Companies (Acquisition of Shares—Fees) Act 1980
No. 65 of 1980
An Act relating to fees payable for the purposes of the Companies (Acquisition of Shares) Act 1980
[Assented to 28 May 1980]
BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:
Short title
1. This Act may be cited as the Companies (Acquisition of Shares—Fees) Act 1980.
Commencement
2. This Act shall come into operation on the day on which the Companies (Acquisition of Shares) Act 1980 comes into operation.
Interpretation
3. Expressions used in this Act have the same respective meanings as in the Companies (Acquisition of Shares) Act 1980.
Fees payable
4. (1) There shall be paid to the Commonwealth for or in respect of—
(a) the lodgment of documents with the Commission under the Companies (Acquisition of Shares) Act 1980;
(b) the registration of documents under that Act or the inspection or search of registers kept by, or documents in the custody of, the Commission under that Act;
(c) the production by the Commission, pursuant to a subpoena, of any register kept by, or documents in the custody of, the Commission under that Act;
(d) the issuing of documents or copies of documents, the granting of consents or approvals or the doing of other acts or things by the Commission under that Act; and
(e) the making of inquiries of, or applications to, the Commission in relation to matters arising under that Act,
such fees (if any) as are prescribed.
(2) Where a fee is payable to the Commonwealth under sub-section (1) for or in respect of the lodgment of a document with the Commission and the document is submitted for lodgment without payment of the fee, the document shall be deemed not to have been lodged until the fee has been paid.
(3) Where a fee is payable to the Commonwealth under sub-section (1) for or in respect of any matter involving the doing of any act or thing by the Commission, the Commission shall not do that act or thing until the fee has been paid.
(4) This section has effect notwithstanding anything contained in the Companies (Acquisition of Shares) Act 1980.
(5) Nothing in this section prevents the Commonwealth from—
(a) waiving or reducing, in a particular case or classes of cases, fees that would otherwise be payable pursuant to this section; or
(b) refunding, in whole or in part, in a particular case or classes of cases, fees paid pursuant to this section.
Regulations
5. (1) The Governor-General may make regulations, not inconsistent with this Act, prescribing fees, not in any case exceeding $1,000, for the purposes of sub-section 4(1).
(2) The power of the Governor-General to make regulations shall be exercised only in accordance with advice that is consistent with resolutions of the Ministerial Council.
Overview
The Companies (Acquisition of Shares—Fees) Act 1980 was enacted to provide a framework for the collection of fees associated with the lodgment and registration of documents under the Companies (Acquisition of Shares) Act 1980. This Act was brought into force on the same day as the parent Act, ensuring that a financial structure was in place to support the regulatory framework governing the acquisition of shares in companies. Enacted by the Parliament of Australia, the Act aims to establish a system of fees to cover the costs incurred by the Commonwealth for the administration of these processes. The Act allows for the imposition of fees for various actions, including the lodgment of documents, registration, inspections, and the issuance of documents by the relevant authorities, ensuring that these activities are adequately funded to maintain efficient corporate governance and regulatory oversight.
Scope and Application
The Companies (Acquisition of Shares—Fees) Act 1980 applies to the fees payable to the Commonwealth in relation to the administration of the Companies (Acquisition of Shares) Act 1980, which includes the lodgment, registration, inspection, and production of documents, as well as the issuing of documents and the granting of approvals by the relevant authorities. This Act pertains to any person or entity required to lodge documents under the Companies (Acquisition of Shares) Act 1980, and it covers any documents and transactions governed by that Act. The Act operates at the national level across Australia, as it is a Commonwealth Act, and it came into effect on the same day as the principal Act it supports, which was the Companies (Acquisition of Shares) Act 1980. There are no exclusions or exemptions specified within the Act itself, although the Governor-General has the power to make regulations, in line with Ministerial Council resolutions, to set the fees, which cannot exceed $1,000 for any single transaction. The Act's scope can be extended or modified through subordinate legislation, as it allows for the creation of regulations that prescribe specific fees.
Key Provisions
The Companies (Acquisition of Shares—Fees) Act 1980 primarily focuses on the fees payable to the Commonwealth for various actions taken in the context of the Companies (Acquisition of Shares) Act 1980. Section 4 outlines the primary obligations concerning these fees. It specifies that fees must be paid for the lodgment of documents, registration of documents, inspections, searches, subpoenas, document production, issuing of documents, consents, approvals, and other acts or things performed by the Commission under the Companies (Acquisition of Shares) Act 1980. Additionally, fees are required for inquiries and applications to the Commission. Section 4(2) mandates that documents submitted without the requisite fee are deemed not lodged until the fee is paid, while Section 4(3) stipulates that no act or thing by the Commission shall be performed without the payment of the fee.
The Act imposes specific obligations on entities subject to its provisions. Companies and individuals required to lodge documents or engage in other activities under the Companies (Acquisition of Shares) Act 1980 must ensure that the appropriate fees are paid as stipulated by Section 4. Failure to pay the fees may result in the non-acceptance of the documents or non-performance of the required actions by the Commission. Moreover, Section 5 empowers the Governor-General to make regulations prescribing the fees, with a cap of $1,000, ensuring that the fees are not excessive and remain within a reasonable limit.
There are consequences for non-compliance with the provisions of the Companies (Acquisition of Shares—Fees) Act 1980. Section 4(2) and 4(3) outline that if a fee is not paid, the document will not be considered lodged, and the required action will not be performed by the Commission. While the Act does not explicitly state criminal or civil penalties for non-payment, the implications of non-compliance, such as delays in the processing of documents or actions, can have significant consequences for the entities involved. The overarching aim of the Act is to ensure that the prescribed fees are paid to facilitate the efficient administration of the Companies (Acquisition of Shares) Act 1980.