[Index] [Search] [Download] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
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:
This Act may be cited as the Trustee Companies (Transfers) Amendment
Act 2012.
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