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

Effect of registration under clause 3  

9(1)  General effect of registration  

Registration of a transferring financial institution of this jurisdiction as a company under clause 3 does not:

(a)  create a new legal entity; or

(b)  affect the institution's existing property, rights or obligations (except as against the members in their capacity as members); or

(c)  render defective any legal proceedings by or against the institution or its members.

9(2)  Members, officers, constitution and registered office  

On registration of a transferring financial institution of this jurisdiction as a company under clause 3:

(a)  each person who is a member of the institution immediately before the transfer date becomes a member of the company; and

(b)  each person who was a director of the institution immediately before the transfer date becomes a director of the company; and

(c)  each person who was a secretary of the institution immediately before the transfer date becomes a secretary of the company; and

(d)  the institution's rules, as in force immediately before the transfer date, become the company's constitution; and

(e)  the institution's registered office under the previous governing Code immediately before the transfer date becomes the company's registered office for the purposes of this Law.

9(3)  Health benefits funds rules  

The institution's rules referred to in paragraph (2)(d) do not include rules within the meaning of the National Health Act 1953.

Note:

These latter rules relate to the operation of health benefits funds.

9(4)  Replaceable rules  

The replaceable rules (as described in section 135) do not apply to a company registered under clause 3, despite section 135, unless the company repeals its constitution.