A Bill for an Act to amend the law relating to corporations, consumer credit and other matters in the Treasury portfolio, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act is the Treasury Laws Amendment (Modernising Business Communications) Act 2022.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
| Commencement information |
| Column 1 | Column 2 | Column 3 |
| Provisions | Commencement | Date/Details |
| 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | |
| 2. Schedule 1, Part 1 | The later of: (a) the start of the day after this Act receives the Royal Assent; and (b) immediately after the commencement of Schedule 2 to the Corporations (Meetings and Documents) Act 2022. However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur. | |
| 3. Schedule 1, Part 2, Division 1 | Immediately after the commencement of the provisions covered by table item 2. However, the provisions do not commence at all if: (a) Schedule 1 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 does not commence; or (b) the provisions covered by table item 2 commence on or before 1 July 2022. | |
| 4. Schedule 1, Part 2, Division 2 | Immediately after the commencement of section 1 of the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022. However, the provisions do not commence at all if: (a) Schedule 1 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 does not commence; or (b) the provisions covered by table item 2 commence after 1 July 2022. | |
| 5. Schedule 1, Part 2, Division 3 | Immediately after the commencement of Schedule 1 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022. However, the provisions do not commence at all if: (a) Schedule 1 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 does not commence; or (b) the provisions covered by table item 2 commence after 1 July 2022. | |
| 6. Schedule 2, Part 1 | The day after the end of the period of 18 months beginning on the day this Act receives the Royal Assent. | |
| 7. Schedule 2, Part 2 | The day after this Act receives the Royal Assent. | |
| 8. Schedule 3, Part 1 | A single day to be fixed by Proclamation. However, if the provisions do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period. | |
| 9. Schedule 3, Part 2 | A single day to be fixed by Proclamation. However, if the provisions do not commence before 1 July 2024, they commence on that day. | |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedules
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Documents and meetings under the Corporations Act 2001
Part 1—Main amendments
Corporations Act 2001
1 Section 9 (definition of sent)
After “has a meaning”, insert “(except in Chapters 6 and 6A)”.
2 Subsection 105A(2) (note)
Omit “Note”, substitute “Note 1”.
3 At the end of subsection 105A(2)
Add:
Note 2: The meaning of sent in Chapters 6 and 6A is not affected by this section: see the definition of sent in section 9.
4 Subsections 110(1), (2) and (3)
Repeal the subsections, substitute:
Signing of documents under this Act
(1) This Division applies to a document (including a deed) required or permitted to be signed by a person under this Act.
Note 1: A document is any record of information: see the definition of document in section 9.
Note 2: This Division provides that a person may sign a document in physical form or electronic form: see subsection 110A(1).
Signing of documents by or on behalf of company
(2) Without limiting subsection (1), this Division applies to a document (including a deed) to be signed by a person:
(a) exercising the powers of a company under section 126 (making of contracts and execution of documents by an agent); or
(b) under section 127 (execution of documents by a company).
5 At the end of paragraph 110B(c)
Add “and”.
6 After paragraph 110B(c)
Insert:
(d) the signature complies with any requirements relating to that lodgement under this Act or an instrument made under this Act;
7 At the end of section 110B
Add:
Note: This section does not prevent ASIC or the Registrar from refusing to receive or register the document on any other basis. For example, if the lodgement requirements mentioned in paragraph (d) (such as those under Chapter 2P) are not met, ASIC or the Registrar may refuse to receive or register the document.
8 Division 2 of Part 1.2AA (heading)
Omit “to be sent to, among others, directors, members and auditors”.
9 Section 110C
Repeal the section, substitute:
110C Documents to which this Division applies
Sending documents
(1) This Division applies to any document covered by subsection (3) or (4) that is required or permitted under this Act to be sent by a person or entity (the sender) to another person or entity (the recipient).
(2) A reference in subsection (1) to an entity includes a reference to a disclosing entity.
Covered documents
(3) This subsection covers a document that is required or permitted be sent by the sender to the recipient under:
(a) this Chapter; or
(b) Chapters 2A to 2M; or
(c) Chapters 5 to 5D; or
(d) Chapter 6, 6A, 6B or 6C; or
(e) Chapter 8A; or
(f) Chapter 9; or
(g) Schedule 2; or
(h) any other provision of this Act, to the extent that it relates to the provisions mentioned in paragraphs (a) to (g).
(4) This subsection covers a document that is in a class of documents specified in regulations made for the purposes of this subsection.
(5) However, this Division does not apply to a document that is required or permitted under this Act to be sent by or to ASIC, the Registrar or the Takeovers Panel.
References to sending documents
(6) This Division applies to a requirement or permission to send a document, whether the expression send, give, serve or dispatch, or any other expression, is used.
(7) To avoid doubt, for the purposes of this Division, a document is not a document that is required or permitted under this Act to be sent merely because section 109X, 601CX or 1200R provides that the document may be served in a particular way.
10 Paragraph 110D(3)(a)
Repeal the paragraph, substitute:
(a) is a report mentioned in section 314 or 314A (which deal with annual financial reporting to members); or
11 At the end of section 110D
Add:
Address for sending document
(5) Paragraphs (1)(a) and (b) apply only if:
(a) where the recipient is covered by subsection (7)—the sending of the document mentioned in paragraph (1)(a), or the sending of the information mentioned in paragraph (1)(b), is to an address known to the sender because the recipient is a member or holder of securities mentioned in whichever of paragraphs (7)(a) to (e) applies; or
(b) the recipient is not covered by subsection (7).
(6) Paragraphs (1)(c) and (d) apply only if:
(a) where the recipient is covered by subsection (7):
(i) the sending of the document mentioned in paragraph (1)(c), or the sending of the information mentioned in paragraph (1)(d), is to an address known to the sender because the recipient is a member or holder of securities mentioned in whichever of paragraphs (7)(a) to (e) applies; and
(ii) that address is a nominated electronic address of the recipient; or
(b) where the recipient is not covered by subsection (7)—the sending of the document mentioned in paragraph (1)(c), or the sending of the information mentioned in paragraph (1)(d), is to a nominated electronic address of the recipient.
(7) For the purposes of subsections (5) and (6), this subsection covers the recipient if:
(a) the recipient is a member of the sender; or
(b) where the sender is the responsible entity of a registered scheme—the recipient is a member of the scheme; or
(c) where the sender is a disclosing entity mentioned in subsection 111AC(2)—the recipient is a member of the managed investment scheme mentioned in that subsection; or
(d) where the sender is the operator of a notified foreign passport fund—the recipient is an Australian member of the fund; or
(e) where the sender is the bidder under a takeover bid—the recipient is a holder of securities in the target for the bid.
12 Section 110E (heading)
Omit “Member’s election”, substitute “Election”.
13 At the end of subsection 110E(1)
Add:
; or (e) where the sender is the operator of a notified foreign passport fund—the recipient is an Australian member of the fund; or
(f) where the sender is the bidder under a takeover bid—the recipient is a holder of securities in the target for the bid; or
(g) the recipient is of a kind specified in regulations made for the purposes of this paragraph.
14 At the end of subsection 110E(3)
Add:
Note: The documents in relation to which an election may be made include, for example, documents required or permitted to be sent under this Act in relation to a takeover bid: see section 648CB.
15 Paragraph 110E(5)(a)
Repeal the paragraph, substitute:
(a) reports mentioned in section 314 or 314A (which deal with annual financial reporting to members);
16 Paragraph 110F(1)(b)
After “election”, insert “(otherwise than by way of giving it to the recipient personally)”.
