SCHEDULE 2 - Consequential Amendments

Section 4

Associations Incorporation Direction 1999

1.    Clause 4(1)(b) is amended by omitting "Corporations Law" and substituting "Corporations Act" .

Auctioneers and Real Estate Agents Regulations 1992

1.    Regulation 3(1) is amended by omitting "Law of Tasmania" from paragraph (b) of the definition of approved auditor and substituting "Act" .

Business Names Direction 1999

1.    Clause 4(1)(b) is amended by omitting "Corporations Law" and substituting "Corporations Act" .

Commercial and Inquiry Agents Regulations 1975

1.    Regulation 2(1) is amended by omitting "Corporations Law" from the definition of auditor and substituting "Corporations Act" .

2.    Regulation 25(1)(a) is amended as follows:

(a) by omitting " Companies (Tasmania) Code " and substituting "Corporations Act" ;

(b) by omitting "section 6(5)" and substituting "section 50" .

Cooperatives Regulations 2000

1.    Regulation 4(c) is amended by omitting "Corporations Law)" and substituting "Corporations Act)" .

2.    Regulation 11 is amended as follows:

(a) by omitting "Corporations Law" and substituting "Corporations Act" ;

(b) by omitting "omitted "before the commencement of Part 5.7B" " and substituting "omitted "before 23 June 1993" " .

3.    Regulation 12 is rescinded and the following regulation is substituted:

12.     Application of Corporations Act provisions and requirements for accounts and accounting records

(1)  Accounts, financial records and audits in relation to a cooperative are declared to be applied Corporations legislation matters for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to Parts 2F.3, 2M.2, 2M.3, 2M.4 and 2M.7 of the Corporations Act, subject to the modifications prescribed by the Act and Schedule 3 to these regulations.

(2)  For the purposes of section 238(1) of the Act, a cooperative must –

(a) keep accounting records and prepare accounts and consolidated accounts as required by the provisions referred to in subregulation (1) (as modified); and

(b) ensure that those accounts are audited in accordance with those provisions.

4.    Regulation 16(2) is amended by omitting "Law adopted by" and substituting "Act applying pursuant to" .

5.    Regulation 27 is amended as follows:

(a) by omitting paragraph (a) and substituting the following paragraph:

(a) section 461(1)(h) of the Corporations Act applies as if for "ASIC has stated in a report prepared under Division 1 of Part 3 of the ASIC Act that, in its opinion:" there were substituted "the Commissioner has, as a result of an inquiry held under Division 2 or 4 of Part 15 of the Cooperatives Act 1999 , stated that –" ;

(b) by omitting from paragraph (b) "Corporations Law" first occurring and substituting "Corporations Act" ;

(c) by omitting subparagraphs (i) and (ii) from paragraph (b) and substituting the following subparagraphs:

(i) for "Where ASIC is investigating, or has investigated, under Division 1 of Part 3 of the ASIC Act:" there were substituted "Where the Commissioner is holding or has held an inquiry under Division 2 or 4 of Part 15 of the Cooperatives Act 1999 in relation to –" ; and

(ii) for "ASIC may apply" there were substituted "the Commissioner may apply" ;

(d) by omitting from paragraph (c) "Corporations Law" and substituting "Corporations Act" ;

(e) by omitting from paragraph (c)(i) "struck out" and substituting "omitted" ;

(f) by omitting from paragraph (c)(ii) "struck out" and substituting "omitted" ;

(g) by omitting from paragraph (d) "Corporations Law" and substituting "Corporations Act" .

6.    Regulation 34(1)(a)(iv) is amended by omitting "Corporations Law)" and substituting "Corporations Act)" .

7.    Schedule 3 is amended by omitting " ADOPTED PROVISIONS – PARTS 2F.3, 2M.2, 2M.3, 2M.4 AND 2M.7 OF THE CORPORATIONS LAW " from the heading to that Schedule and substituting " APPLIED PROVISIONS – PARTS 2F.3, 2M.2, 2M.3, 2M.4 AND 2M.7 OF THE CORPORATIONS ACT " .

8.    Clause 1 of Schedule 3 is amended as follows:

(a) by omitting from subclause (1) "adopted provisions as modified by the" and substituting "provisions of the Corporations Act applying under the" ;

(b) by omitting from subclause (1) "Corporations Law" and substituting "Corporations Act" ;

(c) by omitting "Corporations Law)" from the definition of disclosing entity in subclause (1) and substituting "Corporations Act)" ;

(d) by omitting subclause (2) and substituting the following subclause:

(2) Expressions used in the applied provisions as modified by the Act and this Schedule that are not defined in the Corporations Act have the same meaning as in the Act.

(e) by omitting from subclause (3) "adopted" and substituting "applied" ;

(f) by omitting from subclause (3) "Corporations Law" and substituting "Corporations Act" .

