Companies and Securities Legislation (Amendment) Act 1989 (NSW)
COMPANIES AND SECURITIES LEGISLATION (AMENDMENT)
ACT 1989 No. 131
NEW SOUTH WALES
TABLE OF PROVISIONS
1. Short title
2. Commencement
Amendment of Companies (Application of Laws) Act 1981 No. 122
4. Amendment of Companies (Acquisition of Shares) (Application of Laws) Act 1981 No. 62
5. Amendment of Securities Industry (Application of Laws) Act 1981 No. 61
6. Amendment of Futures Industry (Application of Laws) Act 1986 No. 66
SCHEDULE 1 - AMENDMENT OF COMPANIES (APPLICATION OF LAWS)
ACT 1981
SCHEDULE 2 - AMENDMENT OF COMPANIES (ACQUISITION OF
SHARES) (APPLICATION OF LAWS) ACT 1981
SCHEDULE 3 - AMENDMENT OF SECURITIES INDUSTRY (APPLICATION
OF LAWS) ACT 1981
SCHEDULE 4 - AMENDMENT OF FUTURES INDUSTRY (APPLICATION
OF LAWS) ACT 1986
COMPANIES AND SECURITIES LEGISLATION (AMENDMENT)
ACT 1989 No. 131
NEW SOUTH WALES
Act No. 131,1989
| An Act to amend the Companies (Application of Laws) Act 1981, the Companies (Acquisition of Shares) (Application of Laws) Act 1981, | the Securities Industry (Application of Laws) Act 1981 and the Futures | Industry (Application of Laws) Act 1986 as a consequence of the |
| Co-operative Scheme Legislation Amendment Act 1989 of the Commonwealth. [Assented to 5 September 1989] |
Companies and Securities Legislation (Amendment) 1989
The Legislature of New South Wales enacts:
Short title
1. This Act may be cited as the Companies and Securities
Legislation (Amendment) Act 1989.
Commencement
2. This Act commences on the day on which Part 9 of the Co-operative Scheme Legislation Amendment Act 1989 of the Commonwealth commences.
Amendment of Companies (Application of Laws) Act 1981 No. 122
3. The Companies (Application of Laws) Act 1981 is amended as
set out in Schedule 1.
Amendment of Companies (Acquisition of Shares) (Application of
Laws) Act 1981 No. 624. The Companies (Acquisition of Shares) (Application of Laws)
Act 1981 is amended as set out in Schedule 2.
Amendment of Securities Industry (Application of Laws) Act 1981 No.
61
5. The Securities Industry (Application of Laws) Act 1981 is
amended as set out in Schedule 3.
Amendment of Futures Industry (Application of Laws) Act 1986 No. 66 6. The Futures Industry (Application of Laws) Act 1986 is
amended as set out in Schedule 4.
Aft No. 131
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 1 - AMENDMENT OF COMPANIES (APPLICATION
OF LAWS) ACT 1981
(Sec. 3)
(1) Section 4 (Definitions):
(a) In alphabetical order in section 4 (1), insert:
"act" includes thing;
"chargeable matter" means a matter of a kind referred to
in any of paragraphs (a) - (h), inclusive, of section
8(1);
"fee" includes tax;
"for", in relation to a fee, includes in respect of;"lodge" means lodge with the Commission;
(b) Section 4 (1A), (1B):
After section 4 (1), insert(1A) In this Act, a reference to the Companies (Fees) Act 1981 of the Commonwealth includes a reference to the Companies (Fees: Taxation Component) Act 1989 of the Commonwealth.
( IB) Subject to this section, an expression in section 8,
8A, 8B, 8C or 8D has the same meaning as in the applied
provisions.
