THE CORPORATIONS LAW

SCHEDULES

SCHEDULE 4

TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES

Note:

See section 1465A.

PART 4 - THE TRANSITION PERIOD

ASIC's power to make exemption and modification orders for the transition period  

26(1) 

ASIC may:

(a)  exempt a company registered under clause 3 from a provision of this Law; or

(b)  declare that this Law applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.

The exemption or declaration ceases to have effect at the end of the transition period (the 18 months starting on the transfer date), unless ASIC specifies a shorter period in which it ceases to have effect.

26(2) 

Without limiting subclause (1), the exemption or declaration may relate to:

(a)  a change of company type; or

(b)  a change to a company's constitution; or

(c)  the issue and redemption of shares;

that is connected with a requirement of or under this Law, the Life Insurance Act 1995 or the Banking Act 1959.

26(3) 

The exemption or declaration may:

(a)  apply to specified provisions of this Law; or

(b)  apply to a specified company registered under clause 3, a specified class of those companies, or all of those companies; and

(c)  relate to any other matter generally or as specified.

26(4) 

An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.

26(5) 

The exemption or declaration must be in writing and ASIC must publish notice of it in the Gazette.