Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 601WBB — When consent of receiving company is in force
(1) The consent referred to in subparagraph 601WBA(2)(b)(iii) remains in force until it is withdrawn by the receiving company’s board with the agreement of ASIC. (2) ASIC may agree to the consent…
Section 601WCB — Certificates in relation to land and interests in land
If: (a) the receiving company becomes, under this Part, the owner of land, or of an interest in land, that is situated in a State or Territory; and (b) there is lodged with the Registrar of Titles or…
Section 601XAB — Prohibition on holding out
A person must not hold out that the person is a licensed trustee company if that is not the case. Note: Failure to comply with this section is an offence (see subsection 1311(1)).
Section 601YAB — Exemptions and modifications by regulations
(1) The regulations may: (a) exempt a person or class of persons, or an estate or class of estates, from all or specified provisions of this Chapter; or (b) provide that this Chapter applies to a…
Section 601AC — Deregistration—following amalgamation or winding up
ASIC must deregister a company if the Court orders the deregistration of the company under: (a) paragraph 413(1)(d) (reconstruction and amalgamation of Part 5.1 bodies); or (b) paragraph 481(5)(b)…
Section 601BC — Applying for registration under this Part
(1) To register the body as a company under this Part, a person must lodge an application with ASIC. Note 1: For the types of companies that can be registered under this Part, see section 601BA. Note…
Section 601C — Meaning of property
In this Part: property of a corporation includes PPSA retention of title property, if the security interest in the property is vested in the corporation because of the operation of any of the…
Section 601CC — Cessation of business etc.
(1) Within 7 days after ceasing to carry on business interstate, a registered Australian body must lodge written notice that it has so ceased. (1A) For the purposes of this section, a body carries on…
Section 601CZC — Location of register
(1) The register must be kept at: (a) the body’s registered office; or (b) the body’s principal place of business in this jurisdiction; or (c) a place in this jurisdiction (whether of the body or of…
Section 601DC — When a name is available
Name is available unless identical or unacceptable (1) A name is available to a registrable Australian body or a foreign company unless the name is: (a) identical (under rules set out in the…
Section 601EC — All documents etc. lodged with ASIC to bear ARSN or ABN
After a managed investment scheme is registered, all documents relating to the scheme that are lodged with ASIC must set out: (a) the scheme’s ARSN; or (b) if the last 9 digits of the scheme’s ARSN…
Section 601FC — Duties of responsible entity
(1) In exercising its powers and carrying out its duties, the responsible entity of a registered scheme must: (a) act honestly; and (b) exercise the degree of care and diligence that a reasonable…
Section 601GC — Changing the constitution
(1) The constitution of a registered scheme may be modified, or repealed and replaced with a new constitution: (a) by special resolution of the members of the scheme; or (b) by the responsible entity…
Section 601HC — Directors must sign lodged copy of compliance plan
The copy of a scheme’s compliance plan that is lodged with ASIC must be signed by all the directors of the responsible entity.
Section 601JC — Functions of compliance committee
(1) The functions of a scheme’s compliance committee are: (a) to monitor to what extent the responsible entity complies with the scheme’s compliance plan and to report on its findings to the…
Section 601KC — Non-liquid schemes—only one withdrawal offer to be open at any time
Only one withdrawal offer may be open at any time in relation to a particular interest in a registered scheme that is not liquid.
Section 601LC — Replacement section 208
Chapter 2E applies as if section 208 were replaced by the following section: 208 Need for member approval for financial benefit (1) If all the following conditions are satisfied in relation to a…
Section 601NC — Winding up if scheme’s purpose accomplished or cannot be accomplished
(1) If the responsible entity of a registered scheme considers that the purpose of the scheme: (a) has been accomplished; or (b) cannot be accomplished; it may, in accordance with this section, take…
Section 601PBC — Deregistration—initiated by ASIC
(1) ASIC may decide to deregister the fund as a registered scheme if: (a) the fund does not have a responsible entity that meets the requirements of section 601FA; or (b) the fund does not have a…
Section 601PC — Reinstatement
(1) ASIC may reinstate the registration of a managed investment scheme if ASIC is satisfied that the scheme should not have been deregistered or if the defect that led to the scheme being…
Section 601RAC — Meaning of traditional trustee company services and estate management functions
(1) The following are traditional trustee company services: (a) performing estate management functions (see subsection (2)); (b) preparing a will, a trust instrument, a power of attorney or an agency…
Section 601SAC — Powers etc. conferred by or under this Chapter are in addition to other powers etc.
The powers, functions, liabilities and obligations, and the privileges and immunities, conferred or imposed on licensed trustee companies by or under this Chapter are in addition to, and not in…
Section 601SBC — Court may order audit
(1) The Court may, on any application under section 601SBB, in addition to or in substitution for any account to be provided by the licensed trustee company under that section, order that a person…
Section 601SCC — Regulations relating to establishment or operation of common funds
The regulations may include provisions relating to the establishment or operation of common funds.
Section 601TBC — Part does not prevent charging fee for provision of account
Nothing in the Part prevents a licensed trustee company from charging a fee permitted by subsection 601SBB(3) for the provision of an account.