(2) Sections 8 - 8D:
Omit section 8, insert instead:
Fees payable8. (1) There shall be paid to the State Commission, for and on behalf of the State, for
(a)
the lodgment of documents under the applied provisions;
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 1 - AMENDMENT OF COMPANIES (APPLICATION OF LAWS) ACT 1981 - continued
(b)
the registration of documents under the applied provisions;
(c)
the inspection or search of registers kept by, or documents in the custody of, the National Commission under the applied provisions;
(d)
the making available by the National Commission, under the applied provisions, of information (whether in the form of a document or otherwise);
(e)
the production by the National Commission, under a subpoena, of such registers or documents;
(f)
the issuing of documents or copies of documents, the granting of licences, consents or approvals, or the doing of other acts, by the Ministerial Council or the National Commission under the applied provisions;
(g)
the making of inquiries of, or applications to, the Ministerial Council or the National Commission in relation to matters arising under the applied provisions; and
(h)
the submission to the National Commission of documents for examination by the National Commission,
such fees (if any) as are prescribed by regulations in force for the time being under the Companies (Fees) Act 1981 of the Commonwealth and specified in the Schedule to those regulations as if amended as set out in Schedule 3 and as if, unless the contrary intention appears, the expressions used had the same respective meanings as in the applied provisions.
(2) Despite subsection (1), where but for this subsection the fee, or the total of the fees, payable under that subsection for a chargeable matter would exceed $25,000, so much of that fee, or of that total, as exceeds $25,000 is not payable.
Act No. 131
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 1 - AMENDMENT OF COMPANIES (APPLICATION OF LAWS) ACT 1981 - continued
(3) Where:
(a)
because of section 265A of the Companies (New South Wales) Code, a company is taken, for the purposes of that Code, to lodge a document at a particular time; and
(b)
if the company had in fact lodged the document at that time, a fee would have been payable to the State Commission under subsection (1) for the lodgment,
then:
(c)
the company shall be taken, for the purposes of this section (other than subsection (4)), to lodge the document at that time; and
(d)
as from that time, the fee that, because of paragraph (c), is payable under subsection (1) for the lodgment of the document is a debt due to the State and payable by the company.
(4) Where:
(a) a fee is payable under subsection (1) for the lodgment of a document; and (b)
the document is submitted for lodgment without the document shall be taken not to have been lodged until
payment of the fee,
the fee is paid.
(5) Subsection (4) does not apply where, at the time when the document is submitted for lodgment, the amount of the fee cannot be ascertained, but if the State Commission, before or at that time, requires under subsection (9) the payment of a deposit on account of the fee, the document shall be taken not to have been lodged until the deposit or the fee has been paid.
(6) Where a fee is payable to the State Commission for
and on behalf of the State under subsection (1) for anyCompanies and Securities Legislation (Amendment) 1989
SCHEDULE 1 - AMENDMENT OF COMPANIES (APPLICATION OF LAWS) ACT 1981 - continued
matter involving the doing of an act by the Ministerial Council or the National Commission, the Ministerial Council or the National Commission shall not do that act until the fee has been paid.
(7) Subsection (6) does not prohibit the doing of an act at a particular time if, as at that time:
(a) the amount of the fee cannot be ascertained; and
(b) if the State Commission has required under subsection (9) the payment of a deposit on account of the fee - the deposit has been paid. (8) This section has effect notwithstanding anything contained in the applied provisions.
(9) Where the amount of a fee payable under subsection (1) for:
(a) the lodgment of a document; or
(b)
a matter involving the doing of an act by the Ministerial Council or the National Commission,
cannot be ascertained, the State Commission may:
(c)
before or at the time when the document is submitted for lodgment; or
(d) before the Ministerial Council or the National as the case may be, require the payment to the State Commission, on account of the fee, of a deposit of a specified amount that the State Commission considers it reasonable to expect will be the amount of the fee.
Commission does the act,
Fee not ascertainable when it becomes payable
8A. (1) This section applies where the amount of a fee under section 8 (1) cannot be ascertained when the fee becomes payable, but at a later time becomes able to be ascertained.
Act No. 131
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 1 - AMENDMENT OF COMPANIES (APPLICATION OF LAWS) ACT 1981 - continued
(2) If a person has paid a deposit on account of the fee, the State Commission shall apply towards payment of the fee so much of the deposit as does not exceed the amount of the fee and:
(a) if the amount of the deposit exceeds the amount of the fee - the State Commission shall refund to the person the amount of the excess; or (b) if the amount of the fee exceeds the amount of the deposit - as from the later time, so much of the fee as exceeds the amount of the deposit is a debt due to the State and payable by the persoa
(3) Otherwise, the fee is, as from the later time, a debt due to the State and payable by the person whom the State Commission determines in writing to be the person who it is reasonable to expect would have paid the fee had the fee been able to be ascertained when it became payable.
