Reprint noteThis is the last reprint before repeal. Repealed on 5 June 2017 by 2017 Act No. 17 s 257.Securities Industry (Application of Laws) Act 1981An Act relating to the securities industry in QueenslandPart 1Preliminary1Short titleThis Act may be cited as the Securities Industry (Application of Laws) Act 1981.2Commencements 2 om R1 (see RA s 37)3Division into Partss 3 om R1 (see RA s 36)4Interpretation(1)In this Act—agreement means the agreement made on 22 December 1978 between the Commonwealth and the States in relation to a proposed scheme for the cooperative regulation of companies and the securities industry or, if that agreement is or has been amended or affected by another agreement, that agreement as so amended or affected.commission means the National Companies and Securities Commission established by the National Companies and Securities Commission Act 1979 (Cwlth).commissioner for corporate affairs means the commissioner for corporate affairs under the Companies (Administration) Act 1981.def commissioner for corporate affairs sub 1981 No. 112s 26(a)ministerial council means the Ministerial Council for Companies and Securities established by the agreement.the applied provisions means the provisions applying by reason of sections 6 and 7.the Commonwealth Act means the Securities Industry Act 1980 (Cwlth).(2)In this Act, a reference to a Commonwealth Act shall be construed as including a reference to that Act as amended and in force for the time being and to an Act passed in substitution for that Act.(3)The provisions of the Interstate Corporate Affairs Agreement do not apply to or with respect to the applied provisions or the administration of the applied provisions.5Interpretation of Securities Industry (Queensland) CodeThe Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981 applies to the Securities Industry (Queensland) Code.Part 2Application of laws6Application of Securities Industry LawSubject to this Act, the provisions of the Commonwealth Act as in force on 31 December 1990 (other than sections 1, 2 and 3) apply—(a)as if amended as set out in schedule 1; and(b)subject to and in accordance with the Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981;
as laws of Queensland.s 6 amd 2001 No. 45s 29sch 27Application of Securities Industry RegulationSubject to this Act, the provisions of regulations in force on 31 December 1990 under the Commonwealth Act (other than provisions providing for the citation or commencement of the regulations) apply—(a)as if amended as set out in schedule 2; and(b)subject to and in accordance with the Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981;
as regulations made under the provisions applying by reason of section 6.s 7 amd 2001 No. 45s 29sch 28Fees payable(1)There shall be paid to the commissioner for corporate affairs, for and on behalf of the State, for or in respect of—(a)the lodgment of documents with the commission under the applied provisions; and(b)the registration of documents under the applied provisions or the inspection or search of registers kept by, or documents in the custody of, the commission under the applied provisions; and(c)the production by the commission, pursuant to a subpoena, of any register kept by, or documents in the custody of, the commission under the applied provisions; and(d)the issuing of documents or copies of documents, the granting of licences, consents or approvals or the doing of other acts or things by the ministerial council or the commission under the applied provisions; and(e)the making of inquiries of, or applications to, the ministerial council or the commission in relation to matters arising under the applied provisions; and(f)the submission to the commission of documents for examination by the commission;
such fees (if any) as are prescribed by regulations in force for the time being under the Securities Industry (Fees) Act 1980 (Cwlth) and specified in the schedule to those regulations as if amended as set out in schedule 3 and as if, unless the contrary intention appears, expressions used had the same respective meanings as in the applied provisions.(2)Where a fee is payable to the commissioner for corporate affairs for and on behalf of the State under subsection (1) for or in respect of the lodgment of a document with the commission and the document is submitted for lodgment without payment of the fee, the document shall be deemed not to have been lodged until the fee has been paid.(3)Where a fee is payable to the commissioner for corporate affairs for and on behalf of the State under subsection (1) for or in respect of any matter involving the doing of any act or thing by the ministerial council or the commission, the ministerial council or the commission shall not do that act or thing until the fee has been paid.(4)This section has effect notwithstanding anything contained in the applied provisions.(5)Nothing in this section prevents the commissioner for corporate affairs for and on behalf of the State from—(a)waiving or reducing, in a particular case or classes of cases, fees that would otherwise be payable pursuant to this section; or(b)refunding in whole or in part in a particular case or classes of cases, fees paid pursuant to this section.
(6)In this section, unless the contrary intention appears, expressions used have the same respective meanings as in the applied provisions.s 8 amd reg pubd gaz 5 September 1981 p 689Amendment of regulations pursuant to agreement(1)Where, under the agreement, the ministerial council approves a proposed amendment of regulations in force for the time being under the Commonwealth Act or the Securities Industry (Fees) Act 1980 (Cwlth) and, upon the expiration of 6 months after the date on which the ministerial council so approved, the amendment has not been made or has been made and is subject to disallowance or has ceased to be in force by disallowance or for any other reason, the Governor in Council may make regulations in accordance with the proposed amendment approved by the ministerial council amending the provisions of regulations applying by reason of section 7 or the regulations referred to in section 8, as the case may be.(2)Regulations made by the Governor in Council under subsection (1) may amend schedule 2 or 3, as the case may be, and that schedule as so amended shall be schedule 2 or 3, as the case may be, to this Act.(3)In this Act—(a)a reference to provisions of regulations applying by reason of section 7 includes a reference to provisions as so applying as amended in accordance with this section; and(b)a reference to fees prescribed by regulations under the Securities Industry (Fees) Act 1980 (Cwlth) includes a reference to those regulations as amended in accordance with this section.
10Publication of Securities Industry (Queensland) Code(1)The Minister may from time to time authorise the publication by the government printer of the provisions of the Commonwealth Act (other than sections 1, 2 and 3), amended as set out in schedule 1 and in operation, or to come into operation, in Queensland.(2)A document published under subsection (1)—(a)shall include the headings and sections set out in schedule 4; and(b)shall include a notification of the date, or dates, on which the several provisions set out in the document came, or come, into operation in Queensland; and(c)shall include a statement of the date on which the Minister authorised the publication; and(d)may be cited as the Securities Industry (Queensland) Code.
(3)A document that is or purports to be a copy of the Securities Industry (Queensland) Code that has been, or purports to have been, published in accordance with this section is prima facie evidence of the provisions of the Commonwealth Act applying by reason of section 6 as in operation, or to come into operation, in Queensland as notified in the document in accordance with subsection (2)(b).11Publication of Securities Industry (Queensland) Regulation(1)The Minister may from time to time authorise the publication by the government printer of the provisions of regulations under the Commonwealth Act (other than provisions providing for the citation or commencement of the regulations) amended as set out in schedule 2 and in operation, or to come into operation, in Queensland.(2)A document published under subsection (1)—(a)shall include the headings and provisions set out in schedule 5; and(b)shall include a notification of the date, or dates, on which the several provisions set out in the document came, or come, into operation in Queensland; and(c)shall include a statement of the date on which the Minister authorised the publication; and(d)may be cited as the Securities Industry (Queensland) Regulation.
