Trade Practices Amendment Act (No. 1) 2002 (Cth)

Trade Practices Amendment Act (No. 1) 2002

No. 128, 2002

An Act to amend the Trade Practices Act 1974, and for related purposes

Contents 1 Short title................................... 2 Commencement............................... 3 Schedule(s)..................................

Schedule 1—Amendment of the Trade Practices Act 1974

Trade Practices Amendment Act (No. 1) 2002

No. 128, 2002

An Act to amend the Trade Practices Act 1974, and for related purposes

[Assented to 11 December 2002]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Trade Practices Amendment Act (No. 1) 2002.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the Trade Practices Act 1974

1 Section 61 Repeal the section.

2 After Division 1 of Part V Insert:

Division 1AAA—Pyramid selling

65AAA Overview

This Division sets out the meanings of a pyramid selling scheme and other related concepts. A corporation is prohibited from engaging in certain conduct in relation to a pyramid selling scheme (see sections 65AAC and 75AZO).

65AAB Definitions

In this Division:

new participant, in a pyramid selling scheme, includes a person who has applied, or been invited, to participate in the scheme.

participant, in a pyramid selling scheme, means a person who participates in the scheme.

participate, in a pyramid selling scheme, means: (a) establish or promote the scheme (whether alone or together with another person); or (b) take part in the scheme in any capacity (whether or not as an employee or agent of a person who establishes or promotes the scheme, or otherwise takes part in the scheme).