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CORPORATIONS LEGISLATION AMENDMENT (DEREGULATORY AND OTHER MEASURES) BILL 2014

 

 

 

2013-2014 

 

The Parliament of the 

Commonwealth of Australia 

 

HOUSE OF REPRESENTATIVES 

 

 

 

 

Presented and read a first time 

 

 

 

 

Corporations Legislation Amendment 

(Deregulatory and Other Measures) Bill 

2014 

 

No.      , 2014 

 

(Treasury) 

 

 

 

A Bill for an Act to amend the law relating to 

corporations, and for related purposes 

   

   

 

 

No.      , 2014 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

i 

 

Contents 

Short title ........................................................................................... 1

 

Commencement ................................................................................. 1

 

Schedules ........................................................................................... 2

 

Schedule 1--Amendment of the Corporations Act 2001

 

3

 

Schedule 2--Amendment of the Australian Securities and 

Investments Commission Act 2001

 

6

 

Part 1--Amendments

 

6

 

Part 2--Application provisions

 

10

 

 

 

No.      , 2014 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

1 

 

A Bill for an Act to amend the law relating to 

corporations, and for related purposes 

The Parliament of Australia enacts: 

1  Short title 

 

  This Act may be cited as the Corporations Legislation Amendment 

(Deregulatory and Other Measures) Act 2014

2  Commencement 

 

  This Act commences on the day this Act receives the Royal 

Assent. 

   

   

 

 

2 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

No.      , 2014 

 

3  Schedules 

 

  Legislation that is specified in a Schedule to this Act is amended or 

repealed as set out in the applicable items in the Schedule 

concerned, and any other item in a Schedule to this Act has effect 

according to its terms. 

Amendment of the Corporations Act 2001  Schedule 1 

   

 

 

No.      , 2014 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

3 

 

Schedule 1

--Amendment of the Corporations 

Act 2001 

   

1  Subsection 249D(1) 

Omit all the words after "the request", substitute "of members with at 

least 5% of the votes that may be cast at the general meeting". 

2  Subsection 249D(1A) 

Repeal the subsection. 

3  Subparagraph 300A(1)(e)(iv) 

Repeal the subparagraph, substitute: 

10 

 

(iv)  if options granted to the person as part of their 

11 

remuneration lapse during the financial year--the 

12 

number of those options, and the financial year in which 

13 

those options were granted; and 

14 

4  Subparagraph 300A(1)(e)(vi) 

15 

Repeal the subparagraph. 

16 

5  Subsection 300A(2) 

17 

Omit "disclosing entity", substitute "listed disclosing entity". 

18 

6  At the end of subsection 323D(2A) 

19 

Add: 

20 

Note: 

For the purposes of paragraph (b), financial years that, in reliance on 

21 

subsection (2) or (4), were less than 12 months are disregarded. 

22 

7  After subsection 327A(1) 

23 

Insert: 

24 

 

(1A)  Subsection (1) does not apply in relation to a company if: 

25 

 

(a)  the directors reasonably believe that subsection 301(3) will 

26 

apply to the company's financial reports; or 

27 

 

(b)  the company is a small company limited by guarantee. 

28 

Schedule 1  Amendment of the Corporations Act 2001 

   

 

 

4 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

No.      , 2014 

 

8  After subsection 327B(1) 

Insert: 

 

(1A)  Subsection (1) does not apply in relation to a company if: 

 

(a)  subsection 301(3) applies to the company's financial reports; 

or 

 

(b)  the company is a small company limited by guarantee. 

9  At the end of subsection 327C(1) 

Add: 

Note: 

Certain public companies are not required to appoint an auditor: see 

subsections 327A(1A) and 327B(1A). 

10 

10  At the end of Chapter 10 

11 

Add: 

12 

Part 10.24--Transitional provisions relating to the 

13 

Corporations Legislation Amendment 

14 

(Deregulatory and Other Measures) Act 

15 

2014 

16 

   

17 

1547  Definitions 

18 

 

  In this Part: 

19 

amending Act means the Corporations Legislation Amendment 

20 

(Deregulatory and Other Measures) Act 2014

21 

1548  Application of amendments relating to calling of general 

22 

meetings 

23 

 

  The amendments of section 249D made by Schedule 1 to the 

24 

amending Act do not apply in relation to a request made under that 

25 

section before the commencement of that Schedule. 

