EXPLANATORY STATEMENT
Guidelines for the use of the term ‘university’ in company names
(Revocation) Instrument 2013 pursuant to subregulation 2B.6.02(4) of the
Corporations Regulations 2001
Issued by the authority of the Minister for Education
Subject: Guidelines for the use of the word ‘university’ in company names
(Revocation) Instrument 2013
Summary
The Guidelines for the use of the word ‘university’ in company names (Revocation) Instrument 2013 (the Revocation Instrument) (F2007L03885) is made to revoke the Guidelines for the use of the word ‘university’ in company names dated 20 September 2007 and commenced on 28 September 2007 (the Guidelines).
Authority
This legislative instrument is made for the purposes of subregulation 2B.6.02(4) and 5B.3.02(4) of the Corporations Regulations 2001.
Content of Guidelines and Purpose
The purpose of the Revocation Instrument is to revoke the Guidelines.
A company name that includes the word ‘university’ or letters, words or expressions of like import to the word ‘university’ cannot be used by a company under the Corporations Act 2001 unless the Commonwealth Minister responsible for Higher Education from time to time (the Minister) has approved in writing the use of that name by the applicant pursuant to the Corporations Regulations 2001.
Specifically, sections 147 and 601DC of the Corporations Act 2001 and subregulations 2B.6.02 and 5B.3.02 of the Corporations Regulations 2001 operate such that an application for registration, reservation or a change of name which uses or includes the word ‘university’, must be accompanied by the written consent of the Minister.
Accordingly, the Australian Securities and Investment Commission, the agency that registers company names, requires any applications to register a company using the word ‘university’ in its name, to be accompanied by a letter of approval from the Minister or a person appropriately authorised by the Minister.
The Guidelines set out the framework for the use of the word ‘university’ including information on how to apply for approval, the criteria for granting consent to applications and required supporting documentation.
While the Revocation Instrument will cease the operation of the Guidelines as a legislative instrument, any current government policy for the use of the word ‘university’ in company names and relevant guideline material will be publicly available on the website of the Department of Education (www.education.gov.au).
The Revocation Instrument does not affect the validity of any consent previously granted by the Minister, or a person authorised by the Minister in applying the Guidelines under subregulation 2B.6.02 and 5B.3.02(4) of the Corporations Regulations 2001. Any such consent previously granted by the Minister or a person authorised by the Minister pursuant to the Guidelines is taken to continue to have effect unless such consent has otherwise been revoked.
Consultation
The then Department of Industry, Innovation, Science, Research and Tertiary Education consulted with the Department of Treasury on the development of the Revocation Instrument.
The Guidelines, while no longer a legislative instrument, are currently in effect as administrative Guidelines and are available on the Department’s website (as outlined above). No substantive changes have been made to the Guidelines by virtue of the Revocation Instrument.
As the Guidelines have not been substantively altered, and as the Revocation Instrument will not have an effect on business or other stakeholders, consultation was limited to the Department of Treasury which has responsibility for the Australian Securities and Investment Commission, the agency that registers company names.