Commonwealth Numbered Acts

COMPANY LAW REVIEW ACT 1998 NO. 61, 1998 - SCHEDULE 4--Consequential

Australian Securities Commission Act 1989

1 Subsection 5(1) (definition of affairs )

Omit "260", substitute "246AA".

2 Subsection 5(1) (paragraph (b) of the definition of books )

Omit "accounts or accounting records", substitute "financial reports or financial records".

3 Paragraph 81(a)

Omit "paragraph 461(h)", substitute "paragraph 461(1)(h)".

4 Section 86

Omit "subparagraph 1(a)(ii) or subsection (3)", substitute "subsection (2) or paragraph (3)(b)".

5 Subsection 226(5) (definition of national scheme law )

Repeal the definition.

Corporations Act 1989

6 Paragraph 22(q)

Omit "accounts", substitute "statements".

7 Part 6

Repeal.

8 Subsection 68(1)

Omit "161", substitute "124".

9 Subsection 68(2)

Omit "162", substitute "125".

Foreign Acquisitions and Takeovers Act 1975

10 Subsection 5(1) (definition of constituent document )

Omit "memorandum and articles of association", substitute "constitution".

Insurance Act 1973

11 Paragraph 22(3)(a)

Omit ", memorandum of association".

12 Paragraph 22(3)(b)

Omit "articles of association", substitute "constitution".

Life Insurance Act 1995

13 Paragraph 60(1)(a)

Omit "articles of association", substitute "constitution".

14 Paragraph 60(1)(c)

Omit "articles of association", substitute "constitution".

15 Paragraph 60(1)(d)

Omit "articles of association of the company require", substitute "constitution of the company requires".

16 Paragraph 60(2)(a)

Omit "articles of association", substitute "constitution".

17 Paragraph 60(2)(c)

Omit "articles of association", substitute "constitution".

18 Paragraph 60(2)(d)

Omit "articles of association of the company require", substitute "constitution of the company requires".

19 Subsection 84(4)

Omit "articles of association", substitute "constitution".

20 Paragraph 176(3)(b)

Omit "articles of association of the company", substitute "constitution".

21 Paragraph 195(b)

Omit "articles of association", substitute "constitution".

22 Subsection 200(4)

Omit "articles of association of the company", substitute "company's constitution".

23 Subparagraph 242(2)(a)(ii)

Omit "articles of association", substitute "constitution".

24 Schedule (definition of articles of association )

Repeal the definition.

25 Schedule

Insert:

constitution , in relation to a company, includes:

(a) the documents under which the company is constituted; and

(b) any other document governing activities or conduct of the company or its members.

26 Subsection 4(1) (definition of PDF articles requirements )

Repeal the definition, substitute:

PDF constitution requirements has the meaning given by subsection (3).

27 Subsection 4(1) (paragraph (b) of the definition of relevant officer )

Repeal the paragraph.

28 Subsection 4(3)

Omit "articles of association satisfy the PDF articles requirements if, and only if, they", substitute "constitution satisfies the PDF constitution requirements if, and only if, it".

29 Paragraphs 4(3)(a), (b) and (c)

Omit "prohibit" (wherever occurring), substitute "prohibits".

30 Paragraph 4(3)(c)

Omit "issue; and", substitute "issue."

31 Paragraphs 4(3)(d) and (e)

Repeal the paragraphs.

32 Subsection 11(4)

Omit "memorandum and articles of association", substitute "constitution".

33 Paragraph 14(1)(h)

Repeal the paragraph, substitute:

(h) the applicant's constitution satisfies the PDF constitution requirements; and

Repeal the paragraph, substitute:

(b) a condition that the PDF's constitution:

(i) satisfies the PDF constitution requirements; and

(ii) be complied with in so far as it prohibits as mentioned in subsection 4(3);

Repeal the paragraph, substitute:

(g) the PDF's issued share capital and paid-up share capital;

Repeal the paragraph, substitute:

(j) a change in the PDF's issued or paid-up share capital;

Repeal the paragraph, substitute:

(l) a change in the PDF's constitution so that it no longer satisfied the PDF constitution requirement.

Repeal the paragraphs, substitute:

(b) the Board is no longer satisfied that the PDF's constitution satisfies the PDF constitution requirements; or

(c) the Board is satisfied that a provision of the PDF's constitution that prohibits as mentioned in subsection 4(3) has been contravened; or

39 Subsection 3(1) (definition of company )

Repeal the definition, substitute:

company means a company incorporated, or taken to be incorporated, under the Corporations Law.

40 Subsection 3(1) (definition of registered body )

Omit "363", substitute "601CX".

41 Subsection 9(2)

Omit "each of 2 directors of the company who reside in Australia", substitute "a director of the company who resides in Australia".

42 Subsection 9(3)

Omit "the last address of the office of the liquidator notice of which has been lodged under the Corporations Law", substitute "the address of the liquidator's office in the most recent notice of that address lodged under the Corporations Law".

43 After subsection 9(4)

Insert:

(4A) If an administrator of a company has been appointed, a process, order or document may be served on the company by leaving it at, or by sending it by post to, the address of the administrator in the most recent notice of that address lodged under the Corporations Law.

44 Subsection 9(9)

Omit "Sections 220 and 363", substitute "Subsections 109X(1) and (2) and section 601CX".

45 Paragraph 9(10)(a)

Omit "in the way provided in subsection 220(2)", substitute "according to Part 2B.5".

46 Paragraph 9(10)(b)

Omit "in the way provided in subsection 363(2)", substitute "according to subsection 601CX(2)".

47 Subsection 9(11) (definition of registered foreign company )

Omit "363", substitute "601CX".

48 Paragraph 10(3)(a)

Omit "body corporate's principal office or principal place of business", substitute "head office, a registered office or the principal place of business of the body corporate".

49 Paragraph 10(3)(b)

Omit "principal" (twice occurring).