Corporations Act 2001

The Corporations legislation is not intended to exclude or limit the concurrent operation of any law of a State or Territory.

Without limiting subsection (1), the Corporations legislation is not intended to exclude or limit the concurrent operation of a law of a State or Territory that:

imposes additional obligations or liabilities (whether criminal or civil) on:

a director or other officer of a company or other corporation; or

a company or other body; or

confers additional powers on:

a director or other officer of a company or other corporation; or

a company or other body; or

provides for the formation of a body corporate; or

imposes additional limits on the interests a person may hold or acquire in a company or other body; or

prevents a person from:

being a director of; or

being involved in the management or control of;

requires a company:

to have a constitution; or

to have particular rules in its constitution.

Paragraph (a)—this includes imposing additional reporting obligations on a company or other body.

Without limiting subsection (2), a reference in that subsection to a law of a State or Territory imposing obligations or liabilities, or conferring powers, includes a reference to a law of a State or Territory imposing obligations or liabilities, or conferring powers, by reference to the State or Territory in which a company is taken to be registered.

This section does not apply to the law of the State or Territory if there is a direct inconsistency between the Corporations legislation and that law.

Section 5G prevents direct inconsistencies arising in some cases by limiting the operation of the Corporations legislation.

If:

an act or omission of a person is both an offence against the Corporations legislation and an offence under the law of a State or Territory; and

the person is convicted of either of those offences;