TREASURY LAWS AMENDMENT (MODERNISING BUSINESS COMMUNICATIONS) BILL 2022

2019-2020-2021-2022

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Treasury Laws Amendment

(Modernising Business Communications)

Bill 2022

No. , 2022

(Treasury)

A Bill for an Act to amend the law relating to

corporations, consumer credit and other matters in

the Treasury portfolio, and for related purposes

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

Contents

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

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

Schedules ........................................................................................... 4

Schedule 1--Documents and meetings under the Corporations

Act 2001

Part 1--Main amendments

Corporations Act 2001

Part 2--Contingent amendments

Division 1--Amendments if certain contingent amendments in the

Corporate Collective Investment Vehicle Framework and

Other Measures Act 2022 commence first

Corporations Act 2001

Division 2--Repeal of certain contingent amendments in the

Corporate Collective Investment Vehicle Framework and

Other Measures Act 2022 if they do not commence first

Corporate Collective Investment Vehicle Framework and Other

Measures Act 2022

Division 3--Alternative amendments if certain contingent

amendments in the Corporate Collective Investment

Vehicle Framework and Other Measures Act 2022 do not

commence first

Corporations Act 2001

Schedule 2--Documents under the National Credit Code and

payment methods

Part 1--Documents under the National Credit Code

National Consumer Credit Protection Act 2009

National Consumer Credit Protection (Transitional and

Consequential Provisions) Act 2009

Part 2--Payment methods

Corporations Act 2001

Excise Act 1901

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Small Superannuation Accounts Act 1995

Schedule 3--Publication requirements and other amendments

Part 1--Main amendments

Competition and Consumer Act 2010

Corporations Act 2001

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Insurance Act 1973

Life Insurance Act 1995

National Consumer Credit Protection Act 2009

Private Health Insurance (Prudential Supervision) Act 2015

Productivity Commission Act 1998

Superannuation Industry (Supervision) Act 1993

Taxation Administration Act 1953

Part 2--Contingent amendments

Corporations Act 2001

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

A Bill for an Act to amend the law relating to

corporations, consumer credit and other matters in

the Treasury portfolio, and for related purposes

The Parliament of Australia enacts:

1 Short title

This Act is the

Treasury Laws Amendment (Modernising Business

Communications) Act 2022

2 Commencement

(1) Each provision of this Act specified in column 1 of the table

commences, or is taken to have commenced, in accordance with

column 2 of the table. Any other statement in column 2 has effect

according to its terms.

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Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. Sections 1 to 3

and anything in

this Act not

elsewhere covered

by this table

The day this Act receives the Royal Assent.

2. Schedule 1,

Part 1

The later of:

(a) the start of the day after this Act receives

the Royal Assent; and

(b) immediately after the commencement of

Schedule 2 to the

Corporations

(Meetings and Documents) Act 2022

However, the provisions do not commence

at all if the event mentioned in paragraph (b)

does not occur.

3. Schedule 1,

Part 2, Division 1

Immediately after the commencement of the

provisions covered by table item 2.

However, the provisions do not commence

at all if:

(a) Schedule 1 to the

Corporate Collective

Investment Vehicle Framework and

Other Measures Act 2022

does not

commence; or

(b) the provisions covered by table item 2

commence on or before 1 July 2022.

4. Schedule 1,

Part 2, Division 2

Immediately after the commencement of

section 1 of the

Corporate Collective

Investment Vehicle Framework and Other

Measures Act 2022

However, the provisions do not commence

at all if:

(a) Schedule 1 to the

Corporate Collective

Investment Vehicle Framework and

Other Measures Act 2022

does not

commence; or

(b) the provisions covered by table item 2

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Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

commence after 1 July 2022.

5. Schedule 1,

Part 2, Division 3

Immediately after the commencement of

Schedule 1 to the

Corporate Collective

Investment Vehicle Framework and Other

Measures Act 2022

However, the provisions do not commence

at all if:

(a) Schedule 1 to the

Corporate Collective

Investment Vehicle Framework and

Other Measures Act 2022

does not

commence; or

(b) the provisions covered by table item 2

commence after 1 July 2022.

6. Schedule 2,

Part 1

The day after the end of the period of 18

months beginning on the day this Act

receives the Royal Assent.

7. Schedule 2,

Part 2

The day after this Act receives the Royal

Assent.

8. Schedule 3,

Part 1

A single day to be fixed by Proclamation.

However, if the provisions do not commence

within the period of 6 months beginning on

the day this Act receives the Royal Assent,

they commence on the day after the end of

that period.

9. Schedule 3,

Part 2

A single day to be fixed by Proclamation.

However, if the provisions do not commence

before 1 July 2024, they commence on that

day.

Note:

This table relates only to the provisions of this Act as originally

enacted. It will not be amended to deal with any later amendments of

this Act.

(2) Any information in column 3 of the table is not part of this Act.

Information may be inserted in this column, or information in it

may be edited, in any published version of this Act.

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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.

Documents and meetings under the Corporations Act 2001

Schedule 1

Main amendments

Part 1

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Schedule 1--Documents and meetings under

the Corporations Act 2001

Part 1--Main amendments

Corporations Act 2001

1 Section 9 (definition of sent)

After "has a meaning", insert "(except in Chapters 6 and 6A)".

2 Subsection 105A(2) (note)

Omit "Note", substitute "Note 1".

3 At the end of subsection 105A(2)

Add:

Note 2:

The meaning of

sent

in Chapters 6 and 6A is not affected by this

section: see the definition of

sent

in section 9.

4 Subsections 110(1), (2) and (3)

Repeal the subsections, substitute:

Signing of documents under this Act

(1) This Division applies to a document (including a deed) required or

permitted to be signed by a person under this Act.

Note 1:

A document is any record of information: see the definition of

document

in section 9.

Note 2:

This Division provides that a person may sign a document in physical

form or electronic form: see subsection 110A(1).

Signing of documents by or on behalf of company

(2) Without limiting subsection (1), this Division applies to a

document (including a deed) to be signed by a person:

(a) exercising the powers of a company under section 126

(making of contracts and execution of documents by an

agent); or

(b) under section 127 (execution of documents by a company).

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5 At the end of paragraph 110B(c)

Add "and".

6 After paragraph 110B(c)

Insert:

(d) the signature complies with any requirements relating to that

lodgement under this Act or an instrument made under this

Act;

7 At the end of section 110B

Add:

Note:

This section does not prevent ASIC or the Registrar from refusing to

receive or register the document on any other basis. For example, if

the lodgement requirements mentioned in paragraph (d) (such as those

under Chapter 2P) are not met, ASIC or the Registrar may refuse to

receive or register the document.

8 Division 2 of Part 1.2AA (heading)

Omit "

to be sent to, among others, directors, members and

auditors

9 Section 110C

Repeal the section, substitute:

110C Documents to which this Division applies

Sending documents

(1) This Division applies to any document covered by subsection (3)

or (4) that is required or permitted under this Act to be sent by a

person or entity (the

sender

) to another person or entity (the

recipient

(2) A reference in subsection (1) to an entity includes a reference to a

disclosing entity.

Covered documents

(3) This subsection covers a document that is required or permitted be

sent by the sender to the recipient under:

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(a) this Chapter; or

(b) Chapters 2A to 2M; or

(d) Chapter 6, 6A, 6B or 6C; or

(e) Chapter 8A; or

(f) Chapter 9; or

(g) Schedule 2; or

(h) any other provision of this Act, to the extent that it relates to

the provisions mentioned in paragraphs (a) to (g).

(4) This subsection covers a document that is in a class of documents

specified in regulations made for the purposes of this subsection.

(5) However, this Division does not apply to a document that is

required or permitted under this Act to be sent by or to ASIC, the

Registrar or the Takeovers Panel.

References to sending documents

(6) This Division applies to a requirement or permission to send a

document, whether the expression

send

give

serve

dispatch

, or

any other expression, is used.

(7) To avoid doubt, for the purposes of this Division, a document is

not a document that is required or permitted under this Act to be

sent merely because section 109X, 601CX or 1200R provides that

the document may be served in a particular way.

