CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201, 1991
CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - TABLE OF PROVISIONS
TABLE OF PROVISIONS PART 1 - PRELIMINARYSection 1. Short title 2. Commencement PART 2 - AMENDMENT OF THE CORPORATIONS ACT 1989 3. Amendment of section 52 of the Corporations Act 1989 PART 3 - AMENDMENTS OF THE CORPORATIONS LAW 4. Corporations Law 5. Amendments relating to the National Guarantee Fund 6. Amendments relating to fundraising 7. Amendments relating to registration numbers of companies and registrable bodies 8. Amendments relating to registration of charges 9. Miscellaneous substantive and technical amendments 10. Commencement and application of changes to the Corporations Law resulting from this Act PART 4 - AMENDMENT OF THE CORPORATIONS LEGISLATION AMENDMENT ACT 1990 11. Principal Act 12. Schedule 1 PART 5 - AMENDMENTS OF THE COMPANIES AND SECURITIES LEGISLATION (MISCELLANEOUS AMENDMENTS) ACT 1985 13. Principal Act 14. Repeal of sections 78, 80, 81, 83 and 116 PART 6 - AMENDMENTS OF THE CO-OPERATIVE SCHEME LEGISLATION AMENDMENT ACT 1989 15. Principal Act 16. Repeal of Parts 4 and 9 SCHEDULE 1 AMENDMENTS OF THE CORPORATIONS LAW RELATING TO THE NATIONAL GUARANTEE FUND SCHEDULE 2 AMENDMENTS OF THE CORPORATIONS LAW RELATING TO FUNDRAISING SCHEDULE 3 AMENDMENTS OF THE CORPORATIONS LAW RELATING TO REGISTRATION NUMBERS OF COMPANIES AND REGISTRABLE BODIES SCHEDULE 4 AMENDMENTS OF THE CORPORATIONS LAW RELATING TO REGISTRATION OF CHARGES SCHEDULE 5 MISCELLANEOUS SUBSTANTIVE AND TECHNICAL AMENDMENTS OF THE CORPORATIONS LAW SCHEDULE 6 COMMENCEMENT AND APPLICATION OF CHANGES TO THE CORPORATIONS LAW RESULTING FROM THIS ACT CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - LONG TITLE
An Act to amend laws relating to corporations and securities CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - PART 1 PART 1 - PRELIMINARY
CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 1 Short title
(Assented to 18 December 1991) 1. This Act may be cited as the Corporations Legislation Amendment Act (No. 2) 1991. (Minister's second reading speech made in- House of Representatives on 7 November 1991 Senate on 13 November 1991) CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 2 Commencement
2.(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent. (2) Part 2 commences, or is taken to have commenced, as the case requires, immediately after the commencement of the amendment of the Corporations Act 1989 referred to in paragraph 2(3)(d) of the Corporations Legislation Amendment Act 1991. (3) Part 4 is taken to have commenced on 1 January 1991. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - PART 2 PART 2 - AMENDMENT OF THE CORPORATIONS ACT 1989
CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 3 Amendment of section 52 of the Corporations Act 1989
3. Section 52 of the Corporations Act 1989*1* is amended by inserting in subsection (5) "(except in accordance with the law of the State under which the State Family Court is constituted)" after "or" (last occurring). *1* No. 109, 1989, as amended. For previous amendments, see No. 110, 1990; and No. 110, 1991. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - PART 3 PART 3 - AMENDMENTS OF THE CORPORATIONS LAW

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CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 4 Corporations Law
4. In this Part, "Corporations Law" means the Corporations Law set out in section 82 of the Corporations Act 1989*1*. *1* No. 109, 1989, as amended. For previous amendments, see No. 110, 1990; and No. 110, 1991. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 5 Amendments relating to the National Guarantee Fund
5. The Corporations Law is amended as set out in Schedule 1. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 6 Amendments relating to fundraising
6. The Corporations Law is amended as set out in Schedule 2. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 7 Amendments relating to registration numbers of companies and registrable bodies
7. The Corporations Law is amended as set out in Schedule 3. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 8 Amendments relating to registration of charges
8. The Corporations Law is amended as set out in Schedule 4. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 9 Miscellaneous substantive and technical amendments
9. The Corporations Law is amended as set out in Schedule 5. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 10 Commencement and application of changes to the Corporations Law resulting from this Act
10. The Corporations Law is amended as set out in Schedule 6. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - PART 4 PART 4 - AMENDMENT OF THE CORPORATIONS LEGISLATION AMENDMENT ACT 1990
CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 11 Principal Act
11. In this Part, "Principal Act" means the Corporations Legislation Amendment Act 1990.*2* *2* No. 110, 1990. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 12 Schedule 1
12. Schedule 1 to the Principal Act is amended by inserting "(last occurring)" before ", substitute" in the amendment of subsection 1224(1). CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - PART 5 PART 5 - AMENDMENTS OF THE COMPANIES AND SECURITIES LEGISLATION (MISCELLANEOUS AMENDMENTS) ACT 1985
CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 13 Principal Act
13. In this Part, "Principal Act" means the Companies and Securities Legislation (Miscellaneous Amendments) Act 1985.*3* *3* No. 192, 1985. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 14 Repeal of sections 78, 80, 81, 83 and 116
14. Sections 78, 80, 81, 83 and 116 of the Principal Act are repealed. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - PART 6 PART 6 - AMENDMENTS OF THE CO-OPERATIVE SCHEME LEGISLATION AMENDMENT ACT 1989
CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 15 Principal Act
15. In this Part, "Principal Act" means the Co-operative Scheme Legislation Amendment Act 1989.*4* *4* No. 92, 1989. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SECT 16 Repeal of Parts 4 and 9
16. Parts 4 and 9 of the Principal Act are repealed. CORPORATIONS LEGISLATION AMENDMENT ACT (No. 2) 1991 No. 201 of 1991 - SCHEDULE 1
