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ASIC Class Order [CO 00/0321]

Authoritative Version
  • - F2006B00369
  • No longer in force
CO 00/0321 Orders/ASIC Class Orders as made
This Class Order amends ASIC Class Order [CO 98/100] and various other ASIC Class Orders.
Administered by: Treasury
General Comments: This Class Order was originally made under subsection 341(1) of the Corporations Law and is continued in force under section 1399 of the Corporation Act 2001. This instrument was published in the Australian Securities and Investments Commission Gazette on 7 March 2000. ASIC Class Order [CO 98/109] was revoked by ASIC Class Order [CO 05/641] on 28 July 2005.
Made 08 Feb 2000
Registered 16 Feb 2006
Gazetted 07 Mar 2000
Date of repeal 17 Oct 2014
Repealed by Spent and Redundant Instruments Repeal Regulation 2014 (No. 2)

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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

SUBSECTION 341(1) CORPORATIONS LAW

CLASS ORDER

 

PURSUANT to subsection 341(1) of the Corporations Law ("the Law") the

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ("ASIC")

HEREBY:

 

(a)        Varies Class Order 98/0098 dated 10th July 1999 by replacing all occurrences of the word "incorporation" with the word "registration" and replacing all occurrences of the word "incorporated" with the word "registered";

 

(b)        Varies Class Order 98/0099 dated 10th July 1999 by inserting the words "the end of the first financial year of the company that ended after" after the word "after" in paragraph (f);

 

(c)        Varies Class Order 98/0100 dated 10th July 1999 by:

 

(i)        replacing the words "financial year to half-year" in the first paragraph with the words "financial year or half-year";

 

(ii)        inserting the following words immediately before the heading

"PRESCRIBED AMOUNTS":

 

"LOWER PRESCRIBED AMOUNTS

 

The Entity may substitute a lower amount ("the Lower Prescribed

Amount") for a prescribed amount otherwise required by this Order ("the

Replaced Prescribed Amount") provided that the Lower Prescribed

Amount is:

 

(a)        one-tenth of one cent, one cent, $1, $1,000 or $100,000;

 

(b)        less than the Replaced Prescribed Amount; and

 

(c)        applied for all amounts in the financial report and directors' report to which the Replaced Prescribed Amount otherwise applied.";

 

(iii)       Under the heading "PRESCRIBED AMOUNTS" adding immediately before the semi-colon at the end of paragraph (iv) the words "or pursuant to paragraphs 6.1 and 6.2 of accounting standard AASB 1034 "Financial Report Presentation and Disclosures" (notice of which was published in the Commonwealth of Australia Gazette on 14 October 1999) ("revised AASB 1034")"; and

 

(iv)             Under the heading "PRESCRIBED AMOUNTS" adding immediately before the semi-colon at the end of paragraph (v) the words "or pursuant to paragraph 5.3 of revised AASB 1034";


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(d)        Varies Class Order 98/0105 by replacing the following words:

 

"Paragraphs 4.1 to 7.2 of accounting standard AASB 1033 "Presentation and Disclosure of Financial Instruments" and paragraphs 4.1 to 7.2 of accounting standard AASB 1034 "Information to be Disclosed in Financial Reports"

 

with the words:

 

"Paragraphs 4.1 to 7.2 of accounting standard AASB 1033 "Presentation and Disclosure of Financial Instruments" (notice of which was given in the Commonwealth of Australia Gazette on 12 December 1996); paragraphs 4.1 to 6.6 of accounting standard AASB 1033 "Presentation and Disclosure of Financial Instruments" (notice of which was given in the Commonwealth of Australia Gazette on 29 October 1999); paragraphs 4.1 to 7.2 of accounting standard AASB 1034 "Information to be Disclosed in Financial Reports" (notice of which was given in the Commonwealth of Australia Gazette on 12 December 1996) and paragraphs 4.1 to 5.3 and 7.1 to 8.4 of accounting standard AASB 1040 "Statement of Financial Position";

 

(e)         Varies Class Order 98/0107 by replacing "("AASB 1034")" with the words " or, if applicable to the Entity's financial statements, accounting standards AASB 1018 "Statement of Financial Performance", AASB 1034 "Financial Report Presentation and Disclosures" and AASB 1040 "Statement of Financial Position" (notice of which three standards was published in the Commonwealth of Australia Gazette on 14 October 1999)";

 

(f)         Varies Class Order 98/0107 by replacing the words "set out in AASB 1034" with the words "set out in those accounting standards";

 

(g)         Varies Class Order 98/0109 by replacing the words "and before 1 July 1999" with the words "and before 1 July 2000";

 

(h)         Varies Class Order 98/0110 by inserting immediately after the words "in paragraph 8.1 of AASB 1033 "Presentation and Disclosure of Financial Instruments"" the words "or paragraph 7.1 of AASB 1033 "Presentation and Disclosure of Financial Instruments" (notice of which was given in the Commonwealth of Australia Gazette on 29 October 1999)"; and

 

(i)         Varies Class Order 98/1418 dated l3th August 1998 as varied by Class Order

98/2017 dated 30th October 1998 by replacing the following words:

 

“-         Subsections 327(1) to (5) (the requirement for a company, other than a proprietary company, to appoint an auditor) provided that the Entity is:

 

(i)         a wholly-owned subsidiary of a body corporate as defined in
section 9 of the Law; or

 

(ii)       a related body corporate of an Australian bank,"

 

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with the words:

 

“-           Subsections 327(1) to (5) (the requirement for a company, other than a

              proprietary company, to appoint an auditor),".

 

Dated the 8th day of February 2000

 

 

 

Signed by George Durbridge

as a delegate of the Australian Securities and Investments Commission