Document ID: chunk:federal_register_of_legislation:C2025C00113:section:7:p1
Version: federal_register_of_legislation:C2025C00113
Segment Type: section
Provision Reference: s 7 (pt 1/3)
Character Range: 9746–12589

7  Registrable corporations
 (1) Subject to subsection (2), a corporation is a registrable corporation if, and only if, the corporation is a foreign corporation, a trading corporation formed within the limits of Australia or a financial corporation so formed and any of the following requirements are satisfied:
 (a) the corporation engages in the provision of finance in the course of carrying on business in Australia;
 (b) the corporation is specified in a determination under subsection (1A), or is in a class of corporations specified in a determination under subsection (1A).
 (1A) For the purposes of paragraph (1)(b), APRA may:
 (a) make a determination in writing specifying a particular corporation or corporations;
 (b) make a determination in writing specifying a class of corporations or classes of corporations.
 (1B) A determination made under paragraph (1A)(a) is not a legislative instrument.
 (1C) A determination made under paragraph (1A)(b) is a legislative instrument.
 (1D) Before making a determination under paragraph (1A)(a) or (b), APRA must consider:
 (a) in the case of a determination under paragraph (1A)(a)—whether the corporation or each of the corporations specified in the determination has business activities in Australia that include the provision of finance; or
 (b) in the case of a determination under paragraph (1A)(b)—whether each corporation in the class of corporations or classes of corporations specified in the determination has business activities in Australia that include the provision of finance.
 (1E) A failure to comply with subsection (1D) does not affect the validity of the determination.
 (1F) As soon as practicable after making a determination under paragraph (1A)(a), APRA must give a copy of the determination to each corporation specified in the determination.
 (1G) A failure to comply with subsection (1F) does not affect the validity of the determination.
 (2) A corporation is not a registrable corporation if:
 (a) the corporation, not being a company, society or association, is established for a public purpose by a law of the Commonwealth, of a State or of a Territory; or
 (b) the corporation is an ADI for the purposes of the Banking Act 1959; or
 (c) the corporation is a benefit society registered under a law of a State or of a Territory providing for the registration of benefit societies; or
 (d) the corporation is a private health insurer within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015; or
 (e) the corporation is registered under section 21 of the Life Insurance Act 1995; or
 (f) the sole or principal business in Australia of the corporation is insurance business within the meaning of the Insurance Act 1973; or
 (g) the corporation is authorised by a law of a State or of a Territory to act as an executor, administrator