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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia Corporations (Consequential Amendments) Bill (No. 3) 2001 CONTENTS Part 1 -- Preliminary 1. Short title 2 2. Commencement 2 3. Interpretation 2 4. Validation 2 5. Power to amend certain statutory rules 3 6. Regulations 3 7. Retrospective effect of regulations and statutory rules 4 Part 2 -- Country Housing Act 1998 8. The Act amended 6 9. Section 3 amended 6 10. Section 24 amended 6 Part 3 -- Declarations and Attestations Act 1913 11. Declarations and Attestations Act 1913 amended 7 Part 4 -- Electricity Corporation Act 1994 12. Electricity Corporation Act 1994 amended 8 Part 5 -- Finance Brokers Control Act 1975 13. Finance Brokers Control Act 1975 amended 9 page i 78--2 Corporations (Consequential Amendments) Bill (No. 3) 2001 Contents Part 6 -- Grain Marketing Act 1975 14. Grain Marketing Act 1975 amended 10 Part 7 -- Local Government Act 1995 15. Local Government Act 1995 amended 11 Part 8 -- Members of Parliament (Financial Interests) Act 1992 16. Members of Parliament (Financial Interests) Act 1992 amended 12 Part 9 -- Mental Health Act 1996 17. Mental Health Act 1996 amended 13 Part 10 -- Osteopaths Act 1997 18. Osteopaths Act 1997 amended 14 Part 11 -- Port Authorities Act 1999 19. Port Authorities Act 1999 amended 15 Part 12 -- Real Estate and Business Agents Act 1978 20. Real Estate and Business Agents Act 1978 amended 16 Part 13 -- Settlement Agents Act 1981 21. The Act amended 17 22. Section 4 amended 17 23. Section 36 amended 17 Part 14 -- Stamp Act 1921 24. The Act amended 19 25. Section 4 amended 19 26. Section 73E amended 20 27. Section 75D amended 20 28. Sections 75JA, 76AI and 76AP amended 20 29. Section 112B amended 20 30. Section 112BA amended 21 31. Section 112C amended 21 32. Section 121 inserted 21 page ii Corporations (Consequential Amendments) Bill (No. 3) 2001 Contents 33. Second Schedule amended 22 Part 15 -- State Superannuation Act 2000 34. State Superannuation Act 2000 amended 23 Part 16 -- Water Corporation Act 1995 35. Water Corporation Act 1995 amended 24 Part 17 -- Western Australian Treasury Corporation Act 1986 36. Western Australia Treasury Corporation Act 1986 amended 25 page iii Western Australia LEGISLATIVE ASSEMBLY (As amended in Committee) Corporations (Consequential Amendments) Bill (No. 3) 2001 A Bill for An Act to amend various Acts as a consequence of the Commonwealth enacting the Financial Services Reform Act 2001, and for related purposes. The Parliament of Western Australia enacts as follows: page 1 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 1 Preliminary s. 1 Part 1 -- Preliminary 1. Short title This Act may be cited as the Corporations (Consequential Amendments) Act (No. 3) 2001. 5 2. Commencement (1) If this Act receives the Royal Assent before the day on which Schedule 1 to the Financial Services Reform Act comes into operation, this Act comes into operation at the same time as that Schedule comes into operation. 10 (2) If this Act receives the Royal Assent on or after the day on which Schedule 1 to the Financial Services Reform Act comes into operation, this Act is deemed to have come into operation at the same time as that Schedule comes into operation. 3. Interpretation 15 In this Part -- "Financial Services Reform Act" means the Financial Services Reform Act 2001 of the Commonwealth; "FSR commencement time" means the time when Schedule 1 to the Financial Services Reform Act comes into operation; 20 "statutory rule" means a regulation, rule or by-law. 4. Validation (1) This section applies if this Act comes into operation under section 2(2). (2) Anything done or omitted to have been done after the FSR 25 commencement time and before this Act receives the Royal Assent that could have been done if this Act had received the Royal Assent before the FSR commencement time is taken to be as valid and lawful, and to always have been as valid and lawful, as it page 2 Corporations (Consequential Amendments) Bill (No. 3) 2001 Preliminary Part 1 s. 5 would have been if this Act had received the Royal Assent before the FSR commencement time. (3) Anything done or omitted to have been done by a person after the FSR commencement time and before this Act received the 5 Royal Assent that would have been valid and lawful if the Financial Services Reform Act had not commenced, is taken to be valid and lawful. (4) Anything done or omitted to have been done after the FSR commencement time and before this Act receives the Royal 10 Assent -- (a) that could only have been validly and lawfully done or omitted because this Act received the Royal Assent after the FSR commencement time; and (b) that could not have been validly and lawfully done or 15 omitted if this Act had received the Royal Assent before the FSR commencement time, is taken not to be valid, and to never have been valid. 