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ASIC Class Order [CO 98/2395]

Authoritative Version
CO 98/2395 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 05/641]
Administered by: Treasury
Registered 19 Sep 2006
Start Date 28 Jul 2005
End Date 26 Aug 2016
Date of repeal 26 Aug 2016
Repealed by ASIC Corporations (Amendment and Repeal) Instrument 2016/247

ASIC Class Order [CO 98/2395]

Transfer of information from the directors' report

This instrument has effect under subsection  341(1) of the Corporations Act 2001.

This compilation was prepared on 1 December 2005 taking into account amendments up to [CO 05/641].

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission
Subsection 341(1) — Corporations Act 2001— Class Order and Revocation

Pursuant to subsection  341(1) of the Corporations Act 2001 (“the Act”), the Australian Securities and Investments Commission (“ASIC”) hereby makes an order relieving each company, registered scheme and disclosing entity (“the Entity”) from paragraph 298(1)(c), subsection 298(1A), sections 299 to 300 (other than subsections 300(11B) and (11C)) and section 306 of the Act insofar as those sections require certain information to be included in the directors’ report (or in the financial report pursuant to subsection 300(2) of the Act) for a financial year or half-year (“the Relevant Period”) on condition that:

(a)   all of that information which is not included in the directors’ report (the “Excluded Information”) is included in:

(i)    a document which is included with the directors' report and financial report for the Relevant Period; or

(ii)   the financial report (the information required by paragraph 298(1)(c), subsection 298(1A), sections 299 and 299A and both of the subsections numbered 306(2) of the Act may not be transferred into the financial report);

(b)   the directors’ report for the Relevant Period includes a clear cross-reference to the page or pages containing the Excluded Information;

(c)   the Entity never distributes or makes available the directors’ report and financial report for the Relevant Period to  any person (whether a member or not) without the Excluded Information included and takes reasonable steps to ensure that no other person distributes or makes available the directors’ report and financial report for the Relevant Period without the Excluded Information included;

(d)   a document containing the Excluded Information is lodged with ASIC as if it were a part of the report required to be lodged with ASIC under section 319 or 320 of the Act  in respect of the Relevant Period;

(e)   a directors’ report is included in the concise report which is identical to the directors’ report except that the page references required by paragraph (b) of this order are updated as necessary; and

(f)    any of the Excluded Information otherwise required by paragraph 298(1)(c), subsection 298(1A) or sections 299 or 299A of the Act is included in any concise report for the purposes of section 314 of the Act and is lodged with ASIC under section 319 of the Act.

Purpose of the class order

The purpose of this class order is to allow companies greater flexibility in the presentation of their annual reports (comprising financial report, directors’ report, auditors’ report and attached documents) in order to facilitate improved reporting of information to users of the annual report. It is to be construed with regard to this purpose.

Revocation

Pursuant to subsection  341(1) of the Corporations Law the Australian Securities and Investments Commission hereby revokes Class Order Number 98/2015 dated 30 October 1998.

Notes to ASIC Class Order [CO 98/2395]

Note 1

ASIC Class Order [CO 98/2395] (in force under subsection  341(1) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the Tables below.

Table of Instruments

Instrument number

Date of making or FRLI registration

Date of commencement

Application, saving or transitional provisions

[CO 98/2395]

24/12/1998

24/12/1998

-

[CO 05/641]

28/7/2005

28/7/2005

-

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected

How affected

Introductory words

am.  [CO 05/641]

Para (a)

am.  [CO 05/641]

Para (d)

am.  [CO 05/641]

Para (f)

rs.  [CO 05/641]