Section 601TDC — Option 1: capital commission and income commission
One-off capital commission (1) The trustee company may charge a capital commission (GST inclusive) at a rate not exceeding 5.5% of the gross value of the charitable trust’s assets. (2) The capital…
Section 601VAC — Orders to remedy unacceptable control situation
(1) If an unacceptable control situation exists in relation to a licensed trustee company, the Court may make such orders as the Court considers appropriate for the purpose of ensuring that the…
Section 601VBC — Duration of approval
(1) An approval under section 601VBB remains in force: (a) if the notice of approval specifies a period during which the approval remains in force—until the end of that period, or if the Minister…
Section 601VCC — Anti-avoidance
(1) If: (a) one or more persons enter into, begin to carry out or carry out a scheme; and (b) it would be concluded that the person, or any of the persons, who entered into, began to carry out or…
Section 601WBC — Complementary State or Territory legislation
State or Territory legislation referred to in subparagraph 601WBA(2)(b)(iv) must include provision to ensure that, when a certificate of transfer comes into force under this Division, the receiving…
Section 601WCC — Certificates in relation to other assets
(1) If: (a) an asset (other than land or an interest in land) becomes, under this Part, an asset of the receiving company; and (b) there is lodged with the person or authority who has, under a law of…
Section 601AD — Effect of deregistration
Company ceases to exist (1) A company ceases to exist on deregistration. Note: Despite the deregistration, officers of the company may still be liable for things done before the company was…
Section 601BD — ASIC gives body ACN, registers as company and issues certificate
Registration (1) If an application is lodged under section 601BC, ASIC may: (a) give the body an ACN; and (b) register the body as a company of the proposed type specified in the application; and (c)…
Section 601CD — When a foreign company may carry on business in this jurisdiction
(1) A foreign company must not carry on business in this jurisdiction unless: (a) it is registered under this Division; or (b) it has applied to be so registered and the application has not been…
Section 601CZD — Application of sections 173 to 177
Sections 173 to 177 apply to a register kept under this Division as if it were kept under Chapter 2C. Note: Sections 173 to 177 deal with rights to inspect the register and get copies, the…
Section 601DD — Registered Australian bodies and registered foreign companies can carry on business with some names only
(1) A registered Australian body or registered foreign company must not carry on business under a name in this jurisdiction unless subsection (2) or (3) authorises the body or company to use the…
Section 601ED — When a managed investment scheme must be registered
(1) Subject to subsections (2) and (2A), a managed investment scheme must be registered under section 601EB if: (a) it has more than 20 members; or (b) it was promoted by a person, or an associate of…
Section 601FD — Duties of officers of responsible entity
(1) An officer of the responsible entity of a registered scheme must: (a) act honestly; and (b) exercise the degree of care and diligence that a reasonable person would exercise if they were in the…
Section 601HD — ASIC may require further information about compliance plan
(1) ASIC may direct the responsible entity of a registered scheme to give it information about the arrangements contained in the compliance plan. The direction is to be given by notice in writing to…
Section 601JD — Duties of members
(1) A member of a scheme’s compliance committee must: (a) act honestly; and (b) exercise the degree of care and diligence that a reasonable person would exercise if they were in the member’s…
Section 601KD — Non-liquid schemes—how payments are to be made
The responsible entity of a registered scheme that is not liquid must ensure that withdrawal requests made in response to a withdrawal offer are satisfied within 21 days after the offer closes. No…
Section 601LD — Omission of sections 213, 214 and 224
Chapter 2E applies as if sections 213, 214 and 224 were omitted. Note: Instead of section 224, the rule in section 253E will apply.
Section 601ND — Winding up ordered by Court
(1) The Court may, by order, direct the responsible entity of a registered scheme to wind up the scheme if: (a) the Court thinks it is just and equitable to make the order; or (b) within 3 months…
Section 601PBD — Notices relating to deregistration process
Notice before deregistration (1) If ASIC proposes to deregister a registered scheme that is an Australian passport fund under subsection 601PBB(3) or paragraph 601PBC(7)(b), ASIC must give written…
Section 601RAD — Meaning of person with a proper interest
(1) A person with a proper interest, in relation to an estate, includes (but is not limited to) the following: (a) ASIC; (b) in relation to a charitable trust: (i) the settlor, or one of the…
Section 601SCD — Arm’s length transactions
(1) A licensed trustee company that operates a common fund that is not a registered scheme must not give a financial benefit in relation to the common fund to a related party. Note: Failure to comply…
Section 601TBD — Part does not prevent reimbursement
Nothing in this Part prevents the reimbursement to a licensed trustee company of all disbursements properly made by the trustee company in the provision of a traditional trustee company service.
Section 601TDD — Option 2: annual management fee
(1) Instead of a capital commission and income commission under section 601TDC, the trustee company may charge an annual management fee (GST inclusive) at a rate not exceeding 1.056% of the gross…
Section 601VAD — Injunctions
(1) If any conduct (including a refusal or failure to act) amounts or would amount to a contravention of this Part in relation to a particular licensed trustee company, the trustee company is taken,…
Section 601VBD — Conditions of approval
(1) An approval under section 601VBB is subject to such conditions (if any) as are specified in the notice of approval. (2) The Minister may, by written notice given to a person who holds an approval…