17 After subsection 110F(4)
Insert:
No current address for sending documents in elected manner
(4A) Subsection (2) does not apply if:
(a) the sender reasonably believes that none of the addresses (including any electronic addresses) for the recipient that are:
(i) known to the sender; and
(ii) where the recipient is covered by subsection (4B)—so known because the recipient is a member or holder of securities mentioned in whichever of paragraphs (4B)(a) to (e) applies;
are a current address for the recipient to be sent the document in a manner that complies with the election; and
(b) the sender sends the document to the recipient in a manner that does not comply with the election, as mentioned in paragraph (1)(b), other than in the manner mentioned in paragraph 110D(1)(e); and
(c) if the document is a report mentioned in section 314A (annual reporting by notified foreign passport funds)—the requirement (if applicable) in paragraph 314A(4)(b) (about sending report in elected language) is satisfied.
Note: A defendant bears an evidential burden in relation to the matter in subsection (4A), see subsection 13.3(3) of the Criminal Code.
(4B) For the purposes of subparagraph (4A)(a)(ii), this subsection covers the recipient if:
(a) the recipient is a member of the sender; or
(b) where the sender is the responsible entity of a registered scheme—the recipient is a member of the scheme; or
(c) where the sender is a disclosing entity mentioned in subsection 111AC(2)—the recipient is a member of the managed investment scheme mentioned in that subsection; or
(d) where the sender is the operator of a notified foreign passport fund—the recipient is an Australian member of the fund; or
(e) where the sender is the bidder under a takeover bid—the recipient is a holder of securities in the target for the bid.
18 At the end of subsection 110J(3)
Add:
; or (e) where the sender is the operator of a notified foreign passport fund—the recipient is an Australian member of the fund; or
(f) where the sender is the bidder under a takeover bid—the recipient is a holder of securities in the target for the bid; or
(g) the recipient is of a kind specified in regulations made for the purposes of this paragraph.
19 After section 110J
Insert:
110JA Sender does not need to send document if member uncontactable
Sender taken to send document
(1) This section applies if:
(a) the sender is required or permitted to send a document to which this Division applies to the recipient under a provision of this Act; and
(b) the conditions in subsection (3) are satisfied; and
(c) any of the following apply:
(i) where the sender is a company—the recipient is a member of the company;
(ii) where the sender is the responsible entity of a registered scheme—the recipient is a member of the scheme;
(iii) where the sender is a disclosing entity mentioned in subsection 111AC(1)—the recipient is a member of the disclosing entity;
(iv) where the sender is a disclosing entity mentioned in subsection 111AC(2)—the recipient is a member of the managed investment scheme mentioned in that subsection; and
(d) the sender sends the document in accordance with the provision mentioned in paragraph (a) to one or more other members of a kind mentioned in whichever of subparagraphs (c)(i) to (iv) applies.
(2) For the purposes of the provision mentioned in paragraph (1)(a):
(a) the sender is taken to send the document, as required or permitted in accordance with that provision, at the later of:
(i) the time all of the conditions in paragraphs (3)(a), (b) and (c) are first satisfied; and
(ii) the time the sender first sends the document to one or more other members as mentioned in paragraph (1)(d); and
(b) the recipient is taken to receive the document when it is taken to be sent under paragraph (a) of this subsection.
Conditions for relief
(3) For the purposes of paragraph (1)(b), the conditions are that:
(a) the sender has received notification in relation to each of the following addresses that indicates it is not a current address for the recipient:
(i) if the sender is a company or responsible entity of a registered scheme—the recipient’s address in the company or scheme’s register of members;
(ii) any other addresses for the recipient, including any electronic addresses for receiving electronic communications, known to the sender because the recipient is a member mentioned in whichever of subparagraphs (1)(c)(i) to (iv) applies; and
(b) the sender reasonably believes that none of those addresses are a current address for the recipient; and
(c) the sender is unable, after taking reasonable steps, to ascertain a current address for the recipient.
(4) For the purposes of paragraph (3)(c), the sender has not taken reasonable steps unless the sender has attempted to communicate with the recipient using all contact details for the recipient that are known to the sender because the recipient is a member mentioned in whichever of subparagraphs (1)(c)(i) to (iv) applies.
Sender must send notice for relief to continue to apply after period of 18 months
(5) Subsection (6) applies if the period of 18 months starting on the day all of the conditions in paragraphs (3)(a), (b) and (c) are first satisfied has ended.
(6) Subsection (2) does not apply to the sending of a document mentioned in paragraph (1)(d) if, within the last 12 months of that period, the sender did not take reasonable steps to advise the recipient that:
(a) the sending of documents to which this Division applies to the recipient by the sender is suspended; and
(b) although that sending has been suspended, it will be resumed if the recipient provides a current address (which may be an electronic address) for being sent those documents.
20 Paragraph 110K(3)(a)
Omit “paragraph 110E(1)(c) or (d)”, substitute “subsection (3A)”.
21 After subsection 110K(3)
Insert:
(3A) For the purposes of paragraph (3)(a), the members are:
(a) for a disclosing entity mentioned in subsection 111AC(1)—the members of the disclosing entity; and
(b) for a disclosing entity mentioned in subsection 111AC(2)—the members of the managed investment scheme mentioned in that subsection.
(3B) The operator of a notified foreign passport fund must:
(a) send the Australian members of the fund, at least once in each financial year, a notice setting out the matters mentioned in subsection (4); or
(b) make such a notice readily available on a website.
22 At the end of subsection 110K(4)
Add:
; and (d) for the operator of a notified foreign passport fund—Australian members’ rights to elect to be sent reports mentioned in section 314A in English or in an official language of the home economy of the fund (see subsections 314A(3) and (4)).
23 Section 248D
Repeal the section, substitute:
248D Use of technology
(1) A directors’ meeting may be called or held using any technology.
(2) Without limiting subsection (1), a directors’ meeting may be held:
(a) at one or more physical venues; or
(b) at one or more physical venues and using virtual meeting technology; or
(c) using virtual meeting technology only.
(3) Despite subsections (1) and (2), if technology is used to call a director’s meeting, or to hold a directors’ meeting (whether or not the meeting is held at one or more physical venues), the technology must be reasonable.
24 Subsection 254P(2)
Omit “The notice must be sent by post.”.
25 Paragraphs 283EA(3)(b) and (c)
Repeal the paragraphs, substitute:
(b) in the manner mentioned in paragraph 110D(1)(a), (b), (c) or (d); or
26 Subsection 283EA(4) (heading)
Omit “fax”, substitute “electronic means”.
27 Paragraph 283EA(4)(b)
Omit “fax or other”.
28 Subsections 314A(2), (3), (4), (5), (6), (7) and (8)
Repeal the subsections, substitute:
(2) A notified foreign passport fund may provide the reports by sending them to each Australian member.
(3) If an Australian member of a notified foreign passport fund elects under subsection 110E(2) to be sent reports mentioned in this section in physical form or in electronic form, that election may also include an election to be sent the reports in English or in an official language of the home economy of the fund.
(4) If the member makes an election to be sent the reports in a language mentioned in subsection (3) of this section:
(a) for the purposes of section 110F (failure to comply with member’s election), such a report is not sent in a manner that complies with the election under section 110E unless it is sent in that language; and
(b) for the purposes of paragraph 110F(4A)(c), it is a requirement that such a report be sent in that language.
