Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1213M

Right to a copy of reports

  (1)   The operator of a notified foreign passport fund commits an offence of strict liability if:

  (a)   the operator or the fund is required under the law of the home economy for the fund to prepare a report (however described) in relation to the fund; and

  (b)   the operator or the fund makes the report available to members of the fund in the home economy without charge; and

  (c)   the operator does not give Australian members of the fund, in accordance with this section:

  (i)   a copy of the report; and

  (ii)   if a summary in English of all or part of the report is required under subsection   (5)--a summary in English of all or that part of the report.

Penalty:   60 penalty units.

Manner in which report must be made available

  (2)   The report must be given to Australian members of the fund within 7 days after the first day on which the report is made available to a member of the fund in the home economy without charge.

  (3)   The report may be given to Australian members of the fund by:

  (a)   putting the report on the fund's website so that it is accessible to Australian members of the fund; and

  (b)   if members of the fund in the home economy are notified that the report is available on the fund's website, or notified how those members may access it--giving equivalent notice to Australian members of the fund.

  (4)   The report must be given without charge.

English summary of the report

  (5)   If all or part of the report is not in English, the operator must also give an Australian member of the fund a summary of the report, or that part of the report, in English in the same manner as the operator gives the report under subsections   (2), (3) and (4).

Exception

  (6)   Subsection   (1) does not apply if the operator of the fund is required under another provision of this Act to lodge the report, or to give the report to Australian members of the fund.

Geographical jurisdiction

  (7)   Section   15.1 of the Criminal Code (extended geographical jurisdiction--category A) applies to an offence against subsection   (1).