Companies (Transitional Provisions) Act 1981

An Act to enact transitional provisions consequent upon the enactment of the Companies Act 1981

1 Short title [see Note 1]

This Act may be cited as the Companies (Transitional Provisions) Act 1981.

2 Commencement [see Note 1]

This Act shall come into operation on the day on which the Companies Act 1981 comes into operation.

3 Object

The object of this Act is to enact transitional provisions consequent upon the enactment of the Companies Act 1981 and this Act has effect, and shall be construed, accordingly.

Expressions used in this Act that are defined by the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980 or by section 5 of the Companies Act 1981 have in this Act, unless the contrary intention appears, the respective meanings given to those expressions by the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980 or by section 5 of the Companies Act 1981, as the case may be.

5 This Act additional to other saving provisions

Unless the contrary intention appears, the provisions of this Act are in addition to, and not in derogation of, the provisions of subsection 29(2) of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980.

6 General provisions

Unless the contrary intention appears in this Act or in the Companies Act 1981, all persons, things and circumstances appointed or created by or under the Companies Ordinance 1962 or existing or continuing under that Ordinance immediately before the commencement of the Companies Act 1981 shall, under and subject to this Act and to the Companies Act 1981, continue to have the same status, operation and effect as they respectively would have had if the Companies Act 1981 had not been enacted.

7 Particular provisions

Without affecting the generality of section 6, unless the contrary intention appears in this Act or in the Companies Act 1981, the Companies Act 1981 does not disturb the continuity of status, operation or effect of any order, rule, regulation, scale of fees, appointment, conveyance, mortgage, charge, deed, agreement, resolution, direction, approval, application, requisition, instrument, document, memorandum, articles, incorporation, nomination, affidavit, call, forfeiture, minute, assignment, register, registration, transfer, list, licence, certificate, security, notice, compromise, arrangement, right, priority, liability, duty, obligation, proceeding, matter or thing made, done, effected, given, issued, passed, taken, validated, entered into, executed, lodged, filed, accrued, incurred, existing, pending or acquired by or under the Companies Ordinance 1962 before the commencement of the Companies Act 1981.

8 Saving of certain provisions

Notwithstanding section 4 of the Companies Act 1981, for the purposes of the operation of subsection 29(2) of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980 in relation to the repeals effected by section 4 of the Companies Act 1981:

(a) the provisions of section 7 of the Companies Ordinance 1962, of the Second Schedule to that Ordinance and of any regulations prescribing fees for the purposes of paragraph 7(12)(b) of that Ordinance;

(b) any other provisions of the Companies Ordinance 1962 that are necessary for the effectual operation of the provisions mentioned in paragraph (a); and

continue in force as if that Ordinance had not been repealed, but it is not a contravention of subsection 7(9) of the Companies Ordinance 1962 as so continuing in force to divulge or communicate information to the Commission or to a person authorized by the Commission to receive the information.

9 Proceedings by or against Registrar to be proceedings by or against Commission

(1) Where, before the commencement of the Companies Act 1981, a proceeding under the Companies Ordinance 1962 had been commenced by or against the Registrar of Companies, the proceeding may be continued by or against the Commission.

(2) Where, but for the enactment of the Companies Act 1981, a proceeding under the Companies Ordinance 1962 could have been commenced by or against the Registrar of Companies, the proceeding may be commenced by or against the Commission.

10 Property vested in Registrar vests in Commission

Where, immediately before the commencement of the Companies Act 1981, property was vested in the Registrar of Companies by reason of the operation of section 310 of the Companies Ordinance 1962, the property vests by force of this section in the Commission and sections 462, 463 and 464 of the Companies Act 1981 apply in relation to the property in like manner as they would apply if the property had vested in the Commission pursuant to section 461 of that Act.

11 Registers, funds and accounts

Any register, fund or account kept immediately before the commencement of the Companies Act 1981 under any provision of the Companies Ordinance 1962 shall be deemed to be part of a register, fund or account kept under the corresponding provision of the Companies Act 1981.

12 Companies Auditors Board to continue in existence

(1) Notwithstanding the repeal of the Companies Ordinance 1962 by the Companies Act 1981, the Companies Auditors Board established by that Ordinance continues in existence for such period as is necessary for the Companies Auditors Board to complete any inquiry under subsection 9(10) of that Ordinance that had been commenced by the Companies Auditors Board but had not been completed before the repeal of that Ordinance and the Companies Auditors Board has, for the purposes of completing such an inquiry, all the powers that it would have had if that Ordinance had not been repealed.

(2) Where, pursuant to subsection (1), the Companies Auditors Board completes an inquiry, the Companies Auditors Board shall not exercise any of the powers mentioned in subsection 9(12) of the Companies Ordinance 1962 but shall furnish to the Commission a report on the inquiry.

