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CORPORATIONS ACT 2001

CHAPTER 1 - INTRODUCTORY  

PART 1.1A - INTERACTION BETWEEN CORPORATIONS LEGISLATION AND STATE AND TERRITORY LAWS  

SECTION 5E  CONCURRENT OPERATION INTENDED  

5E(1)  [Concurrent operation]  


The Corporations legislation is not intended to exclude or limit the concurrent operation of any law of a State or Territory.

5E(2)  [Particular laws]  


Without limiting subsection (1), the Corporations legislation is not intended to exclude or limit the concurrent operation of a law of a State or Territory that:


(a) imposes additional obligations or liabilities (whether criminal or civil) on:


(i) a director or other officer of a company or other corporation; or

(ii) a company or other body; or


(b) confers additional powers on:


(i) a director or other officer of a company or other corporation; or

(ii) a company or other body; or


(c) provides for the formation of a body corporate; or


(d) imposes additional limits on the interests a person may hold or acquire in a company or other body; or


(e) prevents a person from:


(i) being a director of; or

(ii) being involved in the management or control of;
a company or other body; or


(f) requires a company:


(i) to have a constitution; or

(ii) to have particular rules in its constitution.

Note: Paragraph (a) - this includes imposing additional reporting obligations on a company or other body.

5E(3)  [Reference to law of State or Territory imposing obligations, etc]  


Without limiting subsection (2), a reference in that subsection to a law of a State or Territory imposing obligations or liabilities, or conferring powers, includes a reference to a law of a State or Territory imposing obligations or liabilities, or conferring powers, by reference to the State or Territory in which a company is taken to be registered.

5E(4)  [Direct inconsistency]  


This section does not apply to the law of the State or Territory if there is a direct inconsistency between the Corporations legislation and that law.

Note: Section 5G prevents direct inconsistencies arising in some cases by limiting the operation of the Corporations legislation.

5E(5)  [Double jeopardy]  


If:


(a) an act or omission of a person is both an offence against the Corporations legislation and an offence under the law of a State or Territory; and


(b) the person is convicted of either of those offences;

the person is not liable to be convicted of the other of those offences.

 



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