Waiver and refund of fees
8B. Nothing in section 8 or 8A prevents the State Commission for and on behalf of the State from:
(a)
waiving or reducing, in a particular case or in particular classes of cases, fees that would otherwise be payable under section 8 or 8A; or
(b)
refunding in whole or in part, in a particular case or in particular classes of cases, fees paid under section 8 or 8A
Debts due to the State
8c. The State Commission may recover in a court ofcompetent jurisdiction a debt due under section 8 or 8A
Payment of fee does not give right to inspect or search
8D. To avoid doubt, nothing in section 8 or 8A, and
nothing done under section 8 or 8A
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 1 - AMENDMENT OF COMPANIES (APPLICATION OF LAWS) ACT 1981 - continued
(a) imposes on the National Commission a duty to allow the inspection or search of a register or document, or to make available information; or (b) confers a right to inspect or search a register or document or to have information made available, except so far as such a duty or right would exist under another provision of this Act or under some other law but for the effect of section 8 (6) and (7).
(3) Section 13 (Publication of provisions of amended Code or
regulations):
Section 13 (1) (c) (ii):
After "8", insert "or 8A".
(4) Section 15 (Amendment of certain provisions in accordance
with approval of Ministerial Council):
After "8" wherever occurring, insert", 8A, 8B, 8C or 8D".
SCHEDULE 2 - AMENDMENT OF COMPANIES (ACQUISITION
OF SHARES) (APPLICATION OF LAWS) ACT 1981
(Sec. 4)
(1) Section 3 (Definitions):
(a) In alphabetical order in section 3 (1), insert:
"act" includes thing; "chargeable matter" means a matter of a kind referred to in any of paragraphs (a) - (h), inclusive, of section 9(1);
Act No. 131
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 2 - AMENDMENT OF COMPANIES
(ACQUISITION OF SHARES) (APPLICATION
OF LAWS) ACT 1981 - continued
"fee" includes tax;
"for", in relation to a fee, includes in respect of;"lodge" means lodge with the Commission;
(b) Section 3 (1A), (1B):
After section 3 (1), insert(1A) In this Act, a reference to the Companies (Acquisition of Shares - Fees) Act 1980 of the Commonwealth includes a reference to the Companies (Acquisition of Shares - Fees: Taxation Component) Act 1989 of the Commonwealth.
(1B) Subject to this section, an expression in section 9, 9A, 9B, 9C or 9D has the same meaning as in the applied
provisions.
(2) Sections 9 - 9D:
Omit section 9, insert instead:
Fees payable
9. (1) There shall be paid to the State Commission, for and on behalf of the State, for
(a)
the lodgment of documents under the applied provisions;
(b)
the registration of documents under the applied provisions;
(c)
the inspection or search of registers kept by, or documents in the custody of, the National Commission under the applied provisions;
(d)
the making available by the National Commission, under the applied provisions, of information (whether in the form of a document or otherwise);
(e)
the production by the National Commission, under a subpoena, of such registers or documents;
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 2 - AMENDMENT OF COMPANIES
(ACQUISITION OF SHARES) (APPLICATION
OF LAWS) ACT 1981 - continued
(f) the issuing of documents or copies of documents, the granting of licences, consents or approvals, or the doing of other acts, by the Ministerial Council or the National Commission under the applied provisions; (g) the making of inquiries of, or applications to, the Ministerial Council or the National Commission in relation to matters arising under the applied provisions; and (h) the submission to the National Commission of documents for examination by the National Commission,
such fees (if any) as are prescribed by regulations in force for the time being under the Companies (Acquisition of Shares - Fees) Act 1980 of the Commonwealth and specified in the Schedule to those regulations as if amended as set out in Schedule 3 and as if, unless the contrary intention appears, the expressions used had the same respective meanings as in the applied provisions.
(2) Despite subsection (1), where but for this subsection the fee, or the total of the fees, payable under that subsection for a chargeable matter would exceed $25,000, so much of that fee, or of that total, as exceeds $25,000 is
not payable.
(3) Where:
(a)
a fee is payable under subsection (1) for the lodgment of a document; and
(b)
the document is submitted for lodgment without payment of the fee,
the document shall be taken not to have been lodged until
the fee is paid.
