Australian Securities and Investments Commission Class Order [CO 10/545] (Cth)

Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 341(1) — Variation

Enabling legislation

1. The Australian Securities and Investments Commission makes this instrument under subsection 341(1) of the Corporations Act 2001.

Title

2.       This instrument is ASIC Class Order [CO 10/545].

Commencement

3.       This instrument commences on the day it is registered under the Legislative Instruments Act 2003.

Note:    An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register).  The FRLI may be accessed at ASIC Class Order [CO 98/1417] is varied as follows:

(a)     in paragraph (e):

(i)      omit “Within one of the following periods:”, substitute “Within the period commencing 3 months before the commencement of the Relevant Financial Year and ending 4 months after the end of the Relevant Financial Year—the following have occurred:”; 

(ii)     omit subparagraphs (i) to (iv);

(iii)     omit “the following have occurred:”;

(iv)    omit subparagraph (vii), substitute:

“(vii)  unless the Company applied the relief available under this Order in respect of the financial year immediately preceding the Relevant Financial Year, a notice of the resolutions mentioned in sub-paragraphs (v) and (vi) signed by a director or company secretary is lodged with ASIC using Form 382,”;            

(b)     in paragraph (f) omit “paragraph (e)(iv)”, substitute “sub-paragraph (e)(vi)”;     

(c)     after paragraph (f) insert:

“(fa)   If, on or after 1 July 2010, the relief available under this Order is not applied in respect of the financial year (the first non-reliance year) immediately following a financial year in which relief was applied, a notice that the Company has ceased to apply the relief signed by a director or company secretary is lodged with ASIC using Form 396:

(i)      during the period commencing 3 months before the commencement of the first non-reliance year and ending 4 months after the end of the first non-reliance year; or

(ii)      such other time as is approved in writing by ASIC;”;

(d)     in paragraph (v) omit “with.”, substitute “with;”;

(e)     after paragraph (v) insert:

“No proposed modified auditor’s report

(w)    A registered company auditor to whom the Company has granted access to any of the books of the Company has not indicated to the Company, any of its directors or other officers that, if the financial report of the Company for the Relevant Financial Year were audited in accordance with Division 3 of Part 2M.3 of the Act, the auditor’s report may contain a modified opinion within the meaning of paragraph 5(b) of Auditing Standard ASA 705 Modifications to the Opinion in the Independent Auditor’s Report, and there are no material disagreements or unresolved issues as between the Company and any such auditor in relation to accounting treatments or amounts that may appear in the financial report of the Company for the Relevant Financial Year.”.

Dated this 24th day of August 2010

Signed by Stephen Yen PSM

as a delegate of the Australian Securities and Investments Commission