(5) A notified foreign passport fund must provide the reports in English to the extent that:
(a) the reports are provided by sending them in accordance with paragraph 110D(1)(e) (sending documents by making them available on a website); or
(b) the reports are provided to an Australian member for whom an election in accordance with subsection (3) of this section to be sent the reports in a particular language is not in force.
29 Subsection 314A(9)
Omit “(1), (3) or (7)”, substitute “(1) or (5)”.
30 Subsection 315(6)
Repeal the subsection.
31 Section 316AA
Repeal the section.
32 Subsection 316A(1)
Omit “notice in writing to the company, elect to receive a hard copy or an electronic copy of”, substitute “notifying the company (whether or not in writing), elect to receive”.
33 Subsections 316A(3) and (4)
Omit “, in accordance with the election,”.
34 Subsection 414(2)
Omit “as prescribed”, substitute “, in accordance with the requirements mentioned in subsection (10B) (if applicable),”.
35 Paragraph 414(9)(a)
Omit “as prescribed”, substitute “, in accordance with the requirements mentioned in subsection (10B) (if applicable),”.
36 After subsection 414(10)
Insert:
(10A) Without limiting the manner in which a notice mentioned in subsection (2) or paragraph (9)(a) may be given to a shareholder, the notice may be given to the shareholder personally.
(10B) If a notice mentioned in subsection (2) or paragraph (9)(a) is given to a shareholder:
(a) by sending the notice in a physical form in accordance with paragraph 110D(1)(a); or
(b) by sending information in a physical form in accordance with paragraph 110D(1)(b);
the notice or information must be sent by prepaid post to the shareholder’s address shown in the books of the transferor company.
37 Section 600G
Repeal the section.
38 After paragraph 641(1)(a)
Insert:
(aa) where the target knows an electronic address for the person because the person holds securities in the target, and believes on reasonable grounds that it is a current electronic address for the person for receiving electronic communications—that electronic address; and
(ab) where an election of the person to be sent documents by the target in physical form, or in electronic form, is in force under section 110E (disregarding subsection 110E(8)) in relation to a kind of documents mentioned in subsection (1C) of this section—the fact that such an election is in force; and
39 After subsection 641(1B)
Insert:
(1C) For the purposes of paragraph (1)(ab), the kinds of documents are:
(a) all documents to which Division 2 of Part 1.2AA applies; or
(b) one or more classes of documents that, taken together, include the documents mentioned in subsection 648CB(3) (documents relating to takeover bids).
40 After section 641
Insert:
641A Use or disclosure of information obtained from target
(1) A person (the first person) contravenes this subsection if:
(a) the target gives the bidder information under section 641 in relation to another person; and
(b) the first person:
(i) is the bidder; or
(ii) obtains the information from the bidder (whether directly or indirectly); and
(c) the first person uses or discloses the information; and
(d) the use or disclosure is not for the purposes of sending a document, or otherwise complying with an obligation under this Act, in relation to:
(i) the takeover bid; or
(ii) a compulsory acquisition of securities under Part 6A.1 relating to the takeover bid.
Civil penalty:
(a) for an individual—2,000 penalty units; and
(b) for a body corporate—10,000 penalty units.
(2) Subsection (1) does not apply if the use or disclosure is required or permitted by a law of the Commonwealth or a prescribed law of a State or internal Territory.
(3) A person who contravenes subsection (1) is not guilty of an offence.
Note: Subsection (1) is a civil penalty provision (see section 1317E).
41 Section 648B
After “address”, insert “(including the electronic address, if any)”.
42 Section 648C
Repeal the section, substitute:
648C Sending documents to holders of securities—general
(1) This section applies if a document is required or permitted to be sent to a holder of securities under this Chapter.
Note 1: Division 2 of Part 1.2AA provides for technology neutral sending of documents.
Note 2: Section 109X makes general provision for service of documents.
(2) If the document is sent by sending the document in a physical form in accordance with paragraph 110D(1)(a), or by sending information in a physical form in accordance with paragraph 110D(1)(b), the document or information must be sent:
(a) if the document or information is to be sent to the holder outside Australia—by pre‑paid airmail post or by courier; or
(b) if the document or information is to be sent to the holder in Australia—by pre‑paid ordinary post or by courier.
(3) For the purposes of this Chapter, the document is taken to have been sent to the holder:
(a) if the document is sent in a physical form in accordance with paragraph 110D(1)(a):
(i) when the document is posted; or
(ii) if the document is sent by courier—when the document is given to the courier; or
(b) if the document is sent by sending information in accordance with paragraph 110D(1)(b) (sending information in physical form that allows electronic access):
(i) when the information is posted; or
(ii) if the information is sent by courier—when the information is given to the courier; or
(c) if the document is sent by sending an electronic communication in accordance with paragraph 110D(1)(c)—when the electronic communication is sent; or
(d) if the document is sent by sending an electronic communication in accordance with paragraph 110D(1)(d) (sending information in electronic form allowing electronic access)—when the electronic communication is sent.
(4) This section applies to a requirement or permission to send a document, whether the expression send, give, serve or dispatch, or any other expression, is used.
648CB Sending documents to holders of securities—effect of election by holder to be sent documents by target in particular form
(1) This section applies if the target for a takeover bid has informed the bidder in accordance with paragraph 641(1)(ab) that an election of a holder of securities under section 110E to be sent documents in physical form or electronic form is in force.
(2) An election of the holder under section 110E to be sent documents by the bidder in the relevant form is taken to be in force from the time the target informs the bidder of the election.
(3) The election is taken to be made in relation to all documents required or permitted to be sent by the bidder under:
(a) this Chapter; or
(b) Part 6A.1; or
(c) any other provision of this Act, to the extent that it relates to the provisions mentioned in paragraphs (a) and (b).
(4) Subsection (2) has effect subject to any notification of withdrawal of the election received by the bidder from the holder of securities in accordance with paragraph 110E(7)(b).
43 Subsection 661B(3)
Repeal the subsection.
44 Subsection 661B(4)
Repeal the subsection (including the note).
45 Subsection 661D(1)
After “addresses”, insert “(but not the electronic addresses)”.
46 Subsection 662B(3)
Repeal the subsection.
47 Subsection 662B(4)
Repeal the subsection (including the note).
48 Subsection 663B(3)
Repeal the subsection.
49 Subsection 663B(4)
Repeal the subsection (including the note).
50 Subsection 664C(4)
Repeal the subsection.
51 Subsection 664C(5)
Repeal the subsection.
52 Subsection 664E(1)
Omit “returning”, substitute “giving”.
53 Subsection 664E(2)
Omit “returned” (wherever occurring), substitute “given”.
54 Subsection 665B(3)
Repeal the subsection.
55 Subsection 665B(4)
Repeal the subsection (including the note).
56 At the end of Chapter 6A
Add:
Part 6A.7—Miscellaneous
669A Sending documents
(1) This section applies to any document that is required or permitted to be sent to a person (the recipient) under this Chapter.
Note 1: Division 2 of Part 1.2AA provides for technology neutral sending of documents.
Note 2: Section 109X makes general provision for service of documents.
(2) Without limiting the manner in which the document may be sent, the document may be sent to the recipient by giving it to the recipient personally.