10 Paragraph 110D(3)(a)

Repeal the paragraph, substitute:

(a) is a report mentioned in section 314 or 314A (which deal

with annual financial reporting to members); or

11 At the end of section 110D

Add:

Address for sending document

(5) Paragraphs (1)(a) and (b) apply only if:

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(a) where the recipient is covered by subsection (7)--the sending

of the document mentioned in paragraph (1)(a), or the

sending of the information mentioned in paragraph (1)(b), is

to an address known to the sender because the recipient is a

member or holder of securities mentioned in whichever of

paragraphs (7)(a) to (e) applies; or

(b) the recipient is not covered by subsection (7).

(6) Paragraphs (1)(c) and (d) apply only if:

(a) where the recipient is covered by subsection (7):

(i) the sending of the document mentioned in

paragraph (1)(c), or the sending of the information

mentioned in paragraph (1)(d), is to an address known

to the sender because the recipient is a member or

holder of securities mentioned in whichever of

paragraphs (7)(a) to (e) applies; and

(ii) that address is a nominated electronic address of the

recipient; or

(b) where the recipient is not covered by subsection (7)--the

sending of the document mentioned in paragraph (1)(c), or

the sending of the information mentioned in paragraph (1)(d),

is to a nominated electronic address of the recipient.

(7) For the purposes of subsections (5) and (6), this subsection covers

the recipient if:

(a) the recipient is a member of the sender; or

(b) where the sender is the responsible entity of a registered

scheme--the recipient is a member of the scheme; or

subsection 111AC(2)--the recipient is a member of the

managed investment scheme mentioned in that subsection; or

(d) where the sender is the operator of a notified foreign passport

fund--the recipient is an Australian member of the fund; or

(e) where the sender is the bidder under a takeover bid--the

recipient is a holder of securities in the target for the bid.

12 Section 110E (heading)

Omit "

Member's election

", substitute "

Election

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13 At the end of subsection 110E(1)

Add:

; or (e) where the sender is the operator of a notified foreign passport

fund--the recipient is an Australian member of the fund; or

(f) where the sender is the bidder under a takeover bid--the

recipient is a holder of securities in the target for the bid; or

(g) the recipient is of a kind specified in regulations made for the

purposes of this paragraph.

14 At the end of subsection 110E(3)

Add:

Note:

The documents in relation to which an election may be made include,

for example, documents required or permitted to be sent under this

Act in relation to a takeover bid: see section 648CB.

15 Paragraph 110E(5)(a)

Repeal the paragraph, substitute:

(a) reports mentioned in section 314 or 314A (which deal with

annual financial reporting to members);

16 Paragraph 110F(1)(b)

After "election", insert "(otherwise than by way of giving it to the

recipient personally)".

17 After subsection 110F(4)

Insert:

No current address for sending documents in elected manner

(4A) Subsection (2) does not apply if:

(a) the sender reasonably believes that none of the addresses

(including any electronic addresses) for the recipient that are:

(i) known to the sender; and

(ii) where the recipient is covered by subsection (4B)--so

known because the recipient is a member or holder of

securities mentioned in whichever of paragraphs (4B)(a)

to (e) applies;

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are a current address for the recipient to be sent the document

in a manner that complies with the election; and

(b) the sender sends the document to the recipient in a manner

that does not comply with the election, as mentioned in

paragraph (1)(b), other than in the manner mentioned in

paragraph 110D(1)(e); and

(annual reporting by notified foreign passport funds)--the

requirement (if applicable) in paragraph 314A(4)(b) (about

sending report in elected language) is satisfied.

Note:

A defendant bears an evidential burden in relation to the matter in

subsection (4A), see subsection 13.3(3) of the

Criminal Code

(4B) For the purposes of subparagraph (4A)(a)(ii), this subsection

covers the recipient if:

(a) the recipient is a member of the sender; or

(b) where the sender is the responsible entity of a registered

scheme--the recipient is a member of the scheme; or

subsection 111AC(2)--the recipient is a member of the

managed investment scheme mentioned in that subsection; or

(d) where the sender is the operator of a notified foreign passport

fund--the recipient is an Australian member of the fund; or

(e) where the sender is the bidder under a takeover bid--the

recipient is a holder of securities in the target for the bid.

18 At the end of subsection 110J(3)

Add:

; or (e) where the sender is the operator of a notified foreign passport

fund--the recipient is an Australian member of the fund; or

(f) where the sender is the bidder under a takeover bid--the

recipient is a holder of securities in the target for the bid; or

(g) the recipient is of a kind specified in regulations made for the

purposes of this paragraph.

19 After section 110J

Insert:

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110JA Sender does not need to send document if member

uncontactable

Sender taken to send document

(1) This section applies if:

(a) the sender is required or permitted to send a document to

which this Division applies to the recipient under a provision

of this Act; and

(b) the conditions in subsection (3) are satisfied; and

(i) where the sender is a company--the recipient is a

member of the company;

(ii) where the sender is the responsible entity of a registered

scheme--the recipient is a member of the scheme;

(iii) where the sender is a disclosing entity mentioned in

subsection 111AC(1)--the recipient is a member of the

disclosing entity;

(iv) where the sender is a disclosing entity mentioned in

subsection 111AC(2)--the recipient is a member of the

managed investment scheme mentioned in that

subsection; and

(d) the sender sends the document in accordance with the

provision mentioned in paragraph (a) to one or more other

members of a kind mentioned in whichever of

subparagraphs (c)(i) to (iv) applies.

(2) For the purposes of the provision mentioned in paragraph (1)(a):

(a) the sender is taken to send the document, as required or

permitted in accordance with that provision, at the later of:

(i) the time all of the conditions in paragraphs (3)(a), (b)

and (c) are first satisfied; and

(ii) the time the sender first sends the document to one or

more other members as mentioned in paragraph (1)(d);

and

(b) the recipient is taken to receive the document when it is taken

to be sent under paragraph (a) of this subsection.

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Conditions for relief

(3) For the purposes of paragraph (1)(b), the conditions are that:

(a) the sender has received notification in relation to each of the

following addresses that indicates it is not a current address

for the recipient:

(i) if the sender is a company or responsible entity of a

registered scheme--the recipient's address in the

company or scheme's register of members;

(ii) any other addresses for the recipient, including any

electronic addresses for receiving electronic

communications, known to the sender because the

recipient is a member mentioned in whichever of

subparagraphs (1)(c)(i) to (iv) applies; and

(b) the sender reasonably believes that none of those addresses

are a current address for the recipient; and

ascertain a current address for the recipient.

(4) For the purposes of paragraph (3)(c), the sender has not taken

reasonable steps unless the sender has attempted to communicate

with the recipient using all contact details for the recipient that are

known to the sender because the recipient is a member mentioned

in whichever of subparagraphs (1)(c)(i) to (iv) applies.

Sender must send notice for relief to continue to apply after period

of 18 months

(5) Subsection (6) applies if the period of 18 months starting on the

day all of the conditions in paragraphs (3)(a), (b) and (c) are first

satisfied has ended.

(6) Subsection (2) does not apply to the sending of a document

mentioned in paragraph (1)(d) if, within the last 12 months of that

period, the sender did not take reasonable steps to advise the

recipient that:

(a) the sending of documents to which this Division applies to

the recipient by the sender is suspended; and

(b) although that sending has been suspended, it will be resumed

if the recipient provides a current address (which may be an

electronic address) for being sent those documents.

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20 Paragraph 110K(3)(a)

Omit "paragraph 110E(1)(c) or (d)", substitute "subsection (3A)".

21 After subsection 110K(3)

Insert:

(3A) For the purposes of paragraph (3)(a), the members are:

(a) for a disclosing entity mentioned in subsection 111AC(1)--

the members of the disclosing entity; and

(b) for a disclosing entity mentioned in subsection 111AC(2)--

the members of the managed investment scheme mentioned

in that subsection.

(3B) The operator of a notified foreign passport fund must:

(a) send the Australian members of the fund, at least once in

each financial year, a notice setting out the matters

mentioned in subsection (4); or

(b) make such a notice readily available on a website.

22 At the end of subsection 110K(4)

Add:

; and (d) for the operator of a notified foreign passport fund--

Australian members' rights to elect to be sent reports

mentioned in section 314A in English or in an official

language of the home economy of the fund (see

subsections 314A(3) and (4)).

23 Section 248D

Repeal the section, substitute:

248D Use of technology

(1) A directors' meeting may be called or held using any technology.

(2) Without limiting subsection (1), a directors' meeting may be held:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual meeting

technology; or

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(3) Despite subsections (1) and (2), if technology is used to call a

director's meeting, or to hold a directors' meeting (whether or not

the meeting is held at one or more physical venues), the technology

must be reasonable.

