Document ID: chunk:federal_register_of_legislation:C2004A04777:front:0:p15
Version: federal_register_of_legislation:C2004A04777
Segment Type: other
Provision Reference: 
Character Range: 36669–39710

and

     (b) the issuing body in relation to the securities or rights is not involved in the contravention;

the issuing body is not liable to an action or other proceeding for damages in relation to the broker's contravention.".

31. Schedule 3:

  Before "Subsection 1114(8)" insert:

"Section 1112B:

Penalty: $2,500 or imprisonment for 6 months, or both.".

                         SCHEDULE 3 Section 6

AMENDMENTS OF CORPORATIONS LAW RELATING TO
FINANCIAL INSTITUTIONS

1. Section 9 (paragraph (b) of the definition of "public company"):

  After "other than a" insert "financial institution or a".

2. Section 9 (paragraph (a) of the definition of "public corporation"):

  After the paragraph, insert:

  "(aa) a financial institution; or".

3. Section 9 (definition of "registrable Australian body"):

  After "include a" insert "financial institution or a".

4. Section 9 (definition of "corporation"):

  Omit the definition, substitute:

" 'corporation' has the meaning given by section 57A;".

5. Section 9:

  Insert:

" 'AFIC Codes' has the meaning given by section 111AZB;

'building society' has the meaning given by subsection 111AZA(2);

'building society special services provider' has the meaning given by subsection 111AZD(2);

'credit union' has the meaning given by subsection 111AZA(3);

'credit union special services provider' has the meaning given by subsection 111AZD(3);

'financial institution' has the meaning given by subsection 111AZA(1);

'Financial Institutions Codes' has the meaning given by section 111AZC;

'special services provider' has the meaning given by subsection 111AZD(1);

'withdrawable share' has the meaning given by section 111AZE;".

6. After section 57:

  Insert:

Meaning of "corporation"

  "57A.(1) Subject to this section, in this Law, 'corporation' includes:

    (a) any body corporate, whether incorporated in this jurisdiction or elsewhere; and

  (b) a company; and

SCHEDULE 3—continued

  (c) a recognised company; and

  (d) an unincorporated body that:

      (i) is formed outside this jurisdiction; and

        (ii) under the law of its place of formation, may sue or be sued, or may hold property in the name of its secretary or of an officer of the body duly appointed for that purpose; and

        (iii) does not have its head office or principal place of business in this jurisdiction.

  "(2)  Neither of the following is a corporation:

  (a) an exempt public authority;

  (b) a corporation sole.

  "(3)  A financial institution (as defined in section 111AZA):

  (a) is a corporation for the purposes of Parts 7.11 and 7.12; but

     (b) is not a corporation for the purposes of the other provisions of this Law.

"(4) An exempt body in relation to this jurisdiction (as defined in section 66A) is not a corporation.".

7. Paragraphs 66A(1)(b), (c) and (d):

  Omit the paragraphs, substitute:

     "(b) a co-operative within the meaning of the Co-operatives Act 1992 of New South Wales or a foreign co-operative within the meaning of that Act registered