(3) For the purposes of this Chapter, the document is taken to have been sent to the recipient:
(a) if the document is sent in a physical form in accordance with paragraph 110D(1)(a):
(i) 3 days after the document is posted; or
(ii) if the document is sent by courier—3 days after the document is given to the courier; or
(b) if the document is sent by sending information in accordance with paragraph 110D(1)(b) (sending information in physical form that allows electronic access):
(i) 3 days after the information is posted; or
(ii) if the information is sent by courier—3 days after the information is given to the courier; or
(c) if the document is sent by sending an electronic communication in accordance with paragraph 110D(1)(c)—when the electronic communication is sent; or
(d) if the document is sent by sending an electronic communication in accordance with paragraph 110D(1)(d) (sending information in electronic form allowing electronic access)—when the electronic communication is sent.
(4) This section does not apply to a document that is required or permitted to be sent by or to ASIC under this Chapter.
(5) This section applies to a requirement or permission to send a document, whether the expression send, give, serve or dispatch, or any other expression, is used.
57 In the appropriate position in Chapter 10
Insert:
Part 10.63—Application and transitional provisions relating to Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications) Act 2022
1693 Definitions
In this Part:
amending Part means Part 1 of Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications) Act 2022.
commencement day means the day the amending Part commences.
1693A Application—signing documents
The amendments made by the amending Part apply in relation to the signing of a document (including a deed) on or after the commencement day.
1693B Application—sending documents
The amendments made by the amending Part apply in relation to a document sent on or after the commencement day.
1693C Application—uncontactable members
Section 110JA, as inserted by the amending Part, applies in relation to documents required or permitted to be sent on or after the commencement day, if the notification under paragraph 110JA(3)(a) of this Act was received on or after that day.
1693D Application—directors’ meetings
The amendment of section 248D made by the amending Part applies in relation to the calling or holding, on or after the commencement day, of a directors’ meeting.
1693E Transitional—elections by Australian members of notified foreign passport funds to receive annual reports in particular form etc.
(1) This section applies in relation to an election by an Australian member of a notified foreign passport fund, to receive reports in hard copy or as an electronic copy, that is in force under subsection 314A(3) of this Act immediately before the commencement day.
(2) Despite the repeal of that subsection by the amending Part, the election continues in force on and after that day as if it were an election under section 110E of this Act, as amended by the amending Part:
(a) to be sent such reports:
(i) for an election to receive in hard copy—in physical form; or
(ii) for an election to receive as an electronic copy—in electronic form; and
(b) if the election included an election to receive the reports in English, or in an official language of the home economy of the fund—to be sent such reports in that language.
1693F Transitional—elections by members of companies limited by guarantee to receive reports etc.
(1) This section applies in relation to an election by a member of a company limited by guarantee, to receive reports in hard copy or as an electronic copy, that is in force under subsection 316A(1) immediately before the commencement day.
(2) Despite the amendment of that subsection by the amending Part:
(a) the election continues in force on and after the commencement day as an election under subsection 316A(1) of this Act to receive such reports (in accordance with subsection 316A(2)); and
(b) an election of the member is taken to be in force under section 110E on and after the commencement day to be sent such reports:
(i) for an election to receive in hard copy—in physical form; or
(ii) for an election to receive as an electronic copy—in electronic form.
(3) Paragraph (2)(b) has effect subject to paragraph 110E(7)(b) (withdrawal of election).
58 In the appropriate position in Schedule 3
Insert:
| Subsection 110K(3B) | 30 penalty units |
59 Schedule 3 (table item dealing with subsections 314A(1), (3) and (7), column headed “provision”)
Omit “Subsections 314A(1), (3) and (7)”, substitute “Subsections 314A(1) and (5)”.
60 In the appropriate position in subsection 1317E(3) (table)
Insert:
| subsection 641A(1) | use or disclosure of information obtained from target | uncategorised |
Part 2—Contingent amendments
Division 1—Amendments if certain contingent amendments in the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 commence first
Corporations Act 2001
61 Paragraph 110C(3)(e)
After “8A”, insert “or 8B”.
62 After paragraph 110D(7)(b)
Insert:
(ba) where the sender is the corporate director of a CCIV—the recipient is a member of the CCIV; or
63 After paragraph 110F(4B)(b)
Insert:
(ba) where the sender is the corporate director of a CCIV—the recipient is a member of the CCIV; or
64 After subparagraph 110JA(1)(c)(ii)
Insert:
(iia) where the sender is the corporate director of a CCIV—the recipient is a member of the CCIV;
65 Subparagraph 110JA(3)(a)(i)
Repeal the subparagraph, substitute:
(i) if the sender is a company, responsible entity of a registered scheme or corporate director of a CCIV—the recipient’s address in the company, scheme or CCIV’s register of members;
Division 2—Repeal of certain contingent amendments in the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 if they do not commence first
Corporate Collective Investment Vehicle Framework and Other Measures Act 2022
66 Subsection 2(1) (table item 3)
Repeal the item.
67 Schedule 4
Repeal the Schedule.
Division 3—Alternative amendments if certain contingent amendments in the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 do not commence first
Corporations Act 2001
68 Paragraph 110C(3)(e)
After “8A”, insert “or 8B”.
69 After paragraph 110D(7)(b)
Insert:
(ba) where the sender is the corporate director of a CCIV—the recipient is a member of the CCIV; or
70 After paragraph 110E(1)(b)
Insert:
(ba) where the sender is the corporate director of a CCIV—the recipient is a member of the CCIV; or
71 After paragraph 110F(4B)(b)
Insert:
(ba) where the sender is the corporate director of a CCIV—the recipient is a member of the CCIV; or
72 After paragraph 110J(3)(b)
Insert:
(ba) where the sender is the corporate director of a CCIV—the recipient is a member of the CCIV; or
73 After subparagraph 110JA(1)(c)(ii)
Insert:
(iia) where the sender is the corporate director of a CCIV—the recipient is a member of the CCIV;
74 Subparagraph 110JA(3)(a)(i)
Repeal the subparagraph, substitute:
(i) if the sender is a company, responsible entity of a registered scheme or corporate director of a CCIV—the recipient’s address in the company, scheme or CCIV’s register of members;
75 After subsection 110K(2)
Insert:
(2A) A CCIV must:
(a) send the members of the CCIV, at least once in each financial year, a notice setting out the matters mentioned in subsection (4); or
(b) make such a notice readily available on a website.
76 Subsections 110K(4) and (5)
After “(2)”, insert “, (2A)”.
77 Subsection 1232H(1)
Omit “subsection 314(1AA) or (1AE)”, substitute “subsection 314(1AE)”.
78 In the appropriate position in Schedule 3
Insert:
| Subsection 110K(2A) | 30 penalty units |
Schedule 2—Documents under the National Credit Code and payment methods
Part 1—Documents under the National Credit Code
National Consumer Credit Protection Act 2009
1 At the end of section 187 of the National Credit Code
Add:
(3) Despite subsection (2), paragraphs 9(1)(d) and (2)(d) of the Electronic Transactions Act 1999 do not apply to a requirement or permission by or under this Code to give information in writing.
Note: Paragraphs 9(1)(d) and (2)(d) of the Electronic Transactions Act 1999 deal with the consent of the recipient of information to the information being given by way of electronic communication.
2 Section 194 of the National Credit Code (heading)
Repeal the heading, substitute:
194 Giving of documents
3 Section 194 of the National Credit Code
Omit “notice or other document” (wherever occurring), substitute “document”.
