THE CORPORATIONS LAW

CHAPTER 2K - CHARGES

PART 2K.2 - REGISTRATION

SECTION 268A   ASSIGNMENT OF CHARGES UNDER THE STATE BANK (CORPORATISATION) ACT 1994 OF SOUTH AUSTRALIA  

268A(1)  Application of section.  

This section applies if:

(a)  after one or more registrable charges on property of a company have been created, a person other than the original chargee becomes the holder of the charges; and

(b)  the person is the State Bank of South Australia or Bank of South Australia Limited; and

(c)  the person becomes the holder of the charges as a result of the operation of:

(i) section 7 or 23 of the State Bank (Corporatisation) Act 1994 of South Australia; or

(ii) a corresponding provision of a law of another State or of a Territory.

268A(2)  Lodgment of notice with Commission.  

The person may lodge a notice stating that it has become the holder of the charges.

268A(3)  Notice to be in a form approved by Commission.  

The notice must be in a form approved by the Commission.

268A(4)  Time within which notice must be lodged.  

The notice must be lodged within:

(a)  6 months after the commencement of the State Bank (Corporatisation) Act 1994 of South Australia (the ``initial period'' ); or

(b)  such longer period as the Commission allows.

268A(5)  When Commission may allow longer period for lodgment of notice.  

The Commission may only allow a longer period under paragraph (4)(b) if:

(a)  the person applies in writing to the Commission within the initial period; and

(b)  the Commission is satisfied that, having regard to the nature of the charges involved, it would not be practicable for the person to lodge a notice in relation to those charges within the initial period.

268A(6)  Effect of notice.  

A person who lodges a notice under subsection (2) in respect of one or more charges on property of a company is taken, for the purposes of this Law and the Corporations (Fees) Regulations:

(a)  to have lodged a separate notice in accordance with subsection 268(1) in respect of each of those charges; and

(b)  to have given a copy of each of those notices to the company in accordance with that subsection.

268A(7)  Debentures.  

If:

(a)  a charge is constituted by a debenture or debentures; and

(b)  there is a trustee for debenture holders;

a reference in this section to the chargee in relation to a charge is a reference to that trustee.