Corporations Regulations (Amendment) (Cth)

Statutory Rules 1998No. 186 1

__________________

Corporations Regulations2 (Amendment)

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations under the Corporations Act 1989.

Dated 30 June 1998.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

ian campbell

Parliamentary Secretary to the Treasurer

for the

Treasurer

____________

1.   Commencement

1.1   These regulations commence on the commencement of the Managed Investments Act 1998.

2.   Amendment

2.1   The Corporations Regulations are amended as set out in these regulations.

3.   Regulation 1.02 (Interpretation)

3.1   Subregulation 1.02 (1) (definitions of franchise, property trust and unlisted property trust):

Omit the definitions.

4.   Regulation 1.07 (General requirements for documents)

4.1   Subparagraphs 1.07 (f) (i) and (ii):

After “corporation”, insert “or managed investment scheme”.

4.2   Paragraph 1.07 (l):

Omit “batching”, substitute “hatching”.

5.   Regulation 1.07A (Information to accompany financial documents etc lodged for half-years)

5.1   Paragraph 1.07A (c):

Omit the paragraph, substitute:

• “(c)

  if the disclosing entity is a registered scheme:

  • (i)

    the ARSN of the scheme; and

  • (ii)

    the dates of the beginning and end of the half‑years to which the document relates; and

  • (iii)

    the name of the responsible entity of the scheme and the name of the scheme; and

  • (iv)

    a statement of certification in accordance with regulation 1.12.”.

6.   Regulation 1.07B (Information to accompany financial documents lodged for financial years)

6.1   Paragraph 1.07B (c):

Omit the paragraph, substitute:

• “(c)

  if the disclosing entity is a registered scheme:

  • (i)

    the ARSN of the scheme; and

  • (ii)

    the dates of the beginning and end of the half-year to which the document relates; and

  • (iii)

    the name of the responsible entity of the scheme and the name of the scheme; and

  • (iv)

    a statement of certification in accordance with regulation 1.12.”.

7.   Regulation 1.07C (Continuous disclosure notices)

7.1   Paragraph 1.07C (b):

Omit the paragraph, substitute:

• “(b)

  if the disclosing entity is a registered scheme:

  • (i)

    the ARSN of the scheme; and

  • (ii)

    the name of the responsible entity of the scheme and the name of the scheme; and

  • (iii)

    a statement of certification in accordance with regulation 1.12.”.

8.   Regulation 1.12 (Certification of a document)

8.1   Omit the regulation, substitute:

Certification and verification of certain documents

 “1.12. A document relating to a corporation or managed investment scheme that is to be certified or verified must be certified or verified in the approved form and signed by:

• (a)

  a director or secretary of the corporation, or of the responsible entity of the scheme, who resides in Australia or an external territory; or

• (b)

  an agent of the corporation or entity or, if the agent is a company, a director or secretary of the company who resides in Australia or an external territory.”.

9.   Regulation 1.13A (Participation interests: agreements in relation to limited partnerships)

9.1   Omit the regulation.

10.   Regulation 1.15 (Copies of orders to be lodged)

10.1   Paragraph 1.15 (h):

Omit the paragraph, substitute:

• “(h)

  section 601ND; or

• (ha)

  subsection 1457 (2); or”.

11.   New regulation 2C.1.02

11.1   After regulation 2C.1.01, insert:

Form of notice (Corporations Law, s 172 (2))

“2C.1.02. A notice to be lodged under subsection 172 (2) of the Corporations Law must be in the approved form.”.

12.   New Part 2M.4

12.1   Before Chapter 4, insert:

“PART 2M.4—AUDITOR

Notice of appointment of auditors

“2M.4.01. The responsible entity of a registered scheme must lodge a notice in the approved form telling the ASC of the appointment by the entity of an auditor of the scheme under section 331AB of the Corporations Law within 14 days of the appointment.”.

13.   New Chapter 5C

13.1   After regulation 4.1.06, insert:

“CHAPTER 5C—MANAGED INVESTMENT SCHEMES

“PART 5C.1—REGISTRATION OF MANAGED INVESTMENT SCHEMES

Applying for registration

“5C.1.01. (1) An application under section 601EA of the Corporations Law to register a managed investment scheme must be in the approved form.

