Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 290

290. (1) Subject to this section, the directors of a holding company shall
take such action (if any) as is necessary to ensure that the financial year of
each subsidiary of the holding company coincides with the financial year of
the holding company.

(2) The action referred to in subsection (1) shall be taken in relation to a
particular subsidiary not later than 12 months after the day on which the
subsidiary became a subsidiary of the holding company.

(3) Subject to any order by the Commission under this section, where the
financial year of a holding company and the financial year of each of its
subsidiaries coincide, the directors of the holding company shall at all times
take such action as is necessary to ensure that the financial year of the
holding company or any of its subsidiaries is not altered in such a way that
all of those financial years no longer coincide.

(4) Where the directors of a holding company are of the opinion that there is
good reason why the financial year of any of its subsidiaries should not
coincide with the financial year of the holding company, they may apply in
writing to the Commission for an order authorising the subsidiary to continue
to have or to adopt (as the case requires) a financial year that does not
coincide with that of the holding company.

(5) The application shall be supported by a statement in writing made in
accordance with a resolution of the directors of the holding company, signed
by not less than 2 directors and stating the reasons for seeking the order.

(6) The Commission may require the directors making the application to supply
such information relating to the operations of the holding company, and of any
related corporation, as the Commission thinks necessary for the purpose of
determining the application.

(7) The Commission may engage a registered company auditor to investigate and
report to it on the application.

(8) The costs of an investigation and report under subsection (7) are payable
by the holding company of which the applicants are directors.

(9) The Commission may make an order granting or refusing the application or
granting the application subject to such limitations, terms or conditions as
it thinks fit, and shall serve a copy of the order on the holding company.

(10) Where the directors of a holding company make an application under
subsection (4) in relation to a subsidiary:

   (a)  subsection (1) does not apply in relation to the subsidiary until the
        determination day for the application; and

   (b)  subject to subsection (12), the period within which the directors of
        the holding company are required to comply with subsection (1) in
        relation to the subsidiary is the period of 12 months beginning on
        that day.

(11) Subsection (10) has effect despite sections 41 and 44A of the
Administrative Appeals Tribunal Act 1975.

(12) Where an order is made under this section authorising a subsidiary of a
holding company to have, or to adopt, a financial year that does not coincide
with that of the holding company, compliance with the order (including any
limitations, terms or conditions set out in it) shall be taken to be
compliance with subsection (1) in relation to the subsidiary.

(13) Where the directors of a holding company make an application under
subsection (4) in relation to a subsidiary, the directors of the holding
company are not entitled to make another application under subsection (4) in
relation to the subsidiary within 3 years after the determination day for the
first-mentioned application unless:

   (a)  the first-mentioned application resulted in the making of an order
        granting the application or granting it subject to limitations, terms
        or conditions; or

   (b)  the Commission is satisfied that there has been a substantial change
        in the relevant facts or circumstances since that day.

(14) In this section:

"determination day", in relation to an application under subsection (4),
means:

   (a)  if the Tribunal makes a decision on an application for review of the
        Commission's decision on the application under subsection (4)-the day
        when:

        (i)    if there is an appeal from the Tribunal's decision-any appeal
               arising out of the Tribunal's decision is finally determined or
               otherwise disposed of; or

        (ii)   otherwise-the Tribunal's decision comes into operation;

   (b)  if paragraph (a) does not apply but an application is, or applications
        are, made to the Tribunal for review of the Commission's decision on
        the application under subsection (4)-the day of withdrawal or
        dismissal of the application, or of the last of the applications to be
        withdrawn or dismissed; or (c) otherwise-the day when the Commission's
        order on the application under subsection (4) is served on the holding
        company.