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CORPORATIONS ACT 2001 - SECT 1678F

Director identification numbers--Norfolk Island company directors

Scope

             (1)  This section applies if commencement (within the meaning of this Part) occurs on or after the application day within the meaning of subsection 1653(1).

             (2)  This section applies in relation to a person who:

                     (a)  is not an eligible officer immediately before commencement; and

                     (b)  becomes an eligible officer because of the registration of a company under Part 5B.1 for the purposes of section 1678A (which deals with the registration of former Norfolk Island companies).

Note:          When such a company is registered, the former directors of the Norfolk Island company generally become directors of the registered company (see subsection 1678A(3)). Such a director is an eligible officer (see section 1272B).

Transitional application period for Norfolk Island company directors to apply for director identification numbers

             (3)  If a period (the transitional application period ) is specified under subsection (5) of this section, section 1272C applies to the person as if:

                     (a)  the reference in subparagraph 1272C(2)(a)(ii) to an application period specified by regulations were instead a reference to the transitional application period; and

                     (b)  the reference in subparagraph 1272C(2)(a)(ii) to the start of the application period specified by regulations were instead a reference to when the transitional application period came into effect; and

                     (c)  the reference in subparagraph 1272C(2)(a)(iii) to the start of a longer period (if any) allowed by the Registrar under section 1272E were instead a reference to when the transitional application period came into effect.

Note:          Section 1272C requires an eligible officer to have a director identification number, but allows a certain time (an application period) within which an application can be made for a director identification number.

             (4)  Until a transitional application period comes into effect, section 1272C does not apply to the person.

             (5)  The Minister may, by legislative instrument, specify a transitional application period for the purposes of subsection (3).

             (6)  Subsection 1653(4) does not apply to the person.

Note:          Subsection 1653(4) applies a default period of 28 days under section 1272C within which an application can be made for a director identification number.

   



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