THE CORPORATIONS LAW

SCHEDULES

SCHEDULE 4

TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES

Note:

See section 1465A.

PART 7 - TRANSITIONAL PROVISIONS

Regulations may deal with transitional, saving or application matters  

39(1) 

The regulations may deal with matters of a transitional, saving or application nature relating to:

(a)  the transfer of the registration of transferring financial institutions to this Law by this Schedule; or

(b)  the amendments made by Schedule 3 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

39(2) 

Without limiting subclause (1), the regulations may provide for a matter to be dealt with, wholly or partly, in any of the following ways:

(a)  by applying (with or without modifications) to the matter:

(i) provisions of a law of the Commonwealth, or of a State or Territory; or

(ii) provisions of a repealed or amended law of the Commonwealth, or of a State or Territory, in the form that those provisions took before the repeal or amendment; or

(iii) a combination of provisions referred to in subparagraphs (i) and (ii)

(b)  by otherwise specifying rules for dealing with the matter

(c)  by specifying a particular consequence of the matter, or of an outcome of the matter, for the purposes of this Law.

39(3) 

Without limiting subclause (1) or (2), the regulations may provide for the continued effect, for the purposes of this Law, of a thing done or instrument made, or a class of things done or instruments made, before the transfer date under or for the purposes of a provision of a previous governing Code of a transferring financial institution of this jurisdiction. In the case of an instrument, or class of instruments, the regulations may provide for the instrument or instruments to continue to have effect subject to modifications.

39(4) 

Without limiting subclause (3), regulations providing for the continued effect of things done or instruments made may permit all or any of the following matters to be determined in writing by a specified person, or by a person in a specified class of persons:

(a)  the identification of a thing done or instrument made, or a class of them, that is to continue to have effect

(b)  the purpose for which a thing done or instrument made, or a class of them, is to continue to have effect

(c)  any modifications subject to which an instrument made, or a class of instruments made, is to continue to have effect.

39(5) 

Without limiting subclause (1) or (2), the regulations may provide for the application of Chapter 5 of this Law or a similar law about external administration (in whole or in part and with or without modification) to a transferring financial institution of this jurisdiction if, immediately before the transfer date:

(a)  the institution is under external administration (however described); and

(b)  the provisions of Chapter 5 are not already applied to it, or in relation to it, by a law of this jurisdiction.

39(6) 

In this clause, a reference to a law , whether of the Commonwealth or of a State or Territory, includes a reference to an instrument made under such a law.