Commonwealth Numbered Acts

CORPORATIONS LEGISLATION AMENDMENT ACT 1990 No. 110 of 1990 - SECT 12

12. Section 1 of the Principal Act is repealed and the following Divisions and
heading are substituted:
                  "Division 1 - Objects
Objects

"1. (1) The objects of this Act are:

   (a)  to establish an Australian Securities Commission to administer such
        laws of the Capital Territory, the States and the other Territories as
        confer functions and powers under those laws on the Commission; and

   (b)  to provide for the functions, powers and business of the Commission;
        and

   (c)  to establish a Companies and Securities Advisory Committee to provide
        informed and expert advice to the Minister about the content,
        operation and administration of those laws, about corporations and
        about the securities markets and futures markets; and

   (d)  to establish a Corporations and Securities Panel, a Companies Auditors
        and Liquidators Disciplinary Board, an Australian Accounting Standards
        Board and a Parliamentary Joint Committee on Corporations and
        Securities.

"(2) In performing its functions and exercising its powers, the Commission
must strive:

   (a)  to maintain, facilitate, and improve, the performance of companies,
        and of the securities markets and futures markets, in the interests of
        commercial certainty, reducing business costs, and the efficiency and
        development of the economy; and

   (b)  to maintain the confidence of investors in the securities markets and
        futures markets by ensuring adequate protection for such investors;
        and

   (c)  to achieve uniformity throughout Australia in how the Commission and
        its delegates perform those functions and exercise those powers; and

   (d)  to administer national scheme laws effectively but with a minimum of
        procedural requirements; and

   (e)  to receive, process, and store, efficiently and quickly, the documents
        lodged with, and the information given to, the Commission under
        national scheme laws; and

   (f)  to ensure that those documents, and that information, are available as
        soon as possible for access by the public; and

   (g)  to take whatever action it can take, and is necessary, in order to
        enforce and give effect to national scheme laws.

"(3) This Act has effect, and is to be interpreted, accordingly.

"(4) Despite subsection (1), this Act is taken not to be, for the purposes of
subsection 22 (3) of the Acts Interpretation Act 1901, an Act providing for
the administration or government of the Australian Capital Territory.
                 "Division 2 - Citation
Short title

"1A. This Act may be cited as the Australian Securities Commission Act  1989 .
Alternative citations of this Act and regulations under section 251

"1B. (1) This Act may also be referred to as the ASC Law of the Australian
Capital Territory or, subject to section 1D, simply as the ASC Law.

"(2) Regulations under section 251 may be referred to as the ASC Regulations
of the Australian Capital Territory or, subject to section 1D, simply as the
ASC Regulations. Citation of provisions of this Act, and regulations under
section 251, applying as law of another jurisdiction

"1C. (1) This section has effect for the purposes of an Act, a law of the
Australian Capital Territory, or an instrument made under an Act or under such
a law.

"(2) Where a law of a jurisdiction other than the Capital Territory contains
provisions corresponding to sections 5 and 6 of the Corporations Act 1989 and
also provides for provisions of this Act to apply as law of that jurisdiction,
those provisions of this Act, as so applying, are the ASC Law of that
jurisdiction.

"(3) Where a law of a jurisdiction other than the Capital Territory provides
for the regulations in force for the time being under section 251 of this Act
to apply for the purposes of the ASC Law of that jurisdiction, those
regulations as so applying are the ASC Regulations of that jurisdiction.
References to ASC Law and ASC Regulations

"1D. (1) The object of this section is to help ensure that, so far as
possible:

   (a)  the bodies established by the ASC Law of the Capital Territory, and
        the staff of those bodies, can perform functions and exercise powers;
        and

   (b)  persons can have dealings with those bodies; as if the ASC Law of the
        Capital Territory, together with the ASC Law of each jurisdiction
        other than the Capital Territory, constituted a single national ASC
        Law applying of its own force throughout Australia.

"(2) Subject to this section, a reference in an instrument to the ASC Law, or
to the ASC Regulations, is to be taken, for the purposes of the laws of the
Commonwealth and of the laws of the Capital Territory:

   (a)  to be a reference to the ASC Law, or to the ASC Regulations, of the
        Capital Territory; and

   (b)  to include a separate reference to the ASC Law, or to the ASC
        Regulations, of each jurisdiction other than the Capital Territory.

"(3) Subsection (2) has effect except so far as the contrary intention appears
in the instrument, or the context of the reference otherwise requires.

"(4) Without limiting subsection (3), subsection (2) does not apply in
relation to a reference expressed as a reference to the ASC Law, or to the ASC
Regulations, of a jurisdiction.

"(5) In this section: `instrument' means:

   (a)  an Act or an instrument made under an Act; or

   (b)  a law of the Capital Territory or an instrument made under such a law;
        or

   (c)  an award or other industrial determination or order, or an industrial
        agreement; or

   (d)  any other order (whether executive, judicial or otherwise); or

   (e)  a notice, certificate or licence; or

   (f)  an agreement; or

   (g)  an application made, information laid, affidavit sworn, or warrant
        issued, for any purpose; or

   (h)  an indictment, presentment, summons or writ; or

   (j)  any other pleading in, or process issued in connection with, a legal
        or other proceeding; or

   (k)  any other document whatever. Saving of citation provisions of other
        jurisdictions

"1E. Subject to section 1D, section 1B is not intended to prevent a law of a
jurisdiction other than the Capital Territory from:

   (a)  providing that the ASC Law, or the ASC Regulations, of that
        jurisdiction may be referred to simply as the ASC Law, or the ASC
        Regulations; or

   (b)  providing for how a reference to the ASC Law, or to the ASC
        Regulations, is to be interpreted for the purposes of the laws of that
        jurisdiction.
           "Division 3 - Commencement and application".