(3)A document that is or purports to be a copy of the Securities Industry (Queensland) Regulation that has been, or purports to have been, published in accordance with this section is prima facie evidence of the provisions applying by reason of section 7 as in operation, or to come into operation, in Queensland as notified in the document in accordance with subsection (2)(b).12Publication of Securities Industry (Fees) Regulation(1)The Minister may from time to time authorise the publication by the government printer of the schedule to regulations prescribing fees under the Securities Industry (Fees) Act 1980 (Cwlth) amended as set out in schedule 3 and in operation, or to come into operation, in Queensland.(2)A document published under subsection (1)—(a)shall include the headings and provisions set out in schedule 6; and(b)shall include a notification of the date, or dates, on which the several provisions set out in the document came, or come, into operation in Queensland; and(c)shall include a statement of the date on which the Minister authorised the publication; and(d)may be cited as the Securities Industry (Fees) (Queensland) Regulation.
(3)A document that is or purports to be a copy of the Securities Industry (Fees) (Queensland) Regulation that has been, or purports to have been, published in accordance with this section is prima facie evidence of the provisions of the schedule to regulations referred to in section 8 as in operation, or to come into operation, in Queensland as notified in the document in accordance with subsection (2)(b).13Publication of provisions of amended Code or regulation(1)The Minister may from time to time authorise the publication by the government printer of a document setting out—(a)provisions that by reason of—(i)the enactment of an Act of the Commonwealth amending the Commonwealth Act; and(ii)the operation of section 6 (including the operation, if applicable, of schedule 1);
apply, or will apply, as laws of Queensland; or(b)provisions that by reason of—(i)regulations under the Commonwealth Act; and(ii)the operation of section 7 (including the operation, if applicable, of schedule 2);
apply, or will apply, as regulations made under the provisions applying by reason of section 6; or(c)fees that by reason of—(i)regulations under the Securities Industry (Fees) Act 1980 (Cwlth); and(ii)the operation of section 8 (including the operation, if applicable, of schedule 3);
are or will be, payable under that section.
(2)A document published under subsection (1) shall include a notification of the date, or dates, on which the provisions or fees set out in the document came, or come, into operation in Queensland.(3)A document that has been or purports to have been published in accordance with this section is prima facie evidence of provisions or fees referred to in subsection (1) set out in the document.14Interpretation of references to the applied provisions(1)Unless the contrary intention appears, in this or any other Act or in a regulation or other instrument made under this or any other Act or in any other document made by or under the authority of, or for the purposes of, a law of Queensland—(a)a reference to the Securities Industry (Queensland) Code is a reference to the provisions of the Commonwealth Act applying by reason of section 6; and(b)a reference to a provision of that Code is a reference to the corresponding provision of the Commonwealth Act as so applying; and(c)a reference to the Securities Industry (Queensland) Regulation is a reference to the provisions of regulations in force under the Commonwealth Act applying by reason of section 7; and(d)a reference to a provision of that regulation is a reference to the corresponding provision of the regulations in force under the Commonwealth Act as so applying; and(e)a reference to the Securities Industry (Fees) (Queensland) Regulation is a reference to the schedule to regulations prescribing fees under the Securities Industry (Fees) Act 1980 (Cwlth) as referred to in section 8; and(f)a reference to a provision of that schedule is a reference to the corresponding provision of the schedule to regulations in force under that Act as referred to in section 8.
(2)In subsection (1)—provision includes part, division, section, subsection, paragraph, subparagraph, schedule, form, regulation, clause, subclause or other division.15Amendment of certain provisions in accordance with approval of ministerial councilWhere, under the agreement, the ministerial council—(a)approves—(i)a proposed amendment of the Commonwealth Act; or(ii)regulations proposed to be made under the Commonwealth Act (whether or not amending other regulations); or(iii)a proposed amendment of the Securities Industry (Fees) Act 1980 (Cwlth); or(iv)regulations proposed to be made under that Act (whether or not amending other regulations); and
(b)approves proposed regulations to be made under this Act in connection with the operation of the proposed amendment or regulations referred to in paragraph (a);
the Governor in Council may make regulations amending schedule l, 2 or 3 or section 8, as the case may be, in accordance with that approval, and that schedule or section as so amended shall be schedule l, 2 or 3 or section 8, as the case may be, of this Act.15AExemptions from prescribed interest(1)Where the ministerial council approves an exemption of a right or interest, or a right or interest included in a class or kind of rights or interests, to be an exempt right or interest or a class or kind of exempt rights or interests for the purposes of the interpretation of prescribed interest in the Securities Industry (Queensland) Code, section 4(1), the Governor in Council may make regulations declaring that right or interest, or a right or interest included in that class or kind of rights or interests to be an exempt right or interest or a class or kind of exempt rights or interests for the purposes of that interpretation.(2)Regulations under subsection (1) shall be read and construed as one with the Securities Industry (Queensland) Regulation.s 15A ins 1981 No. 111s 16amd 1987 No. 45s 2Part 3Transitional provisions16Exclusion of Securities Industry Act 1975 etc.(1)The provisions applying by reason of section 6 operate to the exclusion of the provisions of the Securities Industry Act 1975 and the Companies Act 1961 in relation to acts, matters and things in relation to which the firstmentioned provisions apply.(2)The provisions of subsection (1) do not, unless the contrary intention appears—(a)revive anything not in force or existing at the time at which the exclusion of the provisions of the Securities Industry Act 1975 and the Companies Act 1961 takes effect; or(b)affect the previous operation of either of those Acts or anything duly done or suffered under either of those Acts; or(c)affect any right, privilege, obligation or liability acquired or incurred under either of those Acts; or(d)affect any penalty, forfeiture or punishment incurred in respect of any offence committed against either of those Acts; or(e)affect any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment;
and any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty, forfeiture or punishment may be imposed as if subsection (1) had not been enacted.(3)For the purposes of subsection (2)—(a)the provisions of the Securities Industry Act 1975, section 8 and of any regulations prescribing fees for the purposes of that Act; and(b)any other provisions of that Act that are necessary for the effectual operation of the provisions mentioned in paragraph (a);
continue in force, but it is not a contravention of section 8(5) of that Act as so continuing in force to divulge or communicate information to the commission or to a person authorised by the commission to receive the information.s 16 amd 1981 No. 111s 17; 1981 No. 112s 28(b) (never proclaimed into force and om 1984 No. 72s 4)17General provisionsUnless the contrary intention appears in this Act or in the Securities Industry (Queensland) Code—(a)all persons, things and circumstances appointed or created by or under the Securities Industry Act 1975 or existing or continuing under that Act immediately before the commencement of this Act shall, under and subject to this Act, the Securities Industry (Queensland) Code and the Companies Act 1961, continue to have the same status, operation and effect as they respectively would have had if this Act had not been enacted; and(b)in particular and without affecting the generality of paragraph (a), this Act does not disturb the continuity of status, operation or effect of any order, rule, regulation, scale of fees, deed, agreement, direction, instrument, document, register, registration, right, priority, liability, duty, obligation, proceeding, matter or thing made, done, effected, given, issued, entered into, accrued, incurred, existing, pending or acquired by or under the Securities Industry Act 1975 before the commencement of this Act.
