Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:301:p29
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 301 (pt 29/30)
Character Range: 1947384–1950110

that are not dealt with in subregulations (1) and (2).
 (4) This regulation does not affect:
 (a) the capacity of a transferring building society to issue shares in the company otherwise than under this regulation; or
 (b) a share issued otherwise than under this regulation.

12.8.12  Transferring credit unions may issue shares equivalent to withdrawable shares
 (1) A transferring credit union that is a company limited by shares may issue a share in the company that:
 (a) is redeemable on the same terms as a withdrawable share in the credit union was withdrawable immediately before the transfer date; and
 (b) otherwise gives the same rights to, and imposes the same obligations on, the holder of the share as the holder of a withdrawable share in the credit union had in relation to that share immediately before the transfer date.
 (2) However, the transferring credit union must not issue the share if its constitution has been modified under paragraph 24(1)(c) of the transfer provisions.
 (3) The provisions of the Act that apply in relation to the issue of a share in a company limited by shares that is not issued under this regulation also apply to a share that is issued under this regulation for all matters that are not dealt with in subregulations (1) and (2).
 (4) This regulation does not affect:
 (a) the capacity of a transferring credit union to issue shares in the company otherwise than under this regulation; or
 (b) a share issued otherwise than under this regulation.

Part 12.9—Winding up and deregistration of certain transferring financial institutions

12.9.01  Application of Part 12.9
  For clause 39 of Schedule 4 to the Act, this Part applies if, immediately before the transfer date, a transferring financial institution of a State or Territory was being wound up under a law other than the previous governing Code.

12.9.02  Winding up
 (1) The Act in force in a State or Territory, before the commencement of the previous governing Code, that applied to the winding up of the transferring financial institution (the relevant law) continues to so apply, as a law of the Commonwealth, on and after the transfer date as if that Code, and the Act, had not been enacted.
 (2) However, for this regulation, a reference in the relevant law to the Registrar is read as if it were a reference to ASIC.
 (3) Information about the transferring financial institution given to ASIC in a notice mentioned in regulation 12.2.09, or under the relevant law, is taken to be information given to ASIC in relation to the performance of its functions or the exercise of its powers.

12.9.03  Deregistration
 (1) Despite regulation 12.7.02, this regulation applies if the transferring financial institution