THE CORPORATIONS LAW
CCH Note:
Part 13 of the Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
SCHEDULES
SCHEDULE 4
View history note
Hide history noteTRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES
Note:
See section 1465A.PART 2 - TRANSFER TO CORPORATIONS LAW REGISTRATION
Division 1 - The transfer process
Registration of transferring financial institution as company 3(1) Registration as company on transfer date On the transfer date, each transferring financial institution of this jurisdiction is taken to become registered as a company under the Law of this jurisdiction under the name under which the institution was registered under the previous governing Code immediately before the transfer date. 3(2) Subclause (1) applies even if the institution is an externally-administered body corporate immediately before the transfer date. 3(3) Type of company The following table sets out the types of company the institution may be registered as under subclause (1):+-------------------------------------------------------+
| Type of company that institution may be registered as |
|-------------------------------------------------------|
| | Type of institution | Type of company |
|-------------------------------------------------------|
| 1 | building society with | * public company limited |
| | shares on issue | by shares and by |
| | | guarantee |
| | | public company limited |
| | | by shares |
|-------------------------------------------------------|
| 2 | building society with | * public company limited |
| | no shares on issue | by shares guarantee |
| | | public company limited |
| | | by shares and by |
| | | guarantee |
| | | public company limited |
| | | by shares |
|-------------------------------------------------------|
| 3 | credit union with | * public company limited |
| | shares on issue | by shares |
| | | public company limited |
| | | by shares and by |
| | | guarantee |
|-------------------------------------------------------|
| 4 | credit union with | * public company limited |
| | no shares on issue | by guarantee |
| | | public company limited |
| | | by shares and by |
| | | guarantee |
| | | public company limited |
| | | by shares |
|-------------------------------------------------------|
| 5 | friendly society with | * public company limited |
| | no shares on issue | by guarantee |
| | | public company limited |
| | | by shares and by |
| | | guarantee |
|-------------------------------------------------------|
| 6 | friendly society with | * public company limited |
| | shares on issue | by shares and by |
| | | guarantee |
| | | public company limited |
| | | by shares |
|-------------------------------------------------------|
| 7 | association registered| * public company limited |
| | under the Financial | by shares |
| | Institutions Code of | public company limited |
| | this jurisdiction | by guarantee |
| | | public company limited |
| | | by shares and by |
| | | guarantee |
| | | proprietary company |
| | | limited by shares |
| | | [see note] |
|-------------------------------------------------------|
| 8 | Special Services | * public company limited |
| | Provider incorporated | by shares |
| | under the AFIC Code | |
| | of this jurisdiction | |
|-------------------------------------------------------|
| 9 | friendly society | * public company limited |
| | association | by guarantee |
| | | public company limited |
| | | by shares |
| | | public company limited |
| | | by shares and by |
| | | guarantee |
| | | proprietary company |
| | | limited by shares |
| | | [see note] |
|-------------------------------------------------------|
| 10 | other | * public company limited |
| | | by guarantee |
| | | public company limited |
| | | by shares |
| | | public company limited |
| | | by shares and by |
| | | guarantee |
| | | proprietary company |
| | | limited by shares |
| | | [see note] |
+------------------------------------------------------+
Note:
To be registered as a proprietary company, the institution would need to comply with subsection 113(1) (no more than 50 non-employee shareholders). A proprietary company cannot engage in fundraising activities (see subsection 113(3)). 3(4) The institution may elect which particular type of company it is to be registered as under subclause (1). The election: (a) must be agreed to by a resolution of the board of the institution; and (b) is to be made by written notice lodged with ASIC at least 7 days before the transfer date. The election must be in the prescribed form. 3(5) The institution is taken to be registered under subclause (1) as the following type of company: (a) if the institution's board makes an election under subclause (4) - the type specified in the election; or (b) if the institution's board does not make an election under subclause (4):(i) if regulations under this subparagraph are in force for that type of institution on the transfer date - the type of company prescribed by the regulations; or
(ii) if no regulations under subparagraph (i) are in force for that type of institution on the transfer date - the type of company that is specified in the table in subclause (3) for that type of institution and is marked with an asterisk.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