5. Power to amend certain statutory rules (1) The Governor, on the recommendation of the Minister, may 20 make regulations amending a statutory rule made by the Governor in the exercise of a power conferred by an Act. (2) The Minister may make a recommendation under subsection (1) only if he or she considers that each amendment proposed to be made by the regulations is consequential on the enactment of 25 the Financial Services Reform Act. (3) Nothing in this section prevents a statutory rule from being amended in accordance with the Act under which it is made. 6. Regulations (1) The Governor may make regulations prescribing all matters that 30 are required or permitted by this Act to be prescribed, or are page 3 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 1 Preliminary s. 7 necessary or convenient to be prescribed for giving effect to the purposes of this Act. (2) Without limiting subsection (1), the regulations may deal with matters of a transitional nature (includes matters of an 5 application or savings nature) relating to the transition from the application of the Corporations Act 2001 of the Commonwealth as in force immediately before the FSR commencement time to the application of that Act as in force after the FSR commencement time. 10 7. Retrospective effect of regulations and statutory rules (1) A regulation made under section 5(1) or 6(1) may be expressed to take effect from a time that is earlier than the beginning of the day on which it is published in the Gazette, but not earlier than immediately before the FSR commencement time. 15 (2) If an Act confers a power on a person, other than the Governor, to make statutory rules, then, for the purposes of amending those statutory rules as a consequence of the enactment of the Financial Services Reform Act, the power is taken to include a power to provide that those amendments may be expressed to 20 take effect from a time that is earlier than the beginning of the day on which the statutory rules are published in the Gazette, but not earlier than immediately before the FSR commencement time. (3) Subsections (1) and (2) have effect if, and only if, regulations 25 (made under section 5(1) or 6(1)) and statutory rules (referred to in subsection (2)) are published in the Gazette within the 3 months after the day on which this Act receives the Royal Assent. (4) To the extent to which a regulation (made under section 5(1) or 30 6(1)) or a statutory rule (referred to in subsection (2)) takes effect from a time that is earlier than the beginning of the day on which the regulation or statutory rule is published in the page 4 Corporations (Consequential Amendments) Bill (No. 3) 2001 Preliminary Part 1 s. 7 Gazette, the regulation or statutory rule does not operate so as -- (a) to prejudicially affect the rights of a person (other than the State or an authority of the State) existing before the 5 day on which the regulation or statutory rule is published in the Gazette; or (b) to impose liabilities on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before the day on which the 10 regulation or statutory rule is published in the Gazette. page 5 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 2 Country Housing Act 1998 s. 8 Part 2 -- Country Housing Act 1998 8. The Act amended The amendments in this Part are to the Country Housing Act 1998*. 5 [* Act No. 4 of 1998. For subsequent amendments see 2000 Index to Legislation of Western Australia, Table 1, p. 97 and Acts Nos. 10 and 12 of 2001.] 9. Section 3 amended 10 Section 3 is amended as follows: (a) in the definition of "farming company" in paragraph (a) by deleting "listed on a stock exchange" and inserting instead -- " quoted on a financial market "; 15 (b) in the definition of "farming company" in paragraph (b)(ii)(I) by deleting "listed on the stock exchange" and inserting instead -- " quoted on a financial market "; (c) by inserting the following definition in the appropriate 20 alphabetical position -- " "financial market" has the same meaning as in Chapter 7 of the Corporations Act 2001 of the Commonwealth; 25 ". 10. Section 24 amended Section 24(2)(a) is amended by deleting "listed on a stock exchange" and inserting instead -- " quoted on a financial market ". page 6 Corporations (Consequential Amendments) Bill (No. 3) 2001 Declarations and Attestations Act 1913 Part 3 s. 11 Part 3 -- Declarations and Attestations Act 1913 11. Declarations and Attestations Act 1913 amended Schedule item 16 of the Declarations and Attestations Act 1913* is deleted and the following items are inserted 5 instead -- " 16. A financial services licensee (within the meaning of the Corporations Act 2001 of the Commonwealth), who is, in effect, authorised to carry on the business of an insurance 10 broker. 