(4) Subsection (3) does not apply where, at the time
when the document is submitted for lodgment, the amount
of the fee cannot be ascertained, but if the State
Act No. 131
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 2 - AMENDMENT OF COMPANIES
(ACQUISITION OF SHARES) (APPLICATION
OF LAWS) ACT 1981 - continued
Commission, before or at that time, requires under subsection (8) the payment of a deposit on account of the fee, the document shall be taken not to have been lodged until the deposit or the fee has been paid.
(5) Where a fee is payable to the State Commission for and on behalf of the State under subsection (1) for any matter involving the doing of an act by the Ministerial Council or the National Commission, the Ministerial Council or the National Commission shall not do that act until the fee has been paid.
(6) Subsection (5) does not prohibit the doing of an act at a particular time if, as at that time:
(a) the amount of the fee cannot be ascertained; and
(b) if the State Commission has required under subsection (8) the payment of a deposit on account of the fee - the deposit has been paid. (7) This section has effect notwithstanding anything contained in the applied provisions.
(8) Where the amount of a fee payable under subsection
(1) for
(a) the lodgment of a document; or
(b) a matter involving the doing of an act by the
Ministerial Council or the National Commission,
cannot be ascertained, the State Commission may:
(c) before or at the time when the document is submitted for lodgment; or (d) before the Ministerial Council or the National Commission does the act, as the case may be, require the payment to the State Commission, on account of the fee, of a deposit of a specified amount that the State Commission considers it reasonable to expect will be the amount of the fee.
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 2 - AMENDMENT OF COMPANIES
(ACQUISITION OF SHARES) (APPLICATION
OF LAWS) ACT 1981 - continued
Fee not ascertainable when it becomes payable
9A. (1) This section applies where the amount of a fee under section 9 (1) cannot be ascertained when the fee becomes payable, but at a later time becomes able to be ascertained.
(2) If a person has paid a deposit on account of the fee, the State Commission shall apply towards payment of the fee so much of the deposit as does not exceed the amount of the fee and:
(a) if the amount of the deposit exceeds the amount of the fee - the State Commission shall refund to the person the amount of the excess; or (b) if the amount of the fee exceeds the amount of the deposit - as from the later time, so much of the fee as exceeds the amount of the deposit is a debt due to the State and payable by the person.
(3) Otherwise, the fee is, as from the later time, a debt due to the State and payable by the person whom the State Commission determines in writing to be the person who it is reasonable to expect would have paid the fee had the fee been able to be ascertained when it became payable.
Waiver and refund of fees
9B. Nothing in section 9 or 9A prevents the State Commission for and on behalf of the State from:
(a)
waiving or reducing, in a particular case or in particular classes of cases, fees that would otherwise be payable under section 9 or 9A; or
(b)
refunding in whole or in part, in a particular case or in particular classes of cases, fees paid under section 9 or 9A.
Act No. 131
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 2 - AMENDMENT OF COMPANIES
(ACQUISITION OF SHARES) (APPLICATION
OF LAWS) ACT 1981 - continued
Debts due to the State
9c. The State Commission may recover in a court of
competent jurisdiction a debt due under section 9 or 9A.
Payment of fee does not give right to inspect or search
9D. TO avoid doubt, nothing in section 9 or 9A, and nothing done under section 9 or 9A:
(a) imposes on the National Commission a duty to allow the inspection or search of a register or document, or to make available information; or (b) confers a right to inspect or search a register or document or to have information made available, except so far as such a duty or right would exist under another provision of this Act or under some other law but for the effect of section 9 (5) and (6).
(3) Section 14 (Publication of provisions of amended Code or
regulations):
Section 14 (1) (c) (ii):
After "9", insert "or 9A".
(4) Section 16 (Amendment of certain provisions in accordance
with approval of Ministerial Council):
After "9" wherever occurring, insert", 9A, 9B, 9C or 9D".
SCHEDULE 3 - AMENDMENT OF SECURITIES INDUSTRY
(APPLICATION OF LAWS) ACT 1981
(Sec. 5)
(1) Section 4 (Definitions):
(a) In alphabetical order in section 4 (1), insert
"act" includes thing;
"chargeable matter" means a matter of a kind
referred to in any of paragraphs (a) - (h), inclusive,
of section 8 (1);
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 3 - AMENDMENT OF SECURITIES INDUSTRY
(APPLICATION OF LAWS) ACT 1981 - continued
"fee" includes tax;
"for", in relation to a fee, includes in respect of;"lodge" means lodge with the Commission;
(b) Section 4 (1A), (1B):
After section 4 (1), insert(1A) In this Act, a reference to the Securities Industry (Fees) Act 1980 of the Commonwealth includes a reference to the Securities Industry (Fees: Taxation Component) Act 1989 of the Commonwealth.
