SECURITIES INDUSTRY (FEES) ACT 1980
- Reprinted as at 31 May 1990 (#DATE 31:05:1990)
*1* The Securities Industry (Fees) Act 1980 as shown in this reprint comprises
Act No. 67, 1980 amended as indicated in the Tables below.
Table of Acts
Act
Number Date Date Application,
and year of Assent of commencement saving or
transitional
provisions
Securities Industry (Fees) Act 1980
67, 1980 28 May 1980 1 July 1981 (see s. 2 and
Gazette 1981, No.
S118)
Securities Industry (Fees) Amendment Act 1981
97, 1981 18 June 1 Oct 1981 (see Gazette 1981, -
1981 No. S191)
Companies and Securities Legislation (Miscellaneous Amendments) Act
1981
153, 1981 26 Oct 1981 1 July 1981 (see s. 2 (3) -
and Gazette 1981,
No.
S118)
Co-operative Scheme Legislation Amendment Act 1989
92, 1989 27 June S. 80: (see Note 2) -
1989
______________________________________________________________________________
__ Table of Amendments
ad.=added or inserted am.=amended rep.=repealed rs.=repealed and substituted
______________________________________________________________________________
__ Provision affected
How affected
S. 3
am. No. 153, 1981
S. 4
am. No. 97, 1981
SECURITIES INDUSTRY (FEES) ACT 1980 - TABLE OF PROVISIONS
TABLE
TABLE OF PROVISIONS
Section
1. Short title
2. Commencement
3. Interpretation
4. Fees payable
5. Regulations
SECURITIES INDUSTRY (FEES) ACT 1980 - LONG TITLE
SECT
An Act relating to fees payable for the purposes of the
Securities Industry Act 1980
SECURITIES INDUSTRY (FEES) ACT 1980 - SECT 1
Short title
SECT
1. This Act may be cited as the Securities Industry (Fees) Act 1980.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
SECURITIES INDUSTRY (FEES) ACT 1980 - SECT 2
Commencement
SECT
2. This Act shall come into operation on the day on which the Securities
Industry Act 1980 comes into operation.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
SECURITIES INDUSTRY (FEES) ACT 1980 - SECT 3
Interpretation
SECT
3.*2* (1) Expressions used in this Act have the same respective meanings as
in the Securities Industry Act 1980.
(2) The Companies and Securities (Interpretation and Miscellaneous
Provisions) Act 1980 applies to this Act.
*2* Sections 3-16 are amended by section 80 only of the Co-operative Scheme
Legislation Amendment Act 1989, subsection 2(3) of which provides as follows:
"(3) Part 9 commences on a day to be fixed by Proclamation." As at 30
April 1990 no date had been fixed for the commencement of sections 3-16 and
the amendments are not incorporated in this reprint. They are set out below
under the heading "EXTRACT FROM CO-OPERATIVE SCHEME LEGISLATION AMENDMENT ACT
1989".
SECURITIES INDUSTRY (FEES) ACT 1980 - SECT 4
Fees payable
SECT
4.*2* (1) There shall be paid to the Commonwealth for or in respect of:
(a) the lodgment of documents with the Commission under the Securities
Industry Act 1980;
(b) the registration of documents under that Act or the inspection or
search of registers kept by, or documents in the custody of, the Commission
under that Act;
(c) the production by the Commission, pursuant to a subpoena, of any
register kept by, or documents in the custody of, the Commission under that
Act;
(d) the issuing of documents or copies of documents, the granting of
licences, consents or approvals or the doing of other acts or things by the
Ministerial Council or the Commission under that Act;
(e) the making of inquiries of, or applications to, the Ministerial
Council
or the Commission in relation to matters arising under that Act; and
(f) the submission to the Commission of documents for
examination by the Commission;
such fees (if any) as are prescribed.
(2) Where a fee is payable to the Commonwealth under subsection (1) for or
in respect of the lodgment of a document with the Commission and the document
is submitted for lodgment without payment of the fee, the document shall be
deemed not to have been lodged until the fee has been paid.
(3) Where a fee is payable to the Commonwealth under subsection (1) for or
in respect of any matter involving the doing of any act or thing by the
Ministerial Council or the Commission, the Ministerial Council or the
Commission shall not do that act or thing until the fee has been paid.
