THE CORPORATIONS LAW

SCHEDULES

SCHEDULE 4

TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES

Note:

See section 1465A.

PART 4 - THE TRANSITION PERIOD

Modification by regulations for the transition period  

28(1) 

For the purpose of facilitating the transfer of the registration of transferring financial institutions to this Law, the regulations may modify the operation of this Law (including the provisions applied by clause 36) in relation to:

(a)  a company registered under clause 3; or

(b)  a specified class of companies registered under clause 3.

28(2) 

Regulations made for the purposes of this clause may not:

(a)  create an offence with a penalty greater than 10 penalty units; or

(b)  increase the penalty for an existing offence; or

(c)  substitute for an existing offence an offence with a penalty greater than the penalty for the existing offence; or

(d)  modify an obligation, contravention of which will result in committing an offence, so as to make it more difficult to comply with.

28(3) 

Regulations made for the purposes of this clause cease to have effect at the end of the transition period (the 18 months starting on the transfer day).