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FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) ACT 1998 - SCHEDULE 5

Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998

Part 1 -- General amendments to take account of Schedule 1 to the Company Law Review Act 1998

1   Small business guide in Part 1.5

Omit "Australian Securities Commission Practice Notes", substitute "Australian Securities and Investments Commission Practice Notes".

2   Paragraph 1.1 of the Small business guide in Part 1.5

Omit "Australian Securities Commission", substitute "Australian Securities and Investments Commission".

3   Heading to Division 5 of Part 2M.3

Repeal the heading, substitute:

Division 5 -- Lodging reports with ASIC

4   Heading to Chapter 2N

Repeal the heading, substitute:

Chapter 2N -- Annual return and lodgments with ASIC

5   Heading to Part 2N.2

Repeal the heading, substitute:


Part 2N.2 -- Lodgments with ASIC

6   Section 1362CH

Omit "The ASC's", substitute "ASIC's".


Part 2 -- Changing "ASC" to "ASIC" to take account of Schedule 1 to the Company Law Review Act 1998

7   Amendment of the Corporations Law

The provisions of the Corporations Law specified in this Part are amended by omitting "The ASC" (wherever occurring) and "the ASC" (wherever occurring) and in both cases substituting "ASIC". This does not apply to the reference to the ASC Law in paragraph 1438(2)(a).

Note 1:   The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting " ASC " or " the ASC " and in both cases substituting " ASIC ".

Note 2:   The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting " ASC's " and substituting " ASIC's ".

Note 3:   The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting " ASC " and substituting " ASIC ".

8   Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6)