(4) This section has effect notwithstanding anything contained in the
Securities Industry Act 1980.
(5) Nothing in this section prevents the Commonwealth from:
(a) waiving or reducing, in a particular case or classes of cases, fees
that would otherwise be payable pursuant to this section; or
(b) refunding, in whole or in part, in a particular case or classes of
cases, fees paid pursuant to this section.
*2* Sections 3-16 are amended by section 80 only of the Co-operative Scheme
Legislation Amendment Act 1989, subsection 2(3) of which provides as follows:
"(3) Part 9 commences on a day to be fixed by Proclamation." As at 30
April 1990 no date had been fixed for the commencement of sections 3-16 and
the amendments are not incorporated in this reprint. They are set out below
under the heading "EXTRACT FROM CO-OPERATIVE SCHEME LEGISLATION AMENDMENT ACT
1989".
SECURITIES INDUSTRY (FEES) ACT 1980 - SECT 5
Regulations
SECT
5.*2* (1) The Governor-General may make regulations, not inconsistent with
this Act, prescribing fees, not in any case exceeding $1,000, for the purposes
of subsection 4 (1).
(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.
SECURITIES INDUSTRY (FEES) ACT 1980 - SECT 6-16
SECT
6-16.*2* * * *
*2* Sections 3-16 are amended by section 80 only of the Co-operative Scheme
Legislation Amendment Act 1989, subsection 2(3) of which provides as follows:
"(3) Part 9 commences on a day to be fixed by Proclamation." As at 30
April 1990 no date had been fixed for the commencement of sections 3-16 and
the amendments are not incorporated in this reprint. They are set out below
under the heading "EXTRACT FROM CO-OPERATIVE SCHEME LEGISLATION AMENDMENT ACT
1989".
SECURITIES INDUSTRY (FEES) ACT 1980 - EXTRACT
SECT
EXTRACT FROM CO-OPERATIVE SCHEME LEGISLATION
AMENDMENT ACT 1989
Division 3-Amendment of Securities Industry (Fees) Act
1980
Sections 3, 4 and 5 of the Principal Act are repealed and the following
sections are substituted:
Interpretation
"3.(1) In this Act, unless the contrary intention appears:
act includes thing;
chargeable matter means a matter of a kind referred to in any of paragraphs
4 (1) (a) to (h), inclusive;
for , in relation to a fee, includes in respect of;
lodge means lodge with the Commission.
"(2) Subject to subsection (1), an expression has the same meaning in this
Act as in the Securities Industry Act 1980.
"(3) The Companies and Securities (Interpretation and Miscellaneous
Provisions) Act 1980 applies to this Act.
Power to prescribe fees
"4.(1) The Governor-General may make regulations, not inconsistent with this
Act, prescribing fees for:
(a) the lodgment of documents under the Securities Industry Act 1980;
(b) the registration of documents under that Act;
(c) the inspection or search of registers kept by, or documents in the
custody of, the Commission under that Act;
(d) the making available by the Commission, under that Act, of
information
(whether in the form of a document or otherwise);
(e) the production by the Commission, under a subpoena, of such registers
or documents;
(f) the issuing of documents or copies of documents, the granting of
licences, consents or approvals, or the doing of other acts, by the
Ministerial Council or the Commission under that Act;
(g) the making of inquiries of, or applications to, the Ministerial
Council
or the Commission in relation to matters arising under that Act; and
(h) the submission to the Commission of documents for examination by the
Commission.
"(2) The power conferred by subsection (1) extends, by virtue of this
subsection but not otherwise, to prescribing fees that, but for subsection 6
(2), could not be prescribed under this Act unless it were a law imposing
taxation but that could be if it were.
"(3) The Governor-General's power to make regulations shall be exercised
only in accordance with advice that is consistent with resolutions of the
Ministerial Council.
Aspects of the power to prescribe fees
"5.(1) The regulations may be of general or specially limited application or
may differ according to differences in time, locality, place or circumstance.
"(2) The regulations may provide for a fee for a chargeable matter to be
determined by reference to a prescribed matter or prescribed matters, whether
or not the prescribed matter, or any of the prescribed matters, has a direct
or indirect connection with the chargeable matter.
"(3) A fee prescribed as a stated amount shall not exceed $5,000.
