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CORPORATIONS REGULATIONS (AMENDMENT) 1991 NO. 341EXPLANATORY STATEMENT
STATUTORY RULES 1991 No. 341
Issued by the Authority of the Attorney-General
Corporations Act 1989
Corporations Regulations (Amendment)
Section 22 of the Corporations Act 1989 (the Act) empowers the Governor-General to make regulations, not inconsistent with the Act, or the Corporations Law (the Law) prescribing, inter alia, matters which are required by the Law to be prescribed by regulations.
The Regulations prescribe The Australian Gas Light Company as an eligible body for the purposes of subsection 1097(1) of the Corporations Law. As a result, Division 3 of Part 7.13 of the Corporations Law will apply to The Australian Gas Light Company. Division 3 of Part 7.13 deals with the transfer of marketable securities.
The Australian Gas Light Company is an unincorporated body formed under the Australian Gas Light Company Act 1837 (NSW).
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 on the proposed amendment. Under the terms of the agreement, the Attorney-General is required only to consult Ministers on matters falling within Chapter 7 of the Law. The regulation is in this category.
The Regulations commence on gazettal.