16A. A regulated principal (within the meaning of section 1430 of the Corporations Act 2001 of the Commonwealth), who is authorised to carry on the business of an insurance broker under Part 10.2 Division 1 Subdivision D of that Act. 15 ". [* Reprinted as at 10 September 1992. For subsequent amendments see 2000 Index to Legislation of Western Australia, Table 1, p. 116 and Act No. 10 of 2001.] page 7 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 4 Electricity Corporation Act 1994 s. 12 Part 4 -- Electricity Corporation Act 1994 12. Electricity Corporation Act 1994 amended Section 84(1)(a)(xi) of the Electricity Corporation Act 1994* is amended by deleting "within the meaning of the Corporations 5 Act". [* Reprinted as at 4 January 2000. For subsequent amendments see 2000 Index to Legislation of Western Australia, Table 1, p. 134 and Acts Nos. 43 of 2000 and 10 of 2001.] page 8 Corporations (Consequential Amendments) Bill (No. 3) 2001 Finance Brokers Control Act 1975 Part 5 s. 13 Part 5 -- Finance Brokers Control Act 1975 13. Finance Brokers Control Act 1975 amended Section 5(1)(d) of the Finance Brokers Control Act 1975* is deleted and the following paragraphs are inserted instead -- 5 " (d) a financial services licensee (within the meaning of the Corporations Act 2001 of the Commonwealth), when dealing in securities (within the meaning of section 92 of that Act) 10 that he or she is authorised to deal in by that licence; (da) a regulated principal (within the meaning of section 1430 of the Corporations Act 2001 of the Commonwealth), who held a dealers licence 15 under the Corporations Act 2001 of the Commonwealth immediately before the commencement of Schedule 1 to the Financial Services Reform Act 2001 of the Commonwealth, when dealing in securities that 20 he or she is authorised to deal in by Part 10.2 Division 1 Subdivision D of that Act; ". [* Reprinted as at 3 March 2000. For subsequent amendments see Acts Nos. 10 and 12 25 of 2001.] page 9 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 6 Grain Marketing Act 1975 s. 14 Part 6 -- Grain Marketing Act 1975 14. Grain Marketing Act 1975 amended Section 19(2)(b) of the Grain Marketing Act 1975* is amended by deleting "(within the meaning of the Corporations Act 2001 5 of the Commonwealth)". [* Reprinted as at 19 November 1999. For subsequent amendments see 2000 Index to Legislation of Western Australia, Table 1, p. 188 and Act No. 10 of 2001.] page 10 Corporations (Consequential Amendments) Bill (No. 3) 2001 Local Government Act 1995 Part 7 s. 15 Part 7 -- Local Government Act 1995 15. Local Government Act 1995 amended (1) The amendments in this Part are to the Local Government Act 1995*. 5 [* Reprinted as at 18 February 2000. For subsequent amendments see 2000 Index to Legislation of Western Australia, Table 1, p. 257 and Act No. 10 of 2001.] (2) Section 5.84(1)(c) is amended by deleting "listed for quotation on a stock market" and inserting instead -- 10 " quoted on a prescribed financial market ". (3) Section 5.84(2) is repealed and the following subsection is inserted instead -- " (2) In this section -- 15 "interest" means a relevant interest (within the meaning given by section 9 of the Corporations Act 2001 of the Commonwealth) in any securities (within the meaning given by section 92 of that Act) issued or made available by the corporation; 20 "prescribed financial market" has the meaning given by section 9 of the Corporations Act 2001 of the Commonwealth. ". page 11 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 8 Members of Parliament (Financial Interests) Act 1992 s. 16 Part 8 -- Members of Parliament (Financial Interests) Act 1992 16. Members of Parliament (Financial Interests) Act 1992 amended 5 (1) The amendments in this Part are to the Members of Parliament (Financial Interests) Act 1992*. [* Act No. 44 of 1992. For subsequent amendments see 2000 Index to Legislation of Western Australia, Table 1, p. 276 and Act No. 10 of 2001.] 10 (2) Section 11(1)(c) is amended by deleting "listed for quotation on a stock market" and inserting instead -- " quoted on a prescribed financial market ". (3) Section 11(2) is repealed and the following subsection is inserted instead -- 15 " (2) In this section -- "interest" means a relevant interest (within the meaning given by section 9 of the Corporations Act 2001 of the Commonwealth) in any securities 20 (within the meaning given by section 92 of that Act) issued or made available by the corporation; "prescribed financial market" has the meaning given by section 9 of the Corporations Act 2001 of the Commonwealth. 