4 Paragraph 194(1)(a) of the National Credit Code
Omit “notices or other documents”, substitute “documents”.
5 Paragraph 194(2)(a) of the National Credit Code
Omit “under section 195”, substitute “under section 195D”.
6 Section 195 of the National Credit Code
Repeal the section, substitute:
195 Manner of giving document—application of sections 195A, 195B, 195C, 195D, 195E and 195F
(1) Sections 195A, 195B, 195C, 195D, 195E and 195F apply in relation to a document required or permitted by this Code to be given by a person (the giver) to another person (the recipient).
(2) However, those sections do not apply in relation to the document if it is required or permitted by this Code to be given to the recipient acting in the capacity of a licensee (within the meaning given by section 5 of the National Credit Act).
195A Manner of giving document—technology neutral giving of documents
(1) The document may be given to the recipient:
(a) by giving the document in a physical form; or
(b) if subsection (2) is satisfied—by giving the document in electronic form by means of an electronic communication; or
(c) if subsections (2) and (3) are satisfied—by giving the recipient sufficient information in electronic form, by means of an electronic communication, to allow the recipient to access the document electronically.
(2) This subsection is satisfied if, at the time the document is given, it is reasonable to expect that the document would be readily accessible so as to be useable for subsequent reference.
(3) This subsection is satisfied unless:
(a) regulations made for the purpose of this subsection specify a class of documents; and
(b) the document is in that class.
195B Manner of giving document—election to be given documents in physical form or electronic form
(1) The recipient may elect to be given documents:
(a) in physical form; or
(b) in electronic form;
by notifying the giver (whether or not in writing) of the election.
Note 1: For the consequences of the giver not complying with the election, see section 195C.
Note 2: If there is any inconsistency between an election under this section and a nomination under subsection 195D(1), the nomination is not valid to the extent of the inconsistency (see section 195F).
(2) An election under subsection (1) may be made in relation to:
(a) all documents; or
(b) a specified class or classes of documents, if the specified class is, or the specified classes are, set out in a notice from the giver to the recipient under subsection (3) that is in force.
(3) For the purposes of subsection (2), the giver may give the recipient notice in writing that sets out a class or classes of documents. The notice is in force until revoked in writing given by the giver to the recipient.
When an election is in force
(4) An election under subsection (1) is in force in relation to those documents during the period:
(a) beginning on:
(i) unless subparagraph (ii) applies—the first business day after the day on which the giver receives notice (whether or not in writing) of the election from the recipient; or
(ii) where the recipient, in notifying the giver of the election, specifies a later day—the first business day after that later day; and
(b) ending on:
(i) unless subparagraph (ii) applies—the first business day after the day on which the giver receives notice (whether or not in writing) from the recipient withdrawing the election; or
(ii) where the recipient, in notifying the giver of the withdrawal, specifies a later day—the first business day after that later day.
(5) However, an election under subsection (1) to be given documents in physical form is not in force in relation to a document if:
(a) the giver is required or permitted under this Code to give the document by a particular day; and
(b) the giver receives notice of the election from the recipient on or after the day that is 7 days immediately before the day mentioned in paragraph (a) of this subsection.
195C Failure to comply with recipient’s election to be given document in particular form
(1) This section applies if:
(a) an election by the recipient to be given documents by the giver in physical form or electronic form is in force in relation to a document under section 195B; and
(b) the giver gives the recipient the document only in a manner that does not comply with the election (otherwise than by way of giving it to the recipient personally).
(2) For the purposes of this Code, treat the giver as not having given the recipient the document.
(3) For the purposes of this section, the following manners of giving the document comply with the election:
(a) for an election to be given documents in physical form—the manner mentioned in paragraph 195A(1)(a);
(b) for an election to be given documents in electronic form—a manner mentioned in paragraph 195A(1)(b) or (c).
(4) If the giver gives the recipient the document as mentioned in paragraph (1)(b) by sending it by post and the recipient receives the document:
(a) subsection (2) does not apply to the giving of the document; and
(b) despite paragraph 196(1)(b), for the purposes of this Code the document is taken to be given on the date it bears or the date the recipient receives the document, whichever is the later; and
(c) treat the reference in subsection 196(2) to “this section” as being a reference to “this section or subsection 195C(4)”.
(5) If the giver gives the recipient the document as mentioned in paragraph (1)(b) by means of electronic communication and the recipient receives the document:
(a) subsection (2) does not apply to the giving of the document; and
(b) despite paragraph 196(1)(c), for the purposes of this Code the document is taken to be given on the date it bears or the time that section 14A of the Electronic Transactions Act 1999 provides is the time of receipt of the electronic communication, whichever is the later; and
(c) treat the reference in subsection 196(2) to “this section” as being a reference to “this section or subsection 195C(5)”.
195D Manner of giving document—nomination of address
(1) The recipient may nominate an address to be given documents by notifying the giver (whether or not in writing) of the nomination.
Note 1: The address may be an electronic address.
Note 2: If the recipient has nominated an address under this subsection, it will be the appropriate address for the giver to give relevant documents (see section 195E).
Note 3: If there is any inconsistency between a nomination under this subsection and an election under section 195B, the nomination is not valid to the extent of the inconsistency (see section 195F).
(2) A nomination under subsection (1) may be made in relation to:
(a) all documents; or
(b) a specified class or classes of documents, if the specified class is, or the specified classes are, set out in a notice from the giver to the recipient under subsection (3) that is in force.
(3) For the purposes of subsection (2), the giver may give the recipient notice in writing that sets out a class or classes of documents. The notice is in force until revoked in writing given by the giver to the recipient.
When a nomination is in force
(4) A nomination under subsection (1) is in force in relation to those documents during the period:
(a) beginning on:
(i) unless subparagraph (ii) applies—the first business day after the day on which the giver receives notice (whether or not in writing) of the nomination from the recipient; or
(ii) where the recipient, in notifying the giver of the nomination, specifies a later day—the first business day after that later day; and
(b) ending on:
(i) unless subparagraph (ii) applies—the first business day after the day on which the giver receives notice (whether or not in writing) from the recipient withdrawing the nomination; or
(ii) where the recipient, in notifying the giver of the withdrawal, specifies a later day—the first business day after that later day.
(5) However, a nomination of a physical address under subsection (1) is not in force in relation to a document if:
(a) the giver is required or permitted under this Code to give the document by a particular day; and
(b) the giver receives notice of the nomination from the recipient on or after the day that is 7 days immediately before the day mentioned in paragraph (a) of this subsection.
(6) Subsection (7) applies if a nomination of a physical address under subsection (1) by the recipient (the earlier nomination) was in force in relation to the document immediately before the nomination mentioned in subsection (5) started to be in force (disregarding that subsection).
(7) Apply these rules in relation to the document:
(a) treat the earlier nomination as being in force; and
(b) subsection (5) does not prevent the nomination mentioned in that subsection from being in force; and
(c) treat the reference in paragraph 195E(1)(a) to “that address” as being a reference to “any address so nominated”.
