Commonwealth Numbered Regulations - Explanatory Statements

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CORPORATIONS REGULATIONS (AMENDMENT) 1991 NO. 219

EXPLANATORY STATEMENT

STATUTORY RULES 1991 No. 219

Subject - Corporations Act 1989

Corporations Regulations (Amendment)

(Amending regulations 5.6.23, 7.12.04, 7.12.06, 7.12.13, 7.12.15, 8.3.02, inserting regulations 7.1.03, 7.13.03 and 8.1.01)

Corporations Regulations (Amendment) (Amending Schedules 2 and 9)

Section 22 of the Corporations Act 1989 empowers the Governor-General to make regulations, not inconsistent with the Corporations Act or the Corporations Law (the Law), prescribing, inter alia, matters which are required by the Law to be prescribed by regulations.

In accordance with the Heads of Agreement between Commonwealth, State and Territory Ministers having responsibilities in relation to corporate regulation, the Attorney-General has consulted the relevant State and Territory Ministers who then voted to approve the proposed amendments.

Corporations Regulations (Amendment)

(Amending regulations 5.6.23, 7.12.04, 7.12.06, 7.12.13, 7.12.15, 8.3.02, inserting regulations 7.1.03, 7.13.03 and 8.1.01)

The purposes of the Regulations are:

1.       to prescribe five named indexes so that Chapter 7 of the Law will apply to option contracts based on these indexes;

2.       to make certain drafting corrections and to limit the scope for avoiding the fundraising provisions;

3.       to prescribe Westpac Banking Corporation as an "eligible body" for the purposes of the provisions dealing with the transfer of marketable securities;

4.       to make an exemption to the provisions of Chapter S; and

5.       to make further amendments of a technical and minor nature.

Details about the Regulations are at Attachment A.

Corporations Regulations (Amendment) (Amending Schedules 2 and 9)

The purposes of the Regulations are:

1.       to include further corporations in the list of authorised trustee corporations in Schedule 9;

2.       to make amendments of a technical nature to correct minor errors in some of the Forms in Schedule 2.

Details of the proposed Regulations are at Attachment B.

ATTACHMENT B

Regulation 1

Commencement

It is desirable that Regulation 4 commence on 1 January 1991, the date that the bulk of the Regulations under the Corporations Law came into force. The corporations listed in the amendment to Schedule 9 were included in a corresponding regulation which was in force under the co-operative scheme legislation as it operated up until the commencement of the Corporations Law. It is most desirable that there is no gap between the operation of these regulations and the previous regulations under the co-operative scheme law. Further, as this regulation merely replicates the effect of the corresponding co-operative scheme regulations and does not prejudice or impose obligations on any person, it is considered appropriate that they be given retrospective operation to commence on 1 January 1991. Section 6 of the Corporations Act 1989 permits regulations being given retrospective operation where they meet these conditions.

Regulations 2

Amendment

This regulation states that the Corporations Regulations are to be amended as set out in these regulations.

Regulation 3

Schedule 2 (Forms)

This regulation makes a number of amendments of a technical nature to correct minor errors in the Forms in Schedule 2 of the Corporations Regulations.

Regulation 4

Schedule 9 (Authorised truste corporations)

The names of 5 corporations which were included in the list of authorised trustee companies in Regulation 14 of the Companies Regulations but were inadvertently omitted from the list in Schedule 9 of the Corporations Regulations are inserted by this amendment.


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