Corporations Act. Australia
prescribed by the regulations for the purposes of this paragraph.
coastal sea:
(a) in relation to Australia — means:
(i) the territorial sea of Australia; and
(ii) the sea on the landward side of the territorial sea of Australia and not within the limits of a State or internal Territory;
and includes the airspace over, and the sea‑bed and subsoil beneath, any such sea; and
(b) in relation to a State or Territory — means so much of the coastal sea of Australia as is within the area described in Schedule 1 to the Offshore Petroleum and Greenhouse Gas Storage Act 2006 under the heading that refers to that State or Territory.
commence, in relation to a winding up, has the meaning given by Division 1A of Part 5.6.
commencement, in relation to an accounting standard, means:
(a) in the case of an accounting standard as originally in effect — the time when the accounting standard took effect; or
(b) in the case of an accounting standard as varied by a particular provision of an instrument made under section 334—the time when that provision took effect.
Commission delegate has the same meaning as in the ASIC Act.
committee of creditors, in relation to a company under administration, means a committee of creditors of the company appointed at a meeting convened under section 436E.
Commonwealth authority means an authority or other body (whether incorporated or not) that is established or continued in existence by or under an Act.
company means a company registered under this Act and:
(c) in Parts 5.7B and 5.8 (except sections 595 and 596), includes a Part 5.7 body; and
(d) in Part 5B.1, includes an unincorporated registrable body.
company limited by guarantee means a company formed on the principle of having the liability of its members limited to the respective amounts that the members undertake to contribute to the property of the company if it is wound up.
company limited by shares means a company formed on the principle of having the liability of its members limited to the amount (if any) unpaid on the shares respectively held by them.
compliance period for an infringement notice has the meaning given by section 1317DAA.
condition, in relation to a licence, means a condition or restriction to which the licence is subject, or will be subject, as the case requires.
connected entity, in relation to a corporation, means:
(a) a body corporate that is, or has been, related to the corporation; or
(b) an entity that is, or has been, connected (as defined by section 64B) with the corporation.
consolidated entity means a company, registered managed investment scheme or disclosing entity together with all the entities it is required by the accounting standards to include in consolidated financial statements.
constitution means (depending on the context):
(a) a company’s constitution, which (where relevant) includes rules and consequential amendments that are part of the company’s constitution because of the Life Insurance Act 1995; or
(b) a managed investment scheme’s constitution; or
(c) in relation to any other kind of body:
(i) the body’s charter or memorandum; or
(ii) any instrument or law (other than this Act) constituting, or defining the constitution of, the body or governing the activities of the body or its members.
Note: The Life Insurance Act 1995 has rules about how benefit fund rules become part of a company’s constitution. They override this Act. See Subdivision 2 of Division 4 of Part 2A of that Act.
continuous disclosure notice means:
(a) a document used to notify a market operator of information relating to a body under provisions of the market’s listing rules referred to in subsection 674(1); or
(b) a document under section 675 lodged in relation to the body.
continuously quoted securities are securities that:
(a) are in a class of securities that were quoted ED securities at all times in the 3 months before the date of the prospectus or Product Disclosure Statement; and
(b) are securities of an entity in relation to which the following subparagraphs are satisfied during the shorter of the period during which the class of securities were quoted, and the period of 12 months before the date of the prospectus or Product Disclosure Statement:
(i) no exemption under section 111AS or 111AT, or modification under section 111AV, covered the entity, or any person as director or auditor of the entity;
(ii) no exemption under paragraph 741(1)(a), or declaration under paragraph 741(1)(b), relating to a provision that is a disclosing entity provision for the purposes of Division 4 of Part 1.2A covered the entity, or any person as director or auditor of the entity;
(iii) no order under section 340 or 341 covered the entity, or any person as director or auditor of the entity;
and, for these purposes, securities are not in different classes merely because of a temporary difference in the dividend, or distribution rights, attaching to the securities or because different amounts have been paid up on the securities.
contribution plan means a plan in respect of which the following conditions are met:
(a) regular deductions are made from the wages or salary of an employee or director (the contributor) to acquire financial products that are offered for issue or sale to the contributor under an eligible employee share scheme;
(b) the deductions are authorised by the contributor in a form which is included in, or accompanies, the disclosure document or the Product Disclosure Statement for the scheme;
(c) before acquiring the financial products under the scheme, the deductions are held on trust in an account with an Australian ADI that is kept solely for that purpose;
(d) the contributor may elect to discontinue the deductions at any time;
(e) if the contributor so elects, the amount of the deductions standing, at that time, to the credit of the account for the contributor, and any interest on that amount, is repaid to the contributor;
(f) the scheme does not involve the offer to the contributor of a loan or similar financial assistance for the purpose of, or in connection with, the acquisition of the financial products that are offered under the scheme.
contributory means:
(a) in relation to a company (other than a no liability company):
(i) a person liable as a member or past member to contribute to the property of the company if it is wound up; and
(ii) for a company with share capital — a holder of fully paid shares in the company; and
(iii) before the final determination of the persons who are contributories because of subparagraphs (i) and (ii) — a person alleged to be such a contributory; and
(b) in relation to a Part 5.7 body:
(i) a person who is a contributory by virtue of section 586; and
(ii) before the final determination of the persons who are contributories by virtue of that section — a person alleged to be such a contributory; and
(c) in relation