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Business Investigations (Repeal) Bill
Circulation Print
EXPLANATORY MEMORANDUM
General
The Bill repeals the Business Investigations Act 1958.
Clause Notes
Clause 1 sets out the purpose of the Bill.
Clause 2 provides that the Act comes into operation on the day after it
receives Royal Assent.
Clause 3 repeals the Business Investigations Act 1958.
The Business Investigations Act 1958 ("the Act") has not been
used for at least twenty years. The Act applied to businesses that
are not conducted by a company. Most businesses are now
conducted by companies and the objects of the Act are achieved
by more modern and specific legislation (including corporations
and securities, trade practices and fair trading laws). The sale
of interests in companies is regulated by the Corporations Act.
The modern approach to dealing with problematic businesses
is to seek an injunction under trade practices or fair trading
legislation. The Act has become redundant and therefore
appropriate for repeal.
Generally the Act prohibited persons hawking any interest in any
business to members of the public and it prohibited the sale of
any interest in any business if the objects of the business
included the doing of acts in or outside Victoria that would have
been illegal if carried on within Victoria. The Act permitted the
appointment of inspectors to investigate the affairs of a business
and for the Minister to direct how such a business should be dealt
with.
541206 BILL LA CIRCULATION 24/8/2001
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