26 

Amendment of the Corporations Act 2001  Schedule 1 

   

 

 

No.      , 2014 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

5 

 

1549  Application of amendments relating to directors' reports for 

listed companies 

 

  The amendments of section 300A made by Schedule 1 to the 

amending Act apply in relation to directors' reports for financial 

years ending on or after the commencement of that Schedule. 

Schedule 2  Amendment of the Australian Securities and Investments Commission Act 

2001 

Part 1  Amendments 

 

 

6 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

No.      , 2014 

 

Schedule 2

--Amendment of the Australian 

Securities and Investments 

Commission Act 2001 

Part 1

--Amendments 

1  After subsection 184(3) 

Insert: 

 

(3A)  The President may give a direction under subsection (2) whether 

the President is within or outside Australia. 

2  At the end of section 188 

Add: 

10 

 

(3)  A member may participate in Panel proceedings regardless of 

11 

whether the member is within or outside Australia. 

12 

3  Subsection 235A(2) 

13 

Repeal the subsection. 

14 

4  After section 235A 

15 

Insert: 

16 

235AA  Terms and conditions of appointment of FRC members 

17 

Remuneration and allowances 

18 

 

(1)  A member of the FRC is to be paid the remuneration that is 

19 

determined by the Remuneration Tribunal. If no determination of 

20 

that remuneration by the Tribunal is in operation, the member is to 

21 

be paid such remuneration as the Minister determines in writing. 

22 

 

(2)  A member of the FRC is to be paid such allowances as the Minister 

23 

determines in writing. 

24 

 

(3)  Subsections (1) and (2) have effect subject to the Remuneration 

25 

Tribunal Act 1973

26 

Amendment of the Australian Securities and Investments Commission Act 2001  

Schedule 2 

Amendments  Part 1 

 

 

No.      , 2014 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

7 

 

Leave--full-time members 

 

(4)  A full-time member of the FRC has the recreation leave 

entitlements that are determined by the Remuneration Tribunal. 

 

(5)  The Minister may grant a full-time member of the FRC leave of 

absence, other than recreation leave, on such terms and conditions 

as to remuneration or otherwise as the Minister determines. 

Other terms and conditions 

 

(6)  A member of the FRC holds office on the terms and conditions (if 

any) in relation to matters not covered by this Act as the Minister 

determines in writing. 

10 

5  Subsection 236B(6) 

11 

Repeal the subsection. 

12 

6  After section 236B 

13 

Insert: 

14 

236BA  Terms and conditions of appointment of members of the 

15 

AASB 

16 

Remuneration and allowances 

17 

 

(1)  A member of the AASB is to be paid the remuneration that is 

18 

determined by the Remuneration Tribunal. If no determination of 

19 

that remuneration by the Tribunal is in operation, the member is to 

20 

be paid such remuneration as the Minister determines in writing. 

21 

 

(2)  A member of the AASB is to be paid such allowances as the 

22 

Minister determines in writing. 

23 

 

(3)  Subsections (1) and (2) have effect subject to the Remuneration 

24 

Tribunal Act 1973

25 

Leave--full-time members 

26 

 

(4)  A full-time member of the AASB has the recreation leave 

27 

entitlements that are determined by the Remuneration Tribunal. 

28 

Schedule 2  Amendment of the Australian Securities and Investments Commission Act 

2001 

Part 1  Amendments 

 

 

8 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

No.      , 2014 

 

 

(5)  The Minister may grant a full-time member of the AASB leave of 

absence, other than recreation leave, on such terms and conditions 

as to remuneration or otherwise as the Minister determines. 

Other terms and conditions 

 

(6)  A member of the AASB holds office on such terms and conditions 

(if any) in relation to matters not covered by this Act as the 

Minister determines in writing. 

7  Subsections 236F(8) and (9) 

Repeal the subsections. 

