Corporations Act 2001

A State is a referring State if the Parliament of the State has referred the matters covered by subsections (4) and (5) to the Parliament of the Commonwealth for the purposes of paragraph 51(xxxvii) of the Constitution:

if and to the extent that the matters are not otherwise included in the legislative powers of the Parliament of the Commonwealth (otherwise than by a reference under paragraph 51(xxxvii) of the Constitution); and

if and to the extent to which the matters are included in the legislative powers of the Parliament of the State.

A State is a referring State even if the State reference Act includes a provision to the effect that nothing in the State reference Act is intended to enable the making of laws pursuant to the amendment reference with the sole or main underlying purpose or object of regulating industrial relations matters even if, but for that provision in the State reference Act, the law would be a law with respect to a matter referred to the Parliament of the Commonwealth by the amendment reference.

A State is a referring State even if a law of the State provides that the reference to the Commonwealth Parliament of either or both of the matters covered by subsections (4) and (5) is to terminate in particular circumstances.

This subsection covers the matters to which the referred provisions relate to the extent of making laws with respect to those matters by including the referred provisions in the initial Corporations Act and the initial ASIC Act.

This subsection covers the matters of the formation of corporations, corporate regulation and the regulation of financial products and services to the extent of the making of laws with respect to those matters by making express amendments of this Act or the ASIC Act.

A State ceases to be a referring State if the State’s initial reference terminates.

A State ceases to be a referring State if:

the State’s amendment reference terminates; and

subsection (8) does not apply to the termination.

A State does not cease to be a referring State because of the termination of its amendment reference if:

the termination is effected by the Governor of that State fixing a day by proclamation as the day on which the reference terminates; and

the day fixed is no earlier than the first day after the end of the period of 6 months beginning on the day on which the proclamation is published; and

that State’s amendment reference, and the amendment reference of every other State, terminates on the same day.

In this section:

the initial Corporations Act; and

the initial ASIC Act;