24 Subsection 254P(2)

Omit "The notice must be sent by post.".

25 Paragraphs 283EA(3)(b) and (c)

Repeal the paragraphs, substitute:

(b) in the manner mentioned in paragraph 110D(1)(a), (b), (c) or

(d); or

26 Subsection 283EA(4) (heading)

Omit "

fax

", substitute "

electronic means

27 Paragraph 283EA(4)(b)

Omit "fax or other".

28 Subsections 314A(2), (3), (4), (5), (6), (7) and (8)

Repeal the subsections, substitute:

(2) A notified foreign passport fund may provide the reports by

sending them to each Australian member.

(3) If an Australian member of a notified foreign passport fund elects

under subsection 110E(2) to be sent reports mentioned in this

section in physical form or in electronic form, that election may

also include an election to be sent the reports in English or in an

official language of the home economy of the fund.

(4) If the member makes an election to be sent the reports in a

language mentioned in subsection (3) of this section:

(a) for the purposes of section 110F (failure to comply with

member's election), such a report is not sent in a manner that

complies with the election under section 110E unless it is

sent in that language; and

(b) for the purposes of paragraph 110F(4A)(c), it is a

requirement that such a report be sent in that language.

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(5) A notified foreign passport fund must provide the reports in

English to the extent that:

(a) the reports are provided by sending them in accordance with

paragraph 110D(1)(e) (sending documents by making them

available on a website); or

(b) the reports are provided to an Australian member for whom

an election in accordance with subsection (3) of this section

to be sent the reports in a particular language is not in force.

29 Subsection 314A(9)

Omit "(1), (3) or (7)", substitute "(1) or (5)".

30 Subsection 315(6)

Repeal the subsection.

31 Section 316AA

Repeal the section.

32 Subsection 316A(1)

Omit "notice in writing to the company, elect to receive a hard copy or

an electronic copy of", substitute "notifying the company (whether or

not in writing), elect to receive".

33 Subsections 316A(3) and (4)

Omit ", in accordance with the election,".

34 Subsection 414(2)

Omit "as prescribed", substitute ", in accordance with the requirements

mentioned in subsection (10B) (if applicable),".

35 Paragraph 414(9)(a)

Omit "as prescribed", substitute ", in accordance with the requirements

mentioned in subsection (10B) (if applicable),".

36 After subsection 414(10)

Insert:

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(10A) Without limiting the manner in which a notice mentioned in

subsection (2) or paragraph (9)(a) may be given to a shareholder,

the notice may be given to the shareholder personally.

(10B) If a notice mentioned in subsection (2) or paragraph (9)(a) is given

to a shareholder:

(a) by sending the notice in a physical form in accordance with

paragraph 110D(1)(a); or

(b) by sending information in a physical form in accordance with

paragraph 110D(1)(b);

the notice or information must be sent by prepaid post to the

shareholder's address shown in the books of the transferor

company.

37 Section 600G

Repeal the section.

38 After paragraph 641(1)(a)

Insert:

(aa) where the target knows an electronic address for the person

because the person holds securities in the target, and believes

on reasonable grounds that it is a current electronic address

for the person for receiving electronic communications--that

electronic address; and

(ab) where an election of the person to be sent documents by the

target in physical form, or in electronic form, is in force

under section 110E (disregarding subsection 110E(8)) in

relation to a kind of documents mentioned in subsection (1C)

of this section--the fact that such an election is in force; and

39 After subsection 641(1B)

Insert:

(1C) For the purposes of paragraph (1)(ab), the kinds of documents are:

(a) all documents to which Division 2 of Part 1.2AA applies; or

(b) one or more classes of documents that, taken together,

include the documents mentioned in subsection 648CB(3)

(documents relating to takeover bids).

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40 After section 641

Insert:

641A Use or disclosure of information obtained from target

(1) A person (the

first person

) contravenes this subsection if:

(a) the target gives the bidder information under section 641 in

relation to another person; and

(b) the first person:

(i) is the bidder; or

(ii) obtains the information from the bidder (whether

directly or indirectly); and

(d) the use or disclosure is not for the purposes of sending a

document, or otherwise complying with an obligation under

this Act, in relation to:

(i) the takeover bid; or

(ii) a compulsory acquisition of securities under Part 6A.1

relating to the takeover bid.

Civil penalty:

(a) for an individual--2,000 penalty units; and

(b) for a body corporate--10,000 penalty units.

(2) Subsection (1) does not apply if the use or disclosure is required or

permitted by a law of the Commonwealth or a prescribed law of a

State or internal Territory.

(3) A person who contravenes subsection (1) is not guilty of an

offence.

Note:

Subsection (1) is a civil penalty provision (see section 1317E).

41 Section 648B

After "address", insert "(including the electronic address, if any)".

42 Section 648C

Repeal the section, substitute:

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648C Sending documents to holders of securities--general

(1) This section applies if a document is required or permitted to be

sent to a holder of securities under this Chapter.

Note 1:

Division 2 of Part 1.2AA provides for technology neutral sending of

documents.

Note 2:

Section 109X makes general provision for service of documents.

(2) If the document is sent by sending the document in a physical form

in accordance with paragraph 110D(1)(a), or by sending

information in a physical form in accordance with

paragraph 110D(1)(b), the document or information must be sent:

(a) if the document or information is to be sent to the holder

outside Australia--by pre-paid airmail post or by courier; or

(b) if the document or information is to be sent to the holder in

Australia--by pre-paid ordinary post or by courier.

(3) For the purposes of this Chapter, the document is taken to have

been sent to the holder:

(a) if the document is sent in a physical form in accordance with

paragraph 110D(1)(a):

(i) when the document is posted; or

(ii) if the document is sent by courier--when the document

is given to the courier; or

(b) if the document is sent by sending information in accordance

with paragraph 110D(1)(b) (sending information in physical

form that allows electronic access):

(i) when the information is posted; or

(ii) if the information is sent by courier--when the

information is given to the courier; or

communication in accordance with paragraph 110D(1)(c)--

when the electronic communication is sent; or

(d) if the document is sent by sending an electronic

communication in accordance with paragraph 110D(1)(d)

(sending information in electronic form allowing electronic

access)--when the electronic communication is sent.

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No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

(4) This section applies to a requirement or permission to send a

document, whether the expression

send

give

serve

dispatch

, or

any other expression, is used.

648CB Sending documents to holders of securities--effect of election

by holder to be sent documents by target in particular

form

(1) This section applies if the target for a takeover bid has informed

the bidder in accordance with paragraph 641(1)(ab) that an election

of a holder of securities under section 110E to be sent documents

in physical form or electronic form is in force.

(2) An election of the holder under section 110E to be sent documents

by the bidder in the relevant form is taken to be in force from the

time the target informs the bidder of the election.

(3) The election is taken to be made in relation to all documents

required or permitted to be sent by the bidder under:

(a) this Chapter; or

(b) Part 6A.1; or

the provisions mentioned in paragraphs (a) and (b).

(4) Subsection (2) has effect subject to any notification of withdrawal

of the election received by the bidder from the holder of securities

in accordance with paragraph 110E(7)(b).

43 Subsection 661B(3)

Repeal the subsection.

44 Subsection 661B(4)

Repeal the subsection (including the note).

45 Subsection 661D(1)

After "addresses", insert "(but not the electronic addresses)".

46 Subsection 662B(3)

Repeal the subsection.

Schedule 1

Documents and meetings under the Corporations Act 2001

Part 1

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Bill 2022

No. , 2022

47 Subsection 662B(4)

Repeal the subsection (including the note).

48 Subsection 663B(3)

Repeal the subsection.

49 Subsection 663B(4)

Repeal the subsection (including the note).

50 Subsection 664C(4)

Repeal the subsection.

51 Subsection 664C(5)

Repeal the subsection.

52 Subsection 664E(1)

Omit "returning", substitute "giving".

53 Subsection 664E(2)

Omit "returned" (wherever occurring), substitute "given".

54 Subsection 665B(3)

Repeal the subsection.

55 Subsection 665B(4)

Repeal the subsection (including the note).

56 At the end of Chapter 6A

Add:

Part 6A.7--Miscellaneous

669A Sending documents

(1) This section applies to any document that is required or permitted

to be sent to a person (the

recipient

) under this Chapter.

