Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 1055A — AFCA to give reasons
AFCA must give written reasons for its determination of a superannuation complaint.
Section 1055B — Operation of determination of superannuation complaint
(1) Subject to subsection (2), a determination of a superannuation complaint by AFCA comes into operation immediately upon the making of the determination. (2) AFCA may specify in the determination…
Section 1055C — Evidence of determination of superannuation complaint
(1) A document purporting to be a copy of AFCA’s determination of a superannuation complaint, and purporting to be certified, by an AFCA staff member who is authorised to do so, to be a true copy of…
Section 1055D — Compliance with determinations under the AFCA scheme
If: (a) a superannuation complaint has been made concerning a disability benefit (whether under a contract of insurance or otherwise); and (b) a determination is made by AFCA that a person other than…
Section 1056 — When superannuation complaint cannot be made in relation to decision about the payment of death benefit
(1) A person cannot make a superannuation complaint under the AFCA scheme relating to a decision by a death benefit decision-maker relating to the payment of a death benefit unless the person has an…
Section 1056A — Joining persons to complaints relating to death benefit decisions
(1) If a death benefit decision-maker: (a) makes a decision relating to the payment of a death benefit; and (b) is notified by AFCA of a superannuation complaint made in accordance with section 1056…
Section 1057 — Appeals to the Federal Court from determination of superannuation complaint
(1) A party to a superannuation complaint may appeal to the Federal Court, on a question of law, from AFCA’s determination of the complaint. (2) An appeal by a person under subsection (1) is to be…
Section 1057A — Operation and implementation of determination that is subject to appeal
(1) Subject to this section, the institution of an appeal to the Federal Court from AFCA’s determination of a superannuation complaint does not affect the operation of the determination or prevent…
Section 1057B — Sending of documents to, and disclosure of documents by, the Federal Court
If an appeal is instituted in the Federal Court from AFCA’s determination of a superannuation complaint: (a) AFCA must send to the Court all documents that were before AFCA in connection with the…
Section 1058 — Secrecy
(1) An AFCA staff member must not directly or indirectly: (a) make a record of, or disclose to any person, court or investigating authority, any information acquired by the staff member under section…
Section 1058A — Authorised use or disclosure of information
(1) An AFCA staff member may use or disclose information or documents obtained by an AFCA staff member under or for the purposes of this Part if: (a) the use or disclosure is for the purposes of: (i)…
Section 1058B — AFCA reporting to CSLR operator
Notification of unpaid fees to CSLR operator (1) AFCA must notify the CSLR operator, in writing, of AFCA’s unpaid fees, for a month ending on or after the accumulation recovery day, as soon as…
Section 1059 — Establishment of the scheme
The financial services compensation scheme of last resort is established by this Part.
Section 1060 — Minister may authorise an operator of the scheme
(1) The Minister may, by notifiable instrument, authorise a person to operate the financial services compensation scheme of last resort if the Minister is satisfied the person will meet the mandatory…
Section 1061 — Minister may appoint independent member
The Minister may, by written instrument, appoint an independent person to be a member of the board of the CSLR operator. Note: The independent person appointed by the Minister is the Chair of the…
Section 1062 — Mandatory requirements
(1) The mandatory requirements for a person (the operator) to operate the financial services compensation scheme of last resort are: (a) the organisational requirement under subsection (2); and (b)…
Section 1063 — Compensation payments
(1) The CSLR operator must pay to a person an amount of compensation for a relevant AFCA determination made in respect of the person if: (a) the person is eligible under section 1064 for compensation…
Section 1064 — Eligibility for compensation payments
Eligibility for compensation (1) A person is eligible for compensation for a relevant AFCA determination made in respect of the person if: (a) the determination requires an amount to be paid to the…
Section 1065 — Meaning of relevant AFCA determination
(1) A determination made by AFCA in respect of a person is a relevant AFCA determination if: (a) the determination relates to a complaint by the person that: (i) at the time the complaint is made, is…
Section 1066 — Applications for compensation payments
(1) A person may apply, in the approved form, to the CSLR operator for compensation for a relevant AFCA determination made in respect of the person. (2) An application is in the approved form if and…
Section 1067 — Amount of compensation payments
The amount of compensation for a person for a relevant AFCA determination made in respect of the person must be an amount equal to the lower of the following amounts: (a) $150,000; (b) the amount…
Section 1068 — Offer of compensation payments
Offer of compensation (1) If a person is eligible under section 1064 for compensation for a relevant AFCA determination made in respect of the person, the CSLR operator must offer to the person, in…
Section 1069 — Acceptance of offer of compensation payments
(1) A person accepts an offer made under section 1068 of an amount of compensation if the person notifies the CSLR operator, in writing, that the person accepts the offer. (2) If the person does not…
Section 1069A — CSLR operator’s right of subrogation if compensation is paid
If: (a) the CSLR operator pays an amount of compensation: (i) to a person under section 1063; and (ii) for a relevant AFCA determination that required payment of an amount by another person (the AFCA…
Section 1069B — Payment of AFCA’s unpaid fees
(1) The CSLR operator must pay to AFCA an amount equal to AFCA’s unpaid fees for a month starting on or after the accumulation recovery day if AFCA has notified the CSLR operator of those fees in…
Section 1069C — Payment of AFCA’s accumulated unpaid fees
(1) The CSLR operator must pay to AFCA an amount equal to AFCA’s accumulated unpaid fees if AFCA has notified the CSLR operator of those fees in accordance with subsection 1058B(3). (2) The CSLR…
Section 1069D — Power to obtain information and documents
(1) If the CSLR operator has reason to believe that a person is capable of giving information or producing documents relevant to an application for compensation under this Part, the CSLR operator…
Section 1069E — Authorised use or disclosure of information
A CSLR staff member may use or disclose information or documents obtained by a CSLR staff member under or for the purposes of this Part if: (a) the use or disclosure is for the purposes of: (i) this…
Section 1069F — Reporting by CSLR operator
Reporting compensation payments (1) If the CSLR operator pays an amount of compensation: (a) to a person under section 1063; and (b) for a relevant AFCA determination that required payment of an…
Section 1069G — Publishing reports
(1) The CSLR operator must, as soon as reasonably practicable after the end of a levy period, prepare a report for the levy period that contains information about the matters prescribed by…
Section 1069H — Ministerial determination
Ministerial determination (1) Subsection (2) applies if the Minister is notified under subsection 1069F(3) that a revised claims, fees and costs estimate for: (a) a levy period; and (b) a sub-sector…
Section 1069J — Obligation to comply with mandatory requirements
The CSLR operator must ensure that the mandatory requirements for the CSLR operator under section 1062 are complied with.
