14Power of Minister to declare public company etc to be a loan fund company subject to this Act

14 Power of Minister to declare public company etc to be a loan fund company subject to this Act

14 Power of Minister to declare public company etc to be a loan fund company subject to this Act

(1) The Minister may, by order published in the Gazette, declare to be a loan fund company subject to the provisions of this Act:

(a) any public company having a share capital, or

(b) any recognised company or foreign company having a share capital which would, if it were incorporated in New South Wales, be a public company,

if that public company, recognised company or foreign company is operating or promoting the operation of, or proposes to operate or promote the operation of, a loan fund scheme.

(2) Every order made under subsection (1) shall take effect from the date of its publication in the Gazette or from such later date as may be specified in the order.

(3) Where:

(a) a loan fund company, being a company within the meaning of the Companies (New South Wales) Code has been wound up under Part XII of that Code or the registration of that company has been cancelled under section 459 of that Code,

(b) a loan fund company, being a recognised company:

(i) lodges with the National Companies and Securities Commission a notice under the provisions of the law of the State or Territory where it is incorporated that correspond with section 503 of that Code, to the effect that it has ceased to have a place of business or to carry on business in New South Wales, or

(ii) is dissolved in the State or Territory where it is incorporated,

(c) a loan fund company, being a recognised foreign company:

(i) lodges with the National Companies and Securities Commission a notice under the provisions of the law of the State or Territory where it is incorporated that correspond with section 503 of that Code, to the effect that it has ceased to have a place of business or to carry on business in New South Wales,

(ii) is dissolved in the place where it is incorporated, or

(iii) has its registration as a foreign company in a State or Territory cancelled under the provisions of the law of the State or Territory that correspond with Division 5 of Part XIII of that Code, or