(1)  Each Relevant Corporation and each director, secretary, other officer or employee of a Relevant Corporation is declared to be an excluded matter for the purposes of section 5F of the Corporations Act in relation to –

(a) the following provisions of the Corporations Act:

(i) sections 180, 181, 182, 183, 184 and 186;

(ii) Part 2M.4;

(iii) Chapter 6;

(iv) Chapter 6A;

(v) Chapter 6B;

(vi) Chapter 6C;

(vii) Chapter 6CA;

(viii) Chapter 6D;

(ix) Chapter 7;

(x) Chapter 8; and

(b) any other provisions of the Corporations legislation to the extent specified by the regulations for the purposes of this subsection.

(2)  The appointment and removal of directors of a Corporation (other than the disqualification of a person from managing a Corporation) are declared to be excluded matters for the purposes of section 5F of the Corporations Act in relation to Chapter 2D of that Act.

(3)  To the extent that any provision of this Act or the regulations is incapable of concurrent operation with the Corporations legislation, that provision is declared to be a Corporations legislation displacement provision for the purposes of section 5G of the Corporations Act.

(4)  The regulations may declare a Relevant Corporation and any matter relating to that Relevant Corporation, to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to –

(a) the whole of the Corporations legislation; or

(b) an Act, regulations or other instrument forming part of the Corporations legislation; or

(c) a provision or provisions of the Corporations legislation or of an Act, regulations or other instrument forming part of the Corporations legislation.

(5)  A provision of the Corporations legislation that is the subject of any declaration in the regulations has effect, subject to the following modifications:

(a) the provision applies as if the Relevant Corporation were a proprietary company and a company limited by shares;

(b) the provision applies as if shares in the Relevant Corporation held by the members were shares held in the Relevant Corporation as a proprietary company and a company limited by shares;

(c) such other modifications as may be prescribed by the regulations.

(6)  Without limiting subsections (4) and (5) , any regulations referred to in subsection (4)  –

(a) may specify modifications to the definitions and other interpretative provisions of the Corporations legislation relevant to any provision of the Commonwealth legislation that is the subject of the declaration; and

(b) may provide for the Australian Securities and Investments Commission (ASIC) to exercise a function under any provision of the Corporations legislation that is the subject of the declaration, but only if –

(i) ASIC is to exercise that function pursuant to an agreement of the kind referred to in section 11(8) or (9A)(b) of the Australian Securities and Investments Commission Act 2001 of the Commonwealth; and

(ii) ASIC is authorised to exercise that function under section 11 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth; and

(c) may specify that a reference to ASIC in any provision of the Corporations legislation that is the subject of the declaration is to be read as a reference to another person; and

(d) may identify the provisions of the Corporations legislation to which the declaration relates by reference to that legislation as in force at a particular time; and

(e) may specify a court of this State (other than the Supreme Court) to exercise any function conferred on a court or the Supreme Court by any provision of the Corporations legislation to which the declaration relates.

(7)  Subsection (6) does not apply to any provision of the Corporations legislation that applies to the Relevant Corporation as a law of the Commonwealth.

(8)  Words and expressions used in this section and also in Part 3 of the Corporations (Ancillary Provisions) Act 2001 have the same meanings as they have in that Part.