Corporations Act. Australia
of any State, of the Capital Territory, of the Northern Territory or of Norfolk Island.
(4) A provision of Chapter 5D, 6CA or 7 only binds the Crown in a particular capacity in circumstances (if any) specified in the regulations.
(5) Nothing in this Act makes the Crown in any right liable to a pecuniary penalty or to be prosecuted for an offence.
5B ASIC has general administration of this Act
Subject to the ASIC Act, ASIC has the general administration of this Act.
5C Application of the Acts Interpretation Act 1901
(1) Until the date of commencement of section 4 of the Legislative Instruments (Transitional and Consequential Amendments) Act 2003 (the Legislative Instruments commencement day), the Acts Interpretation Act 1901 as in force on 1 November 2000 applies to this Act.
(2) On and after the Legislative Instruments commencement day, the Acts Interpretation Act 1901 as in force on that day applies to this Act.
(3) Amendments of the Acts Interpretation Act 1901 made after the Legislative Instruments commencement day do not apply to this Act.
Part 1.1A — Interaction between Corporations legislation and State and Territory laws
5D Coverage of Part
(1) This Part applies only to laws of a State or Territory that is in this jurisdiction.
(2) This Part applies only to the following Corporations legislation:
(a) this Act (including the regulations made under this Act); and
(b) Part 3 of the ASIC Act; and
(c) regulations made under the ASIC Act for the purposes of Part 3 of that Act.
Note: This Part does not apply in relation to the trustee company provisions: see section 601RAE.
(3) This Part does not apply to Part 3 of the ASIC Act, or regulations made under that Act for the purposes of Part 3 of that Act, to the extent to which they operate in relation to a contravention of Division 2 of Part 2 of that Act.
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.
5F Corporations legislation does not apply to matters declared by State or Territory law to be an excluded matter
(1) Subsection (2) applies if a provision of a law of a State or Territory declares a matter to be an excluded matter for the purposes of this section in relation to:
(a) the whole of the Corporations legislation; or
(b) a specified provision of the Corporations legislation; or
(c) the Corporations legislation other than a specified provision; or
(d) the Corporations legislation otherwise than to a specified extent.
(2) By force of this subsection:
(a) none of the provisions of the Corporations legislation (other than this section) applies in the State or Territory in relation to the matter if the declaration is one to which paragraph (1)(a) applies; and
(b) the specified provision of the Corporations legislation does not apply in the State or Territory in relation to the matter if the declaration is one to which paragraph (1)(b) applies; and
(c) the provisions of the Corporations legislation (other than this section and the specified provisions) do not apply in the State or Territory in relation to the matter if the declaration is one to which paragraph (1)(c) applies; and
(d) the provisions of the Corporations legislation (other than this section and otherwise than to the specified extent) do not apply in the State or Territory in relation to the matter if the declaration is one to which paragraph (1)(d) applies.
(3) Subsection (2) does not apply to the declaration to the extent to which the regulations provide that that subsection does not apply to that declaration.
(4) By force of this subsection, if:
(a) the Corporations Law, ASC Law or ASIC Law of a State or Territory; or
(b) a provision of that Law;
did not apply to a matter immediately before this Act commenced because a provision of a law of the State or Territory provided that that Law, or that provision, did not apply to the matter, the Corporations legislation, or the provision of the Corporations legislation that corresponds to that provision of that Law, does not apply in the State or Territory to the matter until that law of the State or Territory is omitted or repealed.
(5) Subsection (4) does not apply to the application of the provisions of the Corporations legislation to the matter to the extent to which the regulations provide that that subsection does not apply to the matter.
(6) In this section:
matter includes act, omission, body, person or thing.
5G Avoiding direct inconsistency arising between the Corporations legislation and State and Territory laws
Section overrides other provisions of the Corporations legislation
(1)