5Transferring financial institutions

5 Transferring financial institutions

5 Transferring financial institutions

(1) On the transfer date, each transferring financial institution of this jurisdiction is taken, in accordance with Schedule 4 to the Corporations Law of New South Wales, to become registered as a company under that Law under the name under which the institution was registered under the previous governing Code immediately before the transfer date.

(2) Subsection (1) applies even if the institution is an externally-administered body corporate immediately before the transfer date.

(3) Registration under the Corporations Law of New South Wales of a transferring financial institution of this jurisdiction as a company does not create a new legal entity.

(4) In this section, previous governing Code and transferring financial institution of this jurisdiction have the same respective meanings as they have in Schedule 4 to the Corporations Law.