Following an announcement by Treasurer Josh Frydenberg on Tuesday, temporary amendments to the Corporations Act 2001 (Cth) (Act) took effect yesterday to ensure two things:
The changes are designed to temporarily modify provisions of the Act governing meetings and document signing which are not compatible with current social distancing and to allow businesses to operate by alternative means consistent with public health requirements. This follows changes to the signing and witnessing process for documents for individuals in NSW (which we previously discussed here) and Queensland (here) arising from COVID-19, and previous announcements by ASIC that it would take a “no action” stance on AGMs.
How long does the relief apply?
The Determination has effect for six months from its commencement, meaning it will be automatically replealed on 5 November 2020 unless extended.
Full details of the Determination are available here.
Author: Georgia Milne
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Published by Georgia Milne