Personal Liability for Corporate Fault Reform Bill 2012

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43

Track (What's this?)

Permalink

Summary

Implements the Council of Australian Governments’ directors’ liability reform by amending: the Corporations Act 2001 to: remove the personal criminal liability of company secretaries for certain offences and replace it with a civil liability; and impose a penalty for a breach of the civil liability; the Foreign Acquisitions and Takeovers Act 1975 to provide that only an officer of a corporation who authorised or permitted the commission of an offence by that corporation is personally liable for the breach; the Health Insurance Act 1973 to remove the personal criminal liability on company officers of the proprietor of a private hospital who wilfully authorises or permits the bribery of a medical practitioner, midwife or nurse by their corporation, where the officer has not personally been responsible for the offence; the National Vocational Education and Training Regulator Act 2011 to limit the circumstances when executive officers including directors can be personally liable for certain offences of the company; the Therapeutic Goods Act 1989 to: remove the personal liability of executive officers for certain offences of a body corporate; and remove the automatic application of derivative liability; and 10 other Acts to align them with the principles and guidelines for the imposition of personal criminal liability for corporate fault.

Progress

House of Representatives
Introduced and read a first time 19 Sep 2012
Second reading moved 19 Sep 2012
Second reading debate 01 Nov 2012
Second reading agreed to 01 Nov 2012
Third reading agreed to 01 Nov 2012
Senate
Introduced and read a first time 01 Nov 2012
Second reading moved 01 Nov 2012
Second reading debate 22 Nov 2012
Second reading agreed to 22 Nov 2012
Third reading agreed to 22 Nov 2012
Text of bill as passed both Houses 22 Nov 2012
Assent
  • Act no.: 180
  • Year: 2012
10 Dec 2012

Documents and transcripts

Text of bill

Word Format PDF Format HTML Format
Word Format PDF Format HTML Format

Explanatory memoranda

Word Format PDF Format HTML Format

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

PDF Format HTML Format

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.