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CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) REGULATIONS 2017 (F2017L01311) - NOTES

By His Excellency's Command

Nigel Scullion

Minister for Indigenous Affairs

 

  

  

  


Contents

Part 1--Preliminary                                                                                                                                        1

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

5............ Definitions..................................................................................................................... 1

Part 2--Aboriginal and Torres Strait Islander corporations                                                3

6............ Registration--Indigeneity requirement.......................................................................... 3

7............ Registration--creditor notice requirement..................................................................... 3

8............ Registration as a small, medium or large corporation.................................................... 3

9............ Counting employees...................................................................................................... 4

10.......... Modification of Corporations Act arrangements and reconstructions provisions.......... 4

Part 3--Basic features of Aboriginal and Torres Strait Islander corporations         5

11.......... Available names............................................................................................................ 5

12.......... Consent required to use certain unacceptable names...................................................... 5

Part 4--Meetings                                                                                                                                              6

13.......... Rules concerning general meetings................................................................................ 6

14.......... Exercise of proxies at general meetings......................................................................... 6

15.......... Members' access to minutes of meetings...................................................................... 6

Part 5--Officers                                                                                                                                                7

16.......... Members may obtain information about directors' remuneration.................................. 7

Part 6--Record keeping and reporting                                                                                              8

Division 1--General reports                                                                                                               8

17.......... Contents of general reports............................................................................................ 8

18.......... General reports to be lodged with Registrar.................................................................. 8

Division 2--Financial and other reports                                                                                      9

Subdivision A--Large corporations and certain small and medium corporations            9

19.......... Application of Subdivision............................................................................................ 9

20.......... Requirement to prepare reports...................................................................................... 9

21.......... Financial reports............................................................................................................ 9

22.......... Directors' reports........................................................................................................ 10

23.......... Requirement for financial reports to be prepared in compliance with accounting standards     12

24.......... Requirement for financial reports to be audited........................................................... 12

Subdivision B--Certain small and medium corporations                                                       12

25.......... Application of Subdivision.......................................................................................... 12

26.......... Requirement to prepare reports.................................................................................... 13

27.......... Financial reports.......................................................................................................... 13

28.......... Requirement for certain financial reports to be audited................................................ 14

Division 3--Auditor independence                                                                                                 15

29.......... Modification of Corporations Act auditor independence provisions........................... 15

30.......... Alternative independence requirements....................................................................... 15

Division 4--Appointment and removal of auditors                                                              16

31.......... Purpose of this Division.............................................................................................. 16

32.......... Nomination.................................................................................................................. 16

33.......... Appointment of auditor............................................................................................... 16

34.......... Consent of auditor required......................................................................................... 16

35.......... Notice of appointment of auditor................................................................................. 17

36.......... Resignation.................................................................................................................. 17

37.......... Removal of auditor by resolution at general meeting................................................... 17

38.......... Auditor ceasing to hold office by reason of unresolved conflict of interest................. 18

39.......... Control by another corporation.................................................................................... 18

40.......... Effect of winding up.................................................................................................... 18

41.......... Surviving or continuing auditor................................................................................... 18

Division 5--Lodging reports                                                                                                             19

42.......... Modification--time for lodgement of annual reports with Registrar........................... 19

Part 7--Registers                                                                                                                                            20

43.......... Information or documents to be included in Register of Aboriginal and Torres Strait Islander Corporations          20

44.......... Inspection and production of records.......................................................................... 20

45.......... Exempt documents...................................................................................................... 20

Part 8--Regulation and enforcement                                                                                                21

46.......... Registrar may call a general meeting (other than an AGM)......................................... 21

47.......... Authorised officers--identity cards............................................................................. 21

Part 9--External administration                                                                                                           22

48.......... Grounds for special administration.............................................................................. 22

49.......... Modification of Corporations Act special administration provisions........................... 22

50.......... Modification of Corporations Act receiver provisions................................................ 22

51.......... Modification of Corporations Act administration provisions...................................... 22

52.......... Grounds for Court ordered winding up....................................................................... 22

53.......... Modification of Corporations Act winding up provisions........................................... 22

Part 10--Administration                                                                                                                            23

54.......... Authorised use or disclosure of protected information................................................ 23

Part 11--Registrar of Aboriginal and Torres Strait Islander Corporations             25

55.......... Functions of the Registrar........................................................................................... 25

Part 12--Application, savings and transitional provisions                                                   26

Division 1--Corporations (Aboriginal and Torres Strait Islander) Regulations 2017 26

56.......... Definitions................................................................................................................... 26

57.......... Things done under old regulations.............................................................................. 26

58.......... Application--fees for members' access to minutes..................................................... 26

59.......... Application--required number of members for directions and requests...................... 26

60.......... Savings--information or documents mentioned in the Corporations (Aboriginal and Torres Strait Islander) Consequential, Transitional and Other Measures Act 2006....................................... 26

Schedule 1--Availability of names and consent required                           27

1............ Rules for ascertaining whether names are identical...................................................... 27

2............ Names unacceptable for registration............................................................................ 28

3............ Words, phrases and abbreviations that are unacceptable for registration..................... 29

Schedule 2--Information and documents to be included in Register 31

1............ Information or documents mentioned in the Act.......................................................... 31

2............ Information or documents mentioned in this instrument.............................................. 38

3............ Information or documents mentioned in the Corporations Act.................................... 38

4............ Documents mentioned in the Corporations Regulations.............................................. 40

Schedule 3--Documents exempt from inspection                                                41

1............ Documents mentioned in the Act................................................................................. 41

2............ Documents mentioned in the Corporations Act........................................................... 41

Schedule 4--Modification of applied Corporations Act provisions 43

1............ Modification of Corporations Act special administration provisions........................... 43

2............ Modification of Corporations Act receiver provisions................................................ 43

3............ Modification of Corporations Act administration provisions...................................... 44

4............ Modification of Corporations Act winding up provisions........................................... 44

Schedule 5--Repeals                                                                                                                                     47

Corporations (Aboriginal and Torres Strait Islander) Regulations 2007                               47

 


  



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