2019‑2020‑2021

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

Treasury Laws Amendment (2021 Measures No. 1) Bill 2021

 

 

(Government)

(1)     Schedule 1, page 3 (before line 4), before the heading specifying Corporations Act 2001, insert:

Part 1—Main amendments

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(2)     Schedule 1, item 31, page 13 (line 5), omit “At the end of Chapter 2G”, substitute “After Part 2G.4”.

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(3)     Schedule 1, item 31, page 17 (lines 13 to 26), omit subsections 253RB(4) to (7).

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(4)     Schedule 1, item 31, page 18 (lines 21 to 35), omit subsections 253RC(4) to (7).

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(5)     Schedule 1, page 21 (after line 15), after item 33, insert:

Part 2—Other amendments

Corporations Act 2001

33A  In the appropriate position in Chapter 2G

Insert:

Part 2G.6—Exceptional circumstances

  

253T  Exceptional circumstances—AGM

             (1)  A public company is taken to comply with subsections 250N(1) and (2) in relation to an AGM if:

                     (a)  the company is in a class of companies specified in a determination under subsection (2); and

                     (b)  the company holds the AGM within the period of extension specified in the determination.

             (2)  ASIC may, by legislative instrument, make a determination specifying a class of public companies, if ASIC considers that it may be unreasonable to expect the companies in the specified class to hold AGMs within the time required under section 250N because of a situation that is beyond the control of those companies.

             (3)  The determination must specify a period of extension of that time.

             (4)  The determination may be subject to specified conditions applying to public companies in the specified class. A company to which a condition specified in the determination applies must comply with the condition. The Court may order the company to comply with the condition in a specified way.

             (5)  Unless revoked earlier, the determination is repealed at the end of 12 months after the day on which it commences.

253TA  Exceptional circumstances—virtual meetings

             (1)  An entity may hold a meeting of its members, using virtual meeting technology only (even if this is not required or permitted by the entity’s constitution expressly), if:

                     (a)  the entity is specified in a determination under subsection (2); or

                     (b)  the entity is in a class of entities specified in a determination under subsection (2).

             (2)  ASIC may make a determination specifying an entity, or a class of entities, if ASIC considers that it may be unreasonable to expect the specified entity, or entities in the specified class, to hold meetings wholly or partially at one or more physical venues because of a situation that is beyond the control of the entity, or the entities in the class.

             (3)  The determination is:

                     (a)  a notifiable instrument, if it specifies an entity; or

                     (b)  a legislative instrument, if it specifies a class of entities.

             (4)  The determination may be subject to specified conditions applying to the specified entity, or to entities in the specified class. An entity to which a condition specified in the determination applies must comply with the condition. The Court may order the entity to comply with the condition in a specified way.

             (5)  Unless revoked earlier, the determination is repealed at the end of 12 months after the day on which it commences.

             (6)  A reference in this section to an entity is a reference to any of the following:

                     (a)  a company;

                     (b)  a registered scheme.

33B  After section 1344

Insert:

1345  Exceptional circumstances—giving documents

             (1)  Subsections (2) to (4) apply in relation to a document that is required or permitted under this Act to be given by an entity to another entity (the recipient) if:

                     (a)  the entity giving the document is specified, or is in a class of entities specified, in a determination under subsection (5); and

                     (b)  the document is specified, or is in a class of documents specified, in the determination.

Giving document by electronic communication etc.

             (2)  If the determination specifies that the document, or documents in that class, may be given in accordance with this subsection, then the document may be given:

                     (a)  by means of an electronic communication; or

                     (b)  by giving the recipient (by means of an electronic communication or otherwise) sufficient information to allow the recipient to access the document electronically.

             (3)  However, electronic communication or electronic access may only be used if, at the time the electronic communication is used or information about the electronic access is given, it is reasonable to expect that the document would be readily accessible so as to be useable for subsequent reference.

Extension of time

             (4)  If the requirement or permission mentioned in subsection (1) is for the document to be given within a particular time, the document is taken to have been given within that time if:

                     (a)  the determination specifies a period of extension of that time that applies to the giving of the document by the entity to the recipient; and

                     (b)  the specified period of extension starts after the determination is made; and

                     (c)  the document is given by the entity to the recipient within the specified period of extension.

ASIC may make determination

             (5)  ASIC may make a determination specifying:

                     (a)  an entity, or a class of entities; and

                     (b)  a document, or a class of documents, required or permitted to be given under this Act (including a class that is any such document); and

                     (c)  one or more matters mentioned in subsections (6) and (7).

             (6)  ASIC may specify that the document, or documents in that class, may be given in accordance with subsection (2) (giving document by electronic communication etc.), if ASIC considers that it may be unreasonable to expect the specified entity, or entities in the specified class, to give the document, or documents in the specified class, in a physical form because of a situation that is beyond the control of the entity, or the entities in the class.

             (7)  To the extent that the document, or documents in that class, are required or permitted under the Act to be given by the entity, or the entities in the class, within a particular time (the original time), ASIC may specify a period of extension of that time applying in relation to the giving of the document or documents in that class, if ASIC considers that it may be unreasonable to expect the entity, or entities in the class, to give the document, or documents in the class, within the original time, because of a situation that is beyond the control of the entity, or the entities in the class.

Other matters relating to determination

             (8)  A determination under subsection (5) is:

                     (a)  a notifiable instrument, if it specifies an entity; or

                     (b)  a legislative instrument, if it specifies a class of entities.

             (9)  The determination may be subject to specified conditions applying to the specified entity, or to entities in the specified class. An entity to which a condition specified in the determination applies must comply with the condition. The Court may order the entity to comply with the condition in a specified way.

           (10)  Unless revoked earlier, the determination is repealed at the end of 12 months after the day on which it commences.

           (11)  This section has effect despite any election (however described) by an entity to be given a document in a physical form.

Part 3—Application and transitional provisions

Corporations Act 2001

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(6)     Schedule 1, item 34, page 22 (line 17) to page 23 (line 3), section 1679B to be opposed.

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(7)     Schedule 1, item 34, page 23 (line 25), omit the heading to section 1679F, substitute:

1679F  Amendments made by Part 1 do not apply on and after 1 April 2022

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(8)     Schedule 1, item 34, page 23 (line 26), omit “16 September 2021”, substitute “1 April 2022”.

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(9)     Schedule 1, item 34, page 23 (line 27), before “Schedule 1”, insert “Part 1 of”.

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(10)   Schedule 1, item 34, page 23 (line 31), omit “16 September 2021”, substitute “1 April 2022”.

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(11)   Schedule 1, items 35 and 36, page 24 (lines 1 to 4), to be opposed.

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