Document ID: chunk:federal_register_of_legislation:C2004A04745:body:0:p6
Version: federal_register_of_legislation:C2004A04745
Segment Type: other
Provision Reference: 
Character Range: 13795–16573

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 in relation to those charges within the initial period.

Effect of notice

"(6) A person who lodges a notice under subsection (2) in respect of one or more charges on property of a company is taken, for the purposes of this Law and the Corporations (Fees) Regulations:

     (a) to have lodged a separate notice in accordance with subsection 268(1) in respect of each of those charges; and

     (b) to have given a copy of each of those notices to the company in accordance with that subsection.

Debentures

  "(7) If:

  (a) a charge is constituted by a debenture or debentures; and

  (b) there is a trustee for debenture holders;

a reference in this section to the chargee in relation to a charge is a reference to that trustee.".

Division 3—Deregistration of defunct companies dissolved under the State Bank (Corporatisation) Act 1994 of South Australia

Object of Division

10. The object of this Division is to facilitate the restructuring of the State Bank of South Australia by modifying the rules about deregistration of companies.

Insertion of new section

11. After section 574 of the Corporations Law the following section is inserted:

Deregistration of companies dissolved under the State Bank (Corporatisation) Act 1994 of South Australia

Application of section

"574A.(1) This section applies if the Minister of the Crown of South Australia responsible for the administration of the State Bank (Corporatisation) Act 1994 of South Australia notifies the Commission in writing that a company has been dissolved under section 23 of that Act.

Cancellation of registration by notice in Gazette

"(2) The Commission must, by notice published in the Gazette, cancel the registration of the company, but:

     (a) the liability (if any) of every officer and members of the company continues and may be enforced as if the company had not been dissolved; and

     (b) nothing in this subsection affects the power of the Court to wind up a company the registration of which has been cancelled.

Effect of notice under subsection (2)

"(3) This Law (other than subsection 574(1)) has effect as if a notice under subsection (2) of this section were a notice of cancellation published under subsection 574(1).

Vesting of property of company

"(4) Subsection 576(1) of this Law only applies to property of the company to the extent (if any) to which that property is not vested in the State Bank of South Australia under subsection 23(2) of the State Bank (Corporatisation) Act 1994 of South Australia.".

PART 2.3—MODIFICATIONS