18References to Securities Industry Act 1975A reference in an Act or document to a provision of the Securities Industry Act 1975 shall, unless the contrary intention appears, be construed as a reference to the provision as contained with or without modification in the Securities Industry (Queensland) Code.19Proceedings by or against commissioner to be proceedings by or against commission(1)Where, before the commencement of this Act, a proceeding under the Securities Industry Act 1975 had been commenced by or against the commissioner for corporate affairs, the proceeding may be continued by or against the commission.(2)Where, but for the enactment of this Act, a proceeding under the Securities Industry Act 1975 could have been commenced by or against the commissioner for corporate affairs, the proceeding may be commenced by or against the commission.(3)Where, but for the enactment of this Act, a proceeding could have been commenced in relation to an offence against the Securities Industry Act 1975, section 51, the proceeding may, notwithstanding section 127(1) of that Act, be commenced by the commission or, with the consent of the ministerial council, by any other person.20Power of Minister to consent to institution of proceedingsWhere—(a)the institution of the particular proceeding under the Securities Industry Act 1975 was subject to the consent of the Minister; and(b)the proceeding was not instituted before the commencement of this Act but may be instituted after that commencement by reason of the operation of section 16;
the enactment of this Act does not affect the power of the Minister to consent to the institution of the proceeding.21Registers, funds, deposits and accounts(1)Any register, fund, deposit or account kept immediately before the commencement of this Act under any provision of the Securities Industry Act 1975 shall be deemed to be part of a register, fund, deposit or account kept under the corresponding provision of the Securities Industry (Queensland) Code.(2)Where, under subsection (1), a register is to be deemed to form part of a register kept under the Securities Industry (Queensland) Code, section 89, the register shall, unless notice of change of place at which it is kept is given under section 90 of that Code, be kept at the place at which, under the Securities Industry Act 1975, it was required to be kept immediately before the commencement of this Act.(3)A person to whom the Securities Industry (Queensland) Code, section 89 applies at the commencement of this Act who did not, immediately before that commencement, keep a register under part 7 of the Securities Industry Act 1975 shall—(a)give the notice referred to in section 90(2) of that Code within 1 month after that commencement; and(b)give the notice notwithstanding that during that time the person has ceased to be a person to whom section 89 of that Code applies.
22Order of courtAn order made by the court under the Securities Industry Act 1975, section 12 or under a corresponding previous enactment and in force immediately before the commencement of this Act shall be deemed to be an order made by the court under the Securities Industry (Queensland) Code, section 14.23Investigations(1)The Securities Industry (Queensland) Code, part 2, division 2 applies to and in relation to an investigation to which the Securities Industry Act 1975, part 2, division 2 applied immediately before the commencement of this Act and so applies as if the inspector appointed to carry out the investigation was appointed, and the investigation is being carried out, pursuant to a direction given by the Minister in the exercise of a power under the Securities Industry (Queensland) Code, section 16(1) otherwise than in response to a request made by the commission under section 16(4) of that Code.(2)Where, before the commencement of this Act, an act, matter or thing had been done or had arisen in the course of an investigation to which the Securities Industry Act 1975, part 2, division 2 applied immediately before that commencement, that act, matter or thing shall have the same status, operation and effect in relation to the completion of the investigation after that commencement as if that act, matter or thing had been done or had arisen after that commencement.(3)In particular and without affecting the generality of subsection (2), an order, application, examination, deposition, writ, summons, proceeding, record, note or report made, effected, issued or given in relation to an investigation to which the Securities Industry Act 1975, part 2, division 2 applied immediately before the commencement of this Act shall have the same status, operation and effect in relation to the investigation after that commencement as if the order, application, examination, deposition, writ, summons, proceeding, record, note or report had been made, effected, issued or given after that commencement.24Licences(1)A licence under the Securities Industry Act 1975, part 4 and in force immediately before the commencement of this Act continues in force as if it were a licence issued by the commission under the Securities Industry (Queensland) Code, part 4 and, where the licence was so granted subject to a condition that the holder of the licence lodges with the commissioner for corporate affairs a bond as referred to in section 40(2)(c) of that Act, a bond so lodged and held by the commissioner for corporate affairs immediately before the commencement of this Act shall be deemed to have been approved by the commission under section 51(2)(d) of that Code and to be lodged with the local authority under that section, and that bond is a bond for the purposes of that Code and also continues to be subject to any claim in respect of it as if this Act had not been enacted.(2)Where security was lodged under the Securities Industry Act 1971, section 24 in respect of the issue of a licence and that security was retained by the commissioner for corporate affairs after that Act was repealed that security shall be and be deemed always to have been a bond lodged with and approved by the commissioner for corporate affairs as a condition of a licence under the Securities Industry Act 1975 while it is so retained.(3)Where, before the commencement of this Act, a licence under the Securities Industry Act 1975 was suspended and the period of the suspension had not expired or been removed before that commencement, the licence shall, for the purpose of this Act, be deemed to be a licence issued under the Securities Industry (Queensland) Code and suspended by the commission under that Code for a period that, subject to this Act, expires at the time at which, immediately before the commencement of this Act, the firstmentioned suspension would have expired.s 24 amd 1981 No. 112s 26(c)25Statements by licensees(1)A person who was the holder of a licence within the meaning of the Securities Industry Act 1975 shall, in relation to a prescribed year, lodge with the commission a statement in such form and containing such information as was prescribed for the purposes of section 44 of that Act by regulations in force under that Act immediately before the commencement of this Act.(2)The statement referred to in subsection (1) shall be lodged within the period of 2 months or in the case of a body corporate, 3 months after the commencement of this Act.(3)In this section—prescribed year means, in relation to a person, the whole or part of a year ending before the commencement of this Act, being a year or part of a year which commenced on the date, or on the anniversary of the date, on which a licence was granted to the person under the Securities Industry Act 1975 and in respect of which the person did not lodge a statement under section 44 of that Act.26Accounts(1)A dealer within the meaning of the Securities Industry Act 1975 who carried on a business of dealing in securities before the commencement of this Act shall, in relation to a prescribed financial year—(a)prepare a true and fair profit and loss account and balance sheet on the basis of such accounting principles (if any) and containing such information and matters as were prescribed in that regard for the purposes of the Securities Industry Act 1975, section 64(2) by regulations in force under that Act immediately before the commencement of this Act; and(b)lodge the account and balance sheet with the commission within the period of 2 months (or, in the case of a body corporate, 3 months) after the commencement of this Act together with an auditor’s report containing the information and matters prescribed in that regard for the purposes of section 64(2) of that Act by regulations in force under that Act immediately before the commencement of this Act.