195E Manner of giving document—appropriate address
Basic rule
(1) The appropriate address of the recipient in relation to a document is:
(a) if a nomination of an address by the recipient is in force under subsection 195D(1) in relation to the document—that address; or
(b) if paragraph (a) does not apply, and an election by the recipient to be given documents in physical form is in force under section 195B in relation to the document:
(i) where the recipient does not carry on a business—the address of the place of residence of the recipient last known to the giver; or
(ii) where the recipient carries on a business—the address of the place of residence or business of the recipient last known to the giver; or
(c) if paragraph (a) does not apply, and an election by the recipient to be given documents in electronic form is in force under section 195B in relation to the document—the electronic address (if any) for receiving electronic communications for the recipient last known to the giver; or
(d) if paragraphs (a), (b) and (c) do not apply:
(i) where the recipient does not carry on a business—the address of the place of residence of the recipient last known to the giver; or
(ii) where the recipient carries on a business—the address of the place of residence or business of the recipient last known to the giver; or
(iii) the electronic address (if any) for receiving electronic communications for the recipient last known to the giver.
Note: A nominated address may be an electronic address.
Previous address used by giver where no nomination of address or election for physical or electronic form
(2) Subsection (3) applies if:
(a) paragraph (1)(d) applies in relation to the document (disregarding subsection (3)); and
(b) the most recent document of that kind that the giver gave the recipient was given at a particular address in accordance with that paragraph.
(3) Despite paragraph (1)(d), the appropriate address of the recipient in relation to the document is:
(a) unless paragraph (b) applies—the address mentioned in paragraph (2)(b); or
(b) where notice given by the giver to the recipient is in force under subsection (4), specifying an address in accordance with paragraph (4)(b)—the specified address.
(4) For the purposes of paragraph (3)(b), the giver may give the recipient notice that contains a prominent statement to the effect that:
(a) unless the recipient nominates another physical or electronic address, the giver will give documents of that kind to the giver at a specified physical or electronic address after the expiry of 14 days after the notice is given; and
(b) that specified physical or electronic address is:
(i) the address of the place of residence or business of the recipient last known to the giver; or
(ii) the electronic address for receiving electronic communications for the recipient last known to the giver; and
(c) the recipient may at any time nominate an alternative physical or electronic address to the giver.
Note: The appropriate address for giving the notice is worked out under subsection (1).
(5) Notice under subsection (4) comes into force 14 days after it is given (regardless whether the recipient has responded to that notice).
195F Nomination of address to be consistent with election as to form
If the recipient has made an election under section 195B and a nomination under subsection 195D(1):
(a) the nomination must be consistent with an election; and
(b) if there is any inconsistency between the nomination and the election, the nomination is not valid to the extent of that inconsistency.
195G Information to accompany documents given in electronic form
(1) Subsection (2) applies in relation to a document if:
(a) the document is required or permitted by this Code to be given by a person (the giver) to another person (the recipient); and
(b) the document is:
(i) specified in regulations made for the purposes of this paragraph; or
(ii) in a class of documents specified in regulations made for the purposes of this paragraph; and
(c) the giver gives the recipient the document in the manner mentioned in paragraph 195A(1)(b) or (c).
(2) The giver must take reasonable steps to ensure that:
(a) at the time the giver gives the document to the recipient, the document is accompanied by the following information:
(i) a description of the nature of the document;
(ii) a description of the consequences of not reacting to the document;
(iii) if regulations made for the purposes of this subparagraph specify other information—that information; and
(b) that information is presented in a reasonably prominent form.
Civil penalty: 5,000 penalty units.
7 Section 196 of the National Credit Code (heading)
Repeal the heading, substitute:
196 Date of document
8 Section 196 of the National Credit Code
Omit “notice or other document” (wherever occurring), substitute “document”.
9 Paragraph 196(1)(c) of the National Credit Code
Omit “subsection 14(3)”, substitute “section 14A”.
10 After section 196 of the National Credit Code
Insert:
196A References to documents include references to notices
To avoid doubt, a reference in this Division to a document includes a reference to a notice.
National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009
11 In the appropriate position
Insert:
Schedule 21—Application and transitional provisions for Schedule 2 to the Treasury Laws Amendment (Modernising Business Communications) Act 2022
1 Definitions
In this Schedule:
amending Part means Part 1 of Schedule 2 to the Treasury Laws Amendment (Modernising Business Communications) Act 2021.
commencement day means the day the amending Part commences.
2 Application—giving documents
(1) The amendments made by the amending Part apply in relation to documents given on or after the commencement day.
(2) However, the amendments made by the amending Part do not apply in relation to a document given on or after the commencement day if the document is given for the purposes of a contract that is in force immediately before the commencement day.
3 Transitional—cancellations of nominations before commencement
Subparagraph 195E(1)(d)(iii) of the National Credit Code, as inserted by the amending Part, does not apply in relation to the giving of a document to a person (the recipient) by another person (the giver) if the recipient, before the commencement day, cancelled a nomination of an address under section 195 of the National Credit Code, as in force at the time of the cancellation, in relation to documents to be given by the giver.
4 Saving—nominated addresses
A nomination of an address under paragraph 195(1)(a) or (2)(a) of the National Credit Code that is in force immediately before the commencement day continues in force on and after that day as a nomination that:
(a) is under subsection 195D(1) of the National Credit Code, as amended by the amending Part; and
(b) is made in relation to all documents (as mentioned in paragraph 195D(2)(a) of the National Credit Code, as amended by the amending Part).
Part 2—Payment methods
Corporations Act 2001
12 Paragraph 254P(2)(c)
Repeal the paragraph, substitute:
(c) details for making the payment.
13 Subsection 254P(2)
Omit “The notice must be sent by post.”.
Excise Act 1901
14 Paragraph 129C(2)(a)
Repeal the paragraph, substitute:
(a) the person may pay the penalty stated in the notice in any way stated in the notice; and
Small Superannuation Accounts Act 1995
15 Section 32
Repeal the section.
Schedule 3—Publication requirements and other amendments
Part 1—Main amendments
Competition and Consumer Act 2010
1 Paragraph 28(2)(a)
Omit “such newspapers and other journals as”, substitute “any other manner”.
2 Subsection 44GA(10)
Omit “national newspaper”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.
3 Subsection 44LD(10)
Omit “national newspaper”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.
4 Subsection 44NC(10)
Omit “national newspaper”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.
5 Subsection 44ZZOA(10)
Omit “national newspaper”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.
Corporations Act 2001
6 Section 9 (definition of daily newspaper)
Repeal the definition.
7 Section 9 (definition of national newspaper)
Repeal the definition.
8 Paragraph 103(2)(b)
Omit all the words after “published”.
9 Subsections 254Q(3), (4) and (4A)
Repeal the subsections, substitute:
Advertisement of sale
(3) At least 14 days, and not more than 21 days, before the day of the sale, a notice of the sale must be published in accordance with subsection (5A). The specific number of shares to be offered need not be specified in the notice and it is sufficient for the notice to be to the effect that all shares on which a call remains unpaid will be sold.
Postponement of sale
(4) An intended sale of forfeited shares of which a notice has been published in accordance with subsection (3) may be postponed for not more than 21 days from the date of sale specified in the notice. A notice of the date to which the sale is postponed must be published in accordance with subsection (5A).
10 After subsection 254Q(5)
Insert:
Publishing notices
(5A) A notice under subsection (3) or (4) is published in accordance with this subsection if the notice is published:
(a) unless paragraph (b) of this subsection applies—in a manner that results in the notice being accessible to the public and reasonably prominent; or
(b) if a determination in force under subsection (5B) specifies one or more manners in which such a notice may be published—in a manner so specified.
(5B) For the purposes of paragraph (5A)(b), ASIC may, by legislative instrument, make a determination specifying one or more manners in which a notice under subsection (3) or (4) may be published.
