Offences
- Carrying on business using “Limited”, “No Liability” or “Proprietary” in name
- Good faith, use of position and use of information—criminal offences
- Listed company—director to notify market operator of shareholdings etc.
- Disqualified person not to manage corporations
- Proxy vote if appointment specifies way to vote
- Public company must hold AGM
- Lodgment of annual reports with ASIC
- Lodgment of half-year reports with ASIC
- Officers to report to controller about corporation’s affairs
- Directors to help administrator
- Directors to help administrator
- Information about the company’s affairs
- Officers to help liquidator
- Liquidator’s rights to company’s books
- Director’s duty to prevent insolvent trading by company
- Offences by officers of certain companies
- Incurring of certain debts; fraudulent conduct
- When a managed investment scheme must be registered
- Prohibition on certain acquisitions of relevant interests in voting shares
- Continuous disclosure—listed disclosing entity bound by a disclosure requirement in market listing rules
- Need for an Australian financial services licence
- Providing financial services on behalf of a person who carries on a financial services business
- Effect of banning orders
- Financial services licensee to prepare and lodge annual profit and loss statement and balance sheet
- Market manipulation
- False trading and market rigging—creating a false or misleading appearance of active trading etc.
- False trading and market rigging—artificially maintaining etc. trading price
- Dissemination of information about illegal transactions
- False or misleading statements
- Inducing persons to deal
- Dishonest conduct
- Prohibited conduct by person in possession of inside information
- Registers
- Falsification of books
- False or misleading documents
- False information etc.
- Obstructing or hindering ASIC etc.
- Automatic disqualification—convictions, bankruptcy and foreign court orders etc
- Part 9.4 Divisions 2 Offences generally
Automatic disqualification—convictions, bankruptcy and foreign court orders etc
|
Act & Section |
206B Corporations Act |
|
Type |
Automatic disqualification—convictions, bankruptcy and foreign court orders etc |
|
Process |
Corporations Act disqualification regime |
|
What |
Criteria for the disqualification of a person from managing a corporation |
|
Observations |
(1) A person is disqualified from managing a corporation if they: (a) Are convicted on indictment of an offence that: i. Concerns the making of decisions that affect the whole or substantial part of the business of the corporation; or ii. Concerns an act that could significantly affect the financial standing of the corporation; or (b) Are convicted of an offence that: i. Contravenes the Corporations Act an dis punishable by imprisonment for 12 months or more; or ii. Involves dishonesty and is punishable by imprisonment for 3 months or more; or (c) Is convicted of an offence against the law of a foreign country that is punishable by imprisonment for 12 months or more. Offences against (a) and (b)(ii) include offences against a foreign law. (2) Disqualification starts on the day of conviction and lasts for: (a) 5 years, if not imprisoned; or (b) 5 years from date of release for the offence causing the disqualification.
(3) Bankrupts are disqualified from managing corporations.
(4) A bankrupt who breaches their agreement under Part X Bankruptcy Act or a similar law of a foreign country.
(5) Are disqualified from managing Aboriginal and Torres Strait Islander corporations under Part 6-5 of the Corporations (Aboriginal and Torres Strait Islander) Act 2006.
(6) Are 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; or (c) being a director of a passport fund, or of an operator of a passport fund; or (d) being concerned in the management of a passport fund.
(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.
206BA Extension of period of automatic disqualification under section 206B. 206C Court power of disqualification—contravention of civil penalty provision. 206D Court power of disqualification—insolvency and non-payment of debts. 206E Court power of disqualification—repeated contraventions of Act. 206EAA Court power of disqualification—disqualification under a law of a foreign jurisdiction. 206EAA Court power of disqualification—disqualification under a law of a foreign jurisdiction. 206EA Disqualification under the Competition and Consumer Act 2010 etc. 206EB Disqualification under the ASIC Act. 206F ASIC’s power of disqualification. 206GAA ASIC’s power of disqualification—unrecovered payments under employee entitlements scheme. |