EXPLANATORY STATEMENT
STATUTORY RULES 1990 No. 406
COMMONWEALTH SERUM LABORATORIES
(CONVERSION INTO PUBLIC COMPANY)
REGULATIONS
Section 45 of the Commonwealth Serum Laboratories Act 1961 (the Act) provides that the Governor-General may make Regulations for the purposes of the Act.
Under section 44C of the Act, the Commonwealth Serum Laboratories is required to apply to the National Companies and Securities Commission under subsection 85(1) of the Companies Act 1981 to be registered as a company.
The Regulations make provision for the application for registration as a company, and also for the lodgement of documents required under subsection 85(4) of the Companies Act 1981 which must accompany such an application. This provision is necessary due to the deeming mechanism used to establish the Commonwealth Serum Laboratories Commission as a company.
The Regulations will not come into force until subsection 44C(2) of the Act commences in accordance with subsection 2(3) or (4) of the Commonwealth Serum Laboratories (Conversion into Public Company) Act 1990.