This Bill makes amendments to a suite of existing laws to create a new Commonwealth business registry regime. It amends the Corporation (Aboriginal and Torres Strait Islander) Act 2006 (Cth) (CATSI Act) to introduce a director identification number (DIN) requirement to directors of Aboriginal and Torres Strait Islander corporations. The stated purpose is to ensure that these directors are treated equivalently to those of registered bodies under the Corporations Act. It also ensures that the members and creditors of all registered bodies may benefit from the regime.
Schedule 2 of the Bill 2019 amends the CATSI Act to introduce a director identification number (DIN) requirement. It sets out:
the persons to which the new requirement applies
the obligations associated with the new requirement
how the new requirement is administered
the consequences of contravening the new law
For further information please see the First Reading and the Explanatory Memorandum.