Source: https://www.legislation.gov.au/Details/C2012C00766/Html/Text
Timestamp: 2019-12-14 19:20:32
Document Index: 748165370

Matched Legal Cases: ['art 2', 'art 3', 'art 6', 'art 8', 'art 1', 'arts 3', 'art 3', 'art 3', 'art 2', 'art 3', 'art.\n13', 'art 6', 'art 1', 'art 2', 'arts 4', 'art 2', 'art 2']

Details: C2012C00766
- C2012C00766
Act No. 13 of 1991 as amended, taking into account amendments up to Statute Law Revision Act 2012
sch 6 (item 25)
C2012C00766
Act No. 13 of 1991 as amended
This compilation was prepared on 31 October 2012
6............ Modification of Act—references to Companies Act 1981................... 3
Part 2—Creation of capital structure and other steps prior to conversion of Company into public company 4
7............ Share capital of Company................................................................... 4
8............ Issue of shares in Company................................................................ 4
9............ New name of Company...................................................................... 5
10.......... Company to apply to be registered as company etc............................. 5
Part 3—Conversion of Company into a public company 7
11.......... Effect of Part—summary.................................................................... 7
12.......... Company taken to be registered under Companies Act....................... 7
13.......... Memorandum and Articles of Company............................................. 8
14.......... Membership of Company................................................................... 8
16.......... Accounting records............................................................................. 8
17.......... Accounts............................................................................................. 9
18.......... Operation of section 25B of the Acts Interpretation Act..................... 9
Part 6—Staff matters 10
29.......... Employment of staff members continues after transition................... 10
30.......... Act not to affect certain matters relating to staff members................. 10
31.......... Effect of sections 29 and 30.............................................................. 11
32.......... Variation of terms and conditions of employment............................. 11
Part 8—Miscellaneous 12
40.......... Judicial notice of Company’s seal..................................................... 12
48.......... Regulations....................................................................................... 12
This Act may be cited as the Commonwealth Funds Management Limited Act 1990.
(1) Part 1 and section 48 commence on the day on which this Act receives the Royal Assent.
(4) Subject to subsection (5), Parts 3, 6, 7, 8 (other than section 48), 9 (other than subsection 50(2) and section 55) and 10 commence on a day to be fixed by Proclamation.
(6) Subsection 50(2) and section 55 commence immediately after the commencement of Part 3.
authorising office means an office, in the Department, which is declared in writing by the Minister to be an authorising office for the purposes of this definition.
Company means the body corporate established, and known as the Superannuation Fund Investment Trust, under Part III of the Superannuation Act 1976 as in force immediately before the commencement of this section.
employment, in relation to a staff member, means employment by, or service with, the Company.
(a) the Chief Executive Officer of the Company; or
(b) an officer or employee of the Company.
subsidiary has the meaning given by subsection (2).
transition means the commencement of Part 3.
wholly‑owned subsidiary, in relation to the Company, means a body corporate:
(a) that is a subsidiary of the Company; and
(ii) a body corporate that is, under any other application or applications of this definition, a wholly‑owned subsidiary of the Company; or
(iii) a nominee of the Company or of a body of a kind referred to in subparagraph (ii); and
(2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate shall be determined in the same way as the question whether a corporation is a subsidiary of another corporation is determined under the Corporations Act 2001.
6 Modification of Act—references to Companies Act 1981
If the Companies Act 1981 ceases to operate because of the coming into force of another law that contains provisions corresponding to the provisions of that Act, the regulations may:
(a) subject to paragraph (b), modify a provision of this Act that includes a reference to the Companies Act 1981 by omitting that reference and substituting a reference to the other law or a provision of the other law; and
(b) modify a provision of this Act that includes a reference to a provision of the Companies Act 1981 by omitting that reference and substituting a reference to a corresponding provision of the other law.
Part 2—Creation of capital structure and other steps prior to conversion of Company into public company
7 Share capital of Company
(1) As from the commencement of this Part, the Company is to have an authorised and issued share capital divided into shares of $1 each.
