Title Corporations (Repeals, Consequentials and Transitionals) Bill 2001
Database Bills & Legislation
Long Title a Bill for an Act to deal with matters consequential on the enactment of the [itals]Corporations Act 2001[eitals] and the [itals]Australian Securities and Investments Commission Act 2001[eitals], and for related purposes
Date 24-05-2001
Source House of Reps
Parl No. 39
Bill Number 01091
Bill Type Government
Portfolio Treasurer's portfolio
Reps Bill Code O
Status Act
System Id legislation/bills/r1306_act/0005


Corporations (Repeals, Consequentials and Transitionals) Bill 2001

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

  

12  Definitions

             (1)  In this Part:

authority, in relation to the Commonwealth, includes:

                     (a)  a body corporate, or an unincorporated body, established for a public purpose by or in accordance with an Act; and

                     (b)  a court, tribunal or authority established by or in accordance with an Act;

for example:

                     (c)  the Administrative Appeals Tribunal; and

                     (d)  the Australian Federal Police.

non‑federal proceeding means:

                     (a)  a proceeding in relation to which:

                              (i)  paragraphs 1383(1)(a), (b) and (d) of the Corporations Act 2001 are satisfied but paragraph 1383(1)(e) of that Act is not satisfied; or

                             (ii)  paragraphs 267(1)(a), (b) and (d) of the Australian Securities and Investments Commission Act are satisfied but paragraph 267(1)(e) of that Act is not satisfied; or

                     (b)  an enforcement proceeding, or an appeal or review proceeding, in relation to an order of a court made before the commencement in relation to a proceeding that was:

                              (i)  under a provision of the old corporations legislation of a State or Territory in this jurisdiction; or

                             (ii)  brought as, or connected with, a prosecution for an offence against a provision of the old corporations legislation of a State or Territory in this jurisdiction; or

                            (iii)  under a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory; or

                            (iv)  brought as, or connected with, a prosecution for an offence against a provision of the old ASIC legislation of the Commonwealth, a State in this jurisdiction or the Northern Territory; or

                     (c)  an enforcement proceeding, or an appeal or review proceeding, in relation to an order of a court made after the commencement in relation to a proceeding referred to in paragraph (a).

officer, in relation to the Commonwealth, includes:

                     (a)  a Minister; and

                     (b)  a person holding:

                              (i)  an office established by or under an Act; or

                             (ii)  an appointment made under an Act; or

                            (iii)  an appointment made by the Governor‑General or a Minister but not under an Act; and

                     (c)  a person who is a member or officer of an authority of the Commonwealth; and

                     (d)  a person who is in the service or employment of the Commonwealth, or of an authority of the Commonwealth, or is employed or engaged under an Act;

for example:

                     (e)  a member or special member of the Australian Federal Police; and

                      (f)  the Director of Public Prosecutions; and

                     (g)  the Ombudsman; and

                     (h)  the Privacy Commissioner; and

                      (i)  a Special Prosecutor.

old ASIC legislation has the same meaning as in section 254 of the Australian Securities and Investments Commission Act 2001.

old corporations legislation has the same meaning as in section 1371 of the Corporations Act 2001.

transitional national scheme function or power means a function or power in relation to a non‑federal proceeding that is expressed to be conferred by or under a law of a State or Territory in this jurisdiction.

Note:          Commonwealth authorities and officers may have such functions or powers under the State and Territory legislation dealing with the transition from the applied Corporations Law regime to the Corporations Act 2001.

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

             (1)  Commonwealth authorities and officers:

                     (a)  have the transitional national scheme functions and powers; and

                     (b)  have the functions and powers conferred on them by virtue of the operation of Part 3 of this Act (special transitional arrangements for the ACT).

             (2)  A Commonwealth authority or officer:

                     (a)  is not subject to any directions in relation to the performance or exercise of a transitional national scheme function or power; and

                     (b)  is not under a duty to perform or exercise a transitional national scheme function or power.

             (3)  Subsection (2) does not apply to the Australian Securities and Investments Commission.

Note:          Subsection 271(2) of the Australian Securities and Investments Commission Act 2001 deals with the performance and exercise of transitional national scheme functions by ASIC.