THE CORPORATIONS LAW

SCHEDULES

SCHEDULE 4

TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES

Note:

See section 1465A.

PART 2 - TRANSFER TO CORPORATIONS LAW REGISTRATION

Division 2 - The consequences of the transfer

Subdivision A - General

Transferring financial institution under external administration  

11(1) 

If, immediately before the transfer date, provisions of Chapter 5 applied to:

(a)  a compromise or arrangement between a transferring financial institution of this jurisdiction and its creditors; or

(b)  a reconstruction of a transferring financial institution of this jurisdiction; or

(c)  a receiver or other controller of property of a transferring financial institution of this jurisdiction; or

(d)  the winding-up or dissolution of a transferring financial institution of this jurisdiction;

because of Part 9 of the Financial Institutions Code, or Part 9 of the Friendly Societies Code, of this jurisdiction, those provisions of Chapter 5 continue to apply to that matter after the transfer date (but without any of the modifications made by the Code or the regulations made under the Code).

11(2) 

Without limiting the generality of subclause (1), a matter referred to in paragraph (1)(a), (b) or (d) includes an application or other step preliminary to the matter.

11(3) 

Subclause (1) does not limit the regulations that may be made under clause 28 or 39.

11(4) 

Any act done before the transfer date under or for the purposes of the provisions of Chapter 5 as applied by the Code has effect as if it had been done under or for the purposes of Chapter 5 as it applies after the transfer date.

11(5) 

If, before the transfer date, a liquidator of a transferring financial institution had been appointed under:

(a)  section 341 of the Financial Institutions Code of this jurisdiction; or

(b)  section 402 of the Friendly Societies Code of this jurisdiction;

the institution may be wound up in accordance with the provisions of Chapter 5.

11(6) 

For the avoidance of doubt, if, before the transfer date, the SSA for a transferring financial institution of this jurisdiction had given a certificate under:

(a)  section 341 of the Financial Institutions Code of this jurisdiction; or

(b)  section 402 of the Friendly Societies Code of this jurisdiction;

but had not yet appointed a liquidator of the institution, neither the SSA nor ASIC may appoint a liquidator of the institution on the basis of the certificate.