9.    Clause 2 of Schedule 3 is amended as follows:

(a) by omitting "adopted" first occurring and substituting "applied" ;

(b) by omitting

Provision of Corporations Law amended

How amended

from the column headings of the table and substituting the following:

Provision of Corporations Act amended

How amended

(c) by omitting

section 300(8)(a)

Strike out "and that is covered by subsection 241(2) or (3)".

from the table and substituting the following item:

section 300(8)(a)

Strike out "and that is covered by subsection 199A(2) or (3)".

(d) by omitting the following items

section 300(8)(b)	Strike out "and that is covered by subsection 241A(3)".
section 300(8)	Strike out "section 241" and substitute " section 227 of the Act".

from the table ;

(e) by omitting

section 300(10)

Strike out "public company that is not a wholly-owned subsidiary of another company or of a recognised company" and substitute "cooperative that is not a wholly-owned subsidiary of another cooperative".

from the table and substituting the following item:

section 300(10)

Strike out "public company that is not a wholly-owned subsidiary of another company" and substitute "cooperative that is not a wholly-owned subsidiary of another cooperative".

(f) by omitting

section 307(d)	Strike out this paragraph and substitute:
	(d) whether the cooperative has kept registers as required by section 244 of the Act and other records as required by the Act (including provisions of this Law adopted by or under the Act).

from the table and substituting the following item:

section 307(d)	Strike out this paragraph and substitute:
	(d) whether the cooperative has kept registers as required by section 244 of the Act and other records as required by the Act (including provisions of the Corporations Act applying under the Act).

(g) by omitting

section 311(a)

Strike out "this Law" and substitute "the Act (including provisions of this Law adopted by or under the Act)".

from the table and substituting the following item:

section 311(a)

Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act applying under the Act)".

(h) by omitting

section 319	Strike out this section and substitute:
	Lodgment of annual reports with Commissioner
	319. Under the regulations made under the Act, a cooperative that has to prepare or obtain a report for a financial year under this Law (as adopted by or under the Act) must include in its annual report to the Commissioner for that year a copy of each such report.

from the table and substituting the following item:

section 319	Strike out this section and substitute:
	Lodgment of annual reports with Commissioner
	319. Under the regulations made under the Act, a cooperative that has to prepare or obtain a report for a financial year under the Corporations Act (as applying under the Act) must include in its annual report to the Commissioner for that year a copy of each such report.

(i) by omitting

section 324(12)

Strike out "Where it is, in the opinion of the Commission, impracticable for a proprietary company to obtain the services of a registered company auditor as auditor of the company by reason of the place where the company carries on business, a" and substitute "A".

from the table and substituting the following item:

section 324(12)

Strike out "Where it is, in the opinion of ASIC, impracticable for a proprietary company to obtain the services of a registered company auditor as auditor of the company by reason of the place where the company carries on business, a" and substitute "A". Strike out "ASIC", second and third occurring, and substitute "the Commissioner".

(j) by omitting

Division 1A (sections 331AA to 331AE)

Strike out this Division.

from the table and substituting the following item:

Division 2 (sections 331AA to 331AE)

Strike out this Division.

10.    Schedule 6 is amended as follows:

(a) by omitting "Law as adopted" from item 17 in the table and substituting "Act as applied" ;

(b) by omitting "section 1018" from item 23 in the table and substituting "section 718" ;

(c) by omitting item 24 ;

(d) by omitting "sections 575 or 577 of the Corporations Law" from item 40 in the table and substituting "sections 601AE or 601AF of the Corporations Act" .

Fair Trading (Code of Practice for Retail Tenancies) Regulations 1998

1.    Schedule 1 is amended by omitting "Corporations Law" from paragraph (a) of the definition of auditor in clause 1 of Part 1 and substituting "Corporations Act" .

Magistrates Court (Civil Division) Rules 1998

1.    Rule 40(1)(d)(ii) is amended by omitting " The Corporations Law of the Commonwealth" and substituting "the Corporations Act" .

Racing and Gaming Regulations 1976

1.    Regulation 38(1) is amended by omitting " Companies (Tasmania) Code " and substituting "Corporations Act" .

2.    Regulation 175(2) is amended by omitting " Companies Act 1962 " and substituting "Corporations Act" .

Retirement Benefits Regulations 1994

1.    Regulation 3 is amended as follows:

(a) by omitting "Corporations Law" from the definition of State-owned company in subregulation (1) and substituting "Corporations Act" ;

(b) by omitting from subregulation (6) "Corporations Law" and substituting "Corporations Act" ;

(c) by omitting from subregulation (6) "Law" second occurring and substituting "Act" .

Rules of Practice Rules 1994

1.    Rule 3 is amended by omitting "Corporations Law" from the definition of corporation and substituting "Corporations Act" .

2.    Rule 68(2) is amended by omitting "Corporations Law" and substituting "Corporations Act" .

Travel Agents Regulations 1988

1.    Regulation 5(i) is amended by omitting " Companies (Tasmania) Code " and substituting "Corporations Act" .

2.    Regulation 8(f) is amended by omitting " Companies (Tasmania) Code " and substituting "Corporations Act" .