Section 1069K — ASIC may issue regulatory requirements
ASIC may, by legislative instrument, issue to the CSLR operator regulatory requirements relating to compliance with the mandatory requirements for the CSLR operator under section 1062.
Section 1069L — General directions to CSLR operator
Notice of intention to issue a direction (1) If ASIC considers that the CSLR operator has not done all things reasonably practicable to ensure compliance with: (a) the mandatory requirements for the…
Section 1069M — Costs for first levy period
Estimate of costs for first levy period (1) The CSLR operator may, by notifiable instrument made at any time before the start of the first levy period, determine for the first levy period and a…
Section 1069N — Payment to the CSLR operator of amount for the first levy period for the scheme
(1) The Commonwealth must pay to the CSLR operator the amount mentioned in subsection (2) for the first levy period for the following purposes: (a) the CSLR operator paying compensation under section…
Section 1069P — Payment to the CSLR operator of amounts equal to levy
(1) The Commonwealth must pay to the CSLR operator an amount equal to each amount received by ASIC, on behalf of the Commonwealth, by way of: (a) an instalment of levy (within the meaning of the…
Section 1069Q — Application of money by CSLR operator
(1) The money of the CSLR operator is to be applied only: (a) to pay compensation under section 1063; and (b) to pay AFCA’s unpaid fees under section 1069B; and (c) to pay AFCA’s accumulated unpaid…
Section 1069R — Investment by CSLR operator
The CSLR operator must not invest money of the CSLR operator unless: (a) the money is not immediately required for the purposes mentioned in paragraphs 1069Q(1)(a) to (e); and (b) the money is…
Section 1069S — Recovery of overpayments
(1) If: (a) the CSLR operator pays an amount of compensation to a person under, or purportedly under, this Part; and (b) the amount paid exceeds the amount (if any) properly payable to the person…
Section 1070A — Nature of shares and certain other interests in a company or registered scheme
(1) A share, other interest of a member in a company or interest of a person in a registered scheme: (a) is personal property; and (b) is transferable or transmissible as provided by: (i) the…
Section 1070B — Numbering of shares
(1) Except as provided in subsection (2), a company must ensure that each share in the company is distinguished by an appropriate number. Note: Failure to comply with this subsection is an offence…
Section 1070C — Matters to be specified in share certificate
(1) A company must ensure that a certificate it issues specifying the shares held by a member of the company states: (a) the name of the company and the fact that it is registered under this Act; and…
Section 1070D — Loss or destruction of title documents for certain securities
(1) This section applies to the following securities: (a) shares in a company; (b) debentures of a company; (c) interests in a registered scheme. (2) This section applies to an interest in a…
Section 1071A — Application of the Subdivision to certain securities
(1) This Subdivision applies to the following securities: (a) shares in a company; (b) debentures of a company; (c) interests in a registered scheme. (2) This Subdivision applies to an interest in a…
Section 1071B — Instrument of transfer
(1) This section does not apply to a transfer of a security through a prescribed CS facility. (2) Subject to subsection (5), a company must only register a transfer of securities if a proper…
Section 1071C — Occupation need not appear in transfer document, register etc.
(1) A document transferring securities need not state the occupation of the transferor or transferee and, if it is signed by a person, the signature need not be witnessed. (2) Subsection (1) applies…
Section 1071D — Registration of transfer at request of transferor
(1) A written application by the transferor of a security of a company for the transferee’s name to be entered in the appropriate register is as effective (for the company’s purposes) as if it were…
Section 1071E — Notice of refusal to register transfer
If a company refuses to register a transfer of a security of the company, it must, within 2 months after the date on which the transfer was lodged with it, give the transferee notice of the refusal.…
Section 1071F — Remedy for refusal to register transfer or transmission
(1) If a relevant authority in relation to a company: (a) refuses or fails to register; or (b) refuses or fails to give its consent or approval to the registration of; a transfer or transmission of…