(1B) Subject to this section, an expression in section 8, 8A, 8B, 8C or 8D has the same meaning as in the applied
provisions.
(2) Sections 8 - 8D:
Omit section 8, insert instead:
Fees payable8. (1) There shall be paid to the State Commission, for and on behalf of the State, for
(a)
the lodgment of documents under the applied provisions;
(b) the registration of documents under the applied provisions; (c)
the inspection or search of registers kept by, or documents in the custody of, the National Commission under the applied provisions;
(d)
the making available by the National Commission, under the applied provisions, of information (whether in the form of a document or otherwise);
(e)
the production by the National Commission, under a subpoena, of such registers or documents;
Act No. 131
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 3 - AMENDMENT OF SECURITIES INDUSTRY
(APPLICATION OF LAWS) ACT 1981 - continued
(f) the issuing of documents or copies of documents, the granting of licences, consents or approvals, or the doing of other acts, by the Ministerial Council or the National Commission under the applied provisions; (g) the making of inquiries of, or applications to, the Ministerial Council or the National Commission in relation to matters arising under the applied provisions; and (h) the submission to the National Commission of documents for examination by the National Commission, such fees (if any) as are prescribed by regulations in force for the time being under the Securities Industry (Fees) Act 1980 of the Commonwealth and specified in the Schedule to those regulations as if amended as set out in Schedule 3 and as if, unless the contrary intention appears, the expressions used had the same respective meanings as in the applied provisions.
(2) Despite subsection (1), where but for this subsection the fee, or the total of the fees, payable under that subsection for a chargeable matter would exceed $25,000, so much of that fee, or of that total, as exceeds $25,000 is
not payable.
(3) Where: (a)
a fee is payable under subsection (1) for the lodgment of a document; and
(b)
the document is submitted for lodgment without payment of the fee,
the document shall be taken not to have been lodged until
the fee is paid.
(4) Subsection (3) does not apply where, at the time
when the document is submitted for lodgment, the amount
of the fee cannot be ascertained, but if the StateCompanies and Securities legislation (Amendment) 1989
SCHEDULE 3 - AMENDMENT OF SECURITIES INDUSTRY
(APPLICATION OF LAWS) ACT 1981 - continued
Commission, before or at that time, requires under subsection (8) the payment of a deposit on account of the fee, the document shall be taken not to have been lodged until the deposit or the fee has been paid.
(5) Where a fee is payable to the State Commission for and on behalf of the State under subsection (1) for any matter involving the doing of an act by the Ministerial Council or the National Commission, the Ministerial Council or the National Commission shall not do that act until the fee has been paid.
(6) Subsection (5) does not prohibit the doing of an act at a particular time if, as at that time:
(a) the amount of the fee cannot be ascertained; and
(b) if the State Commission has required under subsection (8) the payment of a deposit on account of the fee - the deposit has been paid.
(7) This section has effect notwithstanding anything contained in the applied provisions.
(8) Where the amount of a fee payable under subsection
(1) for
(a) the lodgment of a document; or
(b) a matter involving the doing of an act by the Ministerial Council or the National Commission,
cannot be ascertained, the State Commission may:
(c) before or at the time when the document is submitted for lodgment; or (d) before the Ministerial Council or the National Commission does the act,
as the case may be, require the payment to the State Commission, on account of the fee, of a deposit of a specified amount that the State Commission considers it reasonable to expect will be the amount of the fee.
Act No. 131
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 3 - AMENDMENT OF SECURITIES INDUSTRY
(APPLICATION OF LAWS) ACT 1981 - continued
Fee not ascertainable when it becomes payable
8A. (1) This section applies where the amount of a fee under section 8 (1) cannot be ascertained when the fee becomes payable, but at a later time becomes able to be ascertained.