(5C) A manner of publication may be specified in the determination only if ASIC considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.
11 Paragraph 601CC(14)(a)
Omit “advertisement in a daily newspaper circulating generally in each State or Territory where the body carried on business at any time during the 6 years before the liquidation”, substitute “a notice published in accordance with subsection 601CCA(1)”.
12 At the end of Division 1 of Part 5B.2
Add:
601CCA Publishing notices relating to cessation of business etc.
(1) A notice mentioned in paragraph 601CC(14)(a) is published in accordance with this subsection if it is published:
(a) unless paragraph (b) of this subsection applies—in a manner that results in the notice being accessible to the public and reasonably prominent; or
(b) if a determination under subsection (2) is in force:
(i) if the determination specifies one or more manners of publication under paragraph (2)(a)—in a manner specified in the determination; or
(ii) if the determination specifies that such a notice may be published in the prescribed manner—in the prescribed manner.
Note: For publication in the prescribed manner, see section 1367A.
(2) For the purposes of paragraph (1)(b), ASIC may, by legislative instrument, make a determination specifying:
(a) unless the matter in paragraph (b) of this subsection is specified—one or more manners in which a notice mentioned in paragraph 601CC(14)(a) may be published; or
(b) that such a notice may be published in the prescribed manner.
(3) A manner of publication may be specified in the determination under paragraph (2)(a) only if ASIC considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.
13 Paragraph 601CL(15)(a)
Omit “advertisement in a daily newspaper circulating generally in each State or Territory where the foreign company carried on business at any time during the 6 years before the liquidation”, substitute “a notice published in accordance with subsection 601CLA(1)”.
14 After section 601CL
Insert:
601CLA Publishing notices relating to cessation of business etc.
(1) A notice mentioned in paragraph 601CL(15)(a) is published in accordance with this subsection if it is published:
(a) unless paragraph (b) of this subsection applies—in a manner that results in the notice being accessible to the public and reasonably prominent; or
(b) if a determination under subsection (2) is in force:
(i) if the determination specifies one or more manners of publication under paragraph (2)(a)—in a manner specified in the determination; or
(ii) if the determination specifies that such a notice may be published in the prescribed manner—in the prescribed manner.
Note: For publication in the prescribed manner, see section 1367A.
(2) For the purposes of paragraph (1)(b), ASIC may, by legislative instrument, make a determination specifying:
(a) unless the matter in paragraph (b) of this subsection is specified—one or more manners in which a notice mentioned in paragraph 601CL(15)(a) may be published; or
(b) that such a notice may be published in the prescribed manner.
(3) A manner of publication may be specified in the determination under paragraph (2)(a) only if ASIC considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.
15 Section 601WBH
Before “ASIC”, insert “(1)”.
16 Paragraph 601WBH(b)
Repeal the paragraph, substitute:
(b) make a notifiable instrument setting out notice of the issue of the certificate; and
(c) if regulations made for the purposes of this paragraph specify requirements for such notice to be published—publish the notice in accordance with those requirements.
17 At the end of section 601WBH
Add:
(2) To avoid doubt, paragraph (1)(c) expresses a contrary intention for the purposes of subsection 11(4) of the Legislation Act 2003.
18 Paragraph 601WDA(1)(b)
Repeal the paragraph, substitute:
(b) publish notice of the cancellation of the licence on the trustee company’s website (if any), and in another manner that is in accordance with subsection (4).
19 Subsection 601WDA(3)
Repeal the subsection (not including the note), substitute:
(3) If a certificate of transfer for a voluntary transfer determination comes into force, the transferring company must, as soon as practicable, publish notice of the transfer of estate assets and liabilities on the transferring company’s website (if any), and in another manner that is in accordance with subsection (4).
20 At the end of section 601WDA
Add:
Publishing notices
(4) A manner of publishing notice under paragraph (1)(b) or subsection (3) is in accordance with this subsection if the manner:
(a) unless paragraph (b) applies—results in the notice being accessible to the public and reasonably prominent; or
(b) if a determination in force under subsection (5) specifies one or more manners in which such a notice may be published—is so specified.
(5) For the purposes of paragraph (4)(b), ASIC may, by legislative instrument, make a determination specifying one or more manners in which notice under paragraph (1)(b) or subsection (3) may be published.
(6) A manner of publication may be specified in the determination only if ASIC considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.
21 Paragraph 1070D(6)(a)
Omit “place an advertisement in a daily newspaper circulating in a place specified by the directors”, substitute “publish a notice in a manner specified by the directors”.
22 Paragraph 1071D(6)(b)
Omit all the words after “and”, substitute “by publishing a notice in any other manner the company thinks fit”.
23 After subclause 38(2) of Schedule 4
Insert:
(2A) Without limiting paragraph (2)(c), regulations made under this clause may provide for ASIC to make, by legislative instrument, a determination relating to manners in which notice mentioned in that paragraph may be published.
Income Tax Assessment Act 1936
24 Subsection 45D(2) (heading)
Omit “in national newspaper”.
25 Subsection 45D(2)
Omit “daily newspaper that circulates generally in each State, the Australian Capital Territory and the Northern Territory”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.
26 Subsection 177EA(7) (heading)
Omit “in national newspaper”.
27 Subsection 177EA(7)
Omit “daily newspaper that circulates generally in each State, the Australian Capital Territory and the Northern Territory”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.
Income Tax Assessment Act 1997
28 Subsection 204‑50(3)
Omit “daily newspaper that circulates generally in each State, the Australian Capital Territory and the Northern Territory”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.
Insurance Act 1973
29 Subsection 29(1)
Repeal the subsection, substitute:
(1) A general insurer who changes its name must publish a notice of that fact:
(a) unless paragraph (b) applies—in a manner that results in the notice being accessible to the public and reasonably prominent; or
(b) if a determination under subsection (2A) is in force—in a manner specified in the determination.
30 After subsection 29(2)
Insert:
(2A) For the purposes of paragraph (1)(b), APRA may, by legislative instrument, make a determination specifying one or more manners in which a notice mentioned in subsection (1) may be published.
(2B) A manner of publication may be specified in the determination only if APRA considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.
31 Subsection 29(3)
Omit “placed”, substitute “published”.
Life Insurance Act 1995
32 Paragraph 191(2)(b)
Repeal the paragraph, substitute:
(b) notice of intention to make the application has been published in accordance with subsection (2A); and
33 After subsection 191(2)
Insert:
(2A) A notice referred to in paragraph (2)(b) is published in accordance with this subsection if:
(a) the form of the notice is approved by APRA in accordance with subsection (2B); and
(b) the applicant publishes the notice in a manner that:
(i) unless subparagraph (ii) of this paragraph applies—results in the notice being accessible to the public and reasonably prominent; or
(ii) if a determination under subsection (2C) is in force—is specified in the determination; and
(c) any other requirements set out in regulations made for the purposes of this paragraph are satisfied.
(2B) For the purposes of paragraph (2A)(a), APRA may approve, in writing, the form of a notice referred to in paragraph (2)(b).
(2C) For the purposes of subparagraph (2A)(b)(ii), APRA may, by legislative instrument, make a determination specifying one or more manners in which a notice referred to in paragraph (2)(b) may be published.
(2D) A manner of publication may be specified in the determination only if APRA considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.
34 Subsection 191(3)
Omit “(2)(b)”, substitute “(2A)(c)”.
