(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;