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This is a Bill, not an Act. For current law, see the Acts databases.


TRUSTEE COMPANIES (TRANSFERS) AMENDMENT BILL 2012

South Australia

Trustee Companies (Transfers) Amendment Bill 2012

A BILL FOR

An Act to amend the Trustee Companies Act 1988.


Contents

Part 1—Preliminary
1Short title
2Amendment provisions

Part 2—Amendment of Trustee Companies Act 1988
3Repeal of heading to Part 3A Division 1
4Amendment of section 25A—Interpretation
5Repeal of heading to Part 3A Division 2
6Amendment of section 25B—Purpose and application of Part
7Amendment of section 25C—Transfer of transferring company's estate assets and liabilities
8Amendment of section 25D—Certificates evidencing operation of Part
9Amendment of section 25F—Exemption from State taxes
10Repeal of Part 3A Division 3
11Repeal of heading to Part 3A Division 4


The Parliament of South Australia enacts as follows:

Part 1—Preliminary

1—Short title

This Act may be cited as the Trustee Companies (Transfers) Amendment Act 2012.

2—Amendment provisions

In this Act, a provision under a heading referring to the amendment of a specified Act amends the Act so specified.

Part 2—Amendment of Trustee Companies Act 1988

3—Repeal of heading to Part 3A Division 1

Part 3A, Division 1, heading—delete the heading to Division 1

4—Amendment of section 25A—Interpretation

(1) Section 25A(1), definition of certificate of transfer—delete "section 25B(2)(b)" and substitute:

section 25B(2)

(2) Section 25A(1), definition of receiving company—delete "Divisions 2 and 3" and substitute:

section 25B(2)

(3) Section 25A(1), definition of transferring company—delete "Divisions 2 and 3" and substitute:

section 25B(2)

5—Repeal of heading to Part 3A Division 2

Part 3A, Division 2, heading—delete the heading to Division 2

6—Amendment of section 25B—Purpose and application of Part

(1) Section 25B(1)—delete "Division" and substitute:

Part

(2) Section 25B(1)—delete "compulsory"

(3) Section 25B(2)—delete subsection (2) and substitute:

(2) This Part applies if ASIC—

(a) makes a determination under section 601WBA of the Commonwealth Act that there is to be a transfer of estate assets and liabilities from a specified trustee company (the transferring company) to another trustee company (the receiving company); and

(b) issues a certificate of transfer under section 601WBG of the Commonwealth Act stating that the transfer is to take effect.

Note—

Section 601WBA of the Commonwealth Act enables ASIC to make a transfer determination if—

(a) ASIC cancels the licence of the transferring company (in which case the determination is a compulsory transfer determination); or

(b) the transferring company applies to ASIC for a transfer determination (in which case the determination is a voluntary transfer determination).

7—Amendment of section 25C—Transfer of transferring company's estate assets and liabilities

Section 25C(4)(a)—delete "Division" and substitute:

Part

8—Amendment of section 25D—Certificates evidencing operation of Part

Section 25D(1)—delete "Division" and substitute:

Part

9—Amendment of section 25F—Exemption from State taxes

(1) Section 25F—delete "compulsory"

(2) Section 25F—delete "Division" and substitute:

Part

10—Repeal of Part 3A Division 3

Part 3A, Division 3—delete Division 3

11—Repeal of heading to Part 3A Division 4

Part 3A, Division 4, heading—delete the heading to Division 4

 


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