Commonwealth Numbered Regulations - Explanatory Statements

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CORPORATIONS AMENDMENT REGULATIONS 2001 (NO. 3) 2001 NO. 318

EXPLANATORY STATEMENT

STATUTORY RULES 2001 No. 318

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

Corporations Act 2001

Corporations Amendment Regulations 2001 (No. 3)

Section 1364 of the Corporations Act 2001 (the Corporations Act) empowers the Governor-General to make regulations prescribing, among other things, matters that are required by the Corporations Act to be prescribed by regulations, or necessary or convenient to be prescribed by regulations for carrying out or giving effect to the Corporations Act.

Subsections 147(1) and 601DC(1) of the Corporations Act state that a name is available to a body corporate unless:

(a)       it is identical to an existing name which has already been reserved or registered under the Act for another body; or

(b)       it is identical to a name that is included in the national business names register in respect of another individual or body (the national business names register contains names registered under State and Territory business names legislation); or

(c)       the name is unacceptable for registration under the Corporations Regulations.

Under Parts 2B.6 and 5B.3 of the Corporations Act and Regulations 2B.6.01 and 5B.3.01 and Schedule 6 of the Corporations Regulations a name is unacceptable for registration if it is listed under Schedule 6 of the Corporations Regulations.

Subsections 147(2) and 60lDC(2) of the Corporations Act state that the relevant Commonwealth Minister may consent in writing to a name being available to a body corporate that would not otherwise be available.

The State and the Northern Territory Ministers on the Ministerial Council for Corporations have been consulted on the regulations and have given their agreement, as required by the Corporations Agreement reached between State, Northern Territory and Commonwealth Ministers who had responsibilities in relation to corporate regulation in June 1990.

The purpose of the Regulations is to amend Schedule 6 of the Corporations Regulations 1990 to:

       transfer responsibility for the approval of the use of the word 'University' in Body Corporate names from the Minister for Financial Services and Regulation to the Minister for Education Training and Youth Affairs;

       remove the terms 'College of Advanced Education' and 'Institute of Advanced Education', as both terms are obsolete; and

       add the abbreviation 'GST' to avoid the possibility of the public being misled about the connection to Government of certain bodies corporate.

Details of the Regulations are in the Attachment.

The Regulations commence on gazettal.

ATTACHMENT

Corporations Amendment Regulations 2001 (No. 3)

Regulation 1 Name of regulations

Corporations Amendment Regulations 2001 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 omits item 6307 of Part 3 of Schedule 6

Item 2 in Schedule 1 inserts the following into Part 3 of Schedule 6 after item 6312:

       6312A GST

       6312B G.S.T.

Item 3 in Schedule 1 omits item 6315 of Part 3 of Schedule 6

Item 4 in Schedule 1 omits item 6323 of Part 3 of Schedule 6

Item 5 in Schedule 1 inserts the following into Part 4 of Schedule 6 after item 6405:

6406       University Minister for Education Training and Youth Affairs


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