Corporations (Review Fees) Regulations 2003

Statutory Rules 2003 No. 1601

I, GUY STEPHEN MONTAGUE GREEN, Administrator of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Corporations (Review Fees) Act 2003.

Dated 25 June 2003

G. S. M. GREEN

Administrator

By His Excellency’s Command

IAN CAMPBELL

Parliamentary Secretary to the Treasurer

Contents

 1 Name of Regulations 

 2 Commencement 

 3 Definitions 

 4 Review fees 

 5 No fee for second review date in a financial year 

Schedule 1 Review fees 

1 Name of Regulations

  These Regulations are the Corporations (Review Fees) Regulations 2003.

2 Commencement

  These Regulations commence on 1 July 2003.

3 Definitions

  In these Regulations:

Act means the Corporations Act 2001.

small transferring financial institution means a transferring financial institution of a State or Territory:

 (a) for which a review date applies in accordance with sections 345A, 345B and 345C of the Act; and

 (b) for which any of the following circumstances exists on 1 July immediately before that review date:

 (i) a levy under the Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998 or the Life Insurance Supervisory Levy Imposition Act 1998 is not payable;

 (ii) the minimum levy amount determined under subsection 7 (3) of the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998 is payable;

 (iii) the minimum levy amount determined under subsection 7 (3) of the Life Insurance Supervisory Levy Imposition Act 1998 is payable.

special purpose company means:

 (a) a company holding a licence that is continued in force by section 151 of the Act and allows the company to omit ‘Limited’ from its name; or

 (b) in the case of a company limited by guarantee, or by both shares and guarantee, that was registered immediately before the commencement of this paragraph — if the constitution of the company states that the company:

 (i) is formed for the purpose of providing recreation or amusement or promoting commerce, industry, art, science, religion, charity, patriotism, pension or superannuation schemes or any other object useful to the community; and

 (ii) applies its profits (if any) or other income in promoting its purpose; and

 (iii) prohibits the distribution of its income or property to its members; or

 (c) a company that, under subsection 150 (1) of the Act, is registered without ‘Limited’ in its name; or

 (d) a company the constitution of which:

 (i) requires the company to pursue charitable purposes only and to apply its income in promoting those purposes; and

 (ii) prohibits the company making distributions to its members and paying fees to its directors; and

 (iii) requires its directors to approve all other payments the company makes to them; or

 (e) a proprietary company, if:

 (i) the company is the proprietor of land on which a building divided into separate residential areas and areas for common use is erected; and

 (ii) the members of the company are entitled, because of the shares they hold in the company, to the exclusive occupation of 1 or more of the residential areas and to the use of the common areas; and

 (iii) the company only operates to facilitate and enforce the rights of company members in relation to the exclusive occupation of the residential areas and to maintain the common areas; or

 (f) a company, other than a company mentioned in paragraph (a), (b), (c), (d) or (e), if:

 (i) the constitution of the company prohibits distribution of the company’s income or property to its members; and

 (ii) the sole purpose of the company is to act as the trustee of a regulated superannuation fund within the meaning of section 19 of the Superannuation Industry (Supervision) Act 1993.

transferring financial institution of a State or Territory has the meaning given by clause 1 of Schedule 4 to the Act.

4 Review fees

 (1) For subsection 5 (1) of the Corporations (Review Fees) Act 2003, fees are prescribed in relation to review dates for a company or registered scheme mentioned in column 2 of Schedule 1.

 (2) Subject to regulation 5, for subsection 6 (1) of the Corporations (Review Fees) Act 2003, the amounts mentioned in column 3 of Schedule 1 are specified as review fees.

5 No fee for second review date in a financial year

 (1) This regulation applies if:

 (a) a company or responsible entity of a registered scheme changes the review date for the company or scheme under section 345B of the Act; and

 (b) the effect of the change of review date is that there will be 2 review dates for the company or scheme in a financial year.

  (2) For subsection 6 (1) of the Corporations (Review Fees) Act 2003, no review fee is prescribed for the second of the review dates mentioned in paragraph (1) (b).

 (3) In this regulation:

financial year means a period of 12 months commencing on 1 July.

Schedule 1 Review fees

(regulation 4)

Note

1. Notified in the Commonwealth of Australia Gazette on 26 June 2003.