35 Section 223 (heading)
Repeal the heading, substitute:
223 Other matters relating to certain replacement policy documents
36 Subsections 223(3) and (4)
Repeal the subsections.
37 Subsection 224(1)
Omit “(1)”.
38 Subparagraph 224(1)(b)(i)
Repeal the subparagraph.
39 Subparagraph 224(1)(b)(ii)
Omit “after giving notice,”.
40 Subsections 224(2) and (3)
Repeal the subsections.
41 Application provision—publishing notices
The amendments of section 191 of the Life Insurance Act 1995 made by this Part apply in relation to the publishing of notice of intention under that section on or after the commencement of this Part.
42 Saving provision—approved form of notice
(1) This item applies if an approval by APRA of a form of a notice mentioned in paragraph 191(2)(b) of the Life Insurance Act 1995 is in force immediately before the commencement of this Part under regulations made for the purposes of that paragraph.
(2) The approval continues in force (and may be dealt with) on and after that commencement as if it were an approval of a form by APRA under subsection 191(2B) of the Life Insurance Act 1995, as amended by this Part.
43 Saving provision—regulations
Despite the amendment of paragraph 191(2)(b) of the Life Insurance Act 1995 by this Part, regulations made for the purposes of that paragraph in force immediately before this Part commences continue in force (and may be dealt with) on and after that commencement as if they had been made for the purposes of paragraph 191(2A)(c) of that Act as inserted by this Part.
National Consumer Credit Protection Act 2009
44 Subsection 64(2) of the National Credit Code
Omit “in a newspaper circulating throughout each State and Territory”, substitute “in accordance with subsection (8)”.
45 Subsection 64(3) of the National Credit Code
Omit “in a newspaper circulating throughout each State and Territory”, substitute “by publishing a notice in accordance with subsection (8)”.
46 At the end of section 64 of the National Credit Code
Add:
Publishing notices
(8) A notice under subsection (1) or (3) is published in accordance with this subsection if it is published:
(a) unless paragraph (b) of this subsection applies—in a manner that results in the notice being accessible to the debtor and reasonably prominent; or
(b) if a determination in force under subsection (9) specifies one or manners in which such a notice may be published—in a manner so specified.
(9) For the purposes of paragraph (8)(b), ASIC may, by legislative instrument, make a determination specifying one or more manners in which a notice under subsection (1) or (3) may be published.
(10) A manner of publication may be specified in the determination only if ASIC considers that the manner of publication would result in such a notice being accessible to the debtor and reasonably prominent.
47 Subsection 66(2) of the National Credit Code
Omit “in a newspaper circulating throughout each State and Territory”, substitute “in accordance with subsection (6)”.
48 At the end of section 66 of the National Credit Code
Add:
Publishing notices
(6) A notice under subsection (2) is published in accordance with this subsection if it is published:
(a) unless paragraph (b) of this subsection applies—in a manner that results in the notice being accessible to the debtor and reasonably prominent; or
(b) if a determination under subsection (7) is in force—in a manner specified in the determination.
(7) For the purposes of paragraph (6)(b), ASIC may, by legislative instrument, make a determination specifying one or more manners in which a notice under subsection (2) may be published.
(8) A manner of publication may be specified in the determination only if ASIC considers that the manner of publication would result in such a notice being accessible to the debtor and reasonably prominent.
49 Subsection 119(2) of the National Credit Code
Omit “in a newspaper circulating throughout one or more States or Territories, as the court determines”, substitute “and in a manner determined by the court”.
Private Health Insurance (Prudential Supervision) Act 2015
50 Paragraph 20(4)(a)
Omit “national newspaper, or in a newspaper circulating in each jurisdiction where the insurer has its registered office or carries on business”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.
51 Paragraph 40(2)(b)
Repeal the paragraph, substitute:
(b) notify the termination day by publishing a notice:
(i) unless subparagraph (ii) applies—in a manner that results in the notice being accessible to the public and reasonably prominent; or
(ii) if a determination under subsection (2A) is in force—in a manner specified in the determination.
52 After subsection 40(2)
Insert:
(2A) For the purposes of subparagraph (2)(b)(ii), APRA may, by legislative instrument, make a determination specifying one or more manners in which a notice mentioned in paragraph (2)(b) may be published.
(2B) A manner of publication may be specified in the determination only if APRA considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.
53 Paragraph 75(2)(b)
Repeal the paragraph, substitute:
(b) after the external management or terminating management began but on or before the day on which the manager gives to the ADI written notice of the appointment that began the external management or terminating management.
Productivity Commission Act 1998
54 Sections 13 and 14
Omit “in each State and internal Territory, by advertisement published in a newspaper circulating in the State or Territory”, substitute “, by publishing a notice in a manner that results in the notice being accessible to the public and reasonably prominent”.
Superannuation Industry (Supervision) Act 1993
55 Subsection 10(1) (definition of licensing transition period)
Repeal the definition.
56 Section 29CB
Repeal the section.
57 Section 29CC (heading)
Omit “other”.
58 Subsection 29CC(1)
Repeal the subsection, substitute:
(1) APRA must decide an application for an RSE licence within 90 days after receiving it, unless APRA extends the period for deciding the application under subsection (2).
59 Subsection 29CC(2)
Omit “an application covered by paragraph (1)(a) or (b)”, substitute “the application”.
60 Paragraph 29D(1)(h)
Omit “, refused consideration under subsection 29CB(3)”.
61 Subsections 142(7) and (9)
Repeal the subsections, substitute:
Publishing notice
(7) The Regulator must publish notice of the making of each instrument under subsection (1) in a manner that results in the notice being accessible to the public and reasonably prominent.
Taxation Administration Act 1953
62 Subsection 260‑145(3) in Schedule 1
Omit “twice in a daily newspaper circulating in the State or Territory in which the person resided at the time of death”, substitute “in a manner that results in the notice being accessible to the public and reasonably prominent”.
Part 2—Contingent amendments
Corporations Act 2001
63 Subsections 254Q(5B) and (5C)
Omit “ASIC”, substitute “the Registrar”.
64 Subsections 601CCA(2) and (3)
Omit “ASIC”, substitute “the Registrar”.
65 Subsections 601CLA(2) and (3)
Omit “ASIC”, substitute “the Registrar”.
66 In the appropriate position in Chapter 10
Insert:
Part 10.64—Transitional provisions relating to Schedule 3 to the Treasury Laws Amendment (Modernising Business Communications) Act 2022
1694 Definitions
In this Part:
amending Schedule means Schedule 3 to the Treasury Laws Amendment (Modernising Business Communications) Act 2022.
1694A Savings—determinations made by ASIC
(1) Subsection (2) applies if:
(a) a determination made by ASIC under subsection 254Q(5B) of this Act (as inserted by Part 1 of the amending Schedule) (the empowering provision) is in force immediately before the commencement of this Part; or
(b) a determination made by ASIC under subsection 601CCA(2) of this Act (as inserted by Part 1 of the amending Schedule) (also the empowering provision) is in force immediately before the commencement of this Part; or
(c) a determination made by ASIC under subsection 601CLA(2) of this Act (as inserted by Part 1 of the amending Schedule) (also the empowering provision) is in force immediately before the commencement of this Part.
(2) Treat the determination as having been made by the Registrar, and being in force under the empowering provision, on the commencement of this Part.
(3) However, if the Registrar has not amended or repealed the determination before the end of the period of 6 months after that commencement, the determination is repealed at the end of that period.