Trustee Companies Amendment Regulations 2012 (WA)
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JUSTICE
JU301*
Trustee Companies Act 1987
Trustee Companies Amendment
Regulations 2012
Made by the Lieutenant-Governor and deputy of the Governor in
Executive Council.1. Citation
These regulations are the Trustee Companies Amendment
Regulations 2012.2. Commencement
These regulations come into operation as follows —
(a) regulations 1 and 2 — on the day on which these regulations are published in the Gazette;
(b) the rest of the regulations — on the day after that day. 3. Regulations amended
These regulations amend the Trustee Companies
Regulations 1988.4. Part 1 heading inserted
Before regulation 1 insert:
Part 1 — Preliminary
5. Part 2 heading inserted
After regulation 2 insert:
Part 2 — Administrative matters
4 January 2013 GOVERNMENT GAZETTE, WA 7 6. Part 3 inserted
After regulation 8 insert:
Part 3 — Voluntary transfers of estate assets
and liabilities
9. Purpose of this Part
The purpose of this Part is to facilitate voluntary transfers of estate assets and liabilities under the Corporations Act Part 5D.6.
10. Transfer of estate assets and liabilities
(1) This regulation applies if —
(a)
ASIC makes a voluntary transfer determination under the Corporations Act section 601WBA that there is to be a transfer of estate assets and liabilities from a transferring company to a receiving company; and
(b)
ASIC issues a certificate of transfer under the Corporations Act section 601WBG for the transfer; and
(c)
either or both of the transferring company or the receiving company are registered in Western Australia.
(2) When the certificate of transfer comes into force, the
receiving company is taken to be the successor in law
of the transferring company, to the extent of the
transfer.(3) In particular —
(a) all the estate assets and liabilities of the transferring company become respectively the assets and liabilities of the receiving company without any transfer, conveyance or assignment; and (b) to the extent of the transfer — the duties, obligations, immunities, rights and privileges applying to the transferring company apply to the receiving company.
(4) If the certificate of transfer includes provisions of a
kind referred to in the Corporations Actsection 601WBG(3) —
(a) specifying that particular things are to happen or are taken to be the case — those things are
taken to happen, or to be the case, in accordance with those provisions; or
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(b) specifying a mechanism for determining things that are to happen or are taken to be the case —
things determined in accordance with that
mechanism are taken to happen, or to be the
case, as determined in accordance with that
mechanism.11. Certificates evidencing operation of this Part
(1) An authorised ASIC officer may, by a certificate in writing signed by the officer, certify that a specific asset or liability has become an asset or liability of the receiving company under this Part. (2) For all purposes and in all proceedings, a certificate
purporting to be issued under subregulation (1) is
evidence of the matters certified.(3) ASIC is empowered to authorise, in writing, a person
who is a member of ASIC, or of its staff, to issue
certificates under this regulation.12. Registration or record of transfer
The Registrar of Titles, the Registrar of Deeds and
Transfers and any other person or authority required or
authorised under a law of the State to register or record
transactions affecting assets or liabilities, or documents
relating to such transactions, must, on application
under this regulation accompanied by a certificate
issued under regulation 11, register or record in an
appropriate manner the transfer or transfers to which
the certificate relates.13. Exemption from State tax
State tax is not payable in respect of a transfer of estate
assets or liabilities facilitated under this Part.
By Command of the Lieutenant-Governor and deputy of the Governor,
N. HAGLEY, Clerk of the Executive Council.
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