13 Acts of Minister under Companies Ordinance deemed to be acts of Ministerial Council or Commission etc.

(1) In this section:

the Act means the Companies Act 1981.

the Ordinance means the Companies Ordinance 1962.

(2) Where the Minister had given consent under subsection 22(1) of the Ordinance to the registration of a company or an intended company by a specified name and the company had not been registered by that name before the commencement of the Act, the consent shall be deemed to have been a consent to the reservation or registration of that name in respect of that company or intended company given by the Ministerial Council under subsection 38(2) of the Act.

(3) A licence issued under section 24 of the Ordinance or the corresponding provision of a previous law of the Territory and in force immediately before the commencement of the Act continues in force as if:

(a) it were a licence issued by the Commission under section 66 of the Act; and

(b) in the case of a licence exempting a company from complying with provisions of the Ordinance—it exempted the company from complying with the corresponding provisions of the Act;

and a reference in the Act to a licence under section 66 of the Act shall be construed as including a reference to a licence to which this subsection applies.

(4) A declaration made by the Minister under paragraph 38(7)(b) or (c) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a declaration made by the Commission under paragraph 97(7)(b) or (c), as the case may be, of the Act.

(5) A notice by the Minister published under subsection 38(8) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a notice by the Commission published under subsection 97(9) of the Act.

(6) Where the Minister had, under subsection 44(3) of the Ordinance, exempted an allotment of shares or debentures from the operation of section 44 of the Ordinance, and that exemption was in force immediately before the commencement of the Act, that allotment of shares or debentures shall be deemed to have been exempted by the Commission, under subsection 105(3) of the Act, from the operation of section 105 of the Act.

(7) A declaration made by the Minister by notice published in the Gazette under paragraph 69A(2)(b) or (c) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a declaration made by the Ministerial Council by order published in the Gazette under paragraph 134(2)(b) or (c), as the case may be, of the Act.

(8) An approval given by the Minister under paragraph 74(1)(e) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be an approval given by the Commission under paragraph 152(1)(h) of the Act.

(9) An order made by the Minister under subsection 74D(2) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be an order made by the Commission under subsection 156(2) of the Act.

(10) Where the Minister had, under subsection 74D(2) of the Ordinance, directed a trustee for the holders of debentures to apply to the Court for an order under subsection 74D(4) of the Ordinance and at the commencement of the Act the trustee had not complied with that direction, the trustee shall be deemed to have been directed by the Commission under subsection 156(2) of the Act to apply to the Court for an order under subsection 156(4) of the Act.

(11) A declaration made by the Minister under subsection 74F(7) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a declaration made by the Commission under subsection 158(10) of the Act.

(12) A notice by the Minister published under subsection 74F(8) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a notice published by the Commission under paragraph 158(11)(a) of the Act.

(13) A direction given by the Minister under subsection 84(3) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a direction given by the Commission under subsection 172(5) of the Act.

(14) Where the Minister had, by notice published under section 88 of the Ordinance, exempted a company from complying, in relation to an interest, or class of interests, specified in the notice, with all or any of the provisions of Division 5 of Part IV of the Ordinance and that exemption was in force immediately before the commencement of the Act, that company is, subject to such terms and conditions (if any) as were specified in that notice, deemed to have been exempted from complying in relation to that interest or class of interests with the provisions of Division 6 of Part IV of the Act that correspond with the provisions specified in that notice and, for the purposes of section 176 of the Act, the notice shall be deemed to have been a notice published in the Gazette under subsection 176(1).

(15) A notice by the Minister published under subsection 160(2) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be an order made by the Commission published under subsection 265(2) of the Act requiring the company to comply with the provisions of Division 5 of Part V of the Act and of the regulations made for the purposes of that Division that correspond with the provisions of the Ordinance specified in the notice.

(15A) An order made by the Registrar under subsection 162C(1) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be an order made by the Commission under subsection 273(1) of the Act relieving the directors of the company named in the order from compliance with the requirements of the Act that correspond with the requirements of the Ordinance specified in the order and shall be deemed:

(a) where the order required the directors to comply with other requirements relating to the form and content of accounts, group accounts or reports—to have been made on condition that the directors comply with those requirements; and

(b) where the order made by the Registrar was limited to a specified period—to be limited to the same period.

(15B) An order made by the Registrar under subsection 162C(2) of the Ordinance in respect of a specified class of companies and in force immediately before the commencement of the Act shall be deemed to be an order made by the Commission under subsection 273(5) of the Act relieving the directors of companies included in the specified class of companies from compliance with the requirements of the Act that correspond with the requirements of the Ordinance specified in the order and shall be deemed:

(a) where the order required the directors of companies included in the specified class of companies to comply with other requirements relating to the form and content of accounts, group accounts or reports—to have been made on condition that the directors comply with those requirements; and

(b) where the order made by the Registrar was limited to a specified period—to be limited to the same period.