(3) As from the transition, this section has effect subject to the Corporations Act 2001.
8 Issue of shares in Company
minimum share capital means the minimum amount that, under the Corporations Act 2001, may be the share capital (made up of shares of $1 each) of a company registered as a public company limited by shares.
9 New name of Company
(1) On the day immediately before the transition, the Company’s name is, by force of this subsection, changed to “Commonwealth Funds Management Limited”.
(a) the Company were a company, within the meaning of that Act, when the change was made; and
(a) the Company from later changing its name under section 65 of that Act; or
10 Company to apply to be registered as company etc.
(1) The Company must, on the day immediately before the transition:
(b) apply to the National Companies and Securities Commission under subsection 55(1) of the Companies Act 1981 for the reservation of the name “Commonwealth Funds Management Limited”; and
(c) lodge with the National Companies and Securities Commission a proposed memorandum, and proposed articles, for the Company.
(3) The applications mentioned in paragraphs (1)(a) and (b) must be made to the National Companies and Securities Commission by delivering them to the office of the Corporate Affairs Commission for the Australian Capital Territory, and the documents mentioned in paragraph (1)(c) and subsection (2) must be lodged with the National Companies and Securities Commission by lodging them at that office.
(a) to make the applications referred to in paragraphs (1)(a) and (b); and
(b) to lodge the documents mentioned in paragraph (1)(c) and subsection (2).
(a) to have been required to reserve the name “Commonwealth Funds Management Limited” under subsection 55(2) of the Companies Act 1981; and
Part 3—Conversion of Company into a public company
11 Effect of Part—summary
(a) the Company is a company registered under the Companies Act 1981; and
(b) the Company’s name is “Commonwealth Funds Management Limited”; and
(c) the Company is a public company, and a company limited by shares, within the meaning of that Act; and
(d) that Act applies, subject to this Act, in relation to the Company.
12 Company taken to be registered under Companies Act
(1) The National Companies and Securities Commission is taken:
(a) to have been required to grant the application mentioned in paragraph 10(1)(a) and to register the Company as a company under subsection 86(2) of the Companies Act 1981; and
(c) to have so registered the Company, at the commencement of this Part:
(i) by the name “Commonwealth Funds Management Limited”; and
(d) to have registered the name “Commonwealth Funds Management Limited” in relation to the Company at the commencement of this Part, under subsection 55(4) of the Companies Act 1981.
(2) The date of commencement of the Company’s registration as a company under Division 4 of Part III of the Companies Act 1981 is taken to be the day of commencement of this Part.
13 Memorandum and Articles of Company
(a) are respectively the memorandum, and the articles, of the Company; and
(b) bind the Company and its members accordingly.
(2) As from the commencement of this Part, the Companies Act 1981 applies in relation to the Company’s memorandum and articles as if they had been registered as such under that Act.
14 Membership of Company
(1) A person who immediately before the commencement of this Part was, or was acting as, a member of the Company, ceases at that commencement to be, or to act as, such a member.
16 Accounting records
For the purposes of the Companies Act 1981, accounts and records kept, before the commencement of this section, under section 44 of the Superannuation Act 1976 are taken to be accounting records kept by the Company under a provision of a previous law of the Australian Capital Territory, being a provision corresponding to section 267 of the Companies Act 1981.
(b) the Companies (Transitional Provisions) Act 1981 as it applies in relation to, and in relation to persons and matters associated with, the Company because of subsection 90(6) of the Companies Act 1981.
(a) were prepared under section 161 of the Superannuation Act 1976 in relation to a period; and
(b) were furnished to the Minister under subsection 162(1) of that Act on a particular day;
(c) made out in relation to that period; and
(d) laid before the Company at an annual general meeting of the Company held on that day.
(a) prepared under section 44 in relation to the concluding period (within the meaning of that section); and
(b) given to the Minister under that section on a particular day;
18 Operation of section 25B of the Acts Interpretation Act
Nothing in this Act or in the Corporations Act 2001 affects, or is affected by, section 25B of the Acts Interpretation Act 1901 as that section applies in relation to the Company.
