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CORPORATIONS LEGISLATION AMENDMENT ACT 2003 NO. 24, 2003 - SCHEDULE 2

- Use of ABN

Corporations Act 2001

1 Section 9

Insert:

ABN (short for "Australian Business Number") has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 .

2 Paragraph 4.1 of the Small Business Guide in Part 1.5

After "its ACN", insert "or ABN (if the last 9 digits are the same, and in the same order, as the last 9 digits of its ACN)".

3 Section 7 of the Small Business Guide in Part 1.5

After "its ACN", insert "or ABN (if the last 9 digits are the same, and in the same order, as the last 9 digits of its ACN)".

4 Paragraph 123(1)(b)

Repeal the paragraph, substitute:

(b) otherwise—the company's name and either:
(i) the expression "Australian Company Number" and the company's ACN; or
(ii) if the last 9 digits of the company's ABN are the same, and in the same order, as the last 9 digits of its ACN—the expression "Australian Business Number" and the company's ABN.
5 Subsection 149(1) (at the end of the table)

Add:

9
Australian Business Number
ABN

6 Subsection 153(2)

Repeal the subsection, substitute:

(2) Subject to sections 154 and 155, if the company's ACN is not used in its name, the company must also set out with its name, or with 1 of the references to its name, either:
(a) the expression "Australian Company Number" followed by the company's ACN; or
(b) if the last 9 digits of the company's ABN are the same, and in the same order, as the last 9 digits of its ACN—the words "Australian Business Number" followed by the company's ABN.

If the company's name appears on 2 or more pages of the document or instrument, this must be done on the first of those pages.

Note 1: If a company has a common seal, its name and ACN or ABN must be set out on the seal (see section 123).

Note 2: A public company must display its name at its registered office. Every company must display its name at places at which the company carries on business and that are open to the public (see section 144).

Note 3: Section 149 provides that "ACN" is an acceptable abbreviation of "Australian Company Number", and that "ABN" is an acceptable abbreviation of "Australian Business Number".

Note 4: In any case where the company's ACN would be used, the company's ABN may be used instead if section 1344 is satisfied.

7 Paragraph 601DE(1)(b)

Repeal the paragraph, substitute:

(b) either:
(i) the expression "Australian Registered Body Number" followed by the body's ARBN; or
(ii) if the last 9 digits of the body's ABN are the same, and in the same order, as the last 9 digits of its ARBN—the words "Australian Business Number" followed by the body's ABN;
8 At the end of subsection 601DE(1)

Add:

Note: In any case where the body's ARBN would be used, the body's ABN may be used instead if section 1344 is satisfied.

9 Section 601EC

Repeal the section, substitute:

After a managed investment scheme is registered, all documents relating to the scheme that are lodged with ASIC must set out:
(a) the scheme's ARSN; or
(b) if the last 9 digits of the scheme's ARSN are the same, and in the same order, as the last 9 digits of its ABN—the scheme's ABN.

Note: In any case where the scheme's ARSN would be used, the scheme's ABN may be used instead if section 1344 is satisfied.

10 Before section 1345A of Part 9.9 of Chapter 9

Insert in Part 9.9:

Despite any provision in this Act or any other Act, in any case where:
(a) the ACN of a company; or
(b) the ARBN of a registered body; or
(c) the ARSN of a registered scheme;

is required or permitted to be used under a law of the Commonwealth administered by ASIC, the ABN of the company, body or scheme may be used instead if the last 9 digits of the ABN are the same, and in the same order, as the last 9 digits of the ACN, ARBN or ARSN.


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