 “(2) The form must state the name of the managed investment scheme.

 “(3) The stated name must not be the same as the name of:

• (a)

  another managed investment scheme that is the subject of an application for registration that is lodged but not yet determined; or

• (b)

  a registered scheme.

 “(4) A statement made for paragraph 601EA (4) (c) of the Corporations Law must be in the approved form.

Change of name of registered schemes

“5C.1.02. (1) To change the name of a registered scheme, the responsible entity of the scheme must lodge a notice in the approved form stating the proposed name of the scheme.

 “(2) The stated name must not be the same as the name of:

• (a)

  another managed investment scheme that is the subject of an application for registration under section 601EB of the Corporations Law that is lodged but not yet determined; or

• (b)

  a registered scheme.

 “(3) On application in accordance with this regulation, the ASC must amend the record of the registration of the scheme to include the name of the scheme as proposed to be amended.

“PART 5C.2—THE RESPONSIBLE ENTITY

Duty of responsible entities’ agents—surveillance checks

“5C.2.01. The agent of a responsible entity must take all reasonable steps to assist the entity and the ASC when the ASC is conducting a check whether the entity is complying with the constitution and compliance plan of a registered scheme and with the Corporations Law.

Appointment of temporary responsible entities

“5C.2.02. The ASC, or a member of a registered scheme, may apply to the Court for the appointment of a temporary responsible entity of the scheme if the ASC or member reasonably believes that the appointment is necessary to protect scheme property or the interests of members of the scheme.

Form of notices (Corporations Law, ss 601FL (2) and 601FM (2))

“5C.2.03. A notice to be lodged under subsection 601FL (2) or 601FM (2) of the Corporations Law must be in the approved form.

Notice of appointment of temporary responsible entities

“5C.2.04. As soon as practicable after the Court appoints a temporary responsible entity for a registered scheme on application by a member of the scheme under section 601FN of the Corporations Law, the member must lodge a notice in the approved form that tells the ASC of the appointment.

Form of notices (Corporations Law, s 601FP (3))

“5C.2.05.A notice to be lodged under subsection 601FP (3) of the Corporations Law must be in the approved form.

“PART 5C.4—THE COMPLIANCE PLAN

Agents’ authorities to be lodged

“5C.4.01. If a compliance plan, or modification of a plan, lodged with the ASC under section 601HC or subsection 601HE (3) of the Corporations Law is signed by an agent of the directors of the responsible entity of the registered scheme to which the plan relates, the authority to do so, or a copy of the authority verified by a director of the entity, must be attached to the plan or modification.

Agents to assist auditors of compliance plans

“5C.4.02. An agent of the responsible entity of a registered scheme, and an officer of the agent, must:

• (a)

  allow the auditor of the scheme’s compliance plan to have access to the books of the scheme; and

• (b)

  if the auditor requires the agent or entity to give the auditor information or an explanation for the audit—give the information or explanation to the auditor; and

• (c)

  otherwise assist the conduct of the audit.

“PART 5C.5—THE COMPLIANCE COMMITTEE

Responsible entities etc to assist compliance committees

“5C.5.01. (1) This regulation applies to a person who is the responsible entity of a registered scheme, an officer of the entity, an agent of the entity or an officer of the agent.

 “(2) The person must:

• (a)

  allow the compliance committee to have access to the books of the scheme; and

• (b)

  if the committee requires the person to give the committee information or an explanation about the scheme—give the information or explanation to the committee; and

• (c)

  otherwise assist the committee in the performance of its functions.

“PART 5C.7—RELATED PARTY TRANSACTIONS

Prohibited financial benefits in certain circumstances

“5C.7.01. (1) This regulation applies to a financial benefit that is given out of the property of a registered scheme by a person who is:

• (a)

  the responsible entity of the scheme; or

• (b)

  an entity that the responsible entity controls; or

• (c)

  an agent of, or another person otherwise engaged by, the responsible entity.