25 ". page 12 Corporations (Consequential Amendments) Bill (No. 3) 2001 Mental Health Act 1996 Part 9 s. 17 Part 9 -- Mental Health Act 1996 17. Mental Health Act 1996 amended Section 193 of the Mental Health Act 1996* is amended as follows: 5 (a) in the definition of "related person" in paragraphs (b) and (c) by deleting "stock exchange" and inserting instead -- " prescribed financial market "; (b) by inserting the following definition in the appropriate 10 alphabetical position -- " "prescribed financial market" has the meaning given by section 9 of the Corporations Act 2001 of the Commonwealth; 15 "; (c) in the definition of "relevant interest" by inserting after "has the meaning given by" -- " section 9 of ". [* Act No. 68 of 1996. 20 For subsequent amendments see 2000 Index to Legislation of Western Australia, Table 1, p. 276 and Act No. 10 of 2001.] page 13 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 10 Osteopaths Act 1997 s. 18 Part 10 -- Osteopaths Act 1997 18. Osteopaths Act 1997 amended Schedule 2 clause 5 to the Osteopaths Act 1997* is amended by inserting after "as defined in" (in the second place where it 5 occurs) -- " section 92 of ". [* Act No. 58 of 1997. For subsequent amendments see 2000 Index to Legislation of Western Australia, Table 1, p. 315 and Act No. 10 of 2001.] page 14 Corporations (Consequential Amendments) Bill (No. 3) 2001 Port Authorities Act 1999 Part 11 s. 19 Part 11 -- Port Authorities Act 1999 19. Port Authorities Act 1999 amended Section 87(1)(a)(xi) of the Port Authorities Act 1999* is amended by deleting "within the meaning of the Corporations 5 Act". [* Act No. 22 of 1999. For subsequent amendments see 2000 Index to Legislation of Western Australia, Table 1, p. 353 and Acts Nos. 43 of 2000 and 10 of 2001.] page 15 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 12 Real Estate and Business Agents Act 1978 s. 20 Part 12 -- Real Estate and Business Agents Act 1978 20. Real Estate and Business Agents Act 1978 amended Section 4(4) of the Real Estate and Business Agents Act 1978* is amended as follows: 5 (a) after paragraph (a) by deleting "or"; (b) by deleting paragraph (b) and inserting the following paragraphs instead -- " (b) a financial services licensee (within the 10 meaning of the Corporations Act 2001 of the Commonwealth), when dealing in securities (within the meaning of section 92 of that Act) that he or she is authorised to deal in by that licence; or 15 (c) a regulated principal (within the meaning of section 1430 of the Corporations Act 2001 of the Commonwealth), when dealing in securities that he or she is authorised to deal in by Part 10.2 Division 1 Subdivision D of that Act. 20 ". [* Reprinted as at 9 March 2000. For subsequent amendments see Acts Nos. 10 and 12 of 2001.] page 16 Corporations (Consequential Amendments) Bill (No. 3) 2001 Settlement Agents Act 1981 Part 13 s. 21 Part 13 -- Settlement Agents Act 1981 21. The Act amended The amendments in this Part are to the Settlement Agents Act 1981*. 5 [* Reprinted as at 3 November 2000. For subsequent amendments see Act No. 10 of 2001.] 22. Section 4 amended Section 4(1) is amended as follows: (a) after paragraph (aa) by deleting "and"; 10 (b) by deleting paragraph (b) and inserting the following paragraphs instead -- " (b) financial services licensees (within the meaning of the Corporations Act 2001 of the 15 Commonwealth), when dealing in securities (within the meaning of section 92 of that Act) that he or she is authorised to deal in by that licence; and (c) regulated principals (within the meaning of 20 section 1430 of the Corporations Act 2001 of the Commonwealth), when dealing in securities that he or she is authorised to deal in by Part 10.2 Division 1 Subdivision D of that Act. ". 25 23. Section 36 amended (1) Section 36(3)(a) is amended by deleting "listed for quotation on the stock market of a stock exchange" and inserting instead -- " quoted on a prescribed financial market ". page 17 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 13 Settlement Agents Act 1981 s. 23 (2) After section 36(3) the following subsection is inserted -- " (4) In this section -- "prescribed financial market" has the meaning given 5 by section 9 of the Corporations Act 2001 of the Commonwealth. ". page 18 Corporations (Consequential Amendments) Bill (No. 3) 2001 Stamp Act 1921 Part 14 s. 24 Part 14 -- Stamp Act 1921 24. The Act amended The amendments in this Part are to the Stamp Act 1921*. [* Reprinted as at 3 August 2001.] 