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CORPORATIONS ACT 2001

SCHEDULE 4 - TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES    View history reference

Note: See section 1465A.

[CCH Note: The reference to "section 1465A" is a reference to the former Corporations Law.]

PART 1 - PRELIMINARY  

CLAUSE 1  

1  - DEFINITIONS  

In this Schedule, except so far as the contrary intention appears:

AFIC Code of a State or Territory means the Australian Financial Institutions Commission Code as set out in the Australian Financial Institutions Commission Act 1992 of Queensland as in force immediately before the transfer date and as applied as a law of the State or Territory.

building society of a State or Territory means a transferring financial institution authorised under the Financial Institutions Code of the State or Territory to operate as a building society immediately before the transfer date.

Financial Institutions Code of a State or Territory means the Financial Institutions Code set out in the Financial Institutions (Queensland) Act 1992 as in force immediately before the transfer date and as applied as a law of the State or Territory.

Friendly Societies Code means the Friendly Societies Code set out in Schedule 1 to the Friendly Societies (Victoria) Act 1996 as in force immediately before the transfer date.

Friendly Societies Code of a State or Territory means:


(a) the Friendly Societies Code as applied as a law of the State or Territory; or


(b) if the State is Western Australia - the Friendly Societies (Western Australia) Code set out in the Friendly Societies (Western Australia) Act 1999.

member of a transferring financial institution means a person who, immediately before the transfer date, is a member of the institution under:


(a) the previous governing Code; or


(b) the rules of the institution.

membership share means a share in a company that was a transferring financial institution:


(a) that was taken to have been issued under clause 12 of the transfer provisions; and


(b) that carries the rights and obligations that were conferred or imposed on the person in a capacity other than that of shareholder, by:


(i) the institution's rules (as in force immediately before the transfer date); and

(ii) the previous governing Code; and


(c) on which no amount is paid; and


(d) on which no amount is unpaid; and


(e) that is not:


(i) transferable or transmissible; or

(ii) capable of devolution by will or by operation of law; and


(f) that can be cancelled as set out in subclause 12(3).

previous governing Code for a transferring financial institution means the Code or law under which the institution is registered immediately before the transfer date.

State Supervisory Authority (SSA) for a transferring financial institution means:


(a) the SSA for the institution within the meaning of the previous governing Code; or


(b) in the case of The Cairns Cooperative Weekly Penny Savings Bank Limited - the Queensland Office of Financial Supervision.

transfer date means the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

transfer provisions of a State or Territory means Schedule 4 to the Corporations Law of the State or Territory.

transferring financial institution of a State or Territory means:


(a) a building society of the State or Territory (that is, a society that was registered under the Financial Institutions Code of the State or Territory, and authorised to operate as a building society, immediately before the transfer date); or


(b) a credit union of the State or Territory (that is, a society that was registered under the Financial Institutions Code of the State or Territory, and authorised to operate as a credit union, immediately before the transfer date); or


(c) a friendly society of the State or Territory (that is, a body that was registered as a friendly society under the Friendly Societies Code of the State or Territory immediately before the transfer date); or


(d) a body registered as an association under Part 12 of the Financial Institutions Code of the State or Territory immediately before the transfer date; or


(e) a body registered as a Special Services Provider under the AFIC Code of the State or Territory immediately before the transfer date; or


(f) a body registered as an association under Part 12 of the Friendly Societies Code of the State or Territory immediately before the transfer date; or


(g) The Cairns Cooperative Weekly Penny Savings Bank Limited referred to in section 263 of the Financial Intermediaries Act 1996 of Queensland if:


(i) the State is Queensland; and

(ii) a determination by APRA under subitem 7(2) of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 is in force immediately before the transfer date.

Note: If a determination is made, the Bank will be covered by the Banking Act 1959 from the transfer date. APRA may only make a determination if the Treasurer and the Queensland Minister responsible for the administration of the Financial Intermediaries Act 1996 of Queensland have agreed that the Bank should be covered by the Banking Act 1959.

transition period means the period of 18 months starting on the transfer date.

withdrawable share of a transferring financial institution of a State or Territory means a withdrawable share within the meaning of the Financial Institutions Code of the State or Territory as in force immediately before the transfer date.

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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