(2)The commission may, on application by a dealer and the dealer’s auditor before the expiration of the period of 2 months or, as the case requires, the period of 3 months referred to in subsection (1) or, if that period has been extended pursuant to an approval or approvals previously given under this subsection, before the expiration of the period as so extended, approve an extension or further extension of the period, and such an approval may be given subject to such conditions (if any) as the commission imposes.(3)Where an approval under subsection (2) in relation to a dealer is given subject to conditions, the dealer shall comply with those conditions.(4)In this section—prescribed financial year in relation to a dealer means—(a)where the dealer is not a body corporate—a year ending on 30 June before the commencement of this Act; and(b)where the dealer is a body corporate—a financial year of the body corporate within the meaning of the Companies Act 1961 that ended before the commencement of this Act;
being a year or financial year during which the dealer carried on business as a dealer and in respect of which the dealer would, but for the enactment of this Act, have been required to lodge a profit and loss account and balance sheet under the Securities Industry Act 1975 but did not so do before the commencement of this Act.27Annual fee(1)A person who, by reason of section 24, is the holder of a licence under the Securities Industry (Queensland) Code shall, in respect of a year commencing before, and expiring after, the commencement of this Act in respect of which, but for the enactment of this Act, the person would have been required to pay a prescribed fee under the Securities Industry Act 1975, section 43, pay that fee to the commissioner for corporate affairs for and on behalf of the State at the time when, or during the period within which the person would, but for the enactment of this Act, have been required to pay that fee.(2)Where a person pays a fee under subsection (1) in respect of a year, the person is not required to pay a fee in respect of the lodgment of a statement under the Securities Industry (Queensland) Code, section 56 in respect of that year.(3)The commissioner for corporate affairs may, in the commissioner’s discretion, extend, or further extend, the time for paying a fee under this section.28Orders relating to dealer’s bank accounts(1)An order made by the court under the Securities Industry Act 1975, section 69 and in force immediately before the commencement of this Act shall be deemed to be an order made by the court under the Securities Industry (Queensland) Code, section 83.(2)Nothing in subsection (1) requires a banker to disclose an account to the commission, or permit the commission to make a copy of or take an extract from, an account where the banker has, under the Securities Industry Act 1975, section 70 disclosed that account to the commissioner for corporate affairs or permitted the commissioner to make a copy of, or take an extract from, that account.29Investment of deposits with stock exchanges(1)A deposit received by a stock exchange under the Securities Industry Act 1975, section 81 and held by the stock exchange immediately before the commencement of this Act shall be deemed to have been received by the stock exchange under the Securities Industry (Queensland) Code, section 95.(2)Where, under the Securities Industry Act 1975, section 83 or a corresponding previous enactment, an amount had been deposited with the Treasurer, that amount is repayable on demand.30Accounts of deposits(1)A stock exchange shall, within 1 month after the commencement of this Act, cause a balance sheet to be made out as at each prescribed quarter day in relation to the accounts of deposits received by it under the Securities Industry Act 1975, part 8.(2)A registered company auditor within the meaning of the Companies Act 1961 appointed by the stock exchange to audit its accounts relating to deposits shall audit the accounts to which each balance sheet under subsection (1) relates and shall cause a report on the accounts and balance sheet to be laid before the committee of the stock exchange not later than 1 month after the balance sheet is made out.(3)A stock exchange shall give to the commission a copy of each report laid before the committee of the stock exchange under this section and of the balance sheet to which the report relates within 14 days after the report is so laid before the committee.(4)In this section—prescribed quarter day means a quarter day within the meaning of the Securities Industry Act 1975 occurring before the commencement of this Act and in relation to which the stock exchange was required to give but did not give a report and balance sheet to the commissioner for corporate affairs under section 84 of that Act.31Accounts of fidelity fund(1)A stock exchange shall, within 1 month after the commencement of this Act, cause a balance sheet in respect of the accounts of its fidelity fund to be made out as at each prescribed day.(2)A registered company auditor within the meaning of the Companies Act 1961 appointed by the stock exchange to audit the accounts of its fidelity fund shall audit the accounts to which each balance sheet under subsection (1) relates and shall cause a report on the accounts and balance sheet to be laid before the committee of the stock exchange not later than 1 month after the balance sheet is made out.(3)A stock exchange shall give to the commission a copy of each report laid before the committee of the stock exchange under this section and of the balance sheet to which the report relates within 14 days after the report is so laid before the committee.(4)In this section—prescribed day means any 30 June occurring before the commencement of this Act and in relation to which the stock exchange was required to give but did not give a report and balance sheet to the commissioner for corporate affairs under the Securities Industry Act 1975, section 90.32Fidelity funds(1)Where, immediately before the commencement of this Act, there is an amount in the fidelity fund of a stock exchange kept under the Securities Industry Act 1975, part 9 that amount shall form part of the fidelity fund of the stock exchange under the Securities Industry (Queensland) Code, part 9.(2)Where the whole or any part of an amount referred to in subsection (1) is, immediately before the commencement of this Act, invested under the Securities Industry Act 1975, section 96, the amount, or part, shall be deemed to be invested under the Securities Industry (Queensland) Code, section 110.33Order of court establishing claim on fidelity fundAn order made by the court under the Securities Industry Act 1975, section 102 and in force immediately before the commencement of this Act shall be deemed to be an order made by the court under the Securities Industry (Queensland) Code, section 116.34Preservation of records(1)The provisions of the Securities Industry (Queensland) Code, section 136(1) and (2) apply to and in relation to a register and an accounting or other record in relation to a business carried on by a person, being a register or record that the person was, before the commencement of this Act, required by the Securities Industry Act 1975, section 120 to preserve for a specified period.(2)Notwithstanding subsection (1), the provisions of the Securities Industry (Queensland) Code, section 136(1) and (2) do not apply to or in relation to a contract note or copy of a contract note received or issued by a dealer who, at the time of the receipt or issue, was a member of a stock exchange if the matters referred to in the Securities Industry Act 1975, section 51(2) in relation to the contract note were recorded—(a)by the stock exchange; or(b)subject to such conditions (if any) as the commissioner for corporate affairs may have imposed, by the dealer, in a manner approved by the commissioner and the record of those matters is retained for not less than 5 years.
(3)Notwithstanding subsection (1), the provisions of the Securities Industry (Queensland) Code, section 136(1) and (2) do not apply in relation to an accounting record where the last day of the accounting period to which the record relates occurred at least 5 years before the commencement of this Act.35OffencesThe provisions of the Securities Industry Act 1975, sections 125 to 127 and 131 apply to and in respect of a contravention of or failure to comply with the provisions of section 21, 25, 26, 27, 30 or 31 as if a reference in those firstmentioned sections to the Securities Industry Act 1975 were a reference to section 21, 25, 26, 27, 30 or 31.36Court may resolve difficulties(1)Where any difficulty arises in the application to a particular matter of any of the provisions of the Securities Industry (Queensland) Code or the Securities Industry Act 1975 by reason of the operation of this part, the court may on the application of an interested person, make such order as it thinks proper to resolve the difficulty.(2)An order made under subsection (1) has effect notwithstanding anything contained in the Securities Industry (Queensland) Code, the Securities Industry Act 1975 or this Act.(3)In subsection (1)—court means the Supreme Court or a judge of the Supreme Court.Schedule 1section 6The provisions of the Commonwealth Act apply as if—1Unless inconsistent with another provision of this schedule—(a)for the expression “Companies Act 1981” in the Commonwealth Act (wherever occurring) there were substituted the words “Companies (Queensland) Code”; and(ab)the words “of the Commonwealth” were inserted after “Australian Stock Exchange and National Guarantee Fund Act 1987” (wherever occurring); and(b)for the words “the Territory” in the Commonwealth Act (wherever occurring) there were substituted the word “Queensland”; and(c)for the words “law of a State or of another Territory” in the Commonwealth Act (wherever occurring) there were substituted the words “law in force in another State or in a Territory”; and(ca)for the words “law of a participating State or participating Territory” and “law of a participating State or of a participating Territory” in the Commonwealth Act (wherever occurring) there were substituted the words “law in force in a participating State or in a participating Territory”; and(cb)for the words “law of that State or Territory” in the Commonwealth Act (wherever occurring) there were substituted the words “law in force in that State or Territory”; and(d)for the words “this Act” in the Commonwealth Act (wherever occurring except where occurring in conjunction with the words “commencement of”) there were substituted the words “this Code”; and(e)for the words “commencement of this Act” in the Commonwealth Act (wherever occurring) there were substituted the expression “commencement of the Securities Industry (Application of Laws) Act 1981”.
