Australian Securities and Investments Commission Class Order [Co 01/1086] (Cth)

Australian Securities and Investments Commission

Corporations Act 2001 - Subsection 341(1) - Variation

Pursuant to subsection 341(1) of the Corporations Act 2001 the Australian Securities and Investments Commission hereby varies ASIC Class Order [98/1417] by:

1.         replacing the word "Law" where it appears in the heading with the words "Act 2001";

2.         replacing the words "Corporations Law ("the Law")" where appearing in the first line with the words "Corporations Act 2001 (the "Act^")^";

3.         at the end of paragraph (a) first appearing, after the words "and 314(2)(c)" adding the words "of the Act";

4.         replacing the word "Law" with the word "Act" in each of the following places:

(a)       in paragraph (b) first appearing;

(b)       in paragraph (h);

(c)       in paragraph (i);

(d)       in paragraph (o);

(e)       in both places in paragraph (p)(iii); and

(f)        where first appearing in paragraph (u);

5.         replacing paragraph (b) second appearing with the following paragraph :

"If the Company is a large proprietary company, subsection 319(4) of the Corporations Law, as taken to be included in the Act by s.1408(2) of the Act, does not apply to the Company;";

6.         in paragraph (d) replacing the words "a borrowing corporation, the guarantor of a borrowing corporation" with the words "a borrower in relation to a debenture, the guarantor of such a borrower";

7.         in paragraph (e)(iv), after the words "under s.340" adding the words "of the Act";

8.         in paragraph (e)(iv) replacing "officer" with "Officer";

9.         replacing paragraph (f) with the following paragraph:

"Before shareholders resolved in the manner contemplated by paragraph (e)(iv) they were provided, either in the notice of meeting or in material accompanying a circular resolution, with a statement by the directors stating whether, in their opinion, the cost of having the financial statements audited outweighs the expected benefits of the audit and setting out their reasons for that opinion;";

1. in paragraph (q) replacing "company" with "Company"; and

1. in paragraph (u) replacing the words "335(1A) of the Law" with the words "335(1A) of the Corporations Law".

Dated the 3rd day of October 2001

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission