Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 150

150. (1) Where a body corporate is registered under Division 2, 3 or 4, this
section has effect during the period beginning at the start of the body's
registration day and ending when the body ceases to be registered under that
Division.

(2) The body continues in existence, by force of this subsection, as a body
corporate.

(3) The body is a company for the purposes of this Act.

(4) Except as prescribed, a law of the Commonwealth (other than this Act), or
a law of a State or Territory (other than a continuing law), does not apply in
relation to the body merely because of either or both of the following:

   (a)  it was incorporated, or has at any time been registered, in a State or
        Territory or under a law, or a previous law, of a State or Territory;

   (b)  it has at any time been domiciled in a State or Territory.

(5) In subsection (4):

"continuing law" means a prescribed law or a law corresponding to section  164
or 166, subsection 182 (3) or section 183.

(6) The body:

   (a)  is capable of performing all the functions of a body corporate;

   (b)  is capable of suing and being sued;

   (c)  has perpetual succession;

   (d)  shall have a common seal; and

   (e)  has power to acquire, hold and dispose of property.

(7) The body's members have such liability to contribute to the body's
property if the body is wound up under this Act as is provided for by this Act
as it applies in relation to the body by virtue of this Division.

(8) Nothing in this section:

   (a)  creates a new legal entity;

   (b)  prejudices or affects the body's identity or its continuity as a body
        corporate; or

   (c)  changes the body's membership.

(9) Nothing in this section affects any act or thing done (including, for
example, an appointment made or a resolution passed) before the body's
registration day under a power conferred by:

   (a)  the body's constitution; or

   (b)  a law under which the body was incorporated or registered before that
        day.

(10) Nothing in this section or in subsection 139 (4):

   (a)  affects the body's property; or

   (b)  affects, except as provided by this Part (other than this section and
        that subsection), any rights, privileges, powers, authorities, duties,
        functions, liabilities (including liabilities in respect of offences)
        or obligations of the body, or of any other person, existing
        immediately before the body's registration day.

(11) Nothing in this section:

   (a)  renders defective any legal proceedings; or

   (b)  prevents legal proceedings from being begun or continued by or against
        the body.