 “(2) Unless Division 4 or 5 of Part 3.2A of the Corporations Law permits the benefit to be given out of scheme property to the person or a related party, the benefit must not be given out of the property to that person or party.

 “(3) The benefit must not be given out of scheme property to the person or a related party if the benefit could diminish or endanger the property or adversely affect the interests of members.

. “(4) Subregulation (3) does not prevent the person or a related party from being paid fees, or exercising rights to an indemnity, in accordance with the scheme’s constitution under subsection 601GA (2) of the Corporations Law.

“PART 5C.9—WINDING UP

Notice of commencement of winding up

“5C.9.01. The responsible entity of a registered scheme must lodge a notice in the approved form telling the ASC that winding up of the scheme has commenced, or been completed, within 14 days of the commencement or completion.

“PART 5C.11—EXEMPTIONS AND MODIFICATIONS

“Division 1—Exemptions

Exemptions

“5C.11.01. Chapter 5C of the Corporations Law does not apply to:

• (a)

  the issue by a financial institution of withdrawable shares; or

• (b)

  deposit taking by a financial institution; or

• (c)

  something else done by a financial institution in the ordinary course of its banking business; or

• (d)

  the provision by a special services provider of a service mentioned in subparagraph 36 (2) (b) (i), (ii), (iii), (iv) or (v) of any of the AFIC Codes; or

• (e)

  the issue of shares:

  • (i)

    to a building society by a building society special services provider; or

  • (ii)

    to a credit union by a credit union special services provider.

“Division 2—Modifications

Modifications

“5C.11.02. For section 601QB of the Corporations Law, the operation of the Law is modified in accordance with this Division.

Register of members of registered schemes (Corporations Law, s 169 (1))

“5C.11.03. The register of members of a registered scheme need not contain information about a member whose only interest in the scheme is as the holder of an option.

Names of registered schemes (Corporations Law, s 601EB (1))

“5C.11.04. The ASC must not register a managed investment scheme if the name of the scheme stated under subregulation 5C.1.01 (2) does not comply with subregulation 5C.1.01 (3).

Related parties—financial benefits (Corporations Law, s 243J (1))

“5C.11.05. Subsection 243J (1) of the Corporations Law has effect in relation to a registered scheme as if the reference to the day on and after which section 243H of the Law applies to the responsible entity of the scheme because of section 1376 of the Law were a reference to the commencement of this regulation.

Liability of responsible entities (Corporations Law, s 601FB (4))

“5C.11.06. In determining the liability under subsection 601FB (2) of the Corporations Law of the responsible entity of a registered scheme to the members of the scheme for an act or omission of an agent appointed by the entity under that subsection, the amount recovered under subsection 601FB (4) of the Law is to be disregarded.

References to Chapter 5C (Corporations Law, s 1325)

“5C.11.07. A reference in section 1325 to Part 7.12 of the Corporations Law is taken to include a reference to Chapter 5C of the Law.

Trustees etc not liable in certain circumstances (Corporations Law, s 1463)

“5C.11.08. The trustee, representative or management company is not liable in a civil action or civil proceeding for deciding to retire, or giving a retirement notice, under section 1455 of the Corporations Law.”.

14.   Regulation 7.1.02 (Prescribed interests: exemption of franchise rights or interests)

14.1   Omit the regulation.

15.   Regulation 7.2.02 (Compliance monitoring—section 770A stock markets)

15.1   Regulation 7.2.02:

Omit “a management company”, insert “the responsible entity of a registered scheme”.

15.2   Paragraph 7.2.02 (a):

Omit “management company”, substitute “responsible entity”.

16.   Regulation 7.3.02A (Conditions to which a licence issued to the management company of a property trust is subject)

16.1   Omit the regulation.

17.   Regulation 7.3.11 (Exemptions from licensing etc.: prescribed interests)

17.1   Omit the regulation, substitute:

Exemption from licensing—managed investment schemes

 “7.3.11. (1) Divisions 1 and 3 of Part 7.3, Parts 7.5, 7.6 and 7.7 and section 842 of the Corporations Law do not apply to a dealing in or with an interest in a managed investment scheme:

• (a)

  that is not, and is not required under section 601ED of the Law to be, registered under section 601EB of the Law; or

• (b)

  in relation to which the person operating the scheme is exempt from subsection 601ED (5) of the Law.