2(1)In section 4(1) of the Commonwealth Act—(aa)in the definition of Australian company law—(i)for “of a State or of another Territory” there were substituted “in force in another State or in a Territory”; and(ii)for “that Act” there were substituted “that Code”; and
(a)after the definition of banker’s books there were inserted the following definition—‘Banking Act 1959 means the Banking Act 1959 of the Commonwealth as amended and in force for the time being;’; and(b)after the definition of banking corporation there were inserted the following definition—‘Bankruptcy Act 1966 means the Bankruptcy Act 1966 of the Commonwealth as amended and in force for the time being;’; and(c)after the definition of committee there were inserted the following definition—‘Commonwealth Minister means the Minister of State for the Commonwealth for the time being administering the Securities Industry Act 1980 of the Commonwealth as amended and in force for the time being;’; and(ca)in the definition of corporation after the expression “sub-section 122BA (1)” there were inserted the words “of the Securities Industry Act 1980 of the Commonwealth [as amended and in force for the time being]”; and(da)in the definition of Fund after the expression “sub-section 122CA (1)” there were inserted the words “of the Securities Industry Act 1980 of the Commonwealth [as amended and in force for the time being]”; and(e)after the definition of licensee there were inserted the following definition—‘Life Insurance Act 1945 means the Life Insurance Act 1945 of the Commonwealth as amended and in force for the time being;’; and(f)after the definition of memorandum there were inserted the following definitions—‘Minister means the Minister of State for Queensland for the time being administering the Securities Industry (Application of Laws) Act 1981; and‘National Companies and Securities Commission Act 1979 means the National Companies and Securities Commission Act 1979 of the Commonwealth as amended and in force for the time being;’; and(g)after the definition of registered company auditor there were inserted the following definition—‘regulations means the provisions applying as regulations made under this Code by reason of section 7 of the Securities Industry (Application of Laws) Act 1981;’; and(ga)in the definition of securities paragraph (ea) there were substituted the following paragraph—“(ea)a futures contract within the meaning of the Futures Industry (Queensland) Code or of the provision of law in force in a participating State or in a participating Territory that corresponds with that Code;”; and
(h)after the definition of securities business there were inserted the following definition—‘Securities Industry (Queensland) Code or Code means the provisions applying by reason of section 6 of the Securities Industry (Application of Laws) Act 1981;’; and(ha)in the definition Securities law for paragraph (b) substitute—“(b)the Companies (Acquisition of Shares) (Queensland) Code;”; and
(i)for the definition of stock exchange there were substituted the following definition—‘stock exchange means—(a)the exchange; or(b)the Australian Stock Exchange (Brisbane) Limited; or(c)a body corporate that is approved by the ministerial council under section 38;’; and
(j)for the definition of trust account there were substituted the following definition—‘trust account means a trust account opened and maintained under section 73 of this Code, or under section 59 of the Securities Industry Act 1975 or under a corresponding previous enactment;”.
(1A)In section 4(1A) of the Commonwealth Act, for the expression “Act 1980” there were substituted the expression “(Queensland) Code”.(1B)In section 4(5B) of the Commonwealth Act—(a)for “Act 1986”, there were substituted “(Queensland) Code”; and(b)for “that Act”, there were substituted “that Code”.
(2)In section 4(7) of the Commonwealth Act, for the words “that Act” there were substituted the words “that Code”.(3)After section 4(9) of the Commonwealth Act there were inserted the following subsection—“(10)In this Code—(a)a reference to a previous law, or provision of a previous law, or previous enactment, of Queensland or of the State corresponding to, or to a provision of, this Code includes a reference to, or to a provision of, the Securities Industry Act 1975; and(b)a reference to a previous law, or provision of a previous law, or previous enactment, of a State other than Queensland or of another State corresponding to, or to a provision of this Code includes a reference to, or to a provision of, the law of that State corresponding to the Securities Industry Act 1975.”.
2AIn section 5(12) of the Commonwealth Act after the expression “Act 1990” there were inserted the words “of the Commonwealth as amended and in force for the time being”;2BIn section 6C(2), for paragraph (d) substitute—“(d)by virtue of the person’s powers, as a Public Trustee, under the Public Trustee Act 1978–1985 or a prescribed law of another State or of a Territory.”.
2CIn section 6J(6) of the Commonwealth Act—(a)for paragraph (a), there were substituted—“(a)the Futures Industry (Queensland) Code; or”; and
(b)in paragraph (b) for “that Act” there were substituted “that Code”.
3In section 8 of the Commonwealth Act—(a)for the words “relevant Act” (wherever occurring) there were substituted the words “relevant Code,”; and(b)in subsection (1A)(a)(i) the expression commencing with and including “(other than” and ending with and including “1979”) were omitted.
4In section 9(1) of the Commonwealth Act for the words “Australian Federal Police” there were substituted the words “police force of Queensland”.4AIn section 9(2) of the Commonwealth Act, for the words “of a participating State or of a” there were substituted the words “in force in a participating State or”.5In section 12(3A)(d) and (e) and (7) of the Commonwealth Act for the expression “Act 1980” there were substituted the words “(Queensland) Code”.5AIn section 13 of the Commonwealth Act for the words “relevant Act” (wherever occurring) there were substituted the words “relevant Code”.6For paragraph (a) of the definition of relevant authority in section 15(1) of the Commonwealth Act there were substituted the following paragraphs—“(a)in the case of a direction given by the Commonwealth Minister other than a direction that has been approved by the ministerial council under subsection 16(6) the Commonwealth Minister;(aa)in the case of a direction given by the Minister other than a direction that has been approved by the ministerial council under subsection 16(6)—the Minister; or”.
7In section 16 of the Commonwealth Act—(a)in subsection (2) for the words “the Minister” (where twice occurring) there were substituted the words “the Commonwealth Minister”; and(b)in subsections (4) and (6) for the words “the Minister” there were substituted the words “the Minister or the Commonwealth Minister”.
8In section 17(6) and (8) of the Commonwealth Act after the word “Gazette” there were inserted the words “and Government gazette”.9In section 19(2) of the Commonwealth Act for the expression “Part III of the Crimes Act 1914” there were substituted the expression “chapter 16 of the Criminal Code”.10In section 20 of the Commonwealth Act for the expression “Part V of the Evidence Ordinance 1971 of the Territory” there were substituted the expression “division 6 of part 5 of the Evidence Act 1977”.11In section 30 of the Commonwealth Act—(a)the word “and” at the end of paragraph (a) of subsection (4) were repealed;(b)in paragraph (b) of subsection (4) for the word “Commonwealth,” there were substituted the following expression and paragraph—“State; and(c)the Commonwealth Minister may cause to be printed and published the whole or any part of a report under this division that relates to an investigation the expenses of which are, under the Agreement, to be borne by the Commonwealth.”; and
(c)in subsection (5) for the words “Ministerial Council or the Minister” (wherever occurring) there were substituted the words “Ministerial Council, the Minister or the Commonwealth Minister”.
