Corporations and Other Legislation Amendment (Trustee Companies and Other Measures) Act 2011 (24 of 2011)

Schedule 1   Trustee companies

Corporations Act 2001

17   Subsection 601WBA(1)

Repeal the subsection, substitute:

(1) ASIC may, in writing, make a determination (a transfer determination ) that there is to be a transfer of estate assets and liabilities from a specified company (the transferring company ) to another specified company (the receiving company ) if:

(a) ASIC has cancelled the licence of the transferring company (the determination is a compulsory transfer determination ); or

(b) the transferring company has applied in the prescribed form for a determination (the determination is a voluntary transfer determination ).

Note: The heading to section 601WBA is altered by omitting " Compulsory transfer " and substituting " Transfer ".