8Corporation to which Act applies

##### 8 Corporation to which Act applies (1) Subject to subsection (2), this Act applies to a corporation if, and only if, the corporation is a foreign corporation, a trading corporation formed within the limits of Australia or a financial corporation so formed and: (a) the sole or principal business activities in Australia of the corporation are the borrowing of money and the provision of finance; (b) the sum of the values of such of the assets in Australia of the corporation as consist of debts due to the corporation, being debts resulting from transactions entered into in the course of the provision of finance by the corporation, exceeds: (i) 50 per centum; or (ii) if a greater or lesser percentage is prescribed by the regulations—the percentage so prescribed; of the sum of the values of all the assets in Australia of the corporation; or (c) the corporation engages in the provision of finance in the course of carrying on in Australia a business (whether or not that business is its sole or principal business) of selling goods by retail and the sum of the values of such of the assets of the corporation and of any corporation that is related to the corporation as consist of debts due to the corporation concerned, being debts resulting from transactions entered into in the course of the provision of finance by that corporation, exceeds: (i) $25,000,000; or (ii) if a greater or lesser amount is prescribed by the regulations—the amount so prescribed. (2) This Act does not apply to a corporation if: (a) the corporation, not being a company, society or association, is established for a public purpose by a law of Australia, of a State or of a Territory; (b) the corporation is an ADI; (d) the corporation is a benefit society registered under a law of a State or of a Territory providing for the registration of benefit societies; (e) the corporation is a medical benefits organization or hospital benefits organization registered under the National Health Act 1953; (f) the corporation is registered under the Life Insurance Act 1995; (g) the sole or principal business in Australia of the corporation is insurance business as defined by subsection 3(1) of the Insurance Act 1973; (h) the corporation is authorized by a law of a State or of a Territory to act as an executor, administrator and trustee; (j) the sole or principal purpose for which the corporation borrows money is to lend money to a corporation or corporations that, by reason of subsection 7(2) or (3), is not or are not to be taken to be related to the first‑mentioned corporation but would, but for that subsection, be treated as being so related by reason of subsection 7(1); (k) the sum of the values of all the assets of the corporation and of every corporation that is related to the corporation does not exceed: (i) $5,000,000; or (ii) if a greater or lesser amount is prescribed by the regulations—the amount so prescribed; or (l) the Reserve Bank has, by order in writing published in such manner and form as the Reserve Bank determines to be appropriate, exempted the corporation from the application of this Act. (3) The reference in paragraph (2)(j) to the lending of money to a corporation does not include a reference to the provision of finance to the corporation by way of acquiring debts due to the corporation or of purchasing securities other than securities issued by the corporation.