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ARTICLE · 14 SEPTEMBER 2021

Temporary changes bring certainty once again for electronic and split execution of documents for Australian corporations

Spruson & Ferguson Lawyers
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The Australian Federal Government has indicated that it will seek to introduce permanent reforms in late 2021.

AustraliaCorporate/Commercial Law
Sylvie Tso
Sylvie Tso
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The uncertainty surrounding split and electronic execution of documents has caused difficulties for Australian companies during the ongoing COVID-19 pandemic, particularly following the expiry of temporary measures under the Corporations (Coronavirus Economic Response) Determination (No.3) 2020 (Cth) on 21 March 2021.

It is welcomed news that the Treasury Laws Amendment (2021 Measures No.1) Act 2021 (Cth) (Amendment Act) was passed on 10 August 2021, which now temporarily permits electronic and split execution under section 127 of the Corporations Act 2001 (Cth) (Corporations Act). These changes came into effect on 14 August 2021 and will expire on 31 March 2022 unless further determinations are made by the Treasurer. Hopefully by that time, some permanent measures will be in place.

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