Corporations Act 2001

SCHEDULE 4 - TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES  

Note: See section 1465A .

PART 2 - FINANCIAL INSTITUTIONS THAT BECAME COMPANIES  

Division 1 - Registration and its consequences  

CLAUSE 11   - TRANSFERRING FINANCIAL INSTITUTION UNDER EXTERNAL ADMINISTRATION  

11(1)   Background.  

Clause 11 of the transfer provisions provided that if, immediately before the transfer date, provisions of Chapter 5 of the Corporations Law of a State or Territory applied to:

(a) a compromise or arrangement between a transferring financial institution of the State or Territory and its creditors; or

(b) a reconstruction of a transferring financial institution of the State or Territory; or

(c) a receiver or other controller of property of a transferring financial institution of the State or Territory; or

(d) the winding-up or dissolution of a transferring financial institution of the State or Territory;

because of Part 9 of the Financial Institutions Code, or Part 9 of the Friendly Societies Code, of the State or Territory, those provisions of Chapter 5 continued to apply to that matter after the transfer date.

Note: Clause 11 of the transfer provisions also provided that:

(a) a matter referred to in paragraph (1)(a), (b) or (d) included an application or other step preliminary to the matter; and

(b) any act done before the transfer date under or for the purposes of the provisions of Chapter 5 as applied by the Code were to have effect as if it had been done under or for the purposes of Chapter 5 as it applied after the transfer date.

11(2)    
Clause 11 of the transfer provisions also provided that if, before the transfer date, a liquidator of a transferring financial institution of a State or Territory had been appointed under:

(a) section 341 of the Financial Institutions Code of the State or Territory; or

(b) section 402 of the Friendly Societies Code of the State or Territory;

the institution could be wound up in accordance with the provisions of Chapter 5 of the Corporations Law of the State or Territory.

11(3)   Continuing external administration under Chapter 5 of the Corporations Act 2001.  

If, immediately before the commencement of this Act, provisions of Chapter 5 of the Corporations Law of a State or Territory applied to:

(a) a compromise or arrangement between a transferring financial institution of the State or Territory and its creditors; or

(b) a reconstruction of a transferring financial institution of the State or Territory; or

(c) a receiver or other controller of property of a transferring financial institution of the State or Territory; or

(d) the winding-up or dissolution of a transferring financial institution of the State or Territory;

because of clause 11 of the transfer provisions, the corresponding provisions of Chapter 5 of this Act apply (as a law of the Commonwealth) to that matter after the commencement of this Act.

11(4)    
Subclause (3) does not limit the regulations that may be made under clause 28.

11(5)    
Any act done:

(a) before the transfer date under or for the purposes of the provisions of Chapter 5 of the Corporations Law of the State or Territory as applied by the Code; or

(b) on or after the transfer date and before the commencement of this Act for the purposes of the provisions of Chapter 5 of the Corporations Law of the State or Territory as applied by clause 11 of the transfer provisions;

has effect as if it had been done under or for the purposes of Chapter 5 of this Act as it applies after the commencement of this Act.