Corporations (Tasmania) Amendment Act 2000

Corporations (Tasmania) Amendment Act 2000

An Act to amend the Corporations Law

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1.   Short title

This Act may be cited as the Corporations (Tasmania) Amendment Act 2000 .

2.   Commencement

This Act commences on the day on which this Act receives the Royal Assent.

3.   Principal Act

In this Act, the Corporations (Tasmania) Act 1990 is referred to as the Principal Act.

4.    Section 15 amended (Corporations Law of Tasmania)

Section 15 of the Principal Act is amended by inserting after subsection (1) the following subsection:

(1A)  Chapters 6, 6A, 6B, 6C and 6D of the Corporations Law of Tasmania  –

(a) bind the Crown in right of the Commonwealth so far as the legislative power of the Parliament permits; but

(b) do not bind the Crown in right of the State of Tasmania, of any other State, of the Capital Territory, of the Northern Territory or of Norfolk Island.

5.    Section 60 amended (Interpretation of some expressions in the ASIC Law, and the ASIC Regulations, of Tasmania)

Section 60(1) of the Principal Act is amended as follows:

(a) by inserting the following definition after the definition of Panel :

Panel proceedings means proceedings before the Panel on –

(a) an application made to the Panel under the Corporations Law ; or

(b) a reference of a decision to the Panel for review under the Corporations Law ;

(b) by omitting the definition of witness and substituting the following definition:

witness means –

(a) in relation to a hearing before the Commission, a person appearing at the hearing to give evidence; or

(b) in relation to Panel proceedings, a person appearing in the proceedings to give evidence;

6.   Section 97 amended (Certain transfers by companies under Land Titles Act 1980 not to constitute reduction of share capital)

Section 97 of the Principal Act is amended as follows:

(a) by omitting "Where" and substituting "(1) Where";

(b) by omitting "stratum plan registered under Part XIA of the Conveyancing and Law of Property Act 1884" from paragraph (a) and substituting "strata plan registered under the Strata Titles Act 1998";

(c) by omitting "flat described on the stratum plan" and substituting "lot described on the strata plan";

(d) by inserting the following subsection:

(2)  Subsection (1) does not apply to a transfer made on or after the commencement of section 6 of the Corporations (Tasmania) Amendment Act 2000 .

[Second reading presentation speech made in:

House of Assembly on 4 OCTOBER 2000

Legislative Council on 24 OCTOBER 2000]