(16) A declaration made by the Minister by notice published in the Gazette under subsection 334(2) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a declaration made by the Commission by order published in the Gazette under subsection 490(3) of the Act.

(17) A declaration made by the Minister by notice published in the Gazette under paragraph 339(b) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a declaration made by the Commission by order published in the Gazette under subsection 495(2) of the Act.

(18) A declaration made by the Minister by notice published in the Gazette under paragraph 348(5)(b) or (c) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a declaration made by the Commission by order published in the Gazette under paragraph 516(7)(b) or (c), as the case may be, of the Act.

(19) Where the Minister had given consent under subsection 353(1) of the Ordinance to the registration of a foreign company by a specified name and the foreign company had not been registered by that name before the commencement of the Act, the consent shall be deemed to be a consent to the reservation or registration of that name in respect of that foreign company given by the Ministerial Council under subsection 38(2) of the Act.

(20) Where the Minister had given consent under subsection 353(2) of the Ordinance to the registration of a change in the name of a foreign company to a specified new name and the change of name had not been registered before the commencement of the Act, the consent shall be deemed to be a consent to the reservation or registration of that name in respect of that foreign company given by the Ministerial Council under subsection 38(2) of the Act.

(21) Where the Minister had, under paragraph 374(2)(b) of the Ordinance, exempted a corporation from the provisions of subsection 374(1) of the Ordinance, and that exemption was in force immediately before the commencement of the Act, that corporation shall be deemed to have been exempted by the Commission, by instrument in writing published in the Gazette, under subsection 552(2) of the Act from the provisions of subsection 552(1) of the Act.

14 Names

(1) A name under which a company was registered under the Companies Ordinance 1962 immediately before the commencement of the Companies Act 1981 shall, for the purposes of Division 2 of Part III of that Act, be deemed to be registered under that Division in respect of that company unless and until the registration of the name is cancelled, or ceases to be in force, under that Division.

(2) A reference in subsection (1) to a company shall be construed as including a reference to a corporation that, immediately before the commencement of the Companies Act 1981, was registered under the Companies Ordinance 1962 as a foreign company, whether that corporation is, for the purposes of that Act, a recognized company or a foreign company.

(3) Where, within the period of 2 months immediately preceding the date of commencement of the Companies Act 1981:

(a) a name was reserved under subsection 22(8) of the Companies Ordinance 1962; or

(b) the period for which a name was reserved under the Companies Ordinance 1962 was extended by the Registrar under subsection 22(9) of that Ordinance;

the name shall, for the purposes of the Companies Act 1981, be deemed to be reserved under Division 2 of Part III of that Act until the date on which the reservation of that name under the Companies Ordinance 1962 would have ceased.

15 Continued application of Table A and Table B in certain circumstances

(1) Nothing in this Act or in the Companies Act 1981 affects:

(a) Table A, or any part of Table A, of the Fourth Schedule to the Companies Ordinance 1962 (either as originally made or as amended from time to time) or the corresponding Table, or any part of the corresponding Table, in any corresponding previous law of the Territory (either as originally made or as so amended) so far as it applies to a company existing immediately before the commencement of the Companies Act 1981; or

(b) Table B, or any part of Table B, of the Fourth Schedule to the Companies Ordinance 1962 (either as originally made or as amended from time to time) or the corresponding Table, or any part of the corresponding Table, in any corresponding previous law of the Territory (either as originally made or as so amended) so far as it applies to a company existing immediately before the commencement of the Companies Act 1981.

(2) This section does not prevent the articles of a company adopting, in accordance with subsection 75(1) of the Companies Act 1981, all or any of the regulations contained in Table A or Table B of Schedule 3 to that Act.

16 Existing prospectuses and section 82 statements

(1) Where a prospectus was registered under the Companies Ordinance 1962 within the period of 6 months before the commencement of the Companies Act 1981, the prospectus shall, for the purposes of the Companies Act 1981, until the expiration of the period of 6 months after the date on which it was registered, be deemed to be a prospectus registered under that Act.

(2) Where a statement under section 82 of the Companies Ordinance 1962 was registered under that Ordinance within the period of 6 months before the commencement of the Companies Act 1981, the statement shall, for the purposes of the Companies Act 1981, until the expiration of the period of 6 months after the date on which it was registered, be deemed to be a statement that has been registered under Division 1 of Part IV of the Companies Act 1981 as required by subsection 170(1) of that Act.

17 Interests in partnership agreements

Section 169 of the Companies Act 1981 does not apply to or in relation to an issue to the public of an interest, an offer to the public for purchase of an interest, or an invitation to the public to purchase an interest, that:

(a) is an interest in a partnership agreement; and

(b) was subscribed for or first purchased before the date of commencement of that Act.