9   Subsections 113(3) to (4)

10   Subsection 117(1)

11   Subsections 118(1) to (2)

12   Subsection 129(2)

13   Subsections 130(1) to (2)

14   Subsection 136(5)

15   Section 138

16   Subsection 142(2)

17   Subsections 143(1) to (3) (including the note to subsection 143(1))

18   Paragraph 145(2)(b)

19   Subsection 145(3)

20   Section 146

21   Note to subsection 147(3)

22   Subsections 150(1) to (2)

23   Subsections 151(2) to (3)

24   Subsections 152(1) to (3)

25   Paragraph 157(1)(b)

26   Subsections 157(2) to (3)

27   Subsections 158(1) and (3) to (4)

28   Subsections 159(1) to (2)

29   Section 160

30   Subsection 162(3)

31   Subsection 163(1)

32   Subsections 164(1) to (7) (including the note to subsection 164(7))

33   Subsections 165(1), (3) to (5)

34   Paragraph 172(1)(d)

35   Subsection 172(2)

36   Subsections 173(3), (6), (8) and (10)

37   Subsection 175(3)

38   Subsection 246C(5)

39   Subsection 246D(6)

40   Subsections 246F(1) and (3)

41   Subsections 246G(2) and (4)

42   Paragraph 247C(a)

43   Paragraph 249A(5)(b)

44   Subsection 249B(2)

45   Subsections 250P(1) to (2) and (4)

46   Paragraph 251A(5)(c)

47   Paragraphs 251B(3)(b) and (4)(b)

48   Paragraph 253M(3)(c)

49   Paragraphs 253N(3)(b) and (4)(b)

50   Notes 1 and 2 to subsection 254B(1)

51   Subsection 254E(2)

52   Subsection 254H(4)

53   Subsection 254N(2)

54   Subsections 254X(1) to (2)

55   Note to subsection 254X(3)

56   Section 254Y

57   Subsections 256D(1) to (2)

58   Subsection 256E(2)

59   Paragraph 257B(7)(b)

60   Subsection 257C(3)

61   Subsections 257D(3) to (4)

62   Section 257E

63   Subsection 257F(2)

64   Note to subsection 257H(3)

65   Table item 3 in section 257J

66   Subsection 259B(4)

67   Subsection 259C(2)

68   Subsection 259D(1)

69   Paragraph 260A(1)(b)

70   Subsections 260B(5) to (7)

71   Table items 3 and 5 in section 285

72   Subsections 289(2) to (3)

73   Table item 4 in section 291

74   Paragraph 292(2)(b)

75   Subsection 294(1)

76   Paragraph 302(c)

77   Note 2 to section 302

78   Section 311 (including the note to the section)

79   Subsections 319(1) to (2)

80   Paragraph 319(4)(e)

81   Subsection 319(5)

82   Section 320

83   Subsection 321(1)

84   Subsection 322(1)

85   Subsection 339(1)

86   Subsection 340(1)

87   Paragraph 340(3)(c)

88   Subsection 340(4)

89   Subsection 341(1)

90   Subsections 342(1) to (3)

91   Subsections 345(1) to (3)

92   Note to subsection 345(4)

93   Subsection 346(2)

94   Section 347

95   Table item 9 in section 348

96   Note to the table in section 348

97   Section 350

98   Subsections 351(1) to (2)

99   Section 352

100   Subsections 601AA(1) and (3) to (5)

101   Subsections 601AB(1) to (5)

102   Subsections 601AC(1) to (2)

103   Subsections 601AD(2) to (4) (including the note to subsection 601AD(4))

104   Subsections 601AE(1) to (5) (including the note to subsection 601AE(1))

105   Section 601AF (including the note to the section)

106   Subsections 601AH(1) to (2)

107   Note to subsection 601AH(3)

108   Subsections 601AH(4) to (5)

109   Subsections 601BC(1), (6) and (9)

110   Subsections 601BD(1) to (2)

111   Subsections 601BJ(1) and (3)

112   Subsections 601BL(1) to (2)

113   Subsections 601DA(1) to (3)

114   Note to subsection 601DC(3)

115   Subsections 601DH(1) to (2) (including note 3 to subsection 601DH(2)

116   Subsections 601DJ(1) and (3) to (4) (including the note to subsection 601DJ(4))

117   Subsections 1362CJ(2) to (3)

118   Table item 5 in section 1424

119   Subsection 1427(6)

120   Subsection 1432(2)

121   Section 1435

122   Subsections 1438(1) to (3)

123   Subsections 1440(1) to (2)


Part 3 -- General amendments to take account of Schedules 2 to 4 to the Company Law Review Act 1998

124   Section 9 (definition of ASC database )

Repeal the definition.

125   Section 9

Insert

"ASIC database" means so much of the national companies database kept by ASIC as consists of:

  (a)   some or all of a register kept by ASIC under this Law; or

  (b)   information set out in a document lodged under this Law;

but does not include ASIC's document imaging system.


Part 4 -- Changing "ASC" to "ASIC" to take account of Schedules 2 to 4 to the Company Law Review Act 1998

126   Amendment of the Corporations Law

The provisions of the Corporations Law specified in this Part are amended by omitting "The ASC" (wherever occurring) and "the ASC" (wherever occurring) and in both cases substituting "ASIC".

Note 1:   The heading to section 242 is altered by omitting " ASC " or " the ASC ", and substituting " ASIC ".

Note 2:   The headings to subsections 509(5) to (6) are altered by omitting " ASC " and substituting " ASIC ".

127   Section 9 (definition of ACN )

128   Section 9 (paragraphs (a) to (b) of the definition of annual return )

129   Section 9 (definition of ARBN )

130   Note at the end of section 102

131   Paragraphs 109X(1)(c) to (d)

132   Subsection 109X(2)

133   Paragraph 216E(1)(d)

134   Note to subsection 225A(5)

135   Subsection 238(1A)

136   Subsections 242(1) and (3) to (4)

137   Paragraphs 242AA(2)(b) and (3)(a) to (b)

138   Subsection 242AA(4)

139   Paragraph 413(1)(d)

140   Subsection 461(2)

141   Paragraph 480(d)

142   Subsection 481(5)

143   Subsection 506(1B)

144   Subsection 507(11)

145   Subsections 509(5) and (6)

146   Subsection 510(1A)

147   Subsection 544(1A)

148   Subsection 588(4)

149   Paragraphs 589(3)(a) to (b)

150   Subparagraph 744(9)(b)(i)

151   Subsection 1274(7A)

152   Paragraph 1289(1)(c)


Part 5 -- General amendments to take account of Schedule 5 to the Company Law Review Act 1998

153   Amendment of the Corporations Law

The provisions of the Corporations Law specified in this Part are amended by omitting "The ASC" (wherever occurring) and "the ASC" (wherever occurring) and in both cases substituting "ASIC".

Note:   The heading to subsection 256C(5) is altered by omitting " ASC " and substituting " ASIC ".

154   Subsection 254H(4)

155   Subsections 256C(3) and (5)

156   Table item 3 in section 256E




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