State Financial Institutions and Metway Merger Facilitation Bill 1996 (Qld)

Queensland

STATE FINANCIAL

INSTITUTIONS AND

METWAY MERGER FACILITATION BILL 1996

STATE FINANCIAL INSTITUTIONS AND

METWAY MERGER FACILITATION BILL 1996

TABLE OF PROVISIONS

Section Page PART 1—PRELIMINARY 1 Short title 2.2... eee eee 8 2 Commencement ........ 0.0.6 c ccna 8 3 Definitions and dictionary ........ 0... eee eee 8 PART 2—OBJECT AND BASIC CONCEPTS Division 1—Object 4 Object of this Act... 66... cece eee eet ee 9 Division 2—Basic Concepts 5 What is a State financial institution ...................... 00000000, 9 6 What is the Metway scheme of arrangement .................---005 10 PART 3—TRANSFER OF THE INCORPORATION OF QIDC AND SIF TO CORPORATIONS LAW Division 1—Definition 7 Definition for pt3.... 0.06... c eee eee nents 10 Division 2—QIDC not statutory GOC 8 When div 2 takes effect ........ 0.0... eee 11 9 QIDC stops being statutory GOC .... 1... cee eee 11 10 QIDC's share capital and issued shares ...........- 0.000 e eee eee eee 11 11 QIDC's powers... 0... eee eee 11 Division 3—Facilitative mechanisms 12 Registration under Corporations Law...............00 020.0000 ee eee 12 13 Memorandum and articles of candidate company .................... 12

State Financial Institutions and Metway Merger Facilitation 1517 1922242628303234 36 Candidate company may change its name ...................000000. Share capital and issue of shares .........00. 00000000000 ec eee eee Variation of share capital ......... 0.0... eee Shares must be issued to a Minister. ............0..0000.00 00000000. Division 4—Miscellaneous Application of GOC Act ........ 0... cee eee eee Part 3 overrides certain Acts. ...... 0.000. eee eee eee Notice by Treasurer... 2.0.0.0... eee eee

PART 4—TRANSFER OF THE UNDERTAKING AND INCORPORATION OF SBS

Division 1—