18 Registration of charges

(1) In this section, company includes a foreign company that is registered as a foreign company under the Companies Act 1981.

(2) Where, before the commencement of the Companies Act 1981, a company created a relevant charge, or acquired property subject to a relevant charge:

(a) if the charge was, immediately before the commencement of the Companies Act 1981, registered under Division 7 of Part IV of the Companies Ordinance 1962:

(i) the charge shall be deemed to be duly registered under Division 9 of Part IV of the Companies Act 1981 from and including the commencement of that Act; and

(ii) the Commission shall cause to be entered in the Register of Company Charges kept under subsection 203(1) of the Companies Act 1981, in relation to the charge, the time and date determined in accordance with subsection (6) of this section and the particulars mentioned in subsection 203(2) of that Act; or

(b) if the charge was, immediately before the commencement of the Companies Act 1981, registered under the provisions of a law of a State or of another Territory that corresponded with Division 7 of Part IV of the Companies Ordinance 1962 but was not registered under Division 7 of Part IV of that Ordinance:

(i) the charge shall be deemed to be duly registered under Division 9 of Part IV of the Companies Act 1981 from and including the commencement of that Act; and

(ii) the Commission shall cause to be entered in the Register of Company Charges kept under subsection 203(1) of the Companies Act 1981, in relation to the charge, the time and date determined in accordance with subsection (6) of this section and such of the particulars mentioned in subsection 203(2) of that Act as it is able to ascertain.

(3) Where all the documents relating to a relevant charge on property of a company that were required by Division 7 of Part IV of the Companies Ordinance 1962 or the provisions of a law of a State or of another Territory that corresponded with that Division to be lodged for registration under that Division or those provisions, as the case may be, were duly lodged not later than 30 days before the date of commencement of the Companies Act 1981 but the charge had not been registered under that Division or those provisions before that date and registration had not been refused:

(a) the charge shall be deemed to be duly registered under Division 9 of Part IV of the Companies Act 1981 from and including the commencement of that Act; and

(b) the Commission shall cause to be entered in the Register of Company Charges kept under subsection 203(1) of the Companies Act 1981, in relation to the charge, the time and date determined in accordance with subsection (6) of this section and the particulars mentioned in subsection 203(2) of that Act.

(4) A charge is a relevant charge for the purposes of subsection (2) or (3) where:

(a) in the case of a charge created by the company—if the charge had been created after the commencement of the Companies Act 1981, the charge would have been required to be registered under Division 9 of Part IV of that Act; or

(b) in the case of a charge on property acquired by the company—if the company had acquired the property after the commencement of the Companies Act 1981, the charge would have been required to be registered under Division 9 of Part IV of that Act.

(5) Where 2 or more charges on the same property of a company are deemed by subsection (2) or (3) to be duly registered under Division 9 of Part IV of the Companies Act 1981 from and including the commencement of that Act, those charges have, as between themselves, the respective priorities that they would have had if this Act had not been enacted.

(6) The time and date to be entered in the Register of Company Charges in relation to a charge pursuant to subsection (2) or (3) is 9.00 a.m. on the date of commencement of the Companies Act 1981.

(7) Nothing in section 205 of the Companies Act 1981 operates to render a charge to which subsection (2) or (3) applies void as a security on property of the company as against a liquidator or official manager of the company.

(8) Where:

(a) before the commencement of the Companies Act 1981 a company created a charge or acquired property subject to a charge, being in either case a charge that was required to be registered under Division 7 of Part IV of the Companies Ordinance 1962;

(b) at the commencement of the Companies Act 1981:

(i) the charge had not been registered under Division 7 of Part IV of the Companies Ordinance 1962;

(ii) the charge had not become void under subsection 100(1) of the Companies Ordinance 1962; and

(iii) the property was still subject to the charge;

(c) if the charge had been created, or the property had been acquired, after the commencement of the Companies Act 1981, the charge would have been required to be registered under Division 9 of Part IV of that Act; and

(d) subsection (3) does not apply in relation to the charge;

Division 9 of Part IV of, and Schedule 5 to, the Companies Act 1981 apply as if the company had created the charge, or had acquired the property, as the case may be, at the commencement of that Act, but, where 2 or more charges on the same property of a company, being charges to which this subsection applies, are registered under Division 9 of Part IV of that Act then, notwithstanding the provisions of Schedule 5 to that Act, those charges have, as between themselves, the respective priorities that they would have had if they had not been registered under that Division.

