Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p203
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 203/212)
Character Range: 526787–529841

Repeal the section, substitute:

When certain powers may be exercised

  "40. A power conferred by section 41 or 44 may only be exercised:

     (a) for the purposes of the performance or exercise of any of the Commission's functions and powers under a national scheme law of this jurisdiction; or

     (b) for the purposes of ensuring compliance with a national scheme law of this jurisdiction; or

   (c) in relation to:

         (i) an alleged or suspected contravention of a national scheme law of this jurisdiction; or

         (ii) an alleged or suspected contravention of a law of this jurisdiction, being a contravention that concerns the management or affairs of a body corporate, or involves fraud or dishonesty and relates to a body corporate, securities or futures contracts; or

   (d) for the purposes of an investigation under Division 1.".

Section 42:

  Repeal the section.

Paragraphs 43 (1) (a), (b) and (c):

  Omit "Corporations Act 1989", substitute "Corporations Law".

Paragraph 43 (1) (d):

Omit "the Commonwealth or a Territory", substitute "this jurisdiction".

Paragraphs 43 (1) (e) and (f):

  Omit "Corporations Act 1989", substitute "Corporations Law".

Paragraph 43 (4) (c):

  Omit "Corporations Act 1989", substitute "Corporations Law".

Section 45:

  Repeal the section.

SCHEDULE 7—continued

Paragraph 46 (1) (a):

  Omit "Corporations Act 1989", substitute "Corporations Law".

Subparagraph 46 (1) (b) (i):

  Omit "Corporations Act 1989", substitute "Corporations Law".

Subparagraph 46 (1) (b) (ii):

Omit "the Commonwealth or of a Territory", substitute "this jurisdiction".

Subsection 49 (1):

  Omit the subsection, substitute:

  "(1) This section applies where:

   (a) as a result of an investigation; or

   (b) from a record of an examination;

conducted under this Part or a corresponding law, it appears to the Commission that a person:

     (c) may have committed an offence against a national scheme law, or a relevant previous law, of this jurisdiction; and

   (d) ought to be prosecuted for the offence.".

Section 50:

     (a) Insert "(being an investigation or examination conducted under this Part or a corresponding law)" after "examination" (first occurring).

   (b) Omit "federal".

Section 51:

     (a) After "functions and powers" insert "under a national scheme law of this jurisdiction".

   (b) Omit "Corporations Act 1989", substitute "Corporations Law".

   (c) Add at the end:

      "(2) Where:

         (a) immediately before the commencement of this section, the NCSC was holding a hearing, under a relevant previous law of this jurisdiction, in relation to a matter; and

         (b) subsection (1) empowers the Commission to hold a hearing in relation to that matter;

     then:

         (c) the Commission may continue the NCSC's hearing, so far as it relates to that matter; and

SCHEDULE 7—continued

         (d) the hearing, as continued by the Commission, is taken to be a hearing under subsection (1).".

Paragraph 53 (1) (a):

  After "national scheme law"