12After section 30(9) of the Commonwealth Act there were inserted the following subsection—“(10)Nothing in this section operates to diminish the protection afforded to witnesses by the Evidence Act 1977.”.
12AIn subsection 36A(1) of the Commonwealth Act for the definition of nominated exchange there were substituted the following definition—‘nominated exchange means the stock exchange whose name immediately before the relevant commencement was “The Brisbane Stock Exchange Limited”.’.12BSections 36B, 36C, 36D and 36E of the Commonwealth Act were repealed and the following sections were substituted—“36CNames of Exchange and Exchange subsidiaries(1)The name “Australian Stock Exchange Limited” shall be deemed to have been registered at the relevant commencement, in respect of the Exchange, under section 42 of the Companies (Queensland) Code.(2)The nominated exchange shall be deemed to have changed its name at the relevant commencement, pursuant to the Companies (Queensland) Code, to the name “Australian Stock Exchange (Brisbane) Limited”.(3)The name “Australian Stock Exchange (Brisbane) Limited” shall be deemed to have been registered at the relevant commencement, in respect of the nominated exchange, under subsection 43(4) of the Companies (Queensland) Code.(4)The registration of the name “The Brisbane Stock Exchange Limited” under division 2 of part 3 of the Companies (Queensland) Code shall be deemed to have been cancelled at the relevant commencement under subsection 43(4) of that Code.(5)The names—(a)“Australian Stock Exchange (Adelaide) Limited”; and(b)“Australian Stock Exchange (Hobart) Limited”; and(c)“Australian Stock Exchange (Melbourne) Limited”; and(d)“Australian Stock Exchange (Perth) Limited”; and(e)“Australian Stock Exchange (Sydney) Limited”;
shall be deemed to have been registered at the relevant commencement under section 45 of the Companies (Queensland) Code in respect of—(f)The Stock Exchange of Adelaide Limited; and(g)The Hobart Stock Exchange Limited; and(h)The Stock Exchange of Melbourne Limited; and(i)The Stock Exchange of Perth Limited; and(j)The Sydney Stock Exchange Limited;
respectively.(6)The registration, under division 2 of part 3 of the Companies (Queensland) Code, of each of the names referred to in paragraphs 5(f) to (j) inclusive, shall be deemed to have been cancelled at the relevant commencement under that division.(7)This section has effect notwithstanding anything in division 2 of part 3 of the Companies (Queensland) Code, but nothing in this section prevents the cancellation, in accordance with that division, of the registration of a name.36DFunctions and powers under laws of the StateThe Exchange shall perform the functions, and exercise the powers, that are conferred, or expressed to be conferred, on it by or under an Act or by or under a regulation or other instrument made under, or by virtue of, an Act.36EListing Rules of the ExchangeFor the purposes of a relevant Code, the listing rules of the Exchange are the rules, regulations and by-laws that are the listing rules of the Exchange for the purposes of the Securities Industry Act 1980 of the Commonwealth [as amended and in force for the time being].”.12CIn subsection (3) of section 36F of the Commonwealth Act, for the words “that Act” (wherever occurring) there were substituted the words “that Code”.12DIn section 36G of the Commonwealth Act—(a)in subsection (1) all the words from and including “otherwise” to and including “Member” were omitted;(b)subsection (2) were omitted; and(c)in subsection (3) the expression “or (2)” were omitted.
12EIn section 36H of the Commonwealth Act—(a)subsection (4) were omitted; and(b)in subsections (7), (8) and (10) for the words “that Act” (wherever occurring) there were substituted the words “that Code”.
12FIn section 36J of the Commonwealth Act—(a)in subsection (1) the definition of corresponding provision were omitted;(b)in subsections (7) and (9) the words “within the meaning of this section of or a corresponding provision” were omitted;(c)in paragraph (a) of subsection 12 for the words “an AASE exchange’s business rules as in force at any time before the relevant commencement” there were substituted the words “the former rules”;(d)in subparagraph (i) of paragraph (a) of subsection 12 for the words “that AASE exchange” there were substituted the words “the nominated exchange”.
12GSection 36K of the Commonwealth Act were repealed.12HIn subsection (1) of section 36P of the Commonwealth Act there was inserted after the expression “subsection 122BA (1)” the expression “of the Securities Industry Act 1980 of the Commonwealth [as amended and in force for the time being]”.12IIn section 36T of the Commonwealth Act—(a)or the words “a participating State or participating Territory” in subsection (4) there were substituted the words “that State”; and(b)in subsection (4) the words “the provisions of that law of that State or Territory that corresponds with” were omitted; and(c)after subsection (4)(c), the following paragraph were inserted—“(d)The arrangements referred to in paragraph (c) shall be those arrangements to be notified by the AASE to the Treasurer of the State of Queensland for the purposes of that provision as being the arrangements which would have been entered into for the formation for the Australian Stock Exchange Limited had the Australian Stock Exchange and National Guarantee Fund Act 1987 of the Commonwealth not been enacted.”.
12JAfter subsection (6) of section 39 of the Commonwealth Act there was inserted the following subsection—“(7)In this section, securities exchange does not include the exchange.’.12KIn section 42B(2), (3) and (4) of the Commonwealth Act for the word “malice” (wherever occurring) there were substituted the words “ill will to the person concerned or any other improper motive”.13In section 43(1), section 44, section 45(1) and section 46 of the Commonwealth Act for the expression “After the expiration of 3 months after the date of commencement of this Act, a person” there were substituted the words “A person”.13AAIn section 47(3) of the Commonwealth Act, after “1989” there were inserted “of the Commonwealth”.13AIn section 48(b) of the Commonwealth Act, for the words “of the State or of another Territory” (where twice occurring) there were substituted the words “in force in another State or in a Territory”.14For subsection (10) of section 51 of the Commonwealth Act there were substituted the following subsection—“(10)In this section, local authority means the Commissioner for Corporate Affairs for Queensland.”.15After subsection (6) of section 54 of the Commonwealth Act there were inserted the following subsection—“(7)The particulars that, immediately before the commencement of the Securities Industry (Application of Laws) Act 1981, were in, or were deemed to form part of, the register kept under section 41 of the Securities Industry Act 1975 shall be deemed to form part of the Register of Licence Holders.”.16For section 60(5) of the Commonwealth Act there were substituted the following subsection—“(5)A person disqualified or deemed to be disqualified, either permanently or for a period, from holding a licence—(a)under the corresponding law in force in another State or in a Territory by reason of an order of a court under that corresponding law or by reason of a provision of that corresponding law; or(b)by reason of an order of a court under section 47 of the Securities Industry Act 1975 or under a corresponding provision of a previous law or under a provision of a law, or a previous law, of another State;
shall while he is so disqualified or deemed to be disqualified, be deemed to be disqualified from holding a licence under this Code.”.16AAIn section 62S of the Commonwealth Act, for subsection (1) there were substituted the following subsection—“(1) This section applies where, immediately before the commencement of section 52 of the Co-operative Scheme Legislation Amendment Act 1989 of the Commonwealth, a person was disqualified, either permanently or for a period, from holding a licence because of—(a)an order that was made under subsection 60(4) of this Code as in force before that commencement; or(b)an order that was made under section 47 of the Securities Industry Act 1975 or under a corresponding provision of a previous law or under a provision of a law, or a previous law, of another State and the operation of subsection 60(5) of this Code as in force before that commencement.”.
