When the CATSI Act commences, how long will corporations have to implement changes?
Corporations will have up to two years to comply with most internal governance rules requirements of the CATSI Act. This gives them a significant period of time to hold meetings so that they can make the necessary changes. For the 2006–07 financial year corporations will report as they did under the ACA Act. For the 2007–08 financial year corporations that have not yet moved across to the CATSI Act will also have the option of reporting under the old reporting requirements. If they want to do this, though, they must write to the Registrar to request it. This will give corporations enough time to prepare for any new reporting requirements under the CATSI Act. The transitional arrangements are set out in a separate Act called the Corporations (Aboriginal and Torres Strait Islander) Consequential, Transitional and Other Measures Act 2006 (the Transitional Act). The Transitional Act repeals the ACA Act and updates references to the ACA Act in a number of other Commonwealth laws.
