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Corporations Regulations 2001

Authoritative Version
  • - F2021C00834
  • In force - Superseded Version
  • View Series
SR 2001 No. 193 Regulations as amended, taking into account amendments up to Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2021
Principal Regulations. These Regulations repeal the Corporations Regulations 1990 and the Partnerships and Associations Application Order 1999 (No. 1)
Administered by: Treasury
Registered 24 Aug 2021
Start Date 01 Jul 2021
End Date 24 Aug 2021
Table of contents.

Commonwealth Coat of Arms of Australia

Corporations Regulations 2001

Statutory Rules No. 193, 2001

made under the

Corporations Act 2001

Compilation No. 166

Compilation date:                              1 July 2021

Includes amendments up to:            F2021L00848

Registered:                                         24 August 2021

This compilation is in 7 volumes

Volume 1:       regulations 1.0.01–6D.5.03

Volume 2:       regulations 7.1.02–7.6.08E

Volume 3:       regulations 7.7.01–8A.7.20

Volume 4:       regulations 9.1.01–12.9.03

Volume 5:       Schedules 1, 2 and 2A

Volume 6:       Schedules 3–13

Volume 7:       Endnotes

Each volume has its own contents

About this compilation

This compilation

This is a compilation of the Corporations Regulations 2001 that shows the text of the law as amended and in force on 1 July 2021 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

  

  

  


Contents

Chapter 1—Introductory                                                                                      1

Part 1.0—Miscellaneous                                                                                                     1

1.0.01.................... Name of Regulations.......................................................... 1

1.0.02.................... Interpretation....................................................................... 1

1.0.02A................. Prescribed financial market................................................. 9

1.0.02B.................. Proprietary company thresholds (Act s 45A)..................... 9

1.0.03.................... Prescribed forms (Act s 350)............................................ 10

1.0.03A................. Documents that must be in the prescribed form................ 10

1.0.03B.................. Documents that must be lodged with ASIC...................... 11

1.0.03C.................. Documents that must be in a form approved by ASIC..... 12

1.0.04.................... Directions and instructions in forms................................. 12

1.0.05.................... Documents and information required by forms................ 12

1.0.05A................. Lodgment with ASIC....................................................... 12

1.0.06.................... Annexures accompanying forms...................................... 13

1.0.07.................... General requirements for documents................................ 13

1.0.08.................... Information to accompany financial documents lodged for financial years              14

1.0.09.................... Information to accompany financial documents etc lodged for half‑years                15

1.0.10.................... Continuous disclosure notices.......................................... 16

1.0.11.................... Certain documents to be signed by personal representatives etc               16

1.0.12.................... Form of notice of resolution............................................. 16

1.0.13.................... Time for lodging documents............................................. 16

1.0.14.................... Address of registered office or place of business............. 17

1.0.15.................... Affidavits and statements in writing................................. 17

1.0.16.................... Certification and verification of certain documents........... 17

1.0.17.................... Documents signed or sworn in accordance with the rules 18

1.0.18.................... Prescribed provisions (Act s 53)...................................... 18

1.0.20.................... Copies of orders to be lodged........................................... 18

1.0.21.................... Identification of lodged orders.......................................... 18

1.0.22.................... Territorial application of Act............................................. 18

Part 1.1—Prescribed amounts                                                                                     19

1.1.01.................... Prescribed amounts........................................................... 19

Part 1.2—Interpretation                                                                                                  20

Division 1—General                                                                                                    20

1.2.01.................... Remuneration recommendations (Act s 9B)..................... 20

Part 1.2A—Disclosing entities                                                                                       21

1.2A.01................. Securities declared not to be ED securities........................ 21

1.2A.02................. Foreign companies issuing securities under foreign scrip offers etc exempt from disclosing entity provisions............................................................... 21

1.2A.03................. Foreign companies issuing securities under employee share scheme exempt from the disclosing entity provisions.............................................. 22

Chapter 2A—Registration of companies                                            23

Part 2A.1—Size of partnerships or associations (Act s 115(2))                23

2A.1.01................. Size of partnerships or associations.................................. 23