Documents and meetings under the Corporations Act 2001

Schedule 1

Main amendments

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

Note 1:

Division 2 of Part 1.2AA provides for technology neutral sending of

documents.

Note 2:

Section 109X makes general provision for service of documents.

(2) Without limiting the manner in which the document may be sent,

the document may be sent to the recipient by giving it to the

recipient personally.

(3) For the purposes of this Chapter, the document is taken to have

been sent to the recipient:

(a) if the document is sent in a physical form in accordance with

paragraph 110D(1)(a):

(i) 3 days after the document is posted; or

(ii) if the document is sent by courier--3 days after the

document is given to the courier; or

(b) if the document is sent by sending information in accordance

with paragraph 110D(1)(b) (sending information in physical

form that allows electronic access):

(i) 3 days after the information is posted; or

(ii) if the information is sent by courier--3 days after the

information is given to the courier; or

communication in accordance with paragraph 110D(1)(c)--

when the electronic communication is sent; or

(d) if the document is sent by sending an electronic

communication in accordance with paragraph 110D(1)(d)

(sending information in electronic form allowing electronic

access)--when the electronic communication is sent.

(4) This section does not apply to a document that is required or

permitted to be sent by or to ASIC under this Chapter.

(5) This section applies to a requirement or permission to send a

document, whether the expression

send

give

serve

dispatch

, or

any other expression, is used.

57 In the appropriate position in Chapter 10

Insert:

Schedule 1

Documents and meetings under the Corporations Act 2001

Part 1

Main amendments

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

No. , 2022

Part 10.63--Application and transitional provisions

relating to Schedule 1 to the Treasury Laws

Amendment (Modernising Business

Communications) Act 2022

1693 Definitions

In this Part:

amending Part

means Part 1 of Schedule 1 to the

Treasury Laws

Amendment (Modernising Business Communications) Act 2022

commencement day

means the day the amending Part commences.

1693A Application--signing documents

The amendments made by the amending Part apply in relation to

the signing of a document (including a deed) on or after the

commencement day.

1693B Application--sending documents

The amendments made by the amending Part apply in relation to a

document sent on or after the commencement day.

1693C Application--uncontactable members

Section 110JA, as inserted by the amending Part, applies in relation

to documents required or permitted to be sent on or after the

commencement day, if the notification under

paragraph 110JA(3)(a) of this Act was received on or after that

day.

1693D Application--directors' meetings

The amendment of section 248D made by the amending Part

applies in relation to the calling or holding, on or after the

commencement day, of a directors' meeting.

Documents and meetings under the Corporations Act 2001

Schedule 1

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Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

1693E Transitional--elections by Australian members of notified

foreign passport funds to receive annual reports in

particular form etc.

(1) This section applies in relation to an election by an Australian

member of a notified foreign passport fund, to receive reports in

hard copy or as an electronic copy, that is in force under

subsection 314A(3) of this Act immediately before the

commencement day.

(2) Despite the repeal of that subsection by the amending Part, the

election continues in force on and after that day as if it were an

election under section 110E of this Act, as amended by the

amending Part:

(a) to be sent such reports:

(i) for an election to receive in hard copy--in physical

form; or

(ii) for an election to receive as an electronic copy--in

electronic form; and

(b) if the election included an election to receive the reports in

English, or in an official language of the home economy of

the fund--to be sent such reports in that language.

1693F Transitional--elections by members of companies limited by

guarantee to receive reports etc.

(1) This section applies in relation to an election by a member of a

company limited by guarantee, to receive reports in hard copy or as

an electronic copy, that is in force under subsection 316A(1)

immediately before the commencement day.

(2) Despite the amendment of that subsection by the amending Part:

(a) the election continues in force on and after the

commencement day as an election under subsection 316A(1)

of this Act to receive such reports (in accordance with

subsection 316A(2)); and

(b) an election of the member is taken to be in force under

section 110E on and after the commencement day to be sent

such reports:

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(i) for an election to receive in hard copy--in physical

form; or

(ii) for an election to receive as an electronic copy--in

electronic form.

(3) Paragraph (2)(b) has effect subject to paragraph 110E(7)(b)

(withdrawal of election).

58 In the appropriate position in Schedule 3

Insert:

Subsection 110K(3B)

30 penalty units

59 Schedule 3 (table item dealing with subsections 314A(1),

(3) and (7), column headed "provision")

Omit "Subsections 314A(1), (3) and (7)", substitute

"Subsections 314A(1) and (5)".

60 In the appropriate position in subsection 1317E(3) (table)

Insert:

subsection 641A(1)

use or disclosure of information

obtained from target

uncategorised

Documents and meetings under the Corporations Act 2001

Schedule 1

Contingent amendments

Part 2

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

Part 2--Contingent amendments

Division 1

--Amendments if certain contingent

amendments in the Corporate Collective

Investment Vehicle Framework and Other

Measures Act 2022 commence first

Corporations Act 2001

61 Paragraph 110C(3)(e)

After "8A", insert "or 8B".

62 After paragraph 110D(7)(b)

Insert:

(ba) where the sender is the corporate director of a CCIV--the

recipient is a member of the CCIV; or

63 After paragraph 110F(4B)(b)

Insert:

(ba) where the sender is the corporate director of a CCIV--the

recipient is a member of the CCIV; or

64 After subparagraph 110JA(1)(c)(ii)

Insert:

(iia) where the sender is the corporate director of a CCIV--

the recipient is a member of the CCIV;

65 Subparagraph 110JA(3)(a)(i)

Repeal the subparagraph, substitute:

(i) if the sender is a company, responsible entity of a

registered scheme or corporate director of a CCIV--the

recipient's address in the company, scheme or CCIV's

Schedule 1

Documents and meetings under the Corporations Act 2001

Part 2

Contingent amendments

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

No. , 2022

Division 2

--Repeal of certain contingent amendments in

the Corporate Collective Investment Vehicle

Framework and Other Measures Act 2022 if they

do not commence first

Corporate Collective Investment Vehicle Framework and

Other Measures Act 2022

66 Subsection 2(1) (table item 3)

Repeal the item.

67 Schedule 4

Repeal the Schedule.

Division 3

--Alternative amendments if certain contingent

amendments in the Corporate Collective

Investment Vehicle Framework and Other

Measures Act 2022 do not commence first

Corporations Act 2001

68 Paragraph 110C(3)(e)

After "8A", insert "or 8B".

69 After paragraph 110D(7)(b)

Insert:

(ba) where the sender is the corporate director of a CCIV--the

recipient is a member of the CCIV; or

70 After paragraph 110E(1)(b)

Insert:

(ba) where the sender is the corporate director of a CCIV--the

recipient is a member of the CCIV; or

71 After paragraph 110F(4B)(b)

Insert:

Documents and meetings under the Corporations Act 2001

Schedule 1

Contingent amendments

Part 2

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

(ba) where the sender is the corporate director of a CCIV--the

recipient is a member of the CCIV; or

72 After paragraph 110J(3)(b)

Insert:

(ba) where the sender is the corporate director of a CCIV--the

recipient is a member of the CCIV; or

73 After subparagraph 110JA(1)(c)(ii)

Insert:

(iia) where the sender is the corporate director of a CCIV--

the recipient is a member of the CCIV;

74 Subparagraph 110JA(3)(a)(i)

Repeal the subparagraph, substitute:

(i) if the sender is a company, responsible entity of a

registered scheme or corporate director of a CCIV--the

recipient's address in the company, scheme or CCIV's

75 After subsection 110K(2)

Insert:

(2A) A CCIV must:

(a) send the members of the CCIV, at least once in each financial

year, a notice setting out the matters mentioned in

subsection (4); or

(b) make such a notice readily available on a website.

76 Subsections 110K(4) and (5)

After "(2)", insert ", (2A)".

77 Subsection 1232H(1)

Omit "subsection 314(1AA) or (1AE)", substitute

"subsection 314(1AE)".

78 In the appropriate position in Schedule 3

Insert:

Documents under the National Credit Code and payment methods

Schedule 2

Documents under the National Credit Code

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

Schedule 2--Documents under the National

Credit Code and payment methods

Part 1--Documents under the National Credit Code

National Consumer Credit Protection Act 2009

1 At the end of section 187 of the National Credit Code

Add:

(3) Despite subsection (2), paragraphs 9(1)(d) and (2)(d) of the

Electronic Transactions Act 1999

do not apply to a requirement or

permission by or under this Code to give information in writing.

