Federal Register of Legislation
Corporations Amendment (No. 1) Act 2009
No. 9, 2009
An Act to amend the law relating to corporations, and for related purposes
Contents 1 Short title 2 Commencement 3 Schedule(s)
Schedule 1—Amendments Corporations Act 2001
Corporations Amendment (No. 1) Act 2009
No. 9, 2009
An Act to amend the law relating to corporations, and for related purposes
[Assented to 25 February 2009]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Corporations Amendment (No. 1) Act 2009.
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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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—Amendments
Corporations Act 2001
1 Subsection 199A(3) (note 1) Omit "or 206E", substitute ", 206E or 206EAA".
2 At the end of section 206B Add:
Foreign court orders
(6) A person is disqualified from managing corporations if the person is disqualified, under an order made by a court of a foreign jurisdiction that is in force, from: (a) being a director of a foreign company; or (b) being concerned in the management of a foreign company.
Definitions
(7) In this section:
foreign jurisdiction means a foreign country, or part of a foreign country, prescribed by the regulations as a foreign jurisdiction for the purposes of this section.
3 After section 206E Insert:
206EAA Court power of disqualification—disqualification under a law of a foreign jurisdiction
(1) On application by ASIC, the Court may disqualify a person from managing corporations for the period that the Court considers appropriate if: (a) the person is disqualified under the law of a foreign jurisdiction from: (i) being a director of, or being concerned in the management of, a foreign company; or (ii) carrying on activities that the Court is satisfied are substantially similar to being a director of, or being concerned in the management of, a foreign company; and (b) the Court is satisfied that the disqualification under this subsection is justified.
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