8  After section 236F 

10 

Insert: 

11 

236FA  Terms and conditions of appointment of members of the 

12 

AUASB 

13 

Remuneration and allowances 

14 

 

(1)  A member of the AUASB is to be paid the remuneration that is 

15 

determined by the Remuneration Tribunal. If no determination of 

16 

that remuneration by the Tribunal is in operation, the member is to 

17 

be paid such remuneration as the Minister determines in writing. 

18 

 

(2)  A member of the AUASB is to be paid such allowances as the 

19 

Minister determines in writing. 

20 

 

(3)  Subsections (1) and (2) have effect subject to the Remuneration 

21 

Tribunal Act 1973

22 

Leave--full-time members 

23 

 

(4)  A full-time member of the AUASB has the recreation leave 

24 

entitlements that are determined by the Remuneration Tribunal. 

25 

 

(5)  The Minister may grant a full-time member of the AUASB leave 

26 

of absence, other than recreation leave, on such terms and 

27 

conditions as to remuneration or otherwise as the Minister 

28 

determines. 

29 

Amendment of the Australian Securities and Investments Commission Act 2001  

Schedule 2 

Amendments  Part 1 

 

 

No.      , 2014 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

9 

 

Other terms and conditions 

 

(6)  A member of the AUASB holds office on such terms and 

conditions (if any) in relation to matters not covered by this Act as 

the Minister determines in writing. 

Schedule 2  Amendment of the Australian Securities and Investments Commission Act 

2001 

Part 2  Application provisions 

 

 

10 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

No.      , 2014 

 

Part 2

--Application provisions 

9  At the end of the Act 

Add: 

Part 21--Transitional provisions relating to the 

Corporations Legislation Amendment 

(Deregulatory and Other Measures) Act 

2014 

   

297  Definitions 

 

  In this Part: 

10 

amending Act means the Corporations Legislation Amendment 

11 

(Deregulatory and Other Measures) Act 2014

12 

commencement means the commencement of Schedule 2 to the 

13 

amending Act. 

14 

298  FRC members 

15 

 

(1)  If: 

16 

 

(a)  immediately before commencement, a person is a member of 

17 

the FRC; or 

18 

 

(b)  a person is appointed as a member of the FRC during the 

19 

transition period; 

20 

this Act applies to the member, during the transition period, as if 

21 

the amendments made by Schedule 2 to the amending Act had not 

22 

been made. 

23 

 

(2)  For the purposes of this section, transition period means the 

24 

period: 

25 

 

(a)  beginning on commencement; and 

26 

Amendment of the Australian Securities and Investments Commission Act 2001  

Schedule 2 

Application provisions  Part 2 

 

 

No.      , 2014 

Corporations Legislation Amendment (Deregulatory and Other 

Measures) Bill 2014 

11 

 

 

(b)  ending when the Remuneration Tribunal makes a 

determination under subsection 235AA(1) as inserted by the 

amending Act. 

299  AASB members 

 

(1)  If: 

 

(a)  immediately before commencement, a person is a member of 

the AASB; or 

 

(b)  a person is appointed as a member of the AASB during the 

transition period; 

this Act applies to the member, during the transition period, as if 

10 

the amendments made by Schedule 2 to the amending Act had not 

11 

been made. 

12 

 

(2)  For the purposes of this section, transition period means the 

13 

period: 

14 

 

(a)  beginning on commencement; and 

15 

 

(b)  ending when the Remuneration Tribunal makes a 

16 

determination under subsection 236BA(1) as inserted by the 

17 

amending Act. 

18 

300  AUASB members 

19 

 

(1)  If: 

20 

 

(a)  immediately before commencement, a person is a member of 

21 

the AUASB; or 

22 

 

(b)  a person is appointed as a member of the AUASB during the 

23 

transition period; 

24 

this Act applies to the member, during the transition period, as if 

25 

the amendments made by Schedule 2 to the amending Act had not 

26 

been made. 

27 

 

(2)  For the purposes of this section, transition period means the 

28 

period: 

29 

 

(a)  beginning on commencement; and 

30 

 

(b)  ending when the Remuneration Tribunal makes a 

31 

determination under subsection 236FA(1) as inserted by the 

32 

amending Act. 

33 

 


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