 “(2) However, subregulation (1) does not apply to a dealing in or with an interest in:

• (a)

  a regulated superannuation fund; or

• (b)

  an approved deposit fund; or

• (c)

  a pooled superannuation trust;

within the meaning of the Superannuation Industry (Supervision) Act 1993.

 “(3) Part 7.7 of the Corporations Law does not apply to a body corporate in relation to an interest in a registered scheme made available by the body corporate in accordance with Chapter 5C and Division 2 of Part 7.12 of the Law.”.

18.   Regulation 7.3.12 (Exemption from licensing—dealings in own securities and sub-underwriting)

18.1   Paragraphs 7.3.12 (1) (a) and (b):

Omit “other than prescribed interests,”, substitute “except an interest in a managed investment scheme,”.

18.2   Subregulation 7.3.12 (2):

Omit “other than prescribed interests.”, substitute “except an interest in a managed investment scheme.”.

19. Regulation 7.3.17 (Application of certain provisions of Corporations Law to section 770A stock markets)

19.1   Subregulation 7.3.17 (2):

Omit “management company in relation to unquoted prescribed interests.”, substitute “responsible entity of a registered scheme in relation to unquoted interests in that scheme.”.

20.   Regulation 7.3.18 (Supervisors have qualified privilege in certain circumstances)

20.1   Paragraph 7.3.18 (a):

Omit “management company”, substitute “responsible entity”.

21.   Regulation 7.4.02 (Exemption of certain securities)

21.1   Omit the regulation, substitute:

Exempt securities and interests

 “7.4.02. Sections 842, 843 and 872 of the Corporations Law do not apply to the sale or purchase of securities, or interests in registered schemes, by a body corporate by which the securities or interests were made available in accordance with Chapter 5C and Division 2 of Part 7.12 of the Law.”.

22.   Regulation 7.12.01 (Definitions for Part 7.12)

22.1   Definition of approved deed:

Omit the definition.

22.2   Definition of approved deposit fund:

Omit “Occupational Superannuation Standards Act 1987”, substitute “Superannuation Industry (Supervision) Act 1993”.

22.3   Definition of book value:

Omit the definition.

22.4   Definition of cash common fund interest:

Omit the definition, substitute:

“cash common fund interest means an interest in a cash common fund that is a registered scheme.”.

22.5   Definitions of real property and scheme:

Omit the definitions.

22.6   Definition of superannuation fund:

Omit “Occupational Superannuation Standards Act 1987”, substitute “Superannuation Industry (Supervision) Act 1993”.

23. Regulation 7.12.04 (Exempt rights or interests:

definition of prescribed interest in section 9 of the Corporations Law)

23.1   Omit the regulation.

24.   Regulation 7.12.05 (Excluded issues (Corporations Law, s 66 (2) (n)))

24.1   Subparagraph 7.12.05 (a) (vii):

Omit “or”.

24.2   Subparagraph 7.12.05 (a) (viii):

Omit the subparagraph.

25.   Regulation 7.12.06 (Excluded offers and invitations (Corporations Law, s 66 (3) (k)))

25.1   Paragraph 7.12.06 (f):

Omit the paragraph, substitute:

• “(f)

  an offer or invitation to holders of cash management trust interests in relation to additional interests under the constitution of the scheme;”.

25.2   Paragraphs 7.12.06 (h) and (i):

Omit the paragraphs, substitute:

• “(h)

  an offer or invitation to holders of interests in a registered scheme in relation to additional interests in the scheme that:

  • (i)

    is to be made under the constitution of the scheme; and

  • (ii)

    would be in substitution for some or all of the amounts payable to the holders in relation to those interests;

• (i)

  an offer or invitation to holders of interests (the first interests) in a registered scheme in relation to interests in substitution for the first interests under the constitution of the scheme;”.