(9) Notwithstanding the repeals effected by section 4 of the Companies Act 1981, the provisions of Division 7 of Part IV of the Companies Ordinance 1962 as amended and in force immediately before the commencement of this Act continue in force as if that Ordinance had not been repealed in relation to:

(a) any charge created by a company before the commencement of the Companies Act 1981; or

(b) any charge to which property acquired by a company before the commencement of the Companies Act 1981 was subject when the property was so acquired;

where:

(d) if the charge had been created by the company, or the property subject to the charge had been acquired by the company, after the commencement of the Companies Act 1981, the charge would not have been required to be registered under Division 9 of Part IV of that Act.

(10) Where a charge referred to in paragraph (8)(a) had, before the commencement of the Companies Act 1981, become void under subsection 100(1) of the Companies Ordinance 1962 and the Court, being satisfied that it is just and equitable to do so, makes an order that subsection (8) is to apply in relation to that charge:

(a) subsection (8) has effect as if the charge had not become void; and

(b) subsection 100(1) of the Companies Ordinance 1962 shall be deemed not to have rendered the charge void in any respect.

19 Certificate that person is an executive officer of a company

Where it appears from a return lodged with the Registrar of Companies pursuant to a previous law of the Territory with which the Companies Act 1981 corresponds that a person was at a particular time a manager of a company, the Commission may give a certificate under subsection 238(10) of that Act that the person was at that time a principal executive officer of the company.

20 Application of Companies Act to financial years ending before commencement of Act

(1) The provisions of Division 2 of Part VI of the Companies Act 1981 (other than sections 267, 268, 273 and 275) apply in relation to a company, being a company incorporated under a previous law of the Territory with which the Companies Act 1981 corresponds, and to the directors of such a company, in relation to a financial year or financial years of the company that ended before the commencement of that Act and so apply as if:

(a) a requirement in any of those provisions (other than section 274) that an act or thing be done not less than 14 days before an annual general meeting of a company or, if no annual general meeting is held within the period within which it is required by section 240 to be held, not less than 14 days before the end of that period were a requirement that that act or thing be done within the period of 5 months (or, in the case of an exempt proprietary company, the period of 6 months) after the commencement of the Companies Act 1981;

(b) a reference in those provisions to the last financial year of a company were a reference to each financial year of the company that ended before the commencement of the Companies Act 1981;

(c) the reference in subsection 274(1) to each annual general meeting of the company were a reference to the annual general meeting at which accounts or group accounts are required by subsection (2) of this section to be laid before the company;

(d) a reference in those provisions to accounts or group accounts required by section 275 to be laid before a company at its annual general meeting were a reference to accounts or group accounts, as the case may be, required by subsection (2) of this section to be laid before a company at an annual general meeting; and

(e) a reference in subsection 276(1) to the preceding provisions of Division 2 included a reference to the provisions of subsection (2) of this section.

(2) The directors of a company to which subsection (1) applies shall cause to be laid before the first annual general meeting of the company held after the expiration of the period of 5 months or 6 months, as the case requires, referred to in paragraph (1)(a), in respect of each financial year of the company that ended before the commencement of the Companies Act 1981:

(a) a copy of the profit and loss account made out in accordance with subsection 269(1) of that Act;

(b) a copy of the balance sheet made out in accordance with subsection 269(2) of that Act;

(c) in the case of a company that, at the end of the relevant financial year, was not a holding company—a copy of the directors’ report made out in accordance with subsection 270(1) of that Act;

(d) in the case of a company that, at the end of the relevant financial year, was a holding company—a copy of the group accounts made out in accordance with subsection 269(3) of that Act and a copy of the directors’ report made out in accordance with subsection 270(2) of that Act in respect of the profit or loss and the state of affairs of the group of companies of the holding company as at the end of that financial year;

(e) a copy of any auditor’s report required by subsection 269(5) of that Act to be attached to the accounts or group accounts of the company; and

(f) a copy of the statement by the directors required by subsection 269(9) or (10) of that Act to be attached to the accounts or group accounts of the company.

(3) A reference in subsection (2) of this section to a provision of the Companies Act 1981 shall be read as a reference to that provision of that Act as it applies by virtue of subsection (1) of this section.

(3A) For the purposes of this section, an order made by the Registrar under subsection 162C(1) or (2) of the Companies Ordinance 1962 in relation to the directors of a company or the directors of companies included in a specified class of companies that is, by subsection 13(15A) or (15B) of this Act, deemed to be an order made by the Commission under subsection 273(1) or (5), as the case may be, of the Companies Act 1981 has the same effect, unless and until the order is revoked under subsection 273(8), in relation to accounts, group accounts and reports required, by the provisions of Division 2 of Part VI of the Companies Act 1981 as applied by subsection (1) of this section, to be made out by those directors as the order has, by virtue of subsection 13(15A) or (15B), as the case may be, of this Act, in relation to accounts, group accounts and reports required to be made out in accordance with the provisions of that Division.