Note:

Paragraphs 9(1)(d) and (2)(d) of the

Electronic Transactions Act 1999

deal with the consent of the recipient of information to the information

being given by way of electronic communication.

2 Section 194 of the National Credit Code (heading)

Repeal the heading, substitute:

194 Giving of documents

3 Section 194 of the National Credit Code

Omit "notice or other document" (wherever occurring), substitute

"document".

4 Paragraph 194(1)(a) of the National Credit Code

Omit "notices or other documents", substitute "documents".

5 Paragraph 194(2)(a) of the National Credit Code

Omit "under section 195", substitute "under section 195D".

6 Section 195 of the National Credit Code

Repeal the section, substitute:

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195 Manner of giving document--application of sections 195A,

195B, 195C, 195D, 195E and 195F

(1) Sections 195A, 195B, 195C, 195D, 195E and 195F apply in

relation to a document required or permitted by this Code to be

given by a person (the

giver

) to another person (the

recipient

(2) However, those sections do not apply in relation to the document if

it is required or permitted by this Code to be given to the recipient

acting in the capacity of a licensee (within the meaning given by

section 5 of the National Credit Act).

195A Manner of giving document--technology neutral giving of

documents

(1) The document may be given to the recipient:

(a) by giving the document in a physical form; or

(b) if subsection (2) is satisfied--by giving the document in

electronic form by means of an electronic communication; or

recipient sufficient information in electronic form, by means

of an electronic communication, to allow the recipient to

access the document electronically.

(2) This subsection is satisfied if, at the time the document is given, it

is reasonable to expect that the document would be readily

accessible so as to be useable for subsequent reference.

(3) This subsection is satisfied unless:

(a) regulations made for the purpose of this subsection specify a

class of documents; and

(b) the document is in that class.

195B Manner of giving document--election to be given documents

in physical form or electronic form

(1) The recipient may elect to be given documents:

(a) in physical form; or

(b) in electronic form;

by notifying the giver (whether or not in writing) of the election.

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Note 1:

For the consequences of the giver not complying with the election, see

section 195C.

Note 2:

If there is any inconsistency between an election under this section

and a nomination under subsection 195D(1), the nomination is not

valid to the extent of the inconsistency (see section 195F).

(2) An election under subsection (1) may be made in relation to:

(a) all documents; or

(b) a specified class or classes of documents, if the specified

class is, or the specified classes are, set out in a notice from

the giver to the recipient under subsection (3) that is in force.

(3) For the purposes of subsection (2), the giver may give the recipient

notice in writing that sets out a class or classes of documents. The

notice is in force until revoked in writing given by the giver to the

recipient.

When an election is in force

(4) An election under subsection (1) is in force in relation to those

documents during the period:

(a) beginning on:

(i) unless subparagraph (ii) applies--the first business day

after the day on which the giver receives notice

(whether or not in writing) of the election from the

recipient; or

(ii) where the recipient, in notifying the giver of the

election, specifies a later day--the first business day

after that later day; and

(b) ending on:

(i) unless subparagraph (ii) applies--the first business day

after the day on which the giver receives notice

(whether or not in writing) from the recipient

withdrawing the election; or

(ii) where the recipient, in notifying the giver of the

withdrawal, specifies a later day--the first business day

after that later day.

(5) However, an election under subsection (1) to be given documents

in physical form is not in force in relation to a document if:

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(a) the giver is required or permitted under this Code to give the

document by a particular day; and

(b) the giver receives notice of the election from the recipient on

or after the day that is 7 days immediately before the day

mentioned in paragraph (a) of this subsection.

195C Failure to comply with recipient's election to be given

document in particular form

(1) This section applies if:

(a) an election by the recipient to be given documents by the

giver in physical form or electronic form is in force in

relation to a document under section 195B; and

(b) the giver gives the recipient the document only in a manner

that does not comply with the election (otherwise than by

way of giving it to the recipient personally).

(2) For the purposes of this Code, treat the giver as not having given

the recipient the document.

(3) For the purposes of this section, the following manners of giving

the document comply with the election:

(a) for an election to be given documents in physical form--the

manner mentioned in paragraph 195A(1)(a);

(b) for an election to be given documents in electronic form--a

manner mentioned in paragraph 195A(1)(b) or (c).

(4) If the giver gives the recipient the document as mentioned in

paragraph (1)(b) by sending it by post and the recipient receives

the document:

(a) subsection (2) does not apply to the giving of the document;

and

(b) despite paragraph 196(1)(b), for the purposes of this Code the

document is taken to be given on the date it bears or the date

the recipient receives the document, whichever is the later;

and

being a reference to "this section or subsection 195C(4)".

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(5) If the giver gives the recipient the document as mentioned in

paragraph (1)(b) by means of electronic communication and the

recipient receives the document:

(a) subsection (2) does not apply to the giving of the document;

and

(b) despite paragraph 196(1)(c), for the purposes of this Code the

document is taken to be given on the date it bears or the time

that section 14A of the

Electronic Transactions Act 1999

provides is the time of receipt of the electronic

communication, whichever is the later; and

being a reference to "this section or subsection 195C(5)".

195D Manner of giving document--nomination of address

(1) The recipient may nominate an address to be given documents by

notifying the giver (whether or not in writing) of the nomination.

Note 1:

The address may be an electronic address.

Note 2:

If the recipient has nominated an address under this subsection, it will

be the appropriate address for the giver to give relevant documents

(see section 195E).

Note 3:

If there is any inconsistency between a nomination under this

subsection and an election under section 195B, the nomination is not

valid to the extent of the inconsistency (see section 195F).

(2) A nomination under subsection (1) may be made in relation to:

(a) all documents; or

(b) a specified class or classes of documents, if the specified

class is, or the specified classes are, set out in a notice from

the giver to the recipient under subsection (3) that is in force.

(3) For the purposes of subsection (2), the giver may give the recipient

notice in writing that sets out a class or classes of documents. The

notice is in force until revoked in writing given by the giver to the

recipient.

When a nomination is in force

(4) A nomination under subsection (1) is in force in relation to those

documents during the period:

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(a) beginning on:

(i) unless subparagraph (ii) applies--the first business day

after the day on which the giver receives notice

(whether or not in writing) of the nomination from the

recipient; or

(ii) where the recipient, in notifying the giver of the

nomination, specifies a later day--the first business day

after that later day; and

(b) ending on:

(i) unless subparagraph (ii) applies--the first business day

after the day on which the giver receives notice

(whether or not in writing) from the recipient

withdrawing the nomination; or

(ii) where the recipient, in notifying the giver of the

withdrawal, specifies a later day--the first business day

after that later day.

(5) However, a nomination of a physical address under subsection (1)

is not in force in relation to a document if:

(a) the giver is required or permitted under this Code to give the

document by a particular day; and

(b) the giver receives notice of the nomination from the recipient

on or after the day that is 7 days immediately before the day

mentioned in paragraph (a) of this subsection.

(6) Subsection (7) applies if a nomination of a physical

address under

subsection (1) by the recipient (the

earlier nomination

) was in

force in relation to the document immediately before the

nomination mentioned in subsection (5) started to be in force

(disregarding that subsection).

(7) Apply these rules in relation to the document:

(a) treat the earlier nomination as being in force; and

(b) subsection (5) does not prevent the nomination mentioned in

that subsection from being in force; and

as being a reference to "any address so nominated".

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195E Manner of giving document--appropriate address

Basic rule

(1) The appropriate address of the recipient in relation to a document

is:

(a) if a nomination of an address by the recipient is in force

under subsection 195D(1) in relation to the document--that

address; or

(b) if paragraph (a) does not apply, and an election by the

recipient to be given documents in physical form is in force

under section 195B in relation to the document:

(i) where the recipient does not carry on a business--the

address of the place of residence of the recipient last

known to the giver; or

(ii) where the recipient carries on a business--the address

of the place of residence or business of the recipient last

known to the giver; or

recipient to be given documents in electronic form is in force

under section 195B in relation to the document--the

electronic address (if any) for receiving electronic

communications for the recipient last known to the giver; or

(d) if paragraphs (a), (b) and (c) do not apply:

(i) where the recipient does not carry on a business--the

address of the place of residence of the recipient last

known to the giver; or

(ii) where the recipient carries on a business--the address

of the place of residence or business of the recipient last

known to the giver; or

(iii) the electronic address (if any) for receiving electronic

communications for the recipient last known to the

giver.

