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CORPORATIONS ACT 2001

SCHEDULE 4 - TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES    View history reference

Note: See section 1465A.

[CCH Note: The reference to "section 1465A" is a reference to the former Corporations Law.]

PART 7 - TRANSITIONAL PROVISIONS  

CLAUSE 38  - MODIFICATION BY REGULATIONS  

38(1)  

The regulations may modify the operation of this Act (including the provisions applied by clause 36) in relation to:


(a) a company registered under clause 3; or


(b) a company that is permitted to use the expression building society, credit union or credit society under section 66 of the Banking Act 1959; or


(c) a company that is a friendly society for the purposes of the Life Insurance Act 1995; or


(d) a specified class of any of those companies.

38(2)  

Regulations made for the purposes of this clause may only modify this Act in relation to the following matters:


(a) issuing, cancelling or redeeming membership shares or redeemable preference shares


(b) inspection of the register of members required by section 169


(c) giving notice of a meeting of a company's members


(d) members' rights to request the directors to hold a general meeting or to move a resolution at a general meeting


(e) issuing share certificates for membership shares or redeemable preference shares, or numbering those shares


(f) the publication of the names and addresses of members in the annual return


(g) the report to members required by section 314


(h) disposing of securities in a company if the whereabouts of the holder of the securities is unknown as described in section 1343


(i) the treatment of members who hold shares jointly or who have jointly given a guarantee


(j) selective buy-backs.

38(3)  

Regulations made for the purposes of this clause may not:


(a) create an offence with a penalty greater than 10 penalty units; or


(b) increase the penalty for an existing offence; or


(c) substitute for an existing offence an offence with a penalty greater than the penalty for the existing offence; or


(d) modify an obligation, contravention of which will result in committing an offence, so as to make it more difficult to comply with.

 



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