Corporations Regulations (Amendment)

Overview

The Corporations Regulations (Amendment) 1991 No. 341 was enacted to amend the Corporations Regulations under the authority of Section 22 of the Corporations Act 1989. This amendment was designed to address the need for specific regulations regarding the transfer of marketable securities as outlined in Division 3 of Part 7.13 of the Corporations Law. The problem the legislation aimed to resolve was the lack of a clear regulatory framework for certain types of bodies, such as The Australian Gas Light Company, in handling marketable securities. The Australian Gas Light Company, an unincorporated body formed under the Australian Gas Light Company Act 1837 (NSW), was identified as requiring specific regulatory provisions to ensure compliance with corporate regulations concerning securities transfers. The Attorney-General, exercising the authority conferred by the Act, made these amendments after consulting with relevant State and Territory Ministers, in line with the Heads of Agreement concerning corporate regulation. The policy objective was to provide a consistent and regulated approach to the handling of marketable securities across various corporate entities, ensuring adherence to the standards set by the Corporations Law.

Scope and Application

The Corporations Regulations (Amendment) 1991 No. 341 applies to The Australian Gas Light Company, an unincorporated body formed under the Australian Gas Light Company Act 1837 (NSW). This amendment to the Corporations Regulations 2001 is made under the authority of section 22 of the Corporations Act 1989 and designates The Australian Gas Light Company as an eligible body for the purposes of subsection 1097(1) of the Corporations Law. Consequently, Division 3 of Part 7.13 of the Corporations Law, which deals with the transfer of marketable securities, will now apply to The Australian Gas Light Company. The scope of these regulations is specifically within the Commonwealth jurisdiction, as they pertain to federal corporate law and the regulation of corporations under the Corporations Act 1989. The amendment is subject to consultation with relevant State and Territory Ministers under the Heads of Agreement, which is a requirement for matters falling within Chapter 7 of the Law. The Regulations take effect from the date of gazettal.

Key Provisions

The primary operative sections of the Corporations Regulations (Amendment) 1991 No. 341 involve the specification of The Australian Gas Light Company as an eligible body under the Corporations Act 1989 (s. 22). This designation makes Division 3 of Part 7.13 of the Corporations Law applicable to the company. Division 3 of Part 7.13 pertains to the transfer of marketable securities. The Australian Gas Light Company, an unincorporated body formed under the Australian Gas Light Company Act 1837 (NSW), is now subject to these regulatory provisions. The amendment is authorised by the Governor-General and follows the consultation process mandated by the Heads of Agreement between Commonwealth, State, and Territory Ministers. The obligations and requirements imposed by these regulations on The Australian Gas Light Company include compliance with the specific provisions of Division 3 of Part 7.13 of the Corporations Law, which governs the transfer of marketable securities. This encompasses detailed rules and processes that the company must follow in managing and transferring its securities. The company is also subject to any additional regulatory requirements that might arise under this division, ensuring that all operations related to marketable securities are conducted in accordance with the law. In terms of potential breaches, the Corporations Regulations (Amendment) 1991 No. 341 does not explicitly outline specific offences, penalties, or consequences for non-compliance. However, failure to adhere to the regulations concerning the transfer of marketable securities could potentially lead to legal consequences under the broader Corporations Act 1989. Depending on the nature and severity of the breach, penalties could include fines or other sanctions as prescribed by the Act. The exact penalties would depend on the specific circumstances of the breach and the resultant legal proceedings. The regulation takes effect from the date of its gazettal, meaning that it is immediately enforceable once published in the Commonwealth Gazette. The commencement of the regulations ensures that The Australian Gas Light Company must begin to comply with the new requirements without delay. This immediate effect is crucial for maintaining the integrity and consistency of the regulatory framework governing corporate activities in Australia.