Note:

A nominated address may be an electronic address.

Previous address used by giver where no nomination of address or

election for physical or electronic form

(2) Subsection (3) applies if:

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(a) paragraph (1)(d) applies in relation to the document

(disregarding subsection (3)); and

(b) the most recent document of that kind that the giver gave the

recipient was given at a particular address in accordance with

that paragraph.

(3) Despite paragraph (1)(d), the appropriate address of the recipient in

relation to the document is:

(a) unless paragraph (b) applies--the address mentioned in

paragraph (2)(b); or

(b) where notice given by the giver to the recipient is in force

under subsection (4), specifying an address in accordance

with paragraph (4)(b)--the specified address.

(4) For the purposes of paragraph (3)(b), the giver may give the

recipient notice that contains a prominent statement to the effect

that:

(a) unless the recipient nominates another physical or electronic

address, the giver will give documents of that kind to the

giver at a specified physical or electronic address after the

expiry of 14 days after the notice is given; and

(b) that specified physical or electronic address is:

(i) the address of the place of residence or business of the

recipient last known to the giver; or

(ii) the electronic address for receiving electronic

communications for the recipient last known to the

giver; and

physical or electronic address to the giver.

Note:

The appropriate address for giving the notice is worked out under

subsection (1).

(5) Notice under subsection (4) comes into force 14 days after it is

given (regardless whether the recipient has responded to that

notice).

195F Nomination of address to be consistent with election as to form

If the recipient has made an election under section 195B and a

nomination under subsection 195D(1):

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(a) the nomination must be consistent with an election; and

(b) if there is any inconsistency between the nomination and the

election, the nomination is not valid to the extent of that

inconsistency.

195G Information to accompany documents given in electronic form

(1) Subsection (2) applies in relation to a document if:

(a) the document is required or permitted by this Code to be

given by a person (the

giver

) to another person (the

recipient

); and

(b) the document is:

(i) specified in regulations made for the purposes of this

paragraph; or

(ii) in a class of documents specified in regulations made

for the purposes of this paragraph; and

mentioned in paragraph 195A(1)(b) or (c).

(2) The giver must take reasonable steps to ensure that:

(a) at the time the giver gives the document to the recipient, the

document is accompanied by the following information:

(i) a description of the nature of the document;

(ii) a description of the consequences of not reacting to the

document;

(iii) if regulations made for the purposes of this

subparagraph specify other information--that

information; and

(b) that information is presented in a reasonably prominent form.

Civil penalty:

5,000 penalty units.

7 Section 196 of the National Credit Code (heading)

Repeal the heading, substitute:

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196 Date of document

8 Section 196 of the National Credit Code

Omit "notice or other document" (wherever occurring), substitute

"document".

9 Paragraph 196(1)(c) of the National Credit Code

Omit "subsection 14(3)", substitute "section 14A".

10 After section 196 of the National Credit Code

Insert:

196A References to documents include references to notices

To avoid doubt, a reference in this Division to a document includes

a reference to a notice.

National Consumer Credit Protection (Transitional and

Consequential Provisions) Act 2009

11 In the appropriate position

Insert:

Schedule 21--Application and transitional

provisions for Schedule 2 to the

Treasury Laws Amendment

(Modernising Business

Communications) Act 2022

1 Definitions

In this Schedule:

amending Part

means Part 1 of Schedule 2 to the

Treasury Laws

Amendment (Modernising Business Communications) Act 2021

commencement day

means the day the amending Part commences.

Documents under the National Credit Code and payment methods

Schedule 2

Documents under the National Credit Code

Part 1

No. , 2022

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Bill 2022

2 Application

--giving documents

(1)

The amendments made by the amending Part apply in relation to

documents given on or after the commencement day.

(2)

However, the amendments made by the amending Part do not apply in

relation to a document given on or after the commencement day if the

document is given for the purposes of a contract that is in force

immediately before the commencement day.

3 Transitional

--cancellations of nominations before

commencement

Subparagraph 195E(1)(d)(iii) of the

National Credit Code

, as inserted

by the amending Part, does not apply in relation to the giving of a

document to a person (the

recipient

) by another person (the

giver

) if the

recipient, before the commencement day, cancelled a nomination of an

address under section 195 of the

National Credit Code

, as in force at the

time of the cancellation, in relation to documents to be given by the

giver.

4 Saving

--nominated addresses

A nomination of an address under paragraph 195(1)(a) or (2)(a) of the

National Credit Code

that is in force immediately before the

commencement day continues in force on and after that day as a

nomination that:

(a) is under subsection 195D(1) of the

National Credit Code

, as

amended by the amending Part; and

(b) is made in relation to all documents (as mentioned in

paragraph 195D(2)(a) of the

National Credit Code

, as

amended by the amending Part).

Schedule 2

Documents under the National Credit Code and payment methods

Part 2

Payment methods

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

No. , 2022

Part 2--Payment methods

Corporations Act 2001

12 Paragraph 254P(2)(c)

Repeal the paragraph, substitute:

13 Subsection 254P(2)

Omit "The notice must be sent by post.".

Excise Act 1901

14 Paragraph 129C(2)(a)

Repeal the paragraph, substitute:

(a) the person may pay the penalty stated in the notice in any

way stated in the notice; and

Small Superannuation Accounts Act 1995

15 Section 32

Repeal the section.

Publication requirements and other amendments

Schedule 3

Main amendments

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

Schedule 3--Publication requirements and

other amendments

Part 1--Main amendments

Competition and Consumer Act 2010

1 Paragraph 28(2)(a)

Omit "such newspapers and other journals as", substitute "any other

manner".

2 Subsection 44GA(10)

Omit "national newspaper", substitute "manner that results in the notice

being accessible to the public and reasonably prominent".

3 Subsection 44LD(10)

Omit "national newspaper", substitute "manner that results in the notice

being accessible to the public and reasonably prominent".

4 Subsection 44NC(10)

Omit "national newspaper", substitute "manner that results in the notice

being accessible to the public and reasonably prominent".

5 Subsection 44ZZOA(10)

Omit "national newspaper", substitute "manner that results in the notice

being accessible to the public and reasonably prominent".

Corporations Act 2001

6 Section 9 (definition of daily newspaper)

Repeal the definition.

7 Section 9 (definition of national newspaper)

Repeal the definition.

Schedule 3

Publication requirements and other amendments

Part 1

Main amendments

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

No. , 2022

8 Paragraph 103(2)(b)

Omit all the words after "published".

9 Subsections 254Q(3), (4) and (4A)

Repeal the subsections, substitute:

Advertisement of sale

(3) At least 14 days, and not more than 21 days, before the day of the

sale, a notice of the sale must be published in accordance with

subsection (5A). The specific number of shares to be offered need

not be specified in the notice and it is sufficient for the notice to be

to the effect that all shares on which a call remains unpaid will be

sold.

Postponement of sale

(4) An intended sale of forfeited shares of which a notice has been

published in accordance with subsection (3) may be postponed for

not more than 21 days from the date of sale specified in the notice.

A notice of the date to which the sale is postponed must be

published in accordance with subsection (5A).

10 After subsection 254Q(5)

Insert:

Publishing notices

(5A) A notice under subsection (3) or (4) is published in accordance

with this subsection if the notice is published:

(a) unless paragraph (b) of this subsection applies--in a manner

that results in the notice being accessible to the public and

reasonably prominent; or

(b) if a determination in force under subsection (5B) specifies

one or more manners in which such a notice may be

published--in a manner so specified.

(5B) For the purposes of paragraph (5A)(b), ASIC may, by legislative

instrument, make a determination specifying one or more manners

in which a notice under subsection (3) or (4) may be published.

Publication requirements and other amendments

Schedule 3

Main amendments

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

(5C) A manner of publication may be specified in the determination

only if ASIC considers that the manner of publication would result

in such a notice being accessible to the public and reasonably

prominent.

11 Paragraph 601CC(14)(a)

Omit "advertisement in a daily newspaper circulating generally in each

State or Territory where the body carried on business at any time during

the 6 years before the liquidation", substitute "a notice published in

accordance with subsection 601CCA(1)".