SCHEDULE 1 Section 5 AMENDMENTS OF THE CORPORATIONS LAW RELATING TO THE NATIONAL GUARANTEE FUND Subsection 920(1) (definition of "claim"): After "6,", insert "6A, 6B, 6C,".Subsection 920(1) (definition of "property"): After "money" insert ", securities".Subsection 920(1) (definition of "settlement documents"): After "a transaction" insert "(other than a guaranteed securities loan)".Subsection 920(1) (definition of "transaction"): Omit the definition, substitute: " `transaction', except in Division 6B, means a sale or purchase of securities or a guaranteed securities loan;".Subsection 920(1): Insert: " `borrower', in relation to a guaranteed securities loan, has the meaning given by section 954B; `clearing nominee', in relation to a participating exchange,
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means a subsidiary of the participating exchange operated for the purpose of facilitating the transfer of securities; `guaranteed securities loan' has the meaning given by section 954B; `replacement agreement', in relation to an agreement that has been novated, has the meaning given by section 924A; `securities': (a) except in Division 7 - includes marketable securities, or marketable rights, within the meaning of Division 3 of Part 7.13; and (b) in Division 7 - has the meaning given by subsection 955(1); `TDS nominee', in relation to the transfer delivery service provisions of a participating exchange, means the clearing nominee referred to in the definition of `transfer delivery service provisions'; `transfer', except in Division 7, has a meaning affected by section 924; `transfer delivery service provisions', in relation to a participating exchange, means provisions of the business rules of the participating exchange under which a person or partnership may elect to bring about a transfer of securities of a particular kind and number to another person or partnership by: (a) the first-mentioned person or partnership transferring securities of that kind and number to a clearing nominee of the participating exchange; and (b) the clearing nominee transferring securities of that kind and number to the other person or partnership; `transfer documents', except in Division 7, has the meaning given by section 924.".After section 923: Insert in Division 1 of Part 7.10: Transfer of securities etc. and payment of money "924.(1) This section has effect for the purposes of this Part (other than Division 7). "(2) A person (called the `transferor') transfers securities to another person (called the `transferee') if, and only if, the transferor delivers, or causes to be delivered, to the transferee documents (called `transfer documents') that are sufficient to enable the transferee: (a) except in the case of marketable rights within the meaning of Division 3 of Part 7.13 - to become registered as the holder of the securities; or (b) in the case of such marketable rights - to obtain the issue to the transferee of the securities to which the marketable rights relate; without the transferor doing anything more, or causing anything more to be done, by way of executing or supplying documents. "(3) If a person: (a) causes property (other than securities or money) to be transferred to another person; or (b) causes documents that are sufficient to enable another person to become the legal owner of property (other than securities or money) to be delivered to another person; the first-mentioned person is taken to have transferred the property to the other person. "(4) If a person causes money to be paid to another person, the first-mentioned person is taken to have paid the money to the other person. "(5) In this section: `person' includes a partnership.Novation of agreements "924A. For the purposes of this Part, an agreement is novated if, and only if, because of the operation of a participating exchange's business rules, the agreement is discharged and replaced with one or more other agreements (each of which is called a `replacement agreement').Attributing securities and payments to transactions "924B. If: (a) either: (i) a number of securities are transferred to a participating exchange or a member organisation of a participating exchange in respect of a number of transactions; or (ii) a payment is made to a participating exchange or a member organisation of a participating exchange in respect of a number of transactions; and (b) apart from this section, it is not possible to tell, for the purposes of this Part, how many of the securities are transferred, or how much of the payment is made, in respect of each of the transactions; and
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(c) the business rules of the participating exchange include provisions determining how many of the securities are transferred, or how much of the payment is made, in respect of each of the transactions; those provisions have effect accordingly for the purposes of this Part.".Subsection 927(2): After "954(5)" insert ", 954F(2), 954Q(2), 954Y(2), 959(3)".After subsection 927(5): Insert: "(5A) A delegation under this section continues in force evenif there is a change in the membership of the Board or of the sub-committee.".After section 927: Insert: Sub-delegation by management sub-committee "927A.(1) A management sub-committee may delegate to: (a) a member of the Board; or (b) a member of the sub-committee; or (c) an officer of SEGC; all or any of the powers, authorities and discretions that have been delegated under subsection 927(2) to the sub-committee. "(2) A delegation must be in writing signed by a majority of the members of the sub-committee. "(3) A delegation may be varied or revoked at any time by writing signed by a majority of the members of the sub-committee. "(4) A delegation continues in force even if there is a change in the membership of the sub-committee. "(5) A power, authority or discretion performed or exercised by a person under a delegation is taken to have been exercised by the Board. "(6) A delegation of a power, authority or discretion does not prevent the performance or exercise of the power, authority or discretion by the Board or by the sub-committee that made the delegation. "(7) Section 109ZE has effect in relation to a delegation subject to this section. "(8) In this section: `delegation' means a delegation under this section; `management sub-committee' means a management sub-committee appointed under subsection 927(1).".After section 928: Insert in Division 3 of Part 7.10: Interpretation - borrowing "928A. In this Division, a reference to borrowing money includes a reference to obtaining credit.".After paragraph 930(f): Insert: "(fa) money paid into the Fund under subsection 930B(2);".Paragraph 930(j): Omit the paragraph, substitute: "(j) money paid to SEGC for the purposes of a claim under Division 6, 6A or 6C; and".