Document ID: chunk:federal_register_of_legislation:C2024C00492:front:0:p38
Version: federal_register_of_legislation:C2024C00492
Segment Type: other
Provision Reference: 
Character Range: 104494–107422

may specify:
 (a) that employees of a class are to be disregarded for the purposes of section 37‑10; or
 (b) that employees of a class are to be taken into account by treating each employee as representing a specified fraction of an employee.

37‑25  Accounting standards
  In consolidating under section 37‑10:
 (a) the consolidated gross operating income; and
 (b) the value of consolidated gross assets;
apply the accounting standards in force at the relevant time (even if the standards do not otherwise apply to the financial year of some or all of the bodies concerned).

Part 2‑5—Effects of registration

Division 42—Effects of registration

42‑1  Corporation comes into existence on registration
  If an Aboriginal and Torres Strait Islander corporation is registered under Part 2‑3 as a result of an application made under section 21‑1, the Aboriginal and Torres Strait Islander corporation comes into existence as a body corporate with perpetual succession at the beginning of the day on which it is registered.
Note: The corporation remains in existence until it is deregistered (see Chapter 12).

42‑3  Effect of registration of existing body corporate under Part 2‑3
  If a body corporate is registered under Part 2‑3 as an Aboriginal and Torres Strait Islander corporation as a result of an application made under section 22‑1, registration under Part 2‑3 does not:
 (a) create a new legal entity; or
 (b) affect the body's existing property, rights or obligations (except as against the members of the body in their capacity as members); or
 (c) render defective any legal proceedings by or against the body or its members.
Note: The Aboriginal and Torres Strait Islander corporation remains in existence until it is deregistered (see Chapter 12).

42‑4  Effect of registration of amalgamated corporation under Part 2‑3
 (1) This section applies if an Aboriginal and Torres Strait Islander corporation (the amalgamated corporation) is registered under Part 2‑3 as a result of an application made under section 23‑1 to register the amalgamated corporation to replace 2 or more existing Aboriginal and Torres Strait Islander corporations (the amalgamating corporations).
 (2) The amalgamated corporation comes into existence as a body corporate with perpetual succession at the beginning of the day on which it is registered.
Note: The amalgamated corporation remains in existence until it is deregistered (see Chapter 12).
 (3) On registration:
 (a) the assets of each of the amalgamating corporations cease to be assets of the amalgamating corporation and become assets of the amalgamated corporation without any conveyance, transfer or assignment and the amalgamated corporation becomes the amalgamating corporation's successor in law in relation to those assets; and
 (b) the liabilities of each of the amalgamating corporations cease to be liabilities of the amalgamating corporations and become liabilities of