies are not required to appoint an auditor: see subsections 327A(1A) and 327B(1A).

10  At the end of Chapter 10

Add:

Part 10.24 Transitional provisions relating to the Corporations Legislation Amendment (Deregulatory and Other Measures) Act 2014

   

1547   Definitions

                   In this Part:

amending Act means the Corporations Legislation Amendment (Deregulatory and Other Measures) Act 2014 .

1548   Application of amendments relating to calling of general meetings

                   The amendments of section 249D made by Schedule 1 to the amending Act do not apply in relation to a request made under that section before the commencement of that Schedule.

1549   Application of amendments relating to directors’ reports for listed companies

                   The amendments of section 300A made by Schedule 1 to the amending Act apply in relation to directors’ reports for financial years ending on or after the commencement of that Schedule.