Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p1
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 1/16)
Character Range: 115616–118741

Schedule 3

  18. Schedule 3 to the Corporations Law is amended:

  (a) by omitting:

     "Subsection 232(4):

       Penalty: $5,000.

     Subsection 232(5):

       Penalty: $20,000 or imprisonment for 5 years, or both.

     Subsection 232(6):

       Penalty: $20,000 or imprisonment for 5 years, or both.";

  (b) by inserting before "Section 1323:":

     "Subsection 1317EF(1) or (4):

       Penalty: $5,000 or imprisonment for 1 year, or both.

     Subsection 1317FA(1):

       Penalty: $200,000 or imprisonment for 5 years, or both.".

                 Division 2—Amendment of the Australian Securities Commission Act 19892

Recovery of expenses of investigation

19. Section 91 of the Principal Act is amended by inserting in paragraph (1)(b) ", or a declaration or other order is made," after "awarded".

                 Division 3—Amendment of the Bankruptcy Act 19663

Debts provable in bankruptcy

20. Section 82 of the Principal Act is amended by inserting after subsection (3) the following subsection:

"(3AA) An amount payable under an order made under paragraph 1317EA(3)(b) of the Corporations Law of a State or Territory is not provable in bankruptcy.".

                 PART 3—FINANCIAL BENEFITS TO RELATED PARTIES OF PUBLIC COMPANIES

How to read references to provisions of this Law

21. Section 8 of the Corporations Law is amended by inserting in paragraph (5)(c) "Part 3.2A (except subsection 243L(2))," before "Part 3.5".

Dictionary

  22. Section 9 of the Corporations Law is amended:

    (a) by omitting the definitions of "control", "parent entity" and "public company" and substituting the following definitions:

     " 'control', in relation to an entity, has:

      (a)     in Part 3.2A—the meaning given by section 243E; and

     (b)     in Parts 3.6 and 3.7—the meaning given by section 294B;

     'parent entity':

         (a)     in Part 3.2A—has the meaning given by subsection 243D(1); and

         (b)     in Parts 3.6 and 3.7—has the meaning given by section 294A;

     'public company' means a company other than a proprietary company and:

         (a)    in the definition of 'public corporation' (in this section) and in paragraph 228(1)(b) and subsection 879(1), includes a body corporate that is a public company for the purposes of the Corporations Law of another jurisdiction; and

         (b)    in section 232A, Part 3.2A and section 1376, includes a body corporate (other than a prescribed body corporate) that:

             (i) is incorporated, or taken to be incorporated, in this jurisdiction, but not under the Corporations Law of this jurisdiction; and

              (ii) is included in the official list of a securities exchange; and

         (c) in Part 3.2A and section 1376, does not include a company in respect of which a licence under section 383 is in force;";

  (b) by inserting the following definitions:

     " 'child entity' has in Part 3.2A the meaning given by subsection 243D(2);

     'financial benefit' has in Part 3.2A a meaning affected by section 243G;

     'related party' has in Part 3.2A the meaning given by section