27Provision to attract the corporations power, the banking power and the insurance power

#### 27 Provision to attract the corporations power, the banking power and the insurance power (1) This Part does not apply in relation to a financial sector company unless the company is: (a) a constitutional corporation (other than a corporation that carries on State banking, or State insurance, not extending beyond the limits of the State concerned); or (b) a body corporate that carries on the business of banking; or (c) a body corporate that carries on the business of insurance. Severability (2) Without prejudice to its effect apart from this subsection, subsection (1) also has the effect it would have if: (a) the reference in paragraph (1)(b) to a body corporate that carries on the business of banking were, by express provision, confined to a body corporate that carries on as its sole or principal business the business of banking; and (b) the reference in paragraph (1)(c) to a body corporate that carries on the business of insurance were, by express provision, confined to a body corporate that carries on as its sole or principal business the business of insurance. Definitions (3) In this section: > business of banking does not include State banking not extending beyond the limits of the State concerned. > business of insurance does not include State insurance not extending beyond the limits of the State concerned. > constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.