AASB means the Australian Accounting Standards Board
established by section 226.
6 Section 5 (definition of Director )
Repeal the definition.
7 Section 5
Insert: FRC means the Financial Reporting Council established by section
225.
8 Section 5
Insert: international accounting standards means accounting
standards made by:
- (a)
- the Board of the International Accounting Standards Committee; or
- (b)
- another body specified by the regulations.
9 Section 5 (paragraph (c) of the definition of meeting )
Omit "Board; and",
substitute "Board.".
10 Section 5 (paragraph (d) of the definition of meeting
)
Repeal the paragraph.
11 Section 5 (paragraph (a) of the definition of
member )
Omit "Standards Board", substitute "FRC, the AASB".
12 Section 5
(paragraph (e) of the definition of member )
Repeal the paragraph,
substitute:
- (e)
- in relation to the FRC—a member of the FRC; and
- (ea)
- in relation to the AASB—a member of the AASB; and
13 Section 5 (definition of Standards Board )
Repeal the definition.
14
Subparagraph 135(1)(a)(iv)
Omit "Standards Board", substitute "AASB".
Part 4—Amendments relating to new Chapter 6 (Takeovers)
15 Subsection 5(1)
Insert: Panel proceedings means proceedings before the
Panel on:
- (a)
- an application made to the Panel under the Corporations Law; or
- (b)
- a reference of a decision to the Panel for review under the Corporations
Law.
16 Subsection 5(1) (paragraph (b) of the definition of witness )
Repeal the
paragraph, substitute:
- (b)
- in relation to Panel proceedings, means a person
appearing in the proceedings to give evidence.
17 Subsection 13(2)
Omit "Part 6.9", substitute "Subdivision B of Division 2
of Part 6.12".
18 Paragraph 13(2)(a)
Omit "subsection 733(1) or 734(2)",
substitute "section 657C".
19 Paragraph 43(1)(c)
Omit "Part 6.7 or 6.8",
substitute "Chapter 6C".
20 Paragraph 43(1)(f)
Omit "subsection 734(5)",
substitute "section 657F".
21 Paragraph 43(4)(c)
Omit "subsection 733(1) or
734(2), or section 736, as the case may be,", substitute "section 657C or
657G".
22 Subsection 51(1)
Omit "733, 734 or 736", substitute "657C or
657G".
23 Paragraph 184(4)(a)
Omit "an inquiry", substitute "proceedings".
24 Paragraph 184(4)(b)
Repeal the paragraph, substitute:
- (b)
- if one of
those persons ceases to be a member, or ceases to be available for the
purposes of proceedings in relation to a matter, during the proceedings or
after the completion of the proceedings but before the matter to which the
proceedings relate is determined—at any time after the person so ceases
to be a member or to be available;
25 After subsection 184(4)
Insert:
- (4A)
- The regulations may make provision
in relation to the constitution of the Panel for the purposes of conducting a
review under section 657EA or 657EB of the Corporations Law.
26 Heading to Division 3 of Part 10
Repeal the heading, substitute: Division
3—Panel proceedings
27 Subsection 187(1)
Repeal the subsection.
28
Subsection 188(1)
Omit "hold inquiries", substitute "conduct proceedings".
-
Note: The heading to section 188 is altered by omitting " hold inquiries " and
substituting " conduct proceedings ".
29 Subsection 188(2)
Omit "an inquiry", substitute "proceedings".
30 Section
189
Repeal the section.
31 Subsection 190(1)
Omit "an inquiry", substitute
"Panel proceedings".
32 Paragraph 190(2)(a)
Omit "inquiry", substitute
"proceedings".
33 At the end of section 190
Add:
- (3)
- In this section:
Panel proceedings includes a part of Panel proceedings.
34 Section 191
Repeal the section.
35 Paragraph 192(1)(a)
Omit "an
inquiry", substitute "Panel proceedings".
36 Subsection 192(2)
Omit "At an
inquiry", substitute "In Panel proceedings".
37 Paragraphs 192(2)(a) and (b)
Omit "at the inquiry" (wherever occurring), substitute "in the proceedings".
38 Subsection 192(4)
Omit "an inquiry", substitute "Panel proceedings".
39
Paragraphs 192(4)(a) and (b)
Omit "at the inquiry" (wherever occurring),
substitute "in the proceedings".
40 Subsection 192(6)
Repeal the subsection,
substitute:
- (6)
- If:
- (a)
- a person appears in Panel proceedings pursuant to a summons issued under
this section; and
- (b)
- the summons was issued at a person's request;
the person appearing is entitled to be paid the prescribed allowances and
expenses (if any) by the person at whose request the summons was issued.
41 Section 193
Repeal the section.
42 Section 193A
Repeal the section,
substitute: 193 Quorum
In Panel proceedings, 2 members form a quorum.
43 Section 194
Repeal the section, substitute: 194 Legal representation in
proceedings before the Panel
A party to Panel proceedings may be legally represented in the proceedings
only with the leave of the Panel.
44 Section 195
Repeal the section, substitute: 195 Procedure
- (1)
- Subject
to subsections (2) to (4), the Panel may determine the procedural rules to be
followed in Panel proceedings.
- (2)
- Panel proceedings are to be conducted in accordance with (in order of
priority):
- (a)
- the requirements of this Division; and
- (b)
- the requirements of the regulations.
- (3)
- Without limiting paragraph (2)(b), the regulations may deal with:
- (a)
- making submissions or giving evidence in Panel proceedings; and
- (b)
- the right (if any) to appear, or be represented, in Panel proceedings; and
- (c)
- the matters that the Panel is to take into account when making a decision
in the course of Panel proceedings.
- (4)
- The rules of procedural fairness, to the extent that they are not
inconsistent with the provisions of this Act or the regulations made under it,
apply to Panel proceedings.
45 Section 196
Repeal the section.
46 Subsection 197(1)
Omit "an inquiry",
substitute "Panel proceedings".
47 Subsection 197(3)
Omit "at an inquiry"
(wherever occurring), substitute "in Panel proceedings".
48 Paragraph
199(1)(a)
Omit "an inquiry", substitute "Panel proceedings".
49 Paragraph
199(1)(b)
Omit "at an inquiry", substitute "in Panel proceedings".
50
Paragraph 200(1)(b)
Omit "an inquiry", substitute "Panel proceedings".
51
Subsection 201(1)
Omit "a particular inquiry", substitute "particular Panel
proceedings".
52 Subsection 201(1)
Omit "at, or in relation to, that
inquiry", substitute "in, or in relation to, those proceedings".
53
Subsection 201A(1)
Omit "During an inquiry", substitute "In Panel
proceedings".
54 Subsection 201A(1)
Omit "the inquiry" (wherever occurring),
substitute "the proceedings".
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Commonwealth Numbered Acts