16AIn section 65A(5) of the Commonwealth Act, for the word “malice” there were substituted the words “ill will to the person concerned or any other improper motive”.17 (1)In section 75(2)(e), of the Commonwealth Act, for the words “of a participating State or a” there were substituted the words “in force in a participating State or”.(2)In section 75(3)(e) of the Commonwealth Act, for the expression “the Business Name Ordinances 1963” there were substituted the expression “the Business Names Act of 1962”.(3)In section 75(3)(f) of the Commonwealth Act, for the words “of a participating State or of a” there were substituted the words “in force in a participating State or”.(4)In section 75(19) of the Commonwealth Act, for the words “of a participating State or of a” there were substituted the words “in force in a participating State or”.(5)In section 75(20) of the Commonwealth Act, for the words “of a participating State or of a” there were substituted the words “in force in a participating State or”.17AIn section 76(9) of the Commonwealth Act, for the words “of a participating State or of a” there were substituted the words “in force in a participating State or”.18In section 81(1) and (2) of the Commonwealth Act for the word “malice” there were substituted the words “ill will to the person concerned or any other improper motive”.18AIn section 81(2)(a) of the Commonwealth Act, for the words “of a participating State or of a” there were substituted the words “in force in a participating State or”.18AAIn section 98 of the Commonwealth Act—(a)for subsection (2) there was substituted the following subsection—“(1)“(1) A stock exchange shall establish and keep proper accounts of all deposits received by the stock exchange under this part and shall, within one month after each quarter day, cause a balance sheet to be made out as at that quarter day.”; and(b)after subsection (4) there was inserted the following subsection—“(5)In this section stock exchange does not include the Exchange.”.
18BSection 103A of the Commonwealth Act for the expression “Act 1986” there were substituted the words “(Queensland) Code”.19In section 107 of the Commonwealth Act—(a)there were inserted, after subsection (1D), the following subsection—“(1E)A reference in subsection (1) or (1D) to annual contributions includes a reference to annual contributions under part 9 of the Securities Industry Act 1975 or under a corresponding previous enactment.”; and(b)there were added at the end thereof the following subsections—“(6)Subject to subsections (1A), (1B), (1C) and (4) the Governor in Council—(a)may by order in council prescribe amounts for the purposes of those subsections; and(b)may, by like order, vary or revoke any order made under this subsection.
(7)The power of the Governor in Council to make, vary or revoke an order under subsection (6) shall be exercised only in accordance with advice that is consistent with resolutions of the Ministerial Council.(8)For the purposes of this section regulations made for the purposes of subsections 93(1) and (4) of the Securities Industry Act 1975 and in force immediately before the commencement of the Securities Industry (Application of Laws) Act 1981—(a)shall with all necessary adaptations be given effect to as though the provisions thereof were contained in an order in council made under subsection (6); and(b)shall continue to be given such effect until an order in council is made under that subsection.”.
20In section 112(2)(a) of the Commonwealth Act for the words “this Act” there were substituted the words “part 8 of the Securities Industry Act 1971”.21In section 114(1) of the Commonwealth Act—(a)for the words “any State or other Territory” there were substituted the words “any State other than Queensland or in any Territory”; and(b)for the words “that State or other Territory” there were substituted the words “that other State or Territory”.
21AIn section 141A of the Commonwealth Act—(a)in subsection (1) after the expression “Act 1983” there were inserted the words “of the Commonwealth”; and(b)in paragraph (b) of subsection (2) for the expression “Act 1980” there were substituted the words “(Queensland) Code”; and(c)in subsection (7)—(i)for the words “provision of this Act” there were substituted the words “provision of this Code”; and(ii)for the words “any other Act” there were substituted the words “any other Code or any Act”.
21AAIn section 122AA(1) of the Commonwealth Act—(a)after the expression “section 122DD” in the definition of minimum amount there was inserted the expression “of the Securities Industry Act 1980 of the Commonwealth (as amended and in force for the time being)”; and(b)for the words “laws of” in the definition of “Fund provisions”, there were substituted the words “laws in force in”.
21ABSections 122BA, 122BB and 122BC of the Commonwealth Act were repealed and the following section substituted—“122BAThe Corporation shall perform the functions and exercise the powers, that are conferred or expressed to be conferred, on it by or under this part.”.21ACFor section 122CA of the Commonwealth Act there was substituted the following section—“122CACorporation to keep fund—(1)The Corporation shall keep the Fund, which shall be administered by the board on behalf of the Corporation.(2)The assets of the Fund are the property of the Corporation, but shall be kept separately from all other property and shall be held on trust for the purposes set out in the Fund provisions.”.21ADSections 122DA and 122DD of the Commonwealth Act were repealed.21AEIn section 122GE(1) of the Commonwealth Act after the words “a participating exchange” there were inserted the words “(other than the exchange)”.21AFIn section 122X(1) of the Commonwealth Act—(a)for the words “any State of other Territory” there were substituted the words “any State other than Queensland or in any Territory”; and(b)for the words “that State or other Territory” there were substituted the words “that other State or Territory”.
21AGIn section 122ZE of the Commonwealth Act after the expression “sub-section 122BA (1)” in the definition of nomination day there was inserted the expression “of the Securities Industry Act 1980 of the Commonwealth (as amended and in force for the time being)”.21BIn section 142(7) of the Commonwealth Act, after the expression “1985” there were inserted the words “of the Commonwealth”.21CIn section 143(1) of the Commonwealth Act, after the expression “1985” there were inserted the words “of the Commonwealth”.22In section 145 of the Commonwealth Act for the words “a State or in another Territory” there were substituted the words “a State other than Queensland or in a Territory”.23Section 150 of the Commonwealth Act were repealed.24For section 151 of the Commonwealth Act there were substituted the following section—“151The Governor in Council may, subject to the Supreme Court Act of 1921 make rules, not inconsistent with this Code, with respect to proceedings, and the practice and procedure, of the court under this Code and, in particular, with respect to costs of, and incidental to, any such proceedings.”.25After section 151 of the Commonwealth Act there were inserted the following section—“151A(1)The Governor in Council—(a)may by order in council exempt a member of a stock exchange from compliance with all or any of the provisions of sections 73 and 74, subject to such terms and conditions as are specified in the order; and(b)may, by like order, vary or revoke any order made under this subsection.
