Trustee Companies (Transfers) Amendment Act 2012 (SA)

South Australia

Trustee Companies (Transfers) Amendment Act 2012

An Act to amend the Trustee Companies Act 1988.

The Parliament of South Australia enacts as follows:

Part 1Preliminary1Short title

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

2Amendment provisions

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

Part 2Amendment of Trustee Companies Act 19883Repeal of heading to Part 3A Division 1

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

4Amendment of section 25A – Interpretation

1. (1)

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

   section 25B(2)

2. (2)

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

   section 25B(2)

3. (3)

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

   section 25B(2)

5Repeal of heading to Part 3A Division 2

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

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

1. (1)

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

   Part

2. (2)

   Section 25B(1)—delete "compulsory"

3. (3)

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

   1. (2)

      This Part applies if ASIC—

      1. (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

      2. (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—

      1. (a)

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

      2. (b)

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

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

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

Part

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

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

Part

9Amendment of section 25F – Exemption from State taxes

1. (1)

   Section 25F—delete "compulsory"

2. (2)

   Section 25F—delete "Division" and substitute:

   Part

10Repeal of Part 3A Division 3

Part 3A, Division 3—delete Division 3

11Repeal of heading to Part 3A Division 4

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