12 At the end of Division 1 of Part 5B.2

Add:

601CCA Publishing notices relating to cessation of business etc.

(1) A notice mentioned in paragraph 601CC(14)(a) is published in

accordance with this subsection if it is published:

(a) unless paragraph (b) of this subsection applies--in a manner

that results in the notice being accessible to the public and

reasonably prominent; or

(b) if a determination under subsection (2) is in force:

(i) if the determination specifies one or more manners of

publication under paragraph (2)(a)--in a manner

specified in the determination; or

(ii) if the determination specifies that such a notice may be

published in the prescribed manner--in the prescribed

manner.

Note:

For publication in the prescribed manner, see section 1367A.

(2) For the purposes of paragraph (1)(b), ASIC may, by legislative

instrument, make a determination specifying:

(a) unless the matter in paragraph (b) of this subsection is

specified--one or more manners in which a notice mentioned

in paragraph 601CC(14)(a) may be published; or

(b) that such a notice may be published in the prescribed manner.

(3) A manner of publication may be specified in the determination

under paragraph (2)(a) only if ASIC considers that the manner of

Schedule 3

Publication requirements and other amendments

Part 1

Main amendments

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

No. , 2022

publication would result in such a notice being accessible to the

public and reasonably prominent.

13 Paragraph 601CL(15)(a)

Omit "advertisement in a daily newspaper circulating generally in each

State or Territory where the foreign company carried on business at any

time during the 6 years before the liquidation", substitute "a notice

published in accordance with subsection 601CLA(1)".

14 After section 601CL

Insert:

601CLA Publishing notices relating to cessation of business etc.

(1) A notice mentioned in paragraph 601CL(15)(a) is published in

accordance with this subsection if it is published:

(a) unless paragraph (b) of this subsection applies--in a manner

that results in the notice being accessible to the public and

reasonably prominent; or

(b) if a determination under subsection (2) is in force:

(i) if the determination specifies one or more manners of

publication under paragraph (2)(a)--in a manner

specified in the determination; or

(ii) if the determination specifies that such a notice may be

published in the prescribed manner--in the prescribed

manner.

Note:

For publication in the prescribed manner, see section 1367A.

(2) For the purposes of paragraph (1)(b), ASIC may, by legislative

instrument, make a determination specifying:

(a) unless the matter in paragraph (b) of this subsection is

specified--one or more manners in which a notice mentioned

in paragraph 601CL(15)(a) may be published; or

(b) that such a notice may be published in the prescribed manner.

(3) A manner of publication may be specified in the determination

under paragraph (2)(a) only if ASIC considers that the manner of

publication would result in such a notice being accessible to the

public and reasonably prominent.

Publication requirements and other amendments

Schedule 3

Main amendments

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

15 Section 601WBH

Before "ASIC", insert "(1)".

16 Paragraph 601WBH(b)

Repeal the paragraph, substitute:

(b) make a notifiable instrument setting out notice of the issue of

the certificate; and

requirements for such notice to be published--publish the

notice in accordance with those requirements.

17 At the end of section 601WBH

Add:

(2) To avoid doubt, paragraph (1)(c) expresses a contrary intention for

the purposes of subsection 11(4) of the

Legislation Act 2003

18 Paragraph 601WDA(1)(b)

Repeal the paragraph, substitute:

(b) publish notice of the cancellation of the licence on the trustee

company's website (if any), and in another manner that is in

accordance with subsection (4).

19 Subsection 601WDA(3)

Repeal the subsection (not including the note), substitute:

(3) If a certificate of transfer for a voluntary transfer determination

comes into force, the transferring company must, as soon as

practicable, publish notice of the transfer of estate assets and

liabilities on the transferring company's website (if any), and in

another manner that is in accordance with subsection (4).

20 At the end of section 601WDA

Add:

Publishing notices

(4) A manner of publishing notice under paragraph (1)(b) or

subsection (3) is in accordance with this subsection if the manner:

Schedule 3

Publication requirements and other amendments

Part 1

Main amendments

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

No. , 2022

(a) unless paragraph (b) applies--results in the notice being

accessible to the public and reasonably prominent; or

(b) if a determination in force under subsection (5) specifies one

or more manners in which such a notice may be published--

is so specified.

(5) For the purposes of paragraph (4)(b), ASIC may, by legislative

instrument, make a determination specifying one or more manners

in which notice under paragraph (1)(b) or subsection (3) may be

published.

(6) A manner of publication may be specified in the determination

only if ASIC considers that the manner of publication would result

in such a notice being accessible to the public and reasonably

prominent.

21 Paragraph 1070D(6)(a)

Omit "place an advertisement in a daily newspaper circulating in a

place specified by the directors", substitute "publish a notice in a

manner

specified by the directors".

22 Paragraph 1071D(6)(b)

Omit all the words after "and", substitute "by publishing a notice in any

other manner the company thinks fit".

23 After subclause 38(2) of Schedule 4

Insert:

(2A) Without limiting paragraph (2)(c), regulations made under this

clause may provide for ASIC to make, by legislative instrument, a

determination relating to manners in which notice mentioned in

that paragraph may be published.

Income Tax Assessment Act 1936

24 Subsection 45D(2) (heading)

Omit "

in national newspaper

Publication requirements and other amendments

Schedule 3

Main amendments

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

25 Subsection 45D(2)

Omit "daily newspaper that circulates generally in each State, the

Australian Capital Territory and the Northern Territory", substitute

"manner that results in the notice being accessible to the public and

reasonably prominent".

26 Subsection 177EA(7) (heading)

Omit "

in national newspaper

27 Subsection 177EA(7)

Omit "daily newspaper that circulates generally in each State, the

Australian Capital Territory and the Northern Territory", substitute

"manner that results in the notice being accessible to the public and

reasonably prominent".

Income Tax Assessment Act 1997

28 Subsection 204-50(3)

Omit "daily newspaper that circulates generally in each State, the

Australian Capital Territory and the Northern Territory", substitute

"manner that results in the notice being accessible to the public and

reasonably prominent".

Insurance Act 1973

29 Subsection 29(1)

Repeal the subsection, substitute:

(1) A general insurer who changes its name must publish a notice of

that fact:

(a) unless paragraph (b) applies--in a manner that results in the

notice being accessible to the public and reasonably

prominent; or

(b) if a determination under subsection (2A) is in force--in a

manner specified in the determination.

30 After subsection 29(2)

Insert:

Schedule 3

Publication requirements and other amendments

Part 1

Main amendments

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

No. , 2022

(2A) For the purposes of paragraph (1)(b), APRA may, by legislative

instrument, make a determination specifying one or more manners

in which a notice mentioned in subsection (1) may be published.

(2B) A manner of publication may be specified in the determination

only if APRA considers that the manner of publication would

result in such a notice being accessible to the public and reasonably

prominent.

31 Subsection 29(3)

Omit "placed", substitute "published".

Life Insurance Act 1995

32 Paragraph 191(2)(b)

Repeal the paragraph, substitute:

(b) notice of intention to make the application has been

published in accordance with subsection (2A); and

33 After subsection 191(2)

Insert:

(2A) A notice referred to in paragraph (2)(b) is published in accordance

with this subsection if:

(a) the form of the notice is approved by APRA in accordance

with subsection (2B); and

(b) the applicant publishes the notice in a manner that:

(i) unless subparagraph (ii) of this paragraph applies--

results in the notice being accessible to the public and

reasonably prominent; or

(ii) if a determination under subsection (2C) is in force--is

specified in the determination; and

purposes of this paragraph are satisfied.

(2B) For the purposes of paragraph (2A)(a), APRA may approve, in

writing, the form of a notice referred to in paragraph (2)(b).

Publication requirements and other amendments

Schedule 3

Main amendments

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

(2C) For the purposes of subparagraph (2A)(b)(ii), APRA may, by

legislative instrument, make a determination specifying one or

more manners in which a notice referred to in paragraph (2)(b)

may be published.

(2D) A manner of publication may be specified in the determination

only if APRA considers that the manner of publication would

result in such a notice being accessible to the public and reasonably

prominent.

34 Subsection 191(3)

Omit "(2)(b)", substitute "(2A)(c)".

35 Section 223 (heading)

Repeal the heading, substitute:

223 Other matters relating to certain replacement policy documents

36 Subsections 223(3) and (4)

Repeal the subsections.