(2)A reference in this Code, other than in sections 73 and 74, to a trust account shall, unless the contrary intention appears in an order in council made under subsection (1), be construed as extending to a trust account required to be maintained by the terms or conditions of such an order.(3)A person who contravenes or fails to comply with a term or condition of an order in council made under subsection (1) that is applicable to him is guilty of an offence.Maximum penalty—$5000 or imprisonment for 1 year, or both.(4)A person who, with intent to defraud, contravenes or fails to comply with a term or condition of an order in council made under subsection (l) that is applicable to him is guilty of an offence.Maximum penalty—$10000 or imprisonment for 2 years, or both.(5)The power of the Governor in Council to make, vary or revoke an order in council under subsection (1) shall be exercised only in accordance with advice that is consistent with resolutions of the Ministerial Council.(6)For the purposes of this section any order in council made pursuant to section 134(6) of the Securities Industry Act 1975, and in force immediately before the commencement of the Securities Industry (Application of Laws) Act 1981, shall be deemed to have been made under subsection (1) and shall with all necessary adaptations apply accordingly.”.
sch 1 s 1 amd 1981 No. 111 ss 18(a), 19(a); reg pub gaz 9 June 1984 p 1100; reg pub gaz 5 April 1986 p 1408; reg pubd gaz 28 March 1987 p 1389–93s 2 amd 1981 No. 111 ss 18(b), 19(b); reg pubd gaz 5 June 1982 p 979; reg pub gaz 5 April 1986 p 1408; reg pubd gaz 5 July 1986 p 1950; reg pubd gaz 1 November 1986 p 1371; reg pubd gaz 28 March 1987 p1389–93; reg pubd gaz 13 June 1987 p 1494; reg pubd gaz 16 September 1989 pp 561–2; reg pubd gaz 4 November 1989 p 1727s 2A ins reg pubd gaz 5 September 1981 p 68s 2B ins reg pubd gaz 16 September 1989 pp 561–2s 2C ins reg pubd gaz 16 September 1989 pp 561–2s 3 sub reg pubd gaz 5 September 1981 p 68; reg pub gaz 5 April 1986 p 1408s 4A ins 1981 No. 111 s 19(c)s 5 amd reg pubd gaz 5 June 1982 p 979s 5A ins reg pub gaz 5 April 1986 p 1408s 11 amd 1981 No. 111 s 18(c)s 12A ins reg pubd gaz 28 March 1987 p 1389–93s 12B ins reg pubd gaz 28 March 1987 p 1389–93s 12C ins reg pubd gaz 28 March 1987 p 1389–93s 12D ins reg pubd gaz 28 March 1987 p 1389–93s 12E ins reg pubd gaz 28 March 1987 p 1389–93s 12F ins reg pubd gaz 28 March 1987 p 1389–93s 12G ins reg pubd gaz 28 March 1987 p 1389–93s 12H ins reg pubd gaz 28 March 1987 p 1389–93s 12I ins reg pubd gaz 28 March 1987 p 1389–93s 12J ins reg pubd gaz 28 March 1987 p 1389–93s 12K ins reg pubd gaz 28 March 1987 p 1389–93s 13 amd 1981 No. 111 s 18(d)s 13AA ins reg pubd gaz 16 September 1989 pp 561–2s 13A ins reg pubd gaz 5 September 1981 p 68s 16 sub 1981 No. 111 s 19(d)s 16AA ins reg pubd gaz 16 September 1989 pp 561–2s 16A ins reg pub gaz 5 April 1986 p 1408s 17 sub 1981 No. 111 s 18(e)s 17A ins 1981 No. 111 s 18(e)s 18A ins 1981 No. 111 s 20s 18AA ins reg pubd gaz 28 March 1987 p 1389–93s 18B ins reg pubd gaz 5 July 1986 p 1950sub reg pubd gaz 1 November 1986 p 1371s 19 amd reg pub gaz 9 June 1984 p 1100s 20B ins reg pub gaz 5 April 1986 p 1408om reg pubd gaz 5 July 1986 p 1950s 20C ins reg pub gaz 5 April 1986 p 1408om reg pubd gaz 5 July 1986 p 1950s 21A ins reg pub gaz 24 December 1983 p 1855s 21AA ins reg pubd gaz 28 March 1987 p 1389–93s 21AB ins reg pubd gaz 28 March 1987 p 1389–93s 21AC ins reg pubd gaz 28 March 1987 p 1389–93s 21AD ins reg pubd gaz 28 March 1987 p 1389–93s 21AE ins reg pubd gaz 28 March 1987 p 1389–93s 21AF ins reg pubd gaz 28 March 1987 p 1389–93s 21AG ins reg pubd gaz 28 March 1987 p 1389–93s 21B ins reg pubd gaz 5 July 1986 p 1950s 21C ins reg pubd gaz 5 July 1986 p 1950Schedule 2section 7The provisions of regulations in force for the time being under the Commonwealth Act apply as if in those regulations—1For the words “the Act” (wherever occurring) there were substituted the words “the Code”.2For the expression “Securities Industry Act 1980” (wherever occurring) there were substituted the expression “Securities Industry (Queensland) Code”.3For the expression “the Companies Ordinance 1962” (wherever occurring) there were substituted the expression “the Companies Act of 1961”.4For the words “Supreme Court of the Australian Capital Territory” (wherever occurring) there were substituted the words “Supreme Court of Queensland”.5For the words “the Territory” (wherever occurring) there were substituted the word “Queensland”.6For the words “Securities Industry Regulations” (wherever occurring) there were substituted the words “Securities Industry (Queensland) Regulations”.7For the expression “Companies Act 1981” (wherever occurring) there were substituted the words “Companies (Queensland) Code”.8For the words “Companies Regulations” (wherever occurring) there were substituted the words “Companies (Queensland) Regulations”.
sch 2 s 6 ins 1981 No. 111 s 22s 7 ins reg pub gaz 29 June 1982 p 2104s 8 ins reg pubd gaz 5 April 1986 p 1409Schedule 3section 8The provisions of regulations in force for the time being under the Securities Industry (Fees) Act 1980 (Cwlth) apply as if in those regulations—1For the words “the Act” (wherever occurring) there were substituted the words “the Securities Industry (Queensland) Code”.
Schedule 4section 10The following headings and sections shall be included in the publication of the provisions of the Commonwealth Act under section 10—“Securities Industry (Queensland) CodeRelating to the securities industry in QueenslandPart IPreliminary1This Code may be cited as the Securities Industry (Queensland) Code.2This Code comes into operation on the day on which the Securities Industry (Application of Laws) Act 1981 comes into operation.3This Code shall be read and construed together with the agreement made on 22 December 1978 between the Commonwealth and the States in relation to a proposed scheme for the cooperative regulation of companies and the securities industry or, if that agreement is or has been amended or affected by another agreement, that agreement as so amended or affected and has effect subject to and in accordance with—(a)the Securities Industry (Application of Laws) Act 1981; and(b)the Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981.”.
Schedule 5section 11The following headings and provisions shall be included in the publication under section 11 of the provisions of regulations in force for the time being under the Commonwealth Act—“Securities Industry (Queensland) Regulations1(1)These regulations may be cited as the Securities Industry (Queensland) Regulations.(2)These regulations shall come into operation on the day on which the Securities Industry (Application of Laws) Act 1981 comes into operation.(3)These regulations have effect subject to and in accordance with—(a)the Securities Industry (Application of Laws) Act 1981; and(b)the Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981.”.
Schedule 6section 12The following headings and provisions shall be included in the publication under section 12 of the schedule to regulations in force for the time being prescribing fees under the Securities Industry (Fees) Act 1980 (Cwlth)—“Securities Industry (Fees) (Queensland) Regulations1These regulations may be cited as the Securities Industry (Fees) (Queensland) Regulations.2These regulations shall come into operation on the day on which the Securities Industry (Application of Laws) Act 1981 comes into operation.3These regulations have effect subject to and in accordance with—(a)the Securities Industry (Application of Laws) Act 1981; and(b)the Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981.
4The fees payable for the purposes of section 8 of the Securities Industry (Application of Laws) Act 1981 are the fees specified in the schedule in relation to the respective matters so specified.
Schedule Fees”.