Commonwealth Numbered Regulations - Explanatory Statements

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CORPORATIONS AMENDMENT REGULATIONS 2000 (NO. 8) 2000 NO. 282

STATUTORY RULES 2000 No. 282

issued by the Authority of the Minister for Financial Services and Regulation

Corporations Act 1989

Corporations Amendment Regulations 2000 (No. 8)

Section 22 of the Corporations Act 1989 empowers the Governor-General to make regulations, not inconsistent with the Act or the Corporations Law, prescribing, among other things, matters that are required by the Corporations Law to be prescribed by regulations, or necessary or convenient to be prescribed by regulations for carrying out or giving effect to the Corporations Law.

The purpose of the Regulations is to protect the name of Sir Donald Bradman from commercial exploitation by individuals and corporations who have no connection to him. The Regulations amend the Corporations Regulations to prohibit the registration of company names that suggest a connection with Sir Donald Bradman that does not exist.

Under subsection 147(1) of the Corporations Act 1989, a name is not available to a body corporate if the name is a name which is declared by the Regulations to be unacceptable for registration (unless Ministerial consent is granted under subsection 147(2)).

Regulation 2B.6.01(2) of the Corporations Regulations provides that a name is unacceptable for registration if it is unacceptable under the rules set out in Part 2 of Schedule 6.

Rule 6203(e) of the Corporations Regulations provides that a name is unacceptable for registration if in the context in which it is proposed to be used, it suggests a connection with:

(i)       a member of the Royal Family; or

(ii)       the receipt of Royal patronage; or

(iii)       an ex-service men's organisation;

if that connection does not exist.

The regulations insert the term "Sir Donald Bradman" in Rule 6203.

As required by the Corporations Agreement, two States have agreed to the amendment.

Details of the Regulations are in the Attachment.

The Regulations commence on gazettal.

ATTACHMENT

Corporations Amendment Regulations 2000 (No. 8)

Regulation 1 - Name of regulations

Corporations Amendment Regulations 2000

Regulation 1 provides for the name of the regulations.

Regulation 2 - Commencement

Regulation 2 provides that the regulations will commence on gazettal.

Regulation 3 Amendment of Corporations Regulations 1990

Regulation 3 provides that Schedule 1 amends the Corporations Regulations 1990.

Schedule 1

Item 1 in Schedule 1 amends Schedule 6 to include the term "Sir Donald Bradman" in Rule 6203 of the Corporations Regulations 1990.