37 Subsection 224(1)

Omit "(1)".

38 Subparagraph 224(1)(b)(i)

Repeal the subparagraph.

39 Subparagraph 224(1)(b)(ii)

Omit "after giving notice,".

40 Subsections 224(2) and (3)

Repeal the subsections.

41 Application provision

--publishing notices

The amendments of section 191 of the

Life Insurance Act 1995

made by

this Part apply in relation to the publishing of notice of intention under

that section on or after the commencement of this Part.

Schedule 3

Publication requirements and other amendments

Part 1

Main amendments

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

No. , 2022

42 Saving provision

--approved form of notice

(1)

This item applies if an approval by APRA of a form of a notice

mentioned in paragraph 191(2)(b) of the

Life Insurance Act 1995

is in

force immediately before the commencement of this Part under

regulations made for the purposes of that paragraph.

(2)

The approval continues in force (and may be dealt with) on and after

that commencement as if it were an approval of a form by APRA under

subsection 191(2B) of the

Life Insurance Act 1995

, as amended by this

Part.

43 Saving provision

--regulations

Despite the amendment of paragraph 191(2)(b) of the

Life Insurance

Act 1995

by this Part, regulations made for the purposes of that

paragraph in force immediately before this Part commences continue in

force (and may be dealt with) on and after that commencement as if

they had been made for the purposes of paragraph 191(2A)(c) of that

Act as inserted by this Part.

National Consumer Credit Protection Act 2009

44 Subsection 64(2) of the National Credit Code

Omit "in a newspaper circulating throughout each State and Territory",

substitute "in accordance with subsection (8)".

45 Subsection 64(3) of the National Credit Code

Omit "in a newspaper circulating throughout each State and Territory",

substitute "by publishing a notice in accordance with subsection (8)".

46 At the end of section 64 of the National Credit Code

Add:

Publishing notices

(8) A notice under subsection (1) or (3) is published in accordance

with this subsection if it is published:

(a) unless paragraph (b) of this subsection applies--in a manner

that results in the notice being accessible to the debtor and

reasonably prominent; or

Publication requirements and other amendments

Schedule 3

Main amendments

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

(b) if a determination in force under subsection (9) specifies one

or manners in which such a notice may be published--in a

manner so specified.

(9) For the purposes of paragraph (8)(b), ASIC may, by legislative

instrument, make a determination specifying one or more manners

in which a notice under subsection (1) or (3) may be published.

(10) A manner of publication may be specified in the determination

only if ASIC considers that the manner of publication would result

in such a notice being accessible to the debtor and reasonably

prominent.

47 Subsection 66(2) of the National Credit Code

Omit "in a newspaper circulating throughout each State and Territory",

substitute "in accordance with subsection (6)".

48 At the end of section 66 of the National Credit Code

Add:

Publishing notices

(6) A notice under subsection (2) is published in accordance with this

subsection if it is published:

(a) unless paragraph (b) of this subsection applies--in a manner

that results in the notice being accessible to the debtor and

reasonably prominent; or

(b) if a determination under subsection (7) is in force--in a

manner specified in the determination.

(7) For the purposes of paragraph (6)(b), ASIC may, by legislative

instrument, make a determination specifying one or more manners

in which a notice under subsection (2) may be published.

(8) A manner of publication may be specified in the determination

only if ASIC considers that the manner of publication would result

in such a notice being accessible to the debtor and reasonably

prominent.

Schedule 3

Publication requirements and other amendments

Part 1

Main amendments

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

No. , 2022

49 Subsection 119(2) of the National Credit Code

Omit "in a newspaper circulating throughout one or more States or

Territories, as the court determines", substitute "and in a manner

determined by the court".

Private Health Insurance (Prudential Supervision) Act 2015

50 Paragraph 20(4)(a)

Omit "national newspaper, or in a newspaper circulating in each

jurisdiction where the insurer has its registered office or carries on

business", substitute "manner that results in the notice being accessible

to the public and reasonably prominent".

51 Paragraph 40(2)(b)

Repeal the paragraph, substitute:

(b) notify the termination day by publishing a notice:

(i) unless subparagraph (ii) applies--in a manner that

results in the notice being accessible to the public and

reasonably prominent; or

(ii) if a determination under subsection (2A) is in force--in

a manner specified in the determination.

52 After subsection 40(2)

Insert:

(2A) For the purposes of subparagraph (2)(b)(ii), APRA may, by

legislative instrument, make a determination specifying one or

more manners in which a notice mentioned in paragraph (2)(b)

may be published.

(2B) A manner of publication may be specified in the determination

only if APRA considers that the manner of publication would

result in such a notice being accessible to the public and reasonably

prominent.

53 Paragraph 75(2)(b)

Repeal the paragraph, substitute:

(b) after the external management or terminating management

began but on or before the day on which the manager gives to

Publication requirements and other amendments

Schedule 3

Main amendments

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

the ADI written notice of the appointment that began the

external management or terminating management.

Productivity Commission Act 1998

54 Sections 13 and 14

Omit "in each State and internal Territory, by advertisement published

in a newspaper circulating in the State or Territory", substitute ", by

publishing a notice in a manner that results in the notice being

accessible to the public and reasonably prominent".

Superannuation Industry (Supervision) Act 1993

55 Subsection 10(1) (definition of licensing transition period)

Repeal the definition.

56 Section 29CB

Repeal the section.

57 Section 29CC (heading)

Omit "

other

58 Subsection 29CC(1)

Repeal the subsection, substitute:

(1) APRA must decide an application for an RSE licence within 90

days after receiving it, unless APRA extends the period for

deciding the application under subsection (2).

59 Subsection 29CC(2)

Omit "an application covered by paragraph (1)(a) or (b)", substitute

"the application".

60 Paragraph 29D(1)(h)

Omit ", refused consideration under subsection 29CB(3)".

61 Subsections 142(7) and (9)

Repeal the subsections, substitute:

Schedule 3

Publication requirements and other amendments

Part 1

Main amendments

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

No. , 2022

Publishing notice

(7) The Regulator must publish notice of the making of each

instrument under subsection (1) in a manner that results in the

notice being accessible to the public and reasonably prominent.

Taxation Administration Act 1953

62 Subsection 260-145(3) in Schedule 1

Omit "twice in a daily newspaper circulating in the State or Territory in

which the person resided at the time of death", substitute "in a manner

that results in the notice being accessible to the public and reasonably

prominent".

Publication requirements and other amendments

Schedule 3

Contingent amendments

Part 2

No. , 2022

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

Part 2--Contingent amendments

Corporations Act 2001

63 Subsections 254Q(5B) and (5C)

Omit "ASIC", substitute "the Registrar".

64 Subsections 601CCA(2) and (3)

Omit "ASIC", substitute "the Registrar".

65 Subsections 601CLA(2) and (3)

Omit "ASIC", substitute "the Registrar".

66 In the appropriate position in Chapter 10

Insert:

Part 10.64--Transitional provisions relating to

Schedule 3 to the Treasury Laws

Amendment (Modernising Business

Communications) Act 2022

1694 Definitions

In this Part:

amending Schedule

means Schedule 3 to the

Treasury Laws

Amendment (Modernising Business Communications) Act 2022

1694A Savings--determinations made by ASIC

(1) Subsection (2) applies if:

(a) a determination made by ASIC under subsection 254Q(5B)

of this Act (as inserted by Part 1 of the amending Schedule)

(the

empowering provision

) is in force immediately before

the commencement of this Part; or

Schedule 3

Publication requirements and other amendments

Part 2

Contingent amendments

Treasury Laws Amendment (Modernising Business Communications)

Bill 2022

No. , 2022

(b) a determination made by ASIC under subsection 601CCA(2)

of this Act (as inserted by Part 1 of the amending Schedule)

(also the

empowering provision

) is in force immediately

before the commencement of this Part; or

of this Act (as inserted by Part 1 of the amending Schedule)

(also the

empowering provision

) is in force immediately

before the commencement of this Part.

(2) Treat the determination as having been made by the Registrar, and

being in force under the empowering provision, on the

commencement of this Part.

(3) However, if the Registrar has not amended or repealed the

determination before the end of the period of 6 months after that

commencement, the determination is repealed at the end of that

period.

Commonwealth of Australia Bills

TREASURY LAWS AMENDMENT (MODERNISING BUSINESS COMMUNICATIONS) BILL 2022