EXPLANATORY STATEMENT
Statutory Rules 1989 No. 370
Issued by the Authority of the Attorney-General
Companies Regulations (Amendment)
Subsection 577(1) of the Companies Act 1981 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters that are necessary or convenient to be prescribed for carrying out or giving effect to the Act. Subsection 577(2) of the Act provides that 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 for Companies and Securities (the Council).
2. The Council was established under an Agreement between the Commonwealth and the States, executed on 22 December 1978 (the Agreement), that provides the framework for a co-operative Commonwealth-State scheme for a uniform system of law and administration in relation to company law and the regulation of the securities and futures industries in the six States, the Australian Capital Territory and the Northern Territory of Australia.
3. Under subclause 45(1) of the Agreement, the Council may consider a proposal for the amendment of regulations made under the Commonwealth Acts enacted for the purpose of the co-operative companies and securities scheme. Should the Council approve any draft amending regulation which gives effect to such a proposal, the Commonwealth is then required, under subclause 45(2) of the Agreement, to submit the draft regulations to the Federal Executive Council for making by the Governor-General.
4. The accompanying Regulations are in accordance with a resolution made by the Council.
5. The purpose of the Regulations is to amend the Companies Regulations by amending the lists of prescribed universities and prescribed institutions to reflect changes that have occurred to tertiary institutions in the Northern Territory of Australia.
6. Details of the accompanying Regulations are as follows.
Regulation 1: Prescribed universities
This regulation amends regulation 21 of the Regulations by inserting “Northern Territory University” in the list of prescribed universities.
Regulation 2: Prescribed institutions
This regulation amends regulation 22 of the Regulations by omitting “Darwin Institute of Technology” from the list of prescribed institutions. The Institute has merged with the University College of the Northern Territory to form a new institution known as the Northern Territory University. The new university has been included in the list of universities prescribed under regulation 21 of the Regulations.