(2) If a person has paid a deposit on account of the fee, the State Commission shall apply towards payment of the fee so much of the deposit as does not exceed the amount of the fee and:
(a) if the amount of the deposit exceeds the amount of the fee - the State Commission shall refund to the person the amount of the excess; or (b) if the amount of the fee exceeds the amount of the deposit - as from the later time, so much of the fee as exceeds the amount of the deposit is a debt due to the State and payable by the person. (3) Otherwise, the fee is, as from the later time, a debt due to the State and payable by the person whom the State Commission determines in writing to be the person who it is reasonable to expect would have paid the fee had the fee been able to be ascertained when it became payable.
Waiver and refund of fees
8B. Nothing in section 8 or 8A prevents the State Commission for and on behalf of the State from:
(a)
waiving or reducing, in a particular case or in particular classes of cases, fees that would otherwise be payable under section 8 or 8A; or
(b)
refunding in whole or in part, in a particular case or in particular classes of cases, fees paid under section 8 or 8A.
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 3 - AMENDMENT OF SECURITIES INDUSTRY
(APPLICATION OF LAWS) ACT 1981 - continued
Debts due to the State
8c. The State Commission may recover in a court of
competent jurisdiction a debt due under section 8 or 8A.
Payment of fee does not give right to inspect or search
8D. TO avoid doubt, nothing in section 8 or 8A, and nothing done under section 8 or 8A:
(a) imposes on the National Commission a duty to allow the inspection or search of a register or document, or to make available information; or (b) confers a right to inspect or search a register or document or to have information made available,
except so far as such a duty or right would exist under another provision of this Act or under some other law but for the effect of section 8 (5) and (6).
(3) Section 13 (Publication of provisions of amended Code or
regulations):
Section 13 (1) (c) (ii):
After "8", insert "or 8A".
(4) Section 15 (Amendment of certain provisions in accordance
with approval of Ministerial Council):
After "8" wherever occurring, insert", 8A, 8B, 8C or 8D".
SCHEDULE 4 - AMENDMENT OF FUTURES INDUSTRY
(APPLICATION OF LAWS) ACT 1986
(Sec. 6)
(1) Section 3 (Definitions):
(a) In alphabetical order in section 3 (1), insert
"act" includes thing;
"chargeable matter" means a matter of a kind
referred to in any of paragraphs (a) - (h),
inclusive, of section 7 (1);
Act No. 131
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 4 - AMENDMENT OF FUTURES INDUSTRY
(APPLICATION OF LAWS) ACT 1986 - continued
"fee" includes tax;
"for", in relation to a fee, includes in respect of;"lodge" means lodge with the Commission;
(b) Section 3 (1A), (1B):
After section 3 (1), insert( IA) In this Act, a reference to the Futures Industry (Fees) Act 1986 of the Commonwealth includes a reference to the Futures Industry (Fees: Taxation Component) Act 1989 of the Commonwealth.
(1B) Subject to this section, an expression in section 7, 7A, 7B, 7C or 7D has the same meaning as in the applied
provisions.
(2) Sections 7 - 7D:
Omit section 7, insert instead:
Fees payable7. (I) There shall be paid to the State Commission, for and on behalf of the State, for.
(a)
the lodgment of documents under the applied provisions;
(b) the registration of documents under the applied
provisions;
(c)
the inspection or search of registers kept by, or documents in the custody of, the National Commission under the applied provisions;
(d)
the making available by the National Commission, under the applied provisions, of information (whether in the form of a document or otherwise);
(e)
the production by the National Commission, under a subpoena, of such registers or documents;
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 4 - AMENDMENT OF FUTURES INDUSTRY
(APPLICATION OF LAWS) ACT 1986 - continued
(f) the issuing of documents or copies of documents, the granting of licences, consents or approvals, or the doing of other acts, by the Ministerial Council or the National Commission under the applied provisions; (g) the making of inquiries of, or applications to, the Ministerial Council or the National Commission in relation to matters arising under the applied provisions; and (h) the submission to the National Commission of documents for examination by the National Commission,
such fees (if any) as are prescribed by regulations in force for the time being under the Futures Industry (Fees) Act 1986 of the Commonwealth and specified in the Schedule to those regulations as if amended as set out in Schedule 3 and as if, unless the contrary intention appears, the expressions used had the same respective meanings as in the applied provisions.
(2) Despite subsection (1), where but for this subsection the fee, or the total of the fees, payable under that subsection for a chargeable matter would exceed $25,000, so much of that fee, or of that total, as exceeds $25,000 is not payable.