(4) In this section, financial year, in relation to a company in relation to which this section applies has the same meaning as it has in relation to such a company under the Companies Act 1981 by virtue of paragraph (a) of the definition of financial year in subsection 5(1) of that Act.

21 Annual general meeting held before commencement of Companies Act

Where, before the commencement of the Companies Act 1981, an annual general meeting of a company was held and at the commencement of that Act the company had not complied with section 158 or 159 of the Companies Ordinance 1962 in relation to that annual general meeting, that section continues to apply in relation to that company in relation to that annual general meeting as if the Companies Act 1981 had not been enacted.

22 Special investigations

(1) Part VII of the Companies Act 1981 applies to and in relation to an investigation to which Part VIA of the Companies Ordinance 1962 applied immediately before the commencement of that Act and so applies as if:

(a) where an inspector was appointed by the Minister to carry out the investigation pursuant to an application under subsection 169(1) of that Ordinance—the inspector was appointed, and the investigation is being carried out, pursuant to a direction given by the Minister pursuant to subsection 290(4) of that Act; and

(b) where an inspector was appointed by the Minister under subsection 170(1) of that Ordinance to carry out the investigation—the inspector was appointed, and the investigation is being carried out, pursuant to a direction given by the Minister in the exercise of a power under subsection 291(1) of that Act otherwise than in response to a request made by the Commission under subsection 291(4) of that Act.

(2) Where, before the commencement of the Companies Act 1981, an act, matter or thing had been done or had arisen in the course of an investigation to which Part VIA of the Companies Ordinance 1962 applied immediately before that commencement, that act, matter or thing shall have the same status, operation and effect in relation to the investigation after that commencement as if that act, matter or thing had been done or had arisen after that commencement.

(3) In particular and without affecting the generality of subsection (2), an order, application, examination, deposition, writ, summons, proceeding, record, note or report made, effected, issued or given in relation to an investigation to which Part VIA of the Companies Ordinance 1962 applied immediately before the commencement of the Companies Act 1981 shall have the same status, operation and effect in relation to the investigation after that commencement as if the order, application, examination, deposition, writ, summons, proceeding, record, note or report had been made, effected, issued or given after that commencement.

24 Lodging of accounts by person administering compromise or arrangement

Where:

(a) section 330 of the Companies Act 1981 applies, by virtue of subsection 315(11) of that Act, in relation to a person or persons appointed to administer a compromise or arrangement; and

(b) that person or those persons was or were so appointed before the commencement of that Act;

references in section 330 of that Act to the date of appointment of that person or of those persons shall be deemed to be references to the date of commencement of that Act.

25 Winding up

(1) The provisions of the Companies Act 1981 with respect to winding up other than the provisions of Subdivision F of Division 4 of Part XII do not apply to any company the winding up of which was commenced before the commencement of that Act and any such company shall be wound up in the same manner and with the same incidents as if that Act had not been enacted and, for the purposes of the winding up, the Companies Ordinance 1962 shall be deemed to remain in force.

(2) In this section, company includes an unregistered company within the meaning of Division 5 of Part X of the Companies Ordinance 1962.

26 Registered auditors and liquidators

(1) For the purposes of the Companies Act 1981, a person who was, immediately before the date of commencement of that Act, registered as an auditor or as a liquidator or appointed as an official liquidator under the Companies Ordinance 1962 shall, subject to section 27 of that Act, be deemed to be registered under Division 2 of Part II of that Act as an auditor, as a liquidator or as an official liquidator, as the case may be, for the period of 6 months commencing on the date of commencement of that Act.

(2) Where:

(a) a person who is deemed by reason of subsection (1) to be registered under Division 2 of Part II of the Companies Act 1981 as an auditor or as a liquidator for the period of 6 months commencing on the date of commencement of that Act has applied to be registered under that Division as an auditor or as a liquidator, as the case may be, within that period of 6 months; and

(b) at the expiration of that period, the person has not been notified of the results of his application;

the person shall, subject to section 27 and Subdivision B of Division 2 of Part II of that Act, be deemed to be registered as an auditor or liquidator, as the case may be, for a further period commencing at the expiration of the period referred to in paragraph (a) and ending:

(c) in the case of an application for registration as an auditor—on the day on which the application is granted or refused; and

(d) in the case of an application for registration as a liquidator— on the day on which the person is notified of the results of his application.

(3) Where the registration as a liquidator of a person to whom subsection (2) applies comes into force under Division 2 of Part II of the Companies Act 1981, that person shall be deemed to have been registered as a liquidator under that Division for the period commencing at the expiration of the day referred to in paragraph (2)(d) and ending at the expiration of the day before the day on which that registration comes into force.

(4) A person who is deemed to be registered as an auditor, as a liquidator or as an official liquidator under the provision of a law of a participating State or participating Territory that corresponds with subsection (1) shall be deemed to be registered as an auditor, as a liquidator or as an official liquidator, as the case may be, under the Companies Act 1981.