Part 2A.2—Change of place of registration of company (Act s 119A(3))               24

2A.2.01................. Approval of application for change of place of registration 24

2A.2.02................. Special resolution may be set aside by Court order........... 24

2A.2.03................. Application for change of place of registration................. 24

2A.2.04................. Change of place of registration......................................... 24

Chapter 2B—Basic features of a company                                      26

Part 2B.6—Names                                                                                                               26

2B.6.01.................. Availability of names (Act s 147)..................................... 26

2B.6.02.................. Consents required for use of certain letters, words and expressions        26

2B.6.02A............... Exemption from requirement to include “Limited” in name 27

2B.6.03.................. Exemptions from requirement to set out name and ACN on certain documents (Act s 155).......................................................................................... 27

Chapter 2C—Registers                                                                                           28

Part 2C.1—Registers generally                                                                                    28

Division 2C.1.1—Location of register                                                               28

2C.1.01.................. Form of notice.................................................................. 28

Division 2C.1.2—Right to inspect and get copies of register                29

2C.1.02.................. Form of register................................................................ 29

2C.1.03.................. Improper purposes for getting copy of register................. 29

2C.1.04.................. Information to be included in application for copy of register  29

Division 2C.1.3—Use of information on registers by bodies corporate                30

2C.1.05.................. Contact with members after failure to provide copy of register                30

Chapter 2D—Officers and employees                                                    32

Part 2D.2—Restrictions on indemnities, insurance and termination payments   32

Division 2D.2.2—Termination payments                                                         32

2D.2.01................. Meaning of base salary.................................................... 32

2D.2.02................. Meaning of benefit............................................................ 33

2D.2.03................. When benefit given in connection with retirement from an office or a position        34

Part 2D.6—Disqualification from managing corporations                        35

Division 2D.6.1—Automatic disqualification (Act s 206B)                     35

2D.6.01................. Prescribed foreign jurisdictions (Act s 206B(7)).............. 35

Part 2D.7—Ban on hedging remuneration of key management personnel            36

2D.7.01................. Hedging arrangements (Act s 206J(3))............................. 36

Chapter 2E—Related party transactions                                           38

2E.1.01.................. Small amounts given to related entity................................ 38

Chapter 2G—Meetings                                                                                          39

Part 2G.2—Meetings of members of companies                                               39

Division 6—Proxies and body corporate representatives                      39

2G.2.01................. Authentication of appointment of proxy (Act s 250A)..... 39

Chapter 2K—Charges                                                                                            40

Part 2K.2—Registration                                                                                                  40

2K.2.01.................. Lien or charge on crop or wool, or stock mortgage, that is a registrable security: prescribed law—subsection 262(5) of the Act................................... 40

2K.2.02.................. Time period for the provisional registration of charges..... 41

2K.2.03.................. Charge that is a registrable security: specified law—paragraphs 273A(4)(b), 273B(3)(b) and 273C(3)(b) of the Act....................................................... 41

Chapter 2L—Debentures                                                                                     42

Part 2L.2—Duties of borrower                                                                                   42

2L.2.01.................. Register relating to trustees for debenture holders............ 42

Chapter 2M—Financial reports and audit                                       43

Part 2M.3—Financial reporting                                                                                  43

Division 1—Annual financial reports and directors’ reports               43

2M.3.01................. Disclosures required by notes to consolidated financial statements—annual financial reports (Act s 295)........................................................................ 43

2M.3.03................. Prescribed details (Act s 300A)........................................ 43

Part 2M.4—Auditor                                                                                                           52

2M.4.01A.............. Membership designations (Act s 324BE)......................... 52

2M.4.01................. Notice of appointment of auditors..................................... 52

Part 2M.4A—Annual transparency reports for auditors                           53

2M.4A.01.............. Application....................................................................... 53

2M.4A.02.............. Content of annual transparency report (Act s 332B)......... 53

Part 2M.6—Modification of the operation of Chapter 2M of the Act 54

2M.6.01................. Modifications (Act s 343)................................................. 54

2M.6.05................. Conduct of auditor—relevant relationships....................... 54

