Dear Member

Welcome to our March newsletter for 2008.  We have some general information of interest this month, mainly regarding companies.

SUBSIDIARY COMPANIES
When ordering a new company, there is a section which asks: Is this company a subsidiary of another company?

To help explain what this means, we have included a section from the Corporations Act 2001 – Sect 46

A company will be a subsidiary (and therefore need to have an ultimate holding company) in the following circumstances (basically, where another company holds MORE THAN half of the shares in the subsidiary):

CORPORATIONS ACT 2001 - SECT 46
What is a subsidiary?
A body corporate (in this section called the first body ) is a subsidiary of another body corporate if, and only if:

(a) the other body:

(i) controls the composition of the first body's board; or

(ii) is in a position to cast, or control the casting of, more than one half of the maximum number of votes that might be cast at a general meeting of the first body; or

(iii) holds more than one half of the issued share capital of the first body (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or

(b) the first body is a subsidiary of a subsidiary of the other body.

TRUST NAMES
In the past we have had some trusts come through with names that resemble company names.

Unfortunately, S.156 of the Corporations Act 2001 basically prohibits anyone using a name that looks like a company name (e.g., the name cannot end with "Limited") unless the entity actually is a company.  However, you can get around this issue by including the work “Trust” at the end of the name.

CORRECTIONS REQUIRED ON COMPANIES
In a recent inFocus newsletter from ASIC… they have mentioned that they can accept minor corrections over the phone; they do not however accept these from registered agents or other third parties (which we fall into).

As a registered agent, we act on behalf of you when lodging Form 492s to make corrections to your company.

Corrections can be made from officeholders of currently registered companies, auditors, and Australian financial services licensees, authorised representatives of licensees, liquidators or receivers.

NB: Only minor typographical corrections are accepted over the phone.  Please call us if you have any further questions on this matter.

NTAA CORPORATE MONTHLY PRODUCT UPDATES
Company Changes: the pricing structure of these has now changed.  All new company constitutions are $160 incl. GST, and any changes required on that company (change of addresses, shareholdings, resignations, appointments etc.) will be charged at $160.
New Order Form:

Unit and Fixed Trusts: the pricing structure of these has now changed.  All new Unit or Fixed Trusts are $250 incl. GST which includes four Unit Holders. Additional Unit Holders will incur a charge of $20 incl. GST per Unit Holder.

Partnership Agreements: the pricing structure of these has now changed.  All new Partnership Agreements are $160 incl. GST.  All new Partnership of Trusts With or Without Agent are $295 incl. GST which includes four Partners. Additional Partners will incur a charge of $20 incl. GST per Partner.

Go to our website for the new order forms from www.ntaacorporate.com.au and click on the left hand link for NTAA Corporate to take you to the list of products and forms.

Please contact us on 1800 799 666 if you have any queries or visit www.ntaacorporate.com.au.

Yours sincerely

Brent Jones
General Manager

C/- InterPrac Limited
NTAA Corporate
Level 3, 29-33 Palmerston Crescent
South Melbourne, VIC 3205
Phone: 03 9209 9799, OR Free Phone: 1800 799 666
Fax: 1300 361 816 (NB: this fax number will safely direct your order straight to NTAA Corporate's email - the best option)
Email: ntaacorporate@interprac.com.au 
Web: www.interprac.com.au/corporate 

NTAA Corporate is a service provided by InterPrac Ltd
InterPrac also offers the following services

• Leasing & Finance

• Mortgage Lending

• Financial Planning

www.interprac.com.au