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.