5 25. Section 4 amended (1) Section 4(1) is amended as follows: (a) by inserting the following definitions in the appropriate alphabetical positions -- " 10 "financial market" has the same definition as in Chapter 7 of the Corporations Act; "recognised financial market" means a financial market prescribed for the purposes of this definition; 15 "; (b) in the definition of "marketable security" in paragraph (c)(i) by deleting "stock exchange prescribed by the Minister by notice published in the Government Gazette" and inserting instead -- 20 " recognised financial market "; (c) in the definition of "overseas transfer" in paragraph (a) by deleting "stock exchange" in both places where it occurs and inserting instead -- " financial market "; 25 (d) by deleting the definition of "recognized stock exchange". (2) Section 4(3) is repealed. page 19 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 14 Stamp Act 1921 s. 26 26. Section 73E amended Section 73E(1) is amended in the definition of "share" by deleting "stock exchange" and inserting instead -- " financial market ". 5 27. Section 75D amended Section 75D(1) is amended as follows: (a) in the definition of "farming company" in paragraph (a) by deleting "stock exchange" and inserting instead -- " financial market "; 10 (b) in the definition of "farming company" in paragraph (b)(ii)(I) by deleting "the stock exchange" and inserting instead -- " a financial market ". 28. Sections 75JA, 76AI and 76AP amended 15 (1) Sections 75JA(1a)(c), 76AI(1)(a) and (1a)(a) and 76AP(1)(d) and (1a)(a) are amended by deleting "stock exchange" and inserting instead -- " financial market ". (2) Sections 76AI(1a)(b) and 76AP(1a)(b) are amended by deleting 20 "exchange's". (3) Sections 76AI(1a)(d) and (e) and 76AP(1a)(d) and (e) are amended by deleting "exchange" and inserting instead -- " market ". 29. Section 112B amended 25 (1) Section 112B(1)(a) and (3) are amended by deleting "1085(3)" and inserting instead -- " 1070A(4) ". page 20 Corporations (Consequential Amendments) Bill (No. 3) 2001 Stamp Act 1921 Part 14 s. 30 (2) After section 112B(4) the following subsection is inserted -- " (4a) Subsections (1)(a) and (3) are declared to be Corporations legislation displacement provisions for 5 the purposes of section 5G of the Corporations Act in relation to section 1070A(4) of that Act. ". 30. Section 112BA amended Section 112BA(3) is amended in the definition of "unlisted 10 marketable security" by deleting "stock exchange" and inserting instead -- " financial market ". 31. Section 112C amended Section 112C(1a)(b) is amended by deleting "stock exchange" 15 and inserting instead -- " financial market ". 32. Section 121 inserted After section 120 the following section is inserted -- " 20 121. Application of section 1070A of the Corporations Act limited The following matter is declared to be an excluded matter for the purposes of section 5F of the Corporations Act in relation to section 1070A(1)(a) of 25 that Act -- interests in registered schemes within the meaning of that Act. ". page 21 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 14 Stamp Act 1921 s. 33 33. Second Schedule amended The Second Schedule is amended in items 4A(1)(fa) and 6(d) by deleting "stock exchange" and inserting instead -- " financial market ". page 22 Corporations (Consequential Amendments) Bill (No. 3) 2001 State Superannuation Act 2000 Part 15 s. 34 Part 15 -- State Superannuation Act 2000 34. State Superannuation Act 2000 amended Schedule 2 clause 9(2)(e) of the State Superannuation Act 2000* is amended by deleting "an Australian stock 5 exchange" and inserting instead -- " a prescribed financial market (within the meaning given by section 9 of the Corporations Act 2001 of the Commonwealth) in Australia 10 ". [* Act No. 42 of 2000. For subsequent amendments see Act No. 10 of 2001.] page 23 Corporations (Consequential Amendments) Bill (No. 3) 2001 Part 16 Water Corporation Act 1995 s. 35 Part 16 -- Water Corporation Act 1995 35. Water Corporation Act 1995 amended Section 82(1)(a)(xi) of the Water Corporation Act 1995* is amended by deleting "within the meaning of the Corporations 5 Act". [* Reprinted as at 4 May 2001. For subsequent amendments see Act No. 10 of 2001.] page 24 Corporations (Consequential Amendments) Bill (No. 3) 2001 Western Australian Treasury Corporation Act 1986 Part 17 s. 36 Part 17 -- Western Australian Treasury Corporation Act 1986 36. Western Australia Treasury Corporation Act 1986 amended Section 10(2)(fa)(xi) of the Western Australian Treasury 5 Corporation Act 1986* is amended by deleting "within the meaning of the Corporations Act 2001 of the Commonwealth". [* Reprinted as at 5 January 2001. For subsequent amendments see Acts Nos. 10 and 12 of 2001.]
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