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CORPORATIONS ACT 2001 - SECT 5E

Concurrent operation intended

             (1)  The Corporations legislation is not intended to exclude or limit the concurrent operation of any law of a State or Territory.

             (2)  Without limiting subsection (1), the Corporations legislation is not intended to exclude or limit the concurrent operation of a law of a State or Territory that:

                     (a)  imposes additional obligations or liabilities (whether criminal or civil) on:

                              (i)  a director or other officer of a company or other corporation; or

                             (ii)  a company or other body; or

                     (b)  confers additional powers on:

                              (i)  a director or other officer of a company or other corporation; or

                             (ii)  a company or other body; or

                     (c)  provides for the formation of a body corporate; or

                     (d)  imposes additional limits on the interests a person may hold or acquire in a company or other body; or

                     (e)  prevents a person from:

                              (i)  being a director of; or

                             (ii)  being involved in the management or control of;

                            a company or other body; or

                      (f)  requires a company:

                              (i)  to have a constitution; or

                             (ii)  to have particular rules in its constitution.

Note:          Paragraph (a)--this includes imposing additional reporting obligations on a company or other body.

             (3)  Without limiting subsection (2), a reference in that subsection to a law of a State or Territory imposing obligations or liabilities, or conferring powers, includes a reference to a law of a State or Territory imposing obligations or liabilities, or conferring powers, by reference to the State or Territory in which a company is taken to be registered.

             (4)  This section does not apply to the law of the State or Territory if there is a direct inconsistency between the Corporations legislation and that law.

Note:          Section 5G prevents direct inconsistencies arising in some cases by limiting the operation of the Corporations legislation.

             (5)  If:

                     (a)  an act or omission of a person is both an offence against the Corporations legislation and an offence under the law of a State or Territory; and

                     (b)  the person is convicted of either of those offences;

the person is not liable to be convicted of the other of those offences.



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