Commonwealth Numbered Regulations

CORPORATIONS (FEES) REGULATIONS (AMENDMENT) 1998 No. 184 - REG 3

3.1 After regulation 2, insert: Definition-special purpose company (Schedule,
item 7)

"2A. In item 7 in the Schedule: special purpose company means:

   (a)  a company holding a licence that is continued in force by section 151
        and allows the company to omit 'Limited' from its name; or

   (b)  in the case of a company limited by guarantee, or by both shares and
        guarantee, that was registered immediately before the commencement of
        this item-if the constitution of the company states that the company:

        (i)    is formed for the purpose of providing recreation or amusement
               or promoting commerce, industry, art, science, religion,
               charity, patriotism pension or superannuation schemes or any
               other object useful to the community; and

        (ii)   applies its profits (if any) or other income in promoting its
               purpose; and

        (iii)  prohibits the distribution of its income or property to its
               members; or

   (c)  a company that, under subsection 150 (1), is registered without
        'Limited' in its name; or

   (d)  a company the constitution of which:

        (i)    requires the company to pursue charitable purposes only and to
               apply its income in promoting those purposes; and

        (ii)   prohibits the company making distributions to its members and
               paying fees to its directors; and

        (iii)  requires its directors to approve all other payments the
               company makes to them; or

   (e)  a proprietary company, except a company to which item 7A or 7B
        applies, if:

        (i)    the company is the proprietor of land on which a building
               divided into separate residential areas and areas for common
               use is erected; and

        (ii)   the members of the company are entitled, because of the shares
               they hold in the company, to the exclusive occupation of 1 or
               more of the residential areas and to the use of the common
               areas; and

        (iii)  the company only operates to facilitate and enforce the rights
               of company members in relation to exclusive occupation of the
               residential areas and to maintain the common areas; or

   (f)  a company not mentioned in a preceding paragraph of this definition,
        if:

        (i)    the constitution of the company prohibits distribution of the
               company's income or property to its members; and

        (ii)   the sole purpose of the company is to act as the trustee of a
               regulated superannuation fund within the meaning of section 19
               of the Superannuation Industry (Supervision) Act 1993.".