27 Power of Minister to consent to institution of proceeding

Where:

(a) the institution of a particular proceeding under the Companies Ordinance 1962 was subject to the consent of the Minister; and

(b) the proceeding was not instituted before the repeal of that Ordinance but may be instituted after the repeal of that Ordinance by reason of the operation of subsection 29(2) of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980;

the repeal of that Ordinance does not affect the power of the Minister to consent to the institution of the proceeding.

28 Recognised companies

(1) Where a corporation that is a recognized company for the purposes of the Companies Act 1981 was, immediately before the commencement of that Act, registered as a foreign company under the Companies Ordinance 1962, the registered office of that corporation in the Territory the situation of which was specified:

(a) in a case to which paragraph (b) does not apply—in a notice lodged under subsection 346(1) of that Ordinance; or

(b) if a notice or notices have been lodged under subsection 347(1) of that Ordinance in relation to the situation of the registered office of the corporation—in that notice or in the later or latest of those notices;

shall be deemed to be the principal office within the Territory of the corporation for the purposes of section 507 of the Companies Act 1981.

(2) Where:

(a) before the commencement of the Companies Act 1981 an act, matter or thing had been done or commenced under the Companies Ordinance 1962 in relation to a corporation that was a foreign company for the purposes of that Ordinance;

(b) the corporation is a recognized company for the purposes of the Companies Act 1981; and

(c) that act, matter or thing could have been done or commenced under the Companies Act 1981 after the commencement of that Act in relation to a recognized company;

that act, matter or thing shall be deemed to have been done or commenced, as the case may be, and, in the case of an act, matter or thing that has been commenced, may be continued or completed, under the Companies Act 1981, in relation to that corporation as a recognized company.

29 Recognised companies under corresponding laws

(1) Section 501 of the Companies Act 1981 applies in relation to a company that, immediately before the commencement of that Act, had a place of business or carried on business in a State or Territory that is a participating State or participating Territory as if the company had established a place of business or commenced to carry on business, as the case may be, in that State or Territory at the commencement of that Act.

(2) Where a company had, before the commencement of the Companies Act 1981, lodged under the provision of a law of a State or Territory that is a participating State or participating Territory that corresponds with subsection 36(1) or 347(1) of the Companies Ordinance 1962 a notice or notices that specified the days and hours during which the registered office of the company in that State or Territory was open and accessible to the public, the company shall, for the purposes of subsection 502(2) of the Companies Act 1981, be deemed to have lodged a notice under subsection 501(2) in relation to that State or Territory.

(3) Where, immediately before the commencement of the Companies Act 1981, a company maintained a branch register in a State or Territory that is a participating State or participating Territory in accordance with the provision of the law of that State or Territory that corresponded with section 354 of the Companies Ordinance 1962, that register shall be deemed to be a branch register of the company kept under section 262 of the Companies Act 1981 and section 262 applies in relation to that register as if it had been established, and as if the office where it is kept had been opened, on the date of commencement of that Act.

30 Foreign companies

(1) A corporation formed outside the Territory, other than a corporation that is a recognized company for the purposes of the Companies Act 1981, that was, immediately before the commencement of that Act, registered as a foreign company under the Companies Ordinance 1962 shall be deemed to be registered, as from the commencement of the Companies Act 1981, as a foreign company for the purposes of that Act.

(2) A corporation formed outside Australia and the external Territories, that was, immediately before the commencement of the Companies Act 1981, registered as a foreign company under the Companies Ordinance 1962 may, within one month after the date of commencement of the Companies Act 1981, or within such further period as the Commission allows, lodge with the Commission a notice in the prescribed form:

(a) stating whether the corporation wishes to continue to be registered as a foreign company under that Act; and

(b) if the corporation states that it does not wish to continue to be registered as a foreign company under that Act—specifying one State or Territory (being a State or Territory under the law of which the corporation was registered as a foreign company immediately before the commencement of the Companies Act 1981 and which is a participating State or a participating Territory) as the State or Territory under the law of which the corporation wishes to be registered as a foreign company.

(3) A corporation is not entitled pursuant to paragraph (2)(b):

(a) to specify a State in a notice if the corporation has specified a different State or a Territory in a notice under a corresponding provision of the law of a participating State or participating Territory; or

(b) to specify a Territory in a notice if the corporation has specified a State or another Territory in a notice under a corresponding provision of the law of a participating State or participating Territory.