26.   Regulation 7.12.08C (Section 1043B notices—other sales)

26.1   Subregulation 7.12.08C (1):

Omit “prescribed interests”, substitute “interests in a registered scheme”.

26.2   Subregulation 7.12.08C (2):

Omit “prescribed interests”, substitute “interests in a registered scheme”.

26.3   Paragraphs 7.12.08C (2) (e), (f), (g) and (h):

Omit the paragraphs, substitute:

• “(e)

  the name, date and place of incorporation of the responsible entity; and

• (f)

  if:

  • (i)

    the address of the registered or principal office of the responsible entity is in Australia, that address; or

  • (ii)

    the address is outside Australia—an address within Australia where documents may be served on the responsible entity; and

• (g)

  the date on which the registered scheme was established and, if the constitution of the scheme provides for a duration for the scheme, the duration of the scheme; and

• (h)

  a place where the constitution of the scheme may be inspected; and”.

26.4   Paragraph 7.12.08C (2) (o):

Omit “trustee, representative or management company”, substitute “responsible entity”.

26.5   Paragraph 7.12.08C (2) (p):

Omit the paragraph, substitute:

• “(p)

  if the responsible entity is a company—the names and addresses of the directors of the company; and”.

26.6   Paragraph 7.12.08C (2) (q):

Omit “prescribed interests”, substitute “interests in a registered scheme”.

27.   Regulation 7.12.10 (Modifications of Corporations Law to apply to securities that are prescribed interests)

27.1   Omit the regulation, substitute:

Modifications of Corporations Law to apply to prescribed interests

 “7.12.10. For section 601QB of the Corporations Law, the operation of the Law is modified in accordance with regulations 7.12.11 and 7.12.12.”.

28.   Regulation 7.12.11 (Section 1021 (Specific provisions applicable to all prospectuses))

28.1   Modified sub-subparagraphs 1021 (6) (a) (ii) (A) and (B):

Omit the sub-subparagraphs, substitute:

• “(A)

  the responsible entity in relation to the scheme; or

• (B)

  any director or proposed director of the responsible entity or any promoter or expert;”.

28.2   Modified paragraph 1021 (6) (a):

Omit “arrangement, common enterprise, financial or business undertaking, investment contract or”.

28.3   Modified paragraphs 1021 (6) (c) and (d):

Omit the paragraphs, substitute:

• “(c)

  to procure subscriptions for, or purchases of, interests in a registered scheme; or

• (d)

  for:

  • (i)

    services rendered in relation to the promotion or inception of the scheme; or

  • (ii)

    other services rendered in accordance with the constitution of the scheme; or”.

28.4   Modified subparagraph 1021 (6) (e) (ii):

Omit “arrangement, common enterprise, financial or business undertaking, investment contract or”.

28.5   Modified paragraph 1021 (6) (f):

Omit “arrangement, common enterprise, financial or business undertaking, investment contract or”.

29.   Regulation 7.12.12 (Section 1022 (General provisions applicable to all prospectuses))

29.1   Subregulation 7.12.12 (1) (modified subsection 1022 (1)):

Omit “prescribed interests”, substitute “interests in a registered scheme”.

29.2   Subregulation 7.12.12 (1) (modified paragraphs 1022 (1) (a) and (c)):

Omit “arrangement, common enterprise, financial or business undertaking, investment contract or”.

29.3   Subregulation 7.12.12 (1) (modified subsection 1022 (1)):

Add at the end:

“; and (d) how scheme property is to be held.”.

29.4   Subregulation 7.12.12 (2) (modified subparagraph 1022 (3) (a) (i)):

Omit the subparagraph, substitute:

• “(i)

  the responsible entity in relation to the scheme; and”.

29.5   Subregulation 7.12.12 (2) (modified subparagraph 1022 (3) (a) (iii)):

Omit the subparagraph, substitute:

• “(iii)

  that scheme; and”.

29.6   Subregulation 7.12.12 (2) (modified paragraph (3) (d)):

Omit “arrangement, common enterprise, financial or business undertaking, investment contract or”.