Part 6—Staff matters
29 Employment of staff members continues after transition
Subject to this Part, each staff member continues, at and after the transition, to be employed by the Company on the terms and conditions on which he or she was employed by the Company immediately before the transition.
30 Act not to affect certain matters relating to staff members
(a) if the staff member had, immediately before the transition, ceased to be employed by the Company, it would have been necessary to take into account a period during which the staff member was employed by the Company or any other person to determine:
(b) but for this subsection, some or all of that period would not have to be taken into account as a period during which the staff member was employed by the Company;
the Company must treat the whole of the first‑mentioned period as a period during which the staff member was employed by it.
31 Effect of sections 29 and 30
Sections 29 and 30 are enacted only for the avoidance of doubt and, in particular, do not limit subsection 65(5) or 87(2) of the Companies Act 1981.
32 Variation of terms and conditions of employment
(1) Nothing in this Part prevents the terms and conditions of a staff member’s employment after the transition from being varied:
40 Judicial notice of Company’s seal
(1) All courts, judges and persons acting judicially must take judicial notice of the imprint of the seal of the Company appearing on a document and are to presume that it was duly affixed.
Notes to the Commonwealth Funds Management Limited Act 1990
The Commonwealth Funds Management Limited Act 1990 as shown in this compilation comprises Act No. 13, 1991 amended as indicated in the Tables below.
Part 1 (ss. 1–6) and s. 48: Royal Assent
Part 2 (ss. 7–10), Parts 4 and 5 (ss. 19–28): 1 Mar 1991
Ss. 50(2) and 55: (see s. 2(6))
Remainder: 1 July 1991
58, 1996
Sections 13–19, 62 and Schedule 1 (item 10): Royal Assent (a)
Schedule 1 (items 1, 2, 5–9, 11): 23 Dec 1996 (see Gazette 1996, No. S515) (a)
Schedule 1 (items 3, 4): (a)
Ss. 13–19 and 62
Schedule 2 (items 13, 14): (b)
Schedule 3 (item 10): (c)
Ss. 4–14 and Schedule 3 (items 127–130): 15 July 2001 (see Gazette 2001, No. S285) (d)
Schedule 11 (item 11): 18 Dec 2010
Schedule 6 (item 25): Royal Assent
(a) The Commonwealth Funds Management Limited Act 1990 was amended by Schedule 1 (items 1–11) only of the CFM Sale Act 1996, subsections 2(1)–(3) of which provide as follows:
(2) Items 3 and 4 of Schedule 1 are taken to have commenced immediately after the commencement of Part 2 of the Commonwealth Funds Management Limited Act 1990.
Part 2 commenced on 1 March 1991.
(3) Subject to subsection (4), items 1, 2, 5, 6, 7, 8, 9 and 11 of Schedule 1 commence on a day or days to be fixed by Proclamation.
(b) The Income Tax (Consequential Amendments) Act 1997 was amended by Schedule 2 (items 13 and 14) only of the Statute Law Revision Act 2002, subsection 2(1) (items 42 and 43) of which provide as follows:
(c) The Commonwealth Funds Management Limited Act 1990 was amended by Schedule 3 (item 10) only of the Audit (Transitional and Miscellaneous) Amendment Act 1997, subsection 2(3)(e) of which provides as follows:
(e) the amendment of the Commonwealth Funds Management Limited Act 1990 commences, or is taken to have commenced, on the sale day as defined in subsection 3(1) of the CFM Sale Act 1996;
The sale day occurred on 23 December 1996 (see Gazette 1997, No. S8).
(d) The Commonwealth Funds Management Limited Act 1990 was amended by Schedule 3 (items 127–130) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:
am. No. 58, 1996; No. 55, 2001
rep. No. 58, 1996
am. No. 58, 1996; No. 55, 2001; No. 148, 2010
am. No. 55, 2001; No. 148, 2010
Ss. 19–24............................
Ss. 35–38............................
Ss. 41–44............................
am. No. 58, 1996