Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 05/542]

Authoritative Version
  • - F2005L01930
  • No longer in force
CO 05/542 Orders/ASIC Class Orders as made
Varies ASIC Class Order [CO 98/1418] to clarify the level of certification required by a legal practitioner and create greater certainty for lawyers giving certificates. ASIC Class Order [CO 98/1418] "Wholly-owned entities" relieves certain wholly-owned companies from the requirement to prepare and lodge audited financial statements under Chapter 2M of the Act where they enter into deeds of cross guarantee with their parent entity and meet certain conditions. One condition is that any new deed of cross guarantee, or any or any new assumption deed adding a new company to a deed of cross guarantee, is accompanied by a certificate by a legal practitioner. That certificate must include a statement concerning aspects of execution of the new deed.
Administered by: Treasury
Registered 20 Jun 2005
Tabling HistoryDate
Tabled HR21-Jun-2005
Tabled Senate22-Jun-2005
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Australian Securities and Investments Commission
Corporations Act 2001 — Subsection 341(1) — Variation

Enabling provision

1.         The Australian Securities and Investments Commission makes this instrument under subsection 341(1) of the Corporations Act 2001.

Title

2.         This instrument is ASIC Class Order [CO 05/542].

Commencement

3.         This instrument commences on the date it is registered under the Legislative Instruments Act 2003.

Note:   An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at www.frli.gov.au.

Variation

4.         ASIC Class Order [CO 98/1418] is varied by, in the definition of “Certificate” under the heading “Interpretation”:

(a)        omitting paragraph (b) and substituting:

“(b)      that, in relation to the execution of the Deed by each party to it that is a company, either:

(i)         the Deed appears to be signed in accordance with subsection 127(1) of the Act; or

(ii)        the company’s common seal appears to have been fixed to the Deed, and the fixing of the seal appears to have been witnessed, in accordance with subsection 127(2) of the Act;

and the provider of the certificate does not know and has no reason to suspect that the Deed has not been duly executed by the company;

(ba)      that the provider of the certificate, after having made such inquiries as were reasonable in the circumstances, is of the opinion that the Deed has been duly executed by each party to it that is not a company;”;

(b)        in paragraph (d) after “reports” inserting “for the financial years”; and

(c)        in paragraph (e) omitting “(a) and (b)” and substituting “(a), (b) and (ba)”.

 

Dated this 15th day of June 2005

 

 

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission