Fact sheet
The CATSI Act and
the Corporations Act
—some differences
The Corporations (Aboriginal and Torres Strait Islander) Act 2006
(CATSI Act) is based on the Corporations Act 2001 (Corporations
Act) but in many important ways it is different. The CATSI Act
takes the needs and circumstances of Aboriginal and Torres Strait
Islander people into consideration. This fact sheet looks at some
of the more important differences between the CATSI Act and the
Corporations Act.
tor?
e regula
Who is th
ns Act
Corporatio
der the
istered un
g
re
s
ie
n
a
ted by the
Comp
t are regula
c
A
s
n
o
ti
estments
Corpora
es and Inv
ti
ri
u
c
e
S
n
Australia
IC is an
(ASIC). AS
n
io
s
is
m
Com
t body.
overnmen
g
t
n
e
d
n
e
indep
asure
pecial me
S
ns Act
Corporatio
t is a
rations Ac
o
rp
o
s the
C
e
h
T
that govern
w
la
h
lt
a
e
Commonw
s.
f companie
operation o
Members
the
gulated by
re
re
a
t
c
A
ent office
ATSI
n independ
a
nder the C
u
is
r
d
a
re
tr
is
te
g
is
e
ns reg
Indigenous
ons. The R
Corporatio
egistrar of
s Corporati
u
R
o
e
n
e
th
ig
f
d
o
In
e
f
c
Registrar o
by the Offi
supported
is
d
n
a
r
e
hold
s (ORIC).
Corporation
CATSI Act
re for
l measu
is a specia
t
t
a
c
th
A
w
I
la
S
h
CAT
monwealt
r people.
ait Islande
ct is a Com
tr
A
S
I
s
S
e
T
rr
A
o
C
T
The
inal and
t of Aborig
the benefi
CATSI Act
.
pproves a
orporation
Registrar a
own the c
e
rs
th
e
s
b
s
m
le
e
n
The m
embers.
embers (u
Corpo
umber of m
least five m
pany.
n
t
m
a
e
o
e
c
th
b
e
n
t
o
s
th
u
it
ers own
There m
is no lim
The memb
bers:
ber). There
ber.
m
m
u
e
n
m
r
e
e
ll
n
book, mem
a
o
m
t
le
s
s
ru
a
le
’s
t
n
a
o
re
t be
e corporati
t have mo
There mus
nding on th
s must no
e
ie
p
of age
e
n
a
D
p
s
m
ie
o
t 15 years
mpan
s
o
a
c
Private c
le
c
nder
li
t
a
b
u
e
P
b
must
s Strait Isla
mbers.
e
e
rr
•
o
m
T
0
r
f
5
o
o
l
n
r
tion.
be
tha
gina
the corpora
st be Abori
on the num
f
u
it
o
m
m
ts
li
b
•
o
e
n
d
e
have
ip
able for th
membersh
won’t be li
•
n
o
members.
r rules on
s
e
n
o
th
munity.
o
ti
ic
e
m
v
o
tr
a
c
s
may h
enous
race re
n
ig
r
o
o
d
ti
e
In
g
ra
r
a
o
la
o
rp
u
n
The co
in a partic
There are
ple, living
m
a
x
e
.
r
rs
fo
e
b
—
mem
ers may
ces memb
n
ta
s
m
u
c
ir
costs of
In some c
ute to the
ib
tr
n
o
c
to
have
ny.
p a compa
winding u
t
rations Ac
Directors
Directors m
ust be at le
Corporatio
ns Act
ast 18 yea
rs old. The
Any perso
n can be a
director, th
need to be
ey don’t
a member.
A proprieta
ry (private
) company
have at le
must
ast one dir
ector, but
need to ha
d
o
esn’t
ve a secre
tary. The d
secretary
ir
e
ctor and
(if there is
one), mus
live in Aus
t usually
tralia.
A public c
ompany m
ust have a
three direc
t least
tors and a
t
least one s
At least tw
ecretary.
o of the dir
ectors and
secretary
one
must usua
lly live in A
ustralia.
Shares or
Corporatio
y must giv
e their perm
CATSI Act
ns Ac
Types of c
o
Corporatio
ns can dec
ide in their
are not me
rule book
mbers to b
to allow p
e directors
directors m
eople who
.
However,
ust:
the majori
• be Abo
ty of
riginal or T
o
rr
e
s
S
• be mem
trait Island
er
bers of the
corporatio
• not be
n
employees
of the corp
oration.
The minim
um numb
er of direc
number is
tors is thre
12. Corpo
e and the
rations ca
exemption
maximum
n
apply to th
if they wa
e Registra
nt more th
r for an
an 12 dire
The majori
ctors.
ty of direc
tors must
usually res
Large corp
ide in Aus
orations m
tralia.
u
s
t have a s
corporatio
ecretary. S
ns have a
mall and m
contact pe
edium
rson.
CATSI Act
Members
of an Abori
ginal and
corporatio
Torres Stra
n cannot o
it Islander
w
n or trade
However,
shares in
the memb
their corpo
ers can in
rule book
ration.
clude rule
about how
s
in
the corpora
any profits
tion
will be sha
red.
The CATS
I Act does
not allow
corporatio
Aboriginal
ns to issue
and Torres
debenture
Strait Islan
s or other
der
securities.
rporations
ns Ac
t
The two m
ain types
o
f companie
proprietary
s are
(private) c
ompanies
public com
a
nd
panies.
CATSI Act
Corporatio
ns are reg
istered
as small,
medium o
r large.
Financial
se
r vices
ns Ac
t
The Corpo
rations Ac
t has exten
provisions
sive
dealing wit
h manage
investmen
d
t schemes
and financ
products o
ial
r services.
Internal g
irector.
s
A compan
y may issu
e debentu
other secu
res and
rities. A de
benture is
by compa
issued
nies in retu
rn for fund
s.
Corporatio
ecome a d
debenture
t
A compan
y can issu
e shares to
members
its
(proprietary
companie
or the pub
s
)
lic (public
companie
s).
Corporatio
ission to b
overnance
rules
CATSI Act
Aboriginal
and Torres
Strait
Islander c
orporation
s cannot
provide fin
ancial serv
ices or
be a trade
union.
st have
oration mu
rp
o
c
r
e
d
n
e
la
contains th
es Strait Is
minimum,
al and Torr
a
in
’
t
g
a
rs
ri
,
o
to
h
b
c
e
A
ic
wh
An
of dir
nstitution)
frequency
o
,
(c
n
o
k
may
ti
o
o
n
ra
b
o
o
ti
a rule
orpora
the corp
c
f
o
e
h
e
T
m
.
a
s
n
s
e
and
tion proce
y or replac
objectives
pute resolu
ct or modif
is
A
d
I
t
a
S
e
T
d
e
A
n
h
a
C
s
ct
the
meetings
le book? fa
ble rules in
ru
a
e
’s
c
n
o
la
ti
p
ra
re
o
adopt the
in the corp
e What’s
th
e
e
s
—
them
formation.
for more in
CATSI Act
ns Act
Corporatio
replaceable
follow the
n
a
c
y
n
a
t or adopt
A comp
rations Ac
o
rp
o
C
e
rules in th
n.
constitutio
their own
sistance
y as
Regulator
trator
ial adminis
c
e
p
s
a
t
in
a safety
er to appo
to provide
s the pow
a
d
h
e
s
r
a
u
tr
e
is
b
g
lly for
r can
The Re
re, especia
This powe
u
.
il
n
fa
o
ti
te
ra
ra
o
astructure
orpo
to a corp
taining infr
ibility of c
in
s
a
s
o
m
p
,
s
e
e
th
ic
t
rv
net agains
ssential se
roviding e
p
s
n
o
ti
ra
corpo
a
land.
to look at
or holding
examiner
n
a
t
n checks’
o
in
ti
o
p
corpora
also ap
y
n
h
a
lt
c
a
e
r
a
‘h
tr
problems.
ans
The Regis
overnance
s. This me
g
s
r
e
o
in
l
s
ia
u
c
b
n
n’s
fy any fina
wer
corporatio
ing the po
ut to identi
d
o
lu
d
c
ie
in
rr
,
a
c
rs
e
w
can be
eeting
unique po
general m
has other
a
o
ll
ls
a
a
c
r
r
a
o
tr
ok
The Regis
in certain
n’s rule bo
r members
corporatio
fo
a
t
c
e
a
g
n
r
a
o
h
to c
meeting
al general
or an annu
nces.
circumsta
CATSI Act
ns Act
Corporatio
mited
ies have li
n
a
p
m
o
c
m
tance.
Mainstrea
latory assis
u
g
re
to
s
acces
uirements
n req
Registratio
ns Act
Corporatio
ter
n can regis
o
ti
a
is
n
a
rg
or o
basic
Any group
they satisfy
if
n
o
ti
ra
o
as a corp
ments.
on require
ti
ra
o
rp
o
c
in
it
Torres Stra
ginal and
ri
o
b
t
A
e
n
e
a
m
as
at it can
registered
satisfied th
is
y only be
a
r
a
m
tr
y
is
d
g
o
e
b
A
eR
clude:
oration if th
irements in
u
rp
o
q
c
re
r
e
e
s
d
e
n
ginal or
Isla
. Th
st be Abori
standards
u
e
m
u
iq
rs
n
e
u
b
m
e
certain
tors and m
ty of direc
ri
jo
a
m
a
•
it Islander
Torres Stra
r members
um age fo
im
in
m
a
•
directors
number of
m
u
im
x
a
m
• a
rule book.
rules in its
in
a
rt
e
c
•
CATSI Act
r has
eir regulato
unless th
each year,
regulator
with their
s
rt
o
p
re
e
dg
ns must lo
s vary.
corporatio
d
n
r of report
a
e
s
b
ie
m
n
u
a
n
p
d
m
n
o
a
c
g to
Most
The types
r accordin
xemption.
e Registra
th
h
it
w
CATSI Act
given an e
s
dge report
on must lo
t
ti
c
ra
A
o
s
rp
n
o
c
io
A
n
d income.
Corporat
of less tha
ies have
red size an
n
te
a
p
is
g
m
o
re
n income
c
ir
a
e
ry
h
th
it
ta
ons
e
w
ti
ri
s
p
ra
n
o
pro
tio
orp
all corpora
Public and
an large c
ements.
m
ir
th
s
u
e
,
q
g
le
d
re
p
lo
g
e
m
h
in
a
s to
ct s et
port
For ex
wer report
porting fa
fe
different re
re
e
l
v
ia
a
c
h
n
ry
a
0
ta
n
0
fi
roprie
$100 0
n size and
le, small p
many of
Corporatio
m
e
o
For examp
fr
th
d
e
e
e
s
d
—
s are exclu
ply
ation.
companie
nts that ap
ore inform
e
m
m
r
e
fo
ir
u
q
ing re
the report
ompanies.
to public c
Repor ting
iew
Merits rev
porations
Act
CATSI Act
The Corpo
rations Ac
t allows fo
review of
r a merits
some ASIC
decisions
All review
Administra
by the
able decis
tive Appea
ions unde
ls Tribuna
review (by
provision fo
r the CATS
l.
an ORIC o
T
h
e
r internal
I Act are s
re
i
s
n
fficer not in
o
review in
b
ubject to in
e
fo
re
any appea
volved in th
the Act.
ternal
l
c
e original
a
n be made
Tribunal.
decision)
to the Adm
inistrative
Appeals
Na
tive title
Corporatio
ns Ac
t
Corporatio
ns that ha
ve been d
as registere
etermined
d native ti
tle bodies
(RNTBCs)
corporate
by the Fed
eral Court
allowed to
are not
be registere
d under th
Corporatio
e
ns Act.
Fees
CATSI Act
Corporatio
ns that ha
ve been d
the Federa
etermined
l Court are
as RNTBC
required to
s by
register un
The CATS
der the CA
I Act has s
TSI Act.
pecial pro
that obliga
visions for
tions they
R
NTBCs. It
have unde
conflict wit
makes sure
r native titl
h obligatio
e
legislation
n
s
under the
fact sheet
do not
CATSI Act—
for more in
formation.
see the Na
tive title
Corporatio
ns Ac
t
ASIC charg
es fees for
the lodgm
some form
ent of
s and doc
uments—
see www.a
sic.gov.au
for a list o
commonly
f fees for
lodged form
s.
CATSI Act
ORIC does
not charge
fees for lo
dging form
s and doc
uments.
Other diff
ns Ac
t
Mainstrea
m provisio
ns in the
Corporatio
ns Act cov
er meeting
members
s,
and office
rs.
For examp
le, all pub
lic compa
have a sec
nies must
retary and
hold an an
general m
nual
eeting eac
h year.
Impor tant
Legal dutie
CATSI Act
Many of th
ese provis
ions have
special cir
been chan
cumstance
ged to rec
s of Aborig
corporatio
ognise the
inal and T
ns.
orres Strait
Islander
For examp
le, small a
n
d medium
access ad
corporatio
dress beca
ns have a
use they m
maintain a
document
a
y
not have th
registered
e resource
office. Ma
replaced in
s to
n
y
rules abou
a corporati
t meetings
on’s rule b
circumsta
c
an be
ook to suit
nces—see
each corp
the Meetin
oration’s
gs fact she
et for more
informatio
n.
similaritie
s
s
The legal
duties for
directors a
are simila
nd officers
r. Sometim
under the
es directo
responsib
Corporatio
rs, officers
le for actio
ns Act and
a
nd employ
ns related
CATSI Act
other offic
ees can b
to the corp
ers fact sh
e held pers
o
ration—se
eet for mo
o
nally
e the Duti
re informa
es of dire
tion.
ctors and
Disqualifi
cation fro
m managin
You canno
g a compa
t be a com
pany or co
ny or corp
• you a
rp
o
oration
ra
tion directo
re declare
r if:
d bankrup
t and have
• you h
ave been
not been d
d
is
ischarged
q
u
a
li
fi
e
convicted
d
fr
or
o
m
managing
of certain
a
s
c
e
o
ri
rp
ous offenc
serious fra
o
ra
ti
o
n
by being es to do w
ud, duties
ith manag
of directors
Usually pe
ing a corp
or trading
ople are d
oration, while inso
isqualified
lvent.
for five ye
ars.
Further information
freecall: 1800 622 431
© Commonwealth of Australia 2009. Last reprint October 2012. ISBN 978-1-921542-18-3. 12_0157
Corporatio
erences
(free except for mobiles)
email: [email protected]
website: www.oric.gov.au