sec.68CTransfer determinations

### sec.68C Transfer determinations This section applies if— ASIC makes a determination under the Corporations Act , section 601WBA that there is to be a transfer of estate assets and liabilities from a trustee company (the transferring company ) to another trustee company (the receiving company ); and ASIC issues a certificate of transfer under the Corporations Act , section 601WBG for the transfer; and either the transferring company or the receiving company is registered in Queensland. When the certificate of transfer comes into force, the receiving company becomes the successor in law of the transferring company in relation to estate assets and liabilities of the transferring company, to the extent of the transfer. Under the Corporations Act , section 601WBG (2) (d) , the certificate of transfer is required to state when the certificate comes into force. Without limiting subsection (2) — if the transfer is a total transfer—all the estate assets and liabilities of the transferring company, wherever those assets and liabilities are located, become assets and liabilities of the receiving company (in the same capacity as they were assets and liabilities of the transferring company) without any transfer, conveyance or assignment; and if the transfer is a partial transfer—all the estate assets and liabilities included in the list mentioned in the Corporations Act , section 601WBG (2) (c) , wherever those assets and liabilities are located, become assets and liabilities of the receiving company (in the same capacity as they were assets and liabilities of the transferring company) without any transfer, conveyance or assignment; and to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring company apply to the receiving company. If the certificate includes provisions of a kind mentioned in the Corporations Act , section 601WBG (3) — if the provisions state that particular things are to happen or are taken to be the case—those things are, by force of this section, taken to happen, or to be the case, in accordance with those provisions; and if the provisions state a mechanism for determining things that are to happen or are taken to be the case—things determined in accordance with the mechanism are, by force of this section, taken to happen, or to be the case, as determined in accordance with that mechanism. The registrar of titles or other person required or authorised by law to register or record transactions affecting assets or liabilities— may, without formal application, register or record in the appropriate way the transfer of an asset or liability under the certificate to the receiving company; and must, on written application by the receiving company, register or record in the appropriate way the transfer of an asset or liability under the certificate to the receiving company. A transaction related to an asset or liability transferred to a receiving company entered into by the receiving company in the transferring company’s name or the name of a predecessor in title to the transferring company, if effected by an instrument otherwise in registrable form, must be registered even though the receiving company has not been registered as proprietor of the asset or liability. If an asset or liability is registered in the name of a receiving company, the registrar of titles or other registering authority may register a dealing for a transaction about the asset or liability without being concerned to enquire whether it is, or is not, an asset or liability transferred under a certificate. For the purposes of this section, the public trustee is taken to be a trustee company. s 68C ins 2009 No. 49 s 92 amd 2012 No. 37 s 48 (sec.68C-ssec.1) This section applies if— ASIC makes a determination under the Corporations Act , section 601WBA that there is to be a transfer of estate assets and liabilities from a trustee company (the transferring company ) to another trustee company (the receiving company ); and ASIC issues a certificate of transfer under the Corporations Act , section 601WBG for the transfer; and either the transferring company or the receiving company is registered in Queensland. (sec.68C-ssec.2) When the certificate of transfer comes into force, the receiving company becomes the successor in law of the transferring company in relation to estate assets and liabilities of the transferring company, to the extent of the transfer. Under the Corporations Act , section 601WBG (2) (d) , the certificate of transfer is required to state when the certificate comes into force. (sec.68C-ssec.3) Without limiting subsection (2) — if the transfer is a total transfer—all the estate assets and liabilities of the transferring company, wherever those assets and liabilities are located, become assets and liabilities of the receiving company (in the same capacity as they were assets and liabilities of the transferring company) without any transfer, conveyance or assignment; and if the transfer is a partial transfer—all the estate assets and liabilities included in the list mentioned in the Corporations Act , section 601WBG (2) (c) , wherever those assets and liabilities are located, become assets and liabilities of the receiving company (in the same capacity as they were assets and liabilities of the transferring company) without any transfer, conveyance or assignment; and to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring company apply to the receiving company. (sec.68C-ssec.4) If the certificate includes provisions of a kind mentioned in the Corporations Act , section 601WBG (3) — if the provisions state that particular things are to happen or are taken to be the case—those things are, by force of this section, taken to happen, or to be the case, in accordance with those provisions; and if the provisions state a mechanism for determining things that are to happen or are taken to be the case—things determined in accordance with the mechanism are, by force of this section, taken to happen, or to be the case, as determined in accordance with that mechanism. (sec.68C-ssec.5) The registrar of titles or other person required or authorised by law to register or record transactions affecting assets or liabilities— may, without formal application, register or record in the appropriate way the transfer of an asset or liability under the certificate to the receiving company; and must, on written application by the receiving company, register or record in the appropriate way the transfer of an asset or liability under the certificate to the receiving company. (sec.68C-ssec.6) A transaction related to an asset or liability transferred to a receiving company entered into by the receiving company in the transferring company’s name or the name of a predecessor in title to the transferring company, if effected by an instrument otherwise in registrable form, must be registered even though the receiving company has not been registered as proprietor of the asset or liability. (sec.68C-ssec.7) If an asset or liability is registered in the name of a receiving company, the registrar of titles or other registering authority may register a dealing for a transaction about the asset or liability without being concerned to enquire whether it is, or is not, an asset or liability transferred under a certificate. (sec.68C-ssec.8) For the purposes of this section, the public trustee is taken to be a trustee company. - (a) ASIC makes a determination under the Corporations Act , section 601WBA that there is to be a transfer of estate assets and liabilities from a trustee company (the transferring company ) to another trustee company (the receiving company ); and - (b) ASIC issues a certificate of transfer under the Corporations Act , section 601WBG for the transfer; and - (c) either the transferring company or the receiving company is registered in Queensland. - (a) if the transfer is a total transfer—all the estate assets and liabilities of the transferring company, wherever those assets and liabilities are located, become assets and liabilities of the receiving company (in the same capacity as they were assets and liabilities of the transferring company) without any transfer, conveyance or assignment; and - (b) if the transfer is a partial transfer—all the estate assets and liabilities included in the list mentioned in the Corporations Act , section 601WBG (2) (c) , wherever those assets and liabilities are located, become assets and liabilities of the receiving company (in the same capacity as they were assets and liabilities of the transferring company) without any transfer, conveyance or assignment; and - (c) to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring company apply to the receiving company. - (a) if the provisions state that particular things are to happen or are taken to be the case—those things are, by force of this section, taken to happen, or to be the case, in accordance with those provisions; and - (b) if the provisions state a mechanism for determining things that are to happen or are taken to be the case—things determined in accordance with the mechanism are, by force of this section, taken to happen, or to be the case, as determined in accordance with that mechanism. - (a) may, without formal application, register or record in the appropriate way the transfer of an asset or liability under the certificate to the receiving company; and - (b) must, on written application by the receiving company, register or record in the appropriate way the transfer of an asset or liability under the certificate to the receiving company.