29.7   Subregulation 7.12.12 (2) (modified paragraph 1022 (3) (d)):

Omit “trustee, representative or management company”, substitute “responsible entity”.

30. Regulation 7.12.12A (Exemption from Division 5A of Part 7.12 of the Corporations Law: unlisted property trusts)

30.1   Omit the regulation.

31.   Regulation 7.12.14A (When financial year reports must be sent)

31.1   Omit the regulation.

32.   Regulation 7.12.15 (Prescribed covenants: paragraph 1069 (1) (n) of the Corporations Law)

32.1   Omit the regulation, substitute:

Money received without completed application forms

 “7.12.15. (1) This regulation applies to the responsible entity of a registered scheme if:

• (a)

  the entity holds money of, or receives money from, a person for the issue or allotment of an interest in the scheme; and

• (b)

  the money is not accompanied by a completed application form that relates to a current prospectus for the scheme.

 “(2) However, this regulation does not apply in relation to:

• (a)

  an excluded issue, other than an excluded issue mentioned in paragraph 66 (2) (da) of the Corporations Law; or

• (b)

  an excluded offer or invitation, other than an excluded offer or invitation mentioned in paragraph 66 (3) (da) of the Law.

 “(3) As soon as practicable, the responsible entity must:

• (a)

  return the moneys to the person; or

• (b)

  take the following steps:

  • (i)

    attempt to obtain a completed application form from the person; and

  • (ii)

    if the money accrues interest while held by the entity—ask the person in writing whether the person wants the amount of the interest to be added to the amount of the principal money or to be paid to the person.”.

33.   Regulation 7.12.15A (Prescribed covenants in relation to the liquidity of an unlisted property trust)

33.1   Omit the regulation.

34.   Regulation 7.12.15B (Management companies—period within which returns must be lodged)

34.1   Omit the regulation.

35. Regulation 7.12.16 (Return to be lodged under subsection 1071 (1) of the Corporations Law)

35.1   Omit the regulation.

36.   Regulation 7.12.16A (Conditions for passing a special variation proposal otherwise than at a special variation meeting)

36.1   Omit the regulation.

37. Regulation 7.12.16B (Exemption from paragraph 1076T (3) (b) of the Corporations Law)

37.1   Omit the regulation.

38.   Regulation 7.13.01 (Marketable securities (Corporations Law, s 1097 (1)))

38.1   Regulation 7.13.01:

Omit “a prescribed interest”, substitute “an interest in a managed investment scheme”.

38.2   Paragraph 7.13.01 (a):

Omit the paragraph, substitute:

• “(a)

  it is an interest in a managed investment scheme that is registered under section 601EB of the Law or a corresponding law; and”.

39.   Regulation 8.3.02 (Exemption: Part 8.3—certain futures contracts)

39.1   Subregulation 8.3.02 (1) (definition of prescribed trustee corporation):

Omit the definition.

39.2   Paragraph 8.3.02 (2) (a):

Omit the paragraph.

39.3   Paragraph 8.3.02 (2) (d):

Omit the paragraph, substitute:

• “(d)

  a dealing in a futures contract:

  • (i)

    entered into by the responsible entity of a managed investment scheme who holds a dealers licence; and

  • (ii)

    entered into in accordance with the constitution of the scheme; and

  • (iii)

    entered into on behalf of the holders of interests in the scheme; and

  • (iv)

    executed by the holder of a futures brokers licence; and

  • (v)

    the value of which, when added to the total value of any other futures contracts in which the responsible entity is dealing for those holders, does not exceed 15% of the total value of the scheme property; or”.

39.4   Subparagraph 8.3.02 (2) (e) (i):

Omit “Occupational Superannuation Standards Act 1987”, substitute “Superannuation Industry (Supervision) Act 1993”.

39.5   Subregulation 8.3.02 (3):

Omit “subparagraph (2) (d) (iii),” (wherever occurring), substitute “subparagraph (2) (d) (v),”.

40.   Regulation 9.1.01 (Prescribed registers)

40.1   Paragraph 9.1.01 (h):

Omit the paragraph, substitute:

• “(h)

  the register of managed investment schemes registered under section 601EB of the Law;”.

