Document ID: chunk:federal_register_of_legislation:C2025C00185:clause:4_38
Version: federal_register_of_legislation:C2025C00185
Segment Type: clause
Provision Reference: sch 4 cl 38
Character Range: 6625978–6628095

38  Modification by regulations
 (1) The regulations may modify the operation of this Act (including the provisions applied by clause 36) in relation to:
 (a) a company registered under clause 3; or
 (b) a company that is permitted to use the expression building society, credit union or credit society under section 66 of the Banking Act 1959; or
 (c) a company that is a friendly society for the purposes of the Life Insurance Act 1995; or
 (d) a specified class of any of those companies.
 (2) Regulations made for the purposes of this clause may only modify this Act in relation to the following matters:
 (a) issuing, cancelling or redeeming membership shares or redeemable preference shares;
 (b) inspection of the register of members required by section 169;
 (c) giving notice of a meeting of a company's members;
 (d) members' rights to request the directors to hold a general meeting or to move a resolution at a general meeting;
 (e) issuing share certificates for membership shares or redeemable preference shares, or numbering those shares;
 (f) the publication of the names and addresses of members in the annual return;
 (g) the report to members required by section 314;
 (h) disposing of securities in a company if the whereabouts of the holder of the securities is unknown as described in section 1343;
 (i) the treatment of members who hold shares jointly or who have jointly given a guarantee;
 (j) selective buy‑backs.
 (2A) Without limiting paragraph (2)(c), regulations made under this clause may provide for ASIC to make, by legislative instrument, a determination relating to manners in which notice mentioned in that paragraph may be published.
 (3) Regulations made for the purposes of this clause may not:
 (a) create an offence with a penalty greater than 10 penalty units; or
 (b) increase the penalty for an existing offence; or
 (c) substitute for an existing offence an offence with a penalty greater than the penalty for the existing offence; or
 (d) modify an obligation, contravention of which will result in committing an offence, so as to make it more difficult to comply with.