Chapter 2N—Updating ASIC information about companies and registered schemes                                                                                                   55

Part 2N.2—Extract of particulars                                                                             55

2N.2.01................. Particulars ASIC may require in an extract of particulars (Act s 346B)   55

Part 2N.4—Return of particulars                                                                              58

2N.4.01................. Particulars ASIC may require in a return of particulars (Act s 348B)      58

Chapter 5—External administration                                                      61

Part 5.1—Arrangements and reconstructions                                                    61

5.1.01.................... Prescribed information for paragraph 411(3)(b) and subparagraph 412(1)(a)(ii) of the Act.......................................................................................... 61

5.1.02.................... Giving notice under subsection 414(2) or (9) of the Act.. 61

5.1.50.................... Prescribed kinds of contracts, agreements or arrangements under which rights are not subject to the stay in section 415D of the Act............................... 62

Part 5.2—Receivers, and other controllers, of corporations                     63

5.2.01.................... Controller’s notice to owner or lessor of property—how given               63

5.2.02.................... Certified copies of reports................................................. 63

5.2.50.................... Prescribed kinds of contracts, agreements or arrangements under which rights are not subject to the stay in section 434J of the Act................................ 63

Part 5.3A—Administration of a company’s affairs with a view to executing a deed of company arrangement                                                                                   64

5.3A.03A.............. Notice of first meeting of creditors................................... 64

5.3A.05................. Administrator’s notice to owner or lessor of property—how given         64

5.3A.06................. Provisions included in deed of company arrangement...... 64

5.3A.06A.............. Notice of resolution to wind up voluntarily...................... 64

5.3A.07A.............. Notice of appointment of administrator............................. 64

5.3A.50................. Prescribed kinds of contracts, agreements or arrangements under which rights are not subject to the stay in section 451E of the Act................................ 65

Part 5.3B—Restructuring of a company                                                               70

Division 1—Preliminary                                                                                            70

5.3B.01.................. Definitions........................................................................ 70

Division 2—Restructuring                                                                                       72

Subdivision A—Restructuring generally                                                           72

5.3B.02.................. When restructuring ends................................................... 72

5.3B.03.................. Eligibility criteria for restructuring.................................... 72

5.3B.04.................. Transactions or dealings in the ordinary course of business 73

5.3B.05.................. Consent to transactions or dealings outside the ordinary course of business           73

5.3B.06.................. Termination of restructuring............................................. 74

Subdivision B—Restructuring practitioner for company under restructuring              75

5.3B.07.................. Authority.......................................................................... 75

5.3B.08.................. Powers of restructuring practitioner for company under restructuring     75

5.3B.09.................. Replacement restructuring practitioner must fulfil certain past requirements            75

5.3B.10.................. Restructuring practitioner has qualified privilege.............. 76

5.3B.11.................. Protection from liability.................................................... 76

Subdivision C—Stay on enforcing rights merely because the company is under restructuring etc.                                                                                                         76

5.3B.12.................. Prescribed kinds of contracts, agreements or arrangements under which rights are not subject to the stay in section 454N of the Act............................... 76

Division 3—Restructuring plan                                                                             77

Subdivision A—Preliminary                                                                                 77

5.3B.13.................. Authority.......................................................................... 77

Subdivision B—Proposing a restructuring plan                                              77

5.3B.14.................. How a restructuring plan is proposed............................... 77

5.3B.15.................. Contents of restructuring plan........................................... 77

5.3B.16.................. Restructuring proposal statement...................................... 78

5.3B.17.................. Meaning of proposal period............................................. 78

5.3B.18.................. Restructuring practitioner must make declaration in relation to restructuring plan    79

5.3B.19.................. Restructuring practitioner must notify company of defect in restructuring plan       80

5.3B.20.................. Proposal to make restructuring plan lapses....................... 80

5.3B.21.................. Proposing a restructuring plan to creditors....................... 81

5.3B.22.................. Creditors may dispute schedule of debts and claims before restructuring plan is made.......................................................................................... 82

5.3B.23.................. Creditors may change vote................................................ 83

5.3B.24.................. Company under restructuring must do certain things........ 84