Maximum transitional period for transitional corporation
2 Maximum transitional period for transitional corporation
Subject to subitem (2), the maximum transitional period for a transitional corporation is 2 years after commencement.
The CATSI Registrar may, in writing, determine a maximum transitional period, of between 24 and 30 months, for:
a specified transitional corporation; or
a specified class of transitional corporation.
The determination may be expressed to be subject to conditions.
The CATSI Registrar may, in writing, revoke, vary or suspend the determination.
Notice of the making, revocation, variation or suspension of a determination in relation to a specified class of transitional corporation must be published in the Gazette.
A determination under subitem (2) in relation to a specified class of transitional corporation is a legislative instrument.
A determination under subitem (2) in relation to a specified transitional corporation is not a legislative instrument.
Part 2-Bringing transitional corporations across to new system
Division 1-Registration under the new Act
This Act’s bill:Explanatory memorandumSecond reading speech
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