Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p90
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 90/212)
Character Range: 237179–240173

corporation that:

  (a) is:

       (i) a company; or

         (ii) a registrable Australian body that is, or is required to be, registered under Division 1 of Part 4.1; or

         (iii) a foreign company that is, or is required to be, registered as a foreign company under Division 2 of Part 4.1; and

     (b) is engaged primarily in the business of investment in marketable securities for the purpose of revenue and for profit and not for the purpose of exercising control.".

Subsections 399 (4) and (5):

Omit "body corporate" (wherever occurring), substitute "corporation".

Subsection 399 (6):

  (a) Omit "body corporate", substitute "corporation".

  (b) Omit "body" (second and third occurring), substitute "corporation".

Section 399:

  Add at the end:

"(7) Where, immediately before the commencement of this Part, an order made under a previous law corresponding to subsection (3) was in force in relation to a corporation of a kind described in paragraph (3) (a):

     (a) the order continues in force, subject to this Part, as if it had been made by the Commission under subsection (3); and

     (b) subsections (5) and (6) apply in relation to the order as if the specification in the order of any provisions of the previous corresponding law that applied to the investment company were the specification of the provisions of this Law to which the specified provisions correspond.".

Section 401:

Omit "body corporate" (wherever occurring), substitute "corporation".

SCHEDULE 1—continued

Subsection 402 (3):

Omit "body corporate" (wherever occurring), substitute "corporation".

Paragraph 404 (1) (b):

  Omit "body corporate", substitute "corporation".

Subsection 404 (2):

Omit "body corporate" (wherever occurring), substitute "corporation".

Section 404:

  Add at the end:

"(3) Where, immediately before the commencement of this section, an order made under a previous law corresponding to subsection (2) was in force in relation to a corporation, the order continues in force as if it had been made by the Commission under subsection (2).".

Subsection 406 (2):

Omit "body corporate" (wherever occurring), substitute "corporation".

Amendments of Chapter 5

Subsection 411 (1):

  After "places" insert "(in this jurisdiction or elsewhere)".

After subsection 411 (3):

  Insert:

"(3a) In considering whether to make an order under subsection (1) or (1a) for a meeting to be held in another jurisdiction, the Court must have regard to where the creditors or members, or the creditors or members included in the class concerned, as the case requires, reside.".

Subsection 411 (8):

  Omit the subsection, substitute:

"(8) Paragraph (7) (d) does not apply in relation to a body corporate authorised by or under a law of this jurisdiction to administer the compromise or arrangement concerned.

"(8a) Subsection (7) does not disqualify a person from administering a compromise or arrangement under an appointment validly made before the commencement of this