Corporations (Commonwealth Powers) Act 2001 (Tas)

Corporations (Commonwealth Powers) Act 2001

An Act to refer certain matters relating to corporations and financial products and services to the Parliament of the Commonwealth for the purposes of section 51(xxxvii) of the Constitution of the Commonwealth and for other purposes [Royal Assent 29 June 2001]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1. Short title This Act may be cited as the Corporations (Commonwealth Powers) Act 2001 .

2. Commencement This Act commences on the day on which this Act receives the Royal Assent.

3. Purpose of Act (1) The purpose of this Act is to refer certain matters relating to corporations and financial products and services to the Parliament of the Commonwealth for the purposes of section 51(xxxvii) of the Constitution of the Commonwealth, so as to enable that Parliament to make laws that apply of their own force in the State, instead of those matters being dealt with by the Corporations Law and other applied laws. (2) Nothing in this Act is intended to enable the making of a law pursuant to the amendment reference with the sole or main underlying purpose or object of regulating industrial relations matters even if, but for this subsection, the law would be a law with respect to a matter referred to the Parliament of the Commonwealth by the amendment reference.

4. Interpretation (1) In this Act – amendment reference means the reference under section 5(1)(b) ; commencement day means the day on which section 5(1) comes into operation; Corporations instrument means any instrument made or issued under the Corporations legislation; Corporations legislation means Commonwealth Acts enacted in the terms, or substantially in the terms, of the tabled text and as in force from time to time; express amendment of the Corporations legislation means the direct amendment of the text of the Corporations legislation (whether by the insertion, omission, repeal, substitution or relocation of words or matter) by Commonwealth Acts, but does not include the enactment by a Commonwealth Act of a provision that has or will have substantive effect otherwise than as part of the text of the Corporations legislation; initial reference means the reference under section 5(1)(a) ; prescribed termination day means the day on which both the references are to terminate as set out in section 6(1) ; reference means – (a) the initial reference; or (b) the amendment reference; referred provisions means the tabled text to the extent to which that text deals with matters that are included in the legislative powers of the Parliament of the State; tabled text means the text of the following proposed Bills for Commonwealth Acts, comprised in two or more documents (each bearing identification as "part of the tabled text") as tabled by or on behalf of the Attorney General of New South Wales in the Legislative Assembly of New South Wales at any time during the period between the giving of notice of motion for leave to introduce the Bill for the Corporations (Commonwealth Powers) Act 2001 of that State in that Legislative Assembly and the second reading of that Bill in that Legislative Assembly: (a) Corporations Bill 2001 ; (b) Australian Securities and Investments Commission Bill 2001 . (2) If a proclamation terminating the amendment reference alone has been published under section 8 and has not been revoked, the expression "the references" refers to the initial reference only.