Document ID: chunk:federal_register_of_legislation:C2025C00185:section:5e
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 5E
Character Range: 48658–50773

5E  Concurrent operation intended
 (1) The Corporations legislation is not intended to exclude or limit the concurrent operation of any law of a State or Territory.
 (2) Without limiting subsection (1), the Corporations legislation is not intended to exclude or limit the concurrent operation of a law of a State or Territory that:
 (a) imposes additional obligations or liabilities (whether criminal or civil) on:
 (i) a director or other officer of a company or other corporation; or
 (ii) a company or other body; or
 (b) confers additional powers on:
 (i) a director or other officer of a company or other corporation; or
 (ii) a company or other body; or
 (c) provides for the formation of a body corporate; or
 (d) imposes additional limits on the interests a person may hold or acquire in a company or other body; or
 (e) prevents a person from:
 (i) being a director of; or
 (ii) being involved in the management or control of;
  a company or other body; or
 (f) requires a company:
 (i) to have a constitution; or
 (ii) to have particular rules in its constitution.
Note: Paragraph (a)—this includes imposing additional reporting obligations on a company or other body.
 (3) Without limiting subsection (2), a reference in that subsection to a law of a State or Territory imposing obligations or liabilities, or conferring powers, includes a reference to a law of a State or Territory imposing obligations or liabilities, or conferring powers, by reference to the State or Territory in which a company is taken to be registered.
 (4) This section does not apply to the law of the State or Territory if there is a direct inconsistency between the Corporations legislation and that law.
Note: Section 5G prevents direct inconsistencies arising in some cases by limiting the operation of the Corporations legislation.
 (5) If:
 (a) an act or omission of a person is both an offence against the Corporations legislation and an offence under the law of a State or Territory; and
 (b) the person is convicted of either of those offences;
the person is not liable to be convicted of the other of those offences.