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LEGISLATION REFORM (REPEALS NO. 5) BILL 2009

 Legislation Reform (Repeals No. 5) Bill
                  2009

                         Introduction Print

               EXPLANATORY MEMORANDUM


                                  General
The Bill contributes to a key commitment of the Labor Government as set out
in the 2009 Statement of Government Intentions, which is to simplify the
statute book by repealing old Victorian laws and by reducing the number and
complexity of Victorian legislative instruments that are unnecessary or
redundant.
It will also give effect to the Government's response to the Scrutiny of Acts
and Regulations Committee (SARC) Report on Redundant Corporations
Laws (December 2008) following an inquiry into the repeal of certain
Victorian corporations laws that supported the corporations law framework
prior to the State referring powers to the Commonwealth in 2001.

                                Clause Notes
Clause 1    sets out the purposes of the Bill which are to--
                    repeal a number of redundant Acts relating to
                     companies and related matters; and
                    to make a consequential amendment to the
                     Corporations (Ancillary Provisions) Act 2001.

Clause 2    provides that the Bill is to commence operation on the day after
            the day it receives the Royal Assent.

Clause 3    provides for the Acts listed in Schedule 1 to be repealed.

Clause 4    provides that the Corporations (Ancillary Provisions) Act 2001
            is amended as set out in Schedule 2.




561332                                 1     BILL LA INTRODUCTION 24/11/2009

 


 

Clause 5 provides for the repeal of this repealing Act on the first anniversary of the day on which it receives the Royal Assent. Once the repeals and amendment made by this Act have taken effect, this Act will be spent. SCHEDULE 1 Repeal of Acts The Bill repeals the following Acts which are set out in Schedule 1. These Acts are to be repealed because they contain matters that are now regulated by the Corporations Act 2001 of the Commonwealth. These Acts are redundant. The repeal of these Acts was also recommended by SARC in its Report on Redundant Corporations Laws (December 2008). Any residual or continuing effect of any transitional or savings provisions in these Acts will be preserved under section 14 of the Interpretation of Legislation Act 1984. In addition, Schedule 2 inserts new section 26 into the Corporations (Ancillary Provisions) Act 2001 which enables regulations to be made for or with respect to any transitional matters relating to the repeal of these Acts. 1. Companies Act 1961 (No. 6839) The Companies Act 1961 dealt with certain aspects of corporations law such as the constitution of companies, shares, debentures and charges, management and administration, accounts and audit, special investigations, takeovers, arrangements and reconstructions, receivers and managers, and the winding up of a company. The 1961 Act can be repealed. 2. Companies Act 1975 (No. 8787) The Companies Act 1975 gave effect to a 1974 intergovernmental agreement, which provided for the reconciliation of differences in the Companies Acts of the States that are parties to that agreement. The 1975 Act can be repealed. 3. Securities Industry Act 1975 (No. 8788) The Securities Industry Act 1975 dealt with the regulation of trading in securities, the licensing of persons dealing in securities, the establishment and administration by stock exchanges of fidelity funds and other miscellaneous matters. Persons who provide financial product advice or deal in a financial product as defined in the Corporations Act 2001 of the Commonwealth are now regulated by the Australian Securities and Investment Commission. The 1975 Act can be repealed. 2

 


 

4. Securities Industry (Application of Laws) Act 1981 (No. 9562) The Securities Industry (Application of Laws) Act 1981 gave effect to a 1978 intergovernmental agreement between the Commonwealth and the States in relation to a proposed scheme for the cooperative regulation of companies and the securities industry. This Act applied the provisions of the Securities Industry Act 1980 of the Commonwealth as a Code in Victoria. The Securities Industry Act 1980 of the Commonwealth has since been repealed. The 1981 Act can be repealed. 5. Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981 (No. 9563) The Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981 gave effect to a 1978 intergovernmental agreement between the Commonwealth and the States in relation to a proposed scheme for the cooperative regulation of companies and the securities industry. The 1981 Act can be repealed. 6. Companies (Acquisition of Shares) (Application of Laws) Act 1981 (No. 9564) The Companies (Acquisition of Shares) (Application of Laws) Act 1981 gave effect to a 1978 intergovernmental agreement between the Commonwealth and the States in relation to a proposed scheme for the cooperative regulation of companies and the securities industry. The 1981 Act can be repealed. 7. Companies (Application of Laws) Act 1981 (No. 9712) The principal function of the Companies (Application of Laws) Act 1981 was to apply the provisions of the Companies Act 1981 of the Commonwealth and Commonwealth regulations, as laws and regulations in Victoria. The Commonwealth Act was amended and the powers and functions previously conferred or imposed on State administration were conferred or imposed on the then National Companies and Securities Commission. The Commonwealth Act has since been repealed. The 1981 Act can be repealed. 8. Futures Industry (Application of Laws) Act 1986 (No. 56/1986) The purpose of the Futures Industry (Application of Laws) Act 1986 was to extend the scheme for the cooperative regulation of companies and the securities industry set out in a 1978 intergovernmental agreement between the Commonwealth and the States to include legislation to regulate the futures industry. The Act applied the Futures Industry Act 1986 of the Commonwealth which regulated the futures markets and sought to ensure investors in the futures industry were adequately protected and informed. 3

 


 

The Futures Industry Act 1986 of the Commonwealth has since been repealed. The 1986 Act can be repealed. SCHEDULE 2 Amendment of Corporations (Ancillary Provisions) Act 2001 This Schedule amends the Corporations (Ancillary Provisions) Act 2001 by inserting new section 26 which enables regulations to be made for or with respect to matters of a transitional nature relating to the repeal of the Acts listed in Schedule 1. A provision of the regulations made under this section may take effect retrospectively, but not from a time that is earlier than the commencement the Bill. It may be necessary to enable the regulations to take effect retrospectively in order to deal with any unexpected issues that may arise from the repeal of the Acts listed in Schedule 1. 4

 


 

 


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