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This instrument provides additional time for companies and registered schemes to hold virtual meetings, until either 31 May 2022 (for listed companies and all registered schemes) or 30 June 2022 (for unlisted public companies), subject to conditions.
Administered by: Treasury
Registered 03 Mar 2022
Tabling HistoryDate
Tabled Senate28-Mar-2022
Tabled HR29-Mar-2022
To be repealed 30 Jun 2022
Repealed by Self Repealing
Table of contents.

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ASIC Corporations (Virtual-only Meetings) Instrument 2022/129

I, Kim Demarte, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date    2 March 2022

 



Kim Demarte

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Virtual-only Meetings) Instrument 2022/129.

2        Commencement

This instrument commences on the later of:

(a)     1 April 2022; and

(b)     the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at www.legislation.gov.au.

3        Authority

This instrument is made under subsection 253TA(2) of the Corporations Act 2001.

4        Definitions

In this instrument:

Act means the Corporations Act 2001.

Part 2—Determination

5        Entities that may hold meetings using virtual meeting technology only—listed companies and schemes

(1)     Each listed company and each listed and unlisted registered scheme is specified for the purposes of section 253TA of the Act.

(2)     The determination in subsection (1) ceases to apply at the end of 31 May 2022.

6        Entities that may hold meetings using virtual meeting technology only—unlisted companies

(1)     Each unlisted company is specified for the purposes of section 253TA of the Act.

(2)     The determination in subsection (1) ceases to apply at the end of 30 June 2022.          

 

7        Condition

Before a company or the responsible entity of a registered scheme relies on a determination in section 5 or 6, the board of directors of the company or responsible entity must pass a resolution to the effect that, in the opinion of the directors voting for the resolution, it would be unreasonable for the company or registered scheme to hold a meeting of its members, wholly or partially, at one or more physical venues due to the impact of the COVID-19 pandemic.

Part 3—Repeal

8        Repeal

This instrument is repealed at the end of 30 June 2022.