Document ID: chunk:federal_register_of_legislation:C2025C00185:clause:4_11:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: clause
Provision Reference: sch 4 cl 11 (pt 1/2)
Character Range: 6593151–6595892

11  Transferring financial institution under external administration

Background
 (1) Clause 11 of the transfer provisions provided that if, immediately before the transfer date, provisions of Chapter 5 of the Corporations Law of a State or Territory applied to:
 (a) a compromise or arrangement between a transferring financial institution of the State or Territory and its creditors; or
 (b) a reconstruction of a transferring financial institution of the State or Territory; or
 (c) a receiver or other controller of property of a transferring financial institution of the State or Territory; or
 (d) the winding‑up or dissolution of a transferring financial institution of the State or Territory;
because of Part 9 of the Financial Institutions Code, or Part 9 of the Friendly Societies Code, of the State or Territory, those provisions of Chapter 5 continued to apply to that matter after the transfer date.
Note: Clause 11 of the transfer provisions also provided that:
(a) a matter referred to in paragraph (1)(a), (b) or (d) included an application or other step preliminary to the matter; and
(b) any act done before the transfer date under or for the purposes of the provisions of Chapter 5 as applied by the Code were to have effect as if it had been done under or for the purposes of Chapter 5 as it applied after the transfer date.
 (2) Clause 11 of the transfer provisions also provided that if, before the transfer date, a liquidator of a transferring financial institution of a State or Territory had been appointed under:
 (a) section 341 of the Financial Institutions Code of the State or Territory; or
 (b) section 402 of the Friendly Societies Code of the State or Territory;
the institution could be wound up in accordance with the provisions of Chapter 5 of the Corporations Law of the State or Territory.

Continuing external administration under Chapter 5 of the Corporations Act 2001
 (3) If, immediately before the commencement of this Act, provisions of Chapter 5 of the Corporations Law of a State or Territory applied to:
 (a) a compromise or arrangement between a transferring financial institution of the State or Territory and its creditors; or
 (b) a reconstruction of a transferring financial institution of the State or Territory; or
 (c) a receiver or other controller of property of a transferring financial institution of the State or Territory; or
 (d) the winding‑up or dissolution of a transferring financial institution of the State or Territory;
because of clause 11 of the transfer provisions, the corresponding provisions of Chapter 5 of this Act apply (as a law of the Commonwealth) to that matter after the commencement of this Act.
 (4) Subclause (3) does not limit the regulations that may be