"(4) 2 or more fees may be prescribed for the same chargeable matter.
"(5) Neither of subsections (1) and (2) limits the generality of the other
or of section 4.
Fees payable
"6.(1) Subject to subsection (2), where the regulations prescribe a fee for
a chargeable matter, the fee shall be paid to the Commonwealth for that
matter.
"(2) Despite subsection (1), where, by virtue of subsection 4 (2), the
regulations prescribe a fee for a chargeable matter, the fee shall be paid to
the Commonwealth for that matter if, and only if, the fee is imposed by
another Act.
Maximum fees payable for one matter
"7. Despite section 6, where but for this section the fee, or the total of
the fees, payable under that section for a chargeable matter would exceed
$25,000, so much of that fee, or of that total, as exceeds $25,000 is not
payable.
Lodgment of document without payment of fee
"8.(1) Where:
(a) a fee is payable under section 6 for the lodgment of a document; and
(b) the document is submitted for lodgment without payment of the fee;
the document shall be taken not to have been lodged until the fee is paid.
"(2) Subsection (1) does not apply where, at the time when the document is
submitted for lodgment, the amount of the fee cannot be ascertained, but if
the Commission, before or at that time, requires under section 11 the payment
of a deposit on account of the fee, the document shall be taken not to have
been lodged until the deposit or the fee has been paid.
Doing of act without payment of fees
"9.(1) Where a fee is payable under section 6 for a matter involving the
doing of an act by the Ministerial Council or the Commission, the Ministerial
Council or the Commission shall not do that act until the fee is paid.
"(2) Subsection (1) does not prohibit the doing of the act at a particular
time if, as at that time:
(a) the amount of the fee cannot be ascertained; and
(b) if the Commission has required under section 11 the payment of a
deposit on account of the fee-the deposit has been paid.
Effect of sections 8 and 9
"10. Sections 8 and 9 have effect despite anything in the Securities
Industry Act 1980.
Commission may require payment of deposit on account of fee
"11. Where the amount of a fee payable under section 6 for:
(a) the lodgment of a document; or
(b) a matter involving the doing of an act by the Ministerial Council
or the Commission; cannot be ascertained, the Commission may:
(c) before or at the time when the document is submitted for lodgment; or
(d) before the Ministerial Council or the Commission does the act;
as the case may be, require the payment to the Commission, on account of the
fee, of a deposit of a specified amount that the Commission considers it
reasonable to expect will be the amount of the fee.
Fee not ascertainable when it becomes payable
"12.(1) This section applies where the amount of a fee payable under section
6 cannot be ascertained when the fee becomes payable, but at a later time
becomes able to be ascertained.
"(2) If a person has paid a deposit on account of the fee, the Commission
shall apply towards payment of the fee so much of the deposit as does not
exceed the amount of the fee and:
(a) if the amount of the deposit exceeds the amount of the fee-the
Commission shall refund to the person the amount of the excess; or
(b) if the amount of the fee exceeds the amount of the deposit-as from
the
later time, so much of the fee as exceeds the amount of the deposit is a debt
due to the Commonwealth and payable by the person.
"(3) Otherwise, the fee is, as from the later time, a debt due to the
Commonwealth and payable by the person whom the Commission determines in
writing to be the person who it is reasonable to expect would have paid the
fee had the fee been able to be ascertained when it became payable.
Waiver and refund of fees
"13. Nothing in this Act prevents the Commonwealth from:
(a) waiving or reducing, in a particular case or in particular classes of
cases, fees that would otherwise be payable under this Act; or
(b) refunding, in whole or in part, in a particular case or in particular
classes of cases, fees paid under this Act.
Debts due to the Commonwealth
"14. The Commission may recover in a court of competent jurisdiction a debt
due under this Act.
Act not to impose taxation
"15. Nothing in this Act shall be taken to impose taxation.
Payment of fee does not give right to inspect or search
"16. To avoid doubt, nothing in this Act or in the Securities Industry
(Fees: Taxation Component) Act 1989, and nothing done under this Act:
(a) imposes on the Commission a duty to allow the inspection or search of
a
register or document, or to make available information; or
(b) confers a right to inspect or search a register or document or to
have information made available;
except so far as such a duty or right would exist under some other law but for
the effect of section 9.".