Financial Corporations (Transfer of Assets and Liabilities) Amendment Act 2002

No. 33, 2002

An Act to amend the Financial Corporations (Transfer of Assets and Liabilities) Act 1993, and for related purposes

Financial Corporations (Transfer of Assets and Liabilities) Amendment Act 2002

No. 33, 2002

An Act to amend the Financial Corporations (Transfer of Assets and Liabilities) Act 1993, and for related purposes

[Assented to 30 May 2002]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Financial Corporations (Transfer of Assets and Liabilities) Amendment Act 2002.

2 Commencement

This Act is taken to have commenced on 1 July 2001.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993

1 Section 3 (subparagraph (b)(ii) of the definition of eligible foreign ADI)

Omit “2001”, substitute “2003”.

2 Section 3 (paragraph (b) of the definition of newly established local ADI)

Omit “2001”, substitute “2003”.

3 Paragraph 7(6)(c)

Omit “2004”, substitute “2006”.

4 Subsection 20(2) (notional sub-subparagraph (bb)(ii)(B))

Omit “8”, substitute “10”.

5 Subsection 24(2) (notional sub-subparagraph (bb)(ii)(B))

Omit “8”, substitute “10”.

6 Schedule 1 (subsection 170‑33(2))

Omit “8”, substitute “10”.

7 Schedule 2 (subsection 170‑133(2))

Omit “8”, substitute “10”.

[Minister’s second reading speech made in—

Senate on 12 March 2002

House of Representatives on 15 May 2002]