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CORPORATIONS ACT 2001 - SECT 5E

Concurrent operation intended

  (1)   The Corporations legislation is not intended to exclude or limit the concurrent operation of any law of a State or Territory.

  (2)   Without limiting subsection   (1), the Corporations legislation is not intended to exclude or limit the concurrent operation of a law of a State or Territory that:

  (a)   imposes additional obligations or liabilities (whether criminal or civil) on:

  (i)   a director or other officer of a company or other corporation; or

  (ii)   a company or other body; or

  (b)   confers additional powers on:

  (i)   a director or other officer of a company or other corporation; or

  (ii)   a company or other body; or

  (c)   provides for the formation of a body corporate; or

  (d)   imposes additional limits on the interests a person may hold or acquire in a company or other body; or

  (e)   prevents a person from:

  (i)   being a director of; or

  (ii)   being involved in the management or control of;

    a company or other body; or

  (f)   requires a company:

  (i)   to have a constitution; or

  (ii)   to have particular rules in its constitution.

Note:   Paragraph   (a)--this includes imposing additional reporting obligations on a company or other body.

  (3)   Without limiting subsection   (2), a reference in that subsection to a law of a State or Territory imposing obligations or liabilities, or conferring powers, includes a reference to a law of a State or Territory imposing obligations or liabilities, or conferring powers, by reference to the State or Territory in which a company is taken to be registered.

  (4)   This section does not apply to the law of the State or Territory if there is a direct inconsistency between the Corporations legislation and that law.

Note:   Section   5G prevents direct inconsistencies arising in some cases by limiting the operation of the Corporations legislation.

  (5)   If:

  (a)   an act or omission of a person is both an offence against the Corporations legislation and an offence under the law of a State or Territory; and

  (b)   the person is convicted of either of those offences;

the person is not liable to be convicted of the other of those offences.


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