(4) Where a corporation to which subsection (2) applies lodges with the Commission a notice under that subsection specifying pursuant to paragraph (2)(b) a State or Territory as the State or Territory under the law of which the corporation wishes to be registered as a foreign company:

(a) the corporation shall, as from the date on which the notice is so lodged, cease to be registered as a foreign company for the purposes of the Companies Act 1981; and

(b) the registered office of the corporation in the Territory the situation of which was specified:

(i) in a case to which subparagraph (ii) does not apply—in a notice lodged under subsection 346(1) of the Companies Ordinance 1962; or

(ii) if a notice or notices has or have been lodged under subsection 347(1) of that Ordinance in relation to the situation of the registered office of the corporation—in that notice or in the later or latest of those notices;

shall be deemed to be the principal office within the Territory of the corporation for the purposes of section 507 of the Companies Act 1981.

31 Commission may destroy or dispose of documents

(1) Notwithstanding subsection 31(10) of the Companies Act 1981, where a corporation that is a recognized company for the purposes of the Companies Act 1981 was, immediately before the commencement of that Act, registered as a foreign company under the Companies Ordinance 1962, the Commission may, if in the opinion of the Commission it is no longer necessary or desirable to retain them, destroy or dispose of any documents lodged by or in relation to that corporation under the Companies Ordinance 1962 or under any corresponding previous law of the Territory.

(2) Notwithstanding subsection 31(10) of the Companies Act 1981, where a corporation that was, immediately before the commencement of the Companies Act 1981, registered as a foreign company under the Companies Ordinance 1962 becomes a recognized foreign company for the purposes of the Companies Act 1981, the Commission may, if in the opinion of the Commission it is no longer necessary or desirable to retain them, destroy or dispose of any documents lodged by or in relation to that corporation under the Companies Ordinance 1962 or under any corresponding previous law of the Territory.

32 Certain provisions of Companies Ordinance 1931 to continue to apply

Notwithstanding the repeal of the Companies Ordinance 1962 by the Companies Act 1981, the provisions of subsections 15(2) and (4) of the Companies Ordinance 1931 continue to apply in relation to instruments, documents and certified copies handed over pursuant to section 15 of the last‑mentioned Ordinance and in relation to the memorandum or articles, or a resolution or instrument, of a company to which that section applied.

33 Marketable Securities Ordinance

(1) A sufficient instrument of transfer under the Marketable Securities Ordinance 1971, in relation to a transfer of marketable securities or a transfer of rights to marketable securities, that was duly completed before the commencement of the Companies Act 1981 has the same effect, and may be used and dealt with, as if that Ordinance had not been repealed.

(2) An agreement, application, acceptance, warranty or indemnity deemed by the Marketable Securities Ordinance 1971 to have been made or given by a person continues to operate and has the same force and effect as if that Ordinance had not been repealed.

34 Court may resolve difficulties

(1) Where any difficulty arises in the application to a particular matter of this Act, or in the application to a particular matter of any of the provisions of the Companies Act 1981, the Companies Ordinance 1962 or the Marketable Securities Ordinance 1971 by reason of the operation of this Act, the Court may, on the application of an interested person, make such order as it thinks proper to resolve the difficulty.

(2) An order made under subsection (1) has effect notwithstanding anything contained in this Act or in the Companies Act 1981, the Companies Ordinance 1962 or the Marketable Securities Ordinance 1971.

35 Regulations

(1) The Governor‑General may make regulations, not inconsistent with this Act, prescribing all matters required or permitted by this Act to be prescribed by regulations, or necessary or convenient to be prescribed by regulations for carrying out or giving effect to this Act.

(2) The power of the Governor‑General to make regulations shall be exercised only in accordance with advice that is consistent with resolutions of the Ministerial Council.

	Act		Number and year		Date of Assent	Date of commencement	Application, saving or transitional provisions
Companies (Transitional Provisions) Act 1981		91, 1981		18 June 1981		1 July 1982 (see s. 2 and Gazette 1982, No. S124)
Companies and Securities Legislation (Miscellaneous Amendments) Act 1981		153, 1981		26 Oct 1981		Part IX (ss. 90‑96): 1 July 1982 (Gazette 1982, No. S124) (a)	—
Companies and Securities Legislation (Miscellaneous Amendments) Act 1983		108, 1983		8 Dec 1983		Ss. 1 and 2: Royal Assent Remainder: 1 Jan 1984 (see Gazette 1983, No. S324)	—
Corporations (Repeals, Consequentials and Transitionals) Act 2001		55, 2001		28 June 2001		S. 11 and Schedule 1 (item 8): 15 July 2001 (see Gazette 2001, No. S285) (b)	S. 11

Provision affected	How affected
S. 13...................	am. No. 153, 1981
S. 16...................	am. No. 153, 1981
S. 18...................	am. No. 153, 1981
S. 20...................	am. No. 153, 1981
S. 22...................	am. No. 153, 1981
S. 23...................	rep. No. 153, 1981
S. 26...................	am. No. 108, 1983