THE CORPORATIONS LAW

SCHEDULES

SCHEDULE 4

TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES

Note:

See section 1465A.

PART 5 - DEMUTUALISATIONS

Expert's report  

33(1) 

If the company obtains 2 or more reports each of which could be used for the purposes of paragraph 29(4)(c), a copy of each report must:

(a)  be lodged with ASIC; and

(b)  be given to each member entitled to receive a disclosure statement.

Penalty: 25 penalty units or imprisonment for 6 months, or both.

33(2) 

The report must be by an expert who is not an associate of the company.

33(3) 

The report must set out details of:

(a)  any relationship between the expert and the company, including any circumstances in which the expert gives it advice, or acts on its behalf, in the proper performance of the functions attaching to the expert's professional capacity or business relationship with the company; and

(b)  any financial or other interest of the expert that could reasonably be regarded as being capable of affecting the expert's ability to give an unbiased opinion; and

(c)  any fee, payment or other benefit (whether direct or indirect) that the expert has received or will or may receive in connection with making the report.