(3) Where:
(a)
a fee is payable under subsection (1) for the lodgment of a document; and
(b)
the document is submitted for lodgment without payment of the fee,
the document shall be taken not to have been lodged until
the fee is paid.
(4) Subsection (3) does not apply where, at the time
when the document is submitted for lodgment, the amount
of the fee cannot be ascertained, but if the State
Act No. 131
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 4 - AMENDMENT OF FUTURES INDUSTRY
(APPLICATION OF LAWS) ACT 1986 - continued
Commission, before or at that time, requires under subsection (8) the payment of a deposit on account of the fee, the document shall be taken not to have been lodged until the deposit or the fee has been paid.
(5) Where a fee is payable to the State Commission for and on behalf of the State under subsection (1) for any matter involving the doing of an act by the Ministerial Council or the National Commission, the Ministerial Council or the National Commission shall not do that act until the fee has been paid.
(6) Subsection (5) does not prohibit the doing of an act at a particular time if, as at that time:
(a) the amount of the fee cannot be ascertained; and
(b) if the State Commission has required under subsection (8) the payment of a deposit on account of the fee - the deposit has been paid. (7) This section has effect notwithstanding anything contained in the applied provisions.
(8) Where the amount of a fee payable under subsection
(1) for
(a) the lodgment of a document; or
(b) a matter involving • the doing of an act by the
Ministerial Council or the National Commission,
cannot be ascertained, the State Commission may.
(c) before or at the time when the document is submitted for lodgment; or (d) before the Ministerial Council or the National Commission does the act, as the case may be, require the payment to the State Commission, on account of the fee, of a deposit of a specified amount that the State Commission considers it reasonable to expect will be the amount of the fee.
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 4 - AMENDMENT OF FUTURES INDUSTRY
(APPLICATION OF LAWS) ACT 1986 - continued
Fee not ascertainable when it becomes payable
7A. (1) This section applies where the amount of a fee under section 7 (1) cannot be ascertained when the fee becomes payable, but at a later time becomes able to be ascertained.
(2) If a person has paid a deposit on account of the fee, the State Commission shall apply towards payment of the fee so much of the deposit as does not exceed the amount of the fee and:
(a) if the amount of the deposit exceeds the amount of the fee - the State Commission shall refund to the person the amount of the excess; or (b) if the amount of the fee exceeds the amount of the deposit - as from the later time, so much of the fee as exceeds the amount of the deposit is a debt due to the State and payable by the person.
(3) Otherwise, the fee is, as from the later time, a debt due to the State and payable by the person whom the State Commission determines in writing to be the person who it is reasonable to expect would have paid the fee had the fee been able to be ascertained when it became payable.
Waiver and refund of fees
7B. Nothing in section 7 or 7A prevents the State Commission for and on behalf of the State from:
(a)
waiving or reducing, in a particular case or in particular classes of cases, fees that would otherwise be payable under section 7 or 7A; or
(b)
refunding in whole or in part, in a particular case or in particular classes of cases, fees paid under section 7 or 7A.
Act No. 131
Companies and Securities Legislation (Amendment) 1989
SCHEDULE 4 - AMENDMENT OF FUTURES INDUSTRY
(APPLICATION OF LAWS) ACT 1986 - continued
Debts due to the State
7c. The State Commission may recover in a court of
competent jurisdiction a debt due under section 7 or 7A.
Payment of fee does not give right to inspect or search
7D. TO avoid doubt, nothing in section 7 or 7A, and nothing done under section 7 or 7A:
(a) imposes on the National Commission a duty to allow the inspection or search of a register or document, or to make available information; or (b) confers a right to inspect or search a register or document or to have information made available, except so far as such a duty or right would exist under another provision of this Act or under some other law but for the effect of section 7 (5) and (6).
(3) Section 12 (Publication of provisions of amended Code or
regulations):
Section 12 (1) (c) (ii):
After "7", insert "or 7A".
(4) Section 14 (Amendment of certain provisions in accordance
with approval of Ministerial Council):
After "7" wherever occurring, insert", 7A, 7B, 7C or 7D".
[Minister's second reading speech made in - Legislative Assembly on 26 July 1989 Legislative Council on 9 August 1989]
0
0
0