Financial Sector Reform (Queensland) Act 1999
sec.5Transferring financial institutions
Start here
Get a plain-English read of sec.5
Turn the raw legal text into a practical explanation grounded in Financial Sector Reform (Queensland) Act 1999.
sec.5 Transferring financial institutions
On the transfer date, each transferring financial institution of this jurisdiction is taken, in accordance with schedule 4 of the Corporations Law of Queensland, 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. Subsection (1) applies even if the institution is an externally-administered body corporate immediately before the transfer date. Registration under the Corporations Law of Queensland of a transferring financial institution of this jurisdiction as a company does not create a new legal entity. In this section— previous governing code see schedule 4 , part 1 , of the Corporations Law . transferring financial institution of this jurisdiction see schedule 4 , part 1 , of the Corporations Law . The attachment contains extracts of the relevant provisions of the Corporations Law and the Corporations (Queensland) Act 1990 . (sec.5-ssec.1) On the transfer date, each transferring financial institution of this jurisdiction is taken, in accordance with schedule 4 of the Corporations Law of Queensland, 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. (sec.5-ssec.2) Subsection (1) applies even if the institution is an externally-administered body corporate immediately before the transfer date. (sec.5-ssec.3) Registration under the Corporations Law of Queensland of a transferring financial institution of this jurisdiction as a company does not create a new legal entity. (sec.5-ssec.4) In this section— previous governing code see schedule 4 , part 1 , of the Corporations Law . transferring financial institution of this jurisdiction see schedule 4 , part 1 , of the Corporations Law . The attachment contains extracts of the relevant provisions of the Corporations Law and the Corporations (Queensland) Act 1990 .