Declarations under section 5G of the Corporations Act 2001 (Cth)
192Z Declarations under section 5G of the Corporations Act 2001 (Cth)
The regulations may declare any provision of this Act or a prescribed Act relating to compliance notices to be a Corporations legislation displacement provision for section 5G of the Corporations
Act 2001 (Cth), (either generally or specifically in relation to a provision of the Corporations legislation).
Note for subsection (1)
Section 5G of the
Corporations Act 2001 (Cth) provides that if a Territory law declares a provision of a Territory law to be a Corporations legislation displacement provision for the purposes of that section, any provision of the Corporations legislation with which the
Territory provision would otherwise be inconsistent does not operate to the extent necessary to avoid the inconsistency.
To avoid doubt, a compliance notice issued in the circumstances set out in this Division is intended to provide for how a high risk entity, a related person of a high risk entity or an original landowner is to be wound up or otherwise externally administered if:
the high risk entity, related person of a high risk entity or original landowner is or becomes a Chapter 5 body corporate; and
the compliance notice authorises or requires any act or omission by the high risk entity, related person of a high risk entity or original landowner that affects its property, debts or claims within the meaning of the Corporations Act 2001 (Cth).
This provision refers to the regulations (The regulations may declare
). Made under this Act:
This Act’s bill:Explanatory statementSecond reading speech
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