Document ID: chunk:federal_register_of_legislation:C2004A04777:section:5:p8
Version: federal_register_of_legislation:C2004A04777
Segment Type: section
Provision Reference: s 5 (pt 8/16)
Character Range: 66131–70695

6 Section 9

AMENDMENTS OF ASC ACT AND CORPORATIONS LAW
INTRODUCING PENALTY UNITS

PART 1—AMENDMENTS OF ASC ACT

1. Subsection 5(1):

  Insert:

" 'penalty unit' means $100;".

2. Amend the Act in accordance with the following table:

                  Provision to be
Amendment number  amended                                                                                                                                                                   Omit       Substitute
    1             Subsection 63(4)                                                                                                                                                          "$500"     "5 penalty units"
    2             Subsections 22(2) and 25(2), section 26, subsections 47(2), 56(3), 63(3), 64(2), 69(3) and 189(2), section 198 and subsections 199(1), 216(7), 219(4) and 220(1) and (2)  "$1,000"   "10 penalty units"
    3             Subsections 65(2) and 75(5)                                                                                                                                               "$2,500"   "25 penalty units"
    4             Subsections 63(2), 66(1) and (2), 91(3), 125(3), 127A(1) and 200(1) and (2)                                                                                               "$5,000"   "50 penalty units"
    5             Subsections 63(1), 64(1), 65(1) and 127(4E) and (4F)                                                                                                                      "$10,000"  "100 penalty units"
    6             Subsection 67(1) and section 128                                                                                                                                          "$20,000"  "200 penalty units"

SCHEDULE 6—continued

PART 2—AMENDMENTS OF CORPORATIONS LAW

3. Section 9:

  Insert:

" 'penalty unit' means $100;".

4. Amend the Corporations Law in accordance with the following table:

                  Provision to be       Omit
Amendment number  amended               (wherever occurring)  Substitute
    1             Subsections           "$2,500"              "25 penalty units"
                  206AAE(5),
                  206AAE(6),
                  206SD(4) and
                  206SE(2)
    2             Subsection 206DB (6)  "$5,000"              "50 penalty units"
    3             Subsection 1311(5)    "$500"                "5 penalty units"
    4             Subsection 1314(5)    "$50"                 "half a penalty unit"
    5             Subsection 1317EA(3)  "$200,000"            "2,000 penalty units"
    6             Schedule 3            "$500"                "5 penalty units"
                                        "$1,000"              "10 penalty units"
                                        "$2,500"              "25 penalty units"
                                        "$5,000"              "50 penalty units"
                                        "$10,000"             "100 penalty units"
                                        "$20,000"             "200 penalty units"
                                        "$200,000"            "2,000 penalty units"

                         SCHEDULE 7 Section 10

AMENDMENTS OF CORPORATIONS ACT AND CORPORATIONS
LAW RELATING TO UNCLAIMED PROPERTY

PART 1—AMENDMENT OF CORPORATIONS ACT

1. Section 71:

  Repeal the section.

PART 2—AMENDMENTS OF CORPORATIONS LAW

2. Section 9:

  Insert:

" 'unclaimed money account' means an account that:

  (a) the Commission maintains under section 63J of the Audit Act 1901; and

     (b) is maintained for the sole purpose of containing money that is unclaimed property;

    Note: An unclaimed money account is an example of an account for which section 141 of the Australian Securities Commission Act 1989 provides. That section relates to money the Commission receives or holds on trust.

'unclaimed property' means (except in section 702):

    (a) property paid or transferred to the Commission under a provision of this Law that provides for property to be transferred, or for the Court to direct that property be transferred, to the Commission to be dealt with under Part 9.7; or

    (b) any other property that a provision of this Law provides for the Commission to deal with under Part 9.7; or

  (c) property that vests in the Commission under section 1404; or

    (d) an accretion to, or substitution for, property that is unclaimed property because of any other application or applications of this definition; or

    (e)