Australian Securities and Investments Commission Corporations (Virtual-only Meetings) Instrument 2022/129 (Cth)

ASIC Corporations (Virtual-only Meetings) Instrument 2022/129

I, Kim Demarte, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date    2 March 2022

Kim Demarte

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Definitions

Part 2—Determination

5    Entities that may hold meetings using virtual meeting technology only—listed companies and schemes

6    Entities that may hold meetings using virtual meeting technology only—unlisted companies

7    Condition

Part 3—Repeal

8    Repeal

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Virtual-only Meetings) Instrument 2022/129.

2        Commencement

This instrument commences on the later of:

(a)     1 April 2022; and

(b)     the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at Authority

This instrument is made under subsection 253TA(2) of the Corporations Act 2001.

4        Definitions

In this instrument:

Act means the Corporations Act 2001.

Part 2—Determination

5        Entities that may hold meetings using virtual meeting technology only—listed companies and schemes

(1) Each listed company and each listed and unlisted registered scheme is specified for the purposes of section 253TA of the Act.

(2)     The determination in subsection (1) ceases to apply at the end of 31 May 2022.

6        Entities that may hold meetings using virtual meeting technology only—unlisted companies

(1)Each unlisted company is specified for the purposes of section 253TA of the Act.

(2)     The determination in subsection (1) ceases to apply at the end of 30 June 2022.          

7        Condition

Before a company or the responsible entity of a registered scheme relies on a determination in section 5 or 6, the board of directors of the company or responsible entity must pass a resolution to the effect that, in the opinion of the directors voting for the resolution, it would be unreasonable for the company or registered scheme to hold a meeting of its members, wholly or partially, at one or more physical venues due to the impact of the COVID-19 pandemic.

Part 3—Repeal

8        Repeal

This instrument is repealed at the end of 30 June 2022.