41.   Regulation 9.1.02 (Prescribed information)

41.1   Paragraph 9.1.02 (h):

Omit the paragraph, substitute:

• “(h)

  in relation to each registered scheme:

  • (i)

    the ARSN of the scheme;

  • (ii)

    the name of the scheme;

  • (iii)

    the date of registration of the scheme;

  • (iv)

    the name and address of the registered office of the responsible entity of the scheme;

  • (v)

    the name and address of the auditor of the scheme’s compliance plan;

  • (vi)

    the date of any amendment of the constitution or compliance plan of the scheme;

  • (vii)

    any deregistration or winding up of the scheme;

  • (viii)

    the name and address of the auditor of the scheme;”.

42.   Regulation 9.4A.01 (Definitions for Part 9.4A)

42.1   Definition of register, paragraph (c):

Omit the paragraph, substitute:

• “(c)

  register of members of a registered scheme;”.

43.   New Part 9.11

43.1   After Part 9.5, insert in Chapter 9:

“PART 9.11—CHANGES RESULTING FROM THE MANAGED INVESTMENTS ACT 1998

Form of notices for lodgment

 “9.11.01. A notice to be lodged under subsection 1455 (2) or 1456 (1), paragraph 1456 (2) (c) or 1457 (1) (b), subsection 1460 (5) or paragraph 1460 (6) (c) of the Corporations Law must be in the approved form.”.

44.   Schedule 1 (List of forms in Schedule 2)

44.1   Item 109:

Omit the item.

44.2   Item 114:

Omit the item.

44.3   Item 131:

Omit the item.

45.   Schedule 2 (Forms)

45.1   Form 701:

Omit the Form.

45.2   Form 706:

Omit the Form.

45.3   Form 723:

Omit the Form.

46.   Schedule 4 (Prescribed amounts)

46.1   Add at the end:

“7 Fee for supply by a responsible entity of a copy of the constitution of a registered scheme under subsection 601GC (4) 10.00”.

47.   Transitional provisions

47.1 The requirements of section 1071 of the Corporations Law (as in force immediately before the commencement of this regulation) apply to:

• (a)

  any prescribed interests, and an undertaking (except a disclosing entity) or management company, to which Division 11 of Part 9.11 of the Law applies; and

• (b)

  the directors of a management company mentioned in paragraph (a).

47.2 For paragraphs 1071 (1) (a) and (b) of the Corporations Law, as applied by subregulation 47.1, the prescribed period is 90 days.

47.3 A return lodged in accordance with the requirements of subsection 1071 (1) of the Corporations Law, as applied by subregulation 47.1, must be accompanied by:

• (a)

  a copy of the statement of accounts and auditor’s report on the accounts prepared for the financial years to which the report relates in compliance with the covenant included in the relevant deed under paragraph 1069 (1) (f) of the Corporations Law; and

• (b)

  the statement that describes buy-back arrangements in effect when that statement is sent under that paragraph to holders of the prescribed interests.

47.4 For the purpose of applying Chapter 2M of the Corporations Law, as in force immediately after the commencement of these Regulations, to an undertaking to which prescribed interests relate:

• (a)

  the trustee or representative is responsible for the performance of obligations in respect of the undertaking; and

• (b)

  the trustee or representative is taken to be the directors and officers of the undertaking; and

• (c)

  debts incurred in operating the undertaking are taken to be the debts of the undertaking.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 June 1998.

2. Statutory Rules 1990 No. 455 as amended by 1991 Nos. 218, 219, 281, 341, 453, 478 and 479; Act No. 200, 1991; Statutory Rules 1992 Nos. 230, 281, 364, 395 and 450; 1993 Nos. 135, 207 and 277; 1994 Nos. 35, 108, 153, 221, 251, 302 and 430; 1995 Nos. 222, 344, 345 and 398; 1996 Nos. 26, 51, 55, 90, 205, 218 and 343; 1997 Nos. 10, 81, 102 and 142; 1998 Nos. 9, 22, 109, 128, 161 and 185.