Document ID: chunk:federal_register_of_legislation:C2004A04745:body:0:p5
Version: federal_register_of_legislation:C2004A04745
Segment Type: other
Provision Reference: 
Character Range: 11269–14030

the following subsection:

     "(1B) Part II (other than Division 1), Part V and sections 61, 62, 64, 65, 68 and 69 apply to Bank of South Australia Limited.

        Note: The matter of State banking in so far as it applies to Bank of South Australia Limited has been referred to the Parliament of the Commonwealth by the Parliament of South Australia.".

  (2) Section 6 of the Principal Act is amended:

    (a) by omitting from subsection (1B) "Part II (other than Division 1), Part" and substituting "Parts II and";

  (b) by inserting in subsection (1B) "63," after "62,".

PART 2.2—AMENDMENT OF THE CORPORATIONS LAW

Division 1—Corporations Law

Corporations Law

7. In this Part, "Corporations Law" means the Corporations Law set out in section 82 of the Corporations Act 1989.

Division 2—Modification of rules relating to assignment of charges

Object of Division

8. The object of this Division is to facilitate the restructuring of the State Bank of South Australia by modifying the rules relating to notification of the assignment of registrable charges.

Insertion of new section

9. After section 268 of the Corporations Law the following section is inserted:

Assignment of charges under the State Bank (Corporatisation) Act 1994 of South Australia

Application of section

  "268A.(1) This section applies if:

     (a) after one or more registrable charges on property of a company have been created, a person other than the original chargee becomes the holder of the charges; and

     (b) the person is the State Bank of South Australia or Bank of South Australia Limited; and

     (c) the person becomes the holder of the charges as a result of the operation of:

        (i) section 7 or 23 of the State Bank (Corporatisation) Act 1994 of South Australia; or

      (ii) a corresponding provision of a law of another State or of a Territory.

Lodgment of notice with Commission

"(2) The person may lodge a notice stating that it has become the holder of the charges.

Notice to be in a form approved by Commission

  "(3) The notice must be in a form approved by the Commission.

Time within which notice must be lodged

  "(4) The notice must be lodged within:

     (a) 6 months after the commencement of the State Bank (Corporatisation) Act 1994 of South Australia (the 'initial period'); or

  (b) such longer period as the Commission allows.

When Commission may allow longer period for lodgment of notice

"(5) The Commission may only allow a longer period under paragraph (4)(b) if:

    (a) the person applies in writing to the Commission within the initial period; and

    (b) the Commission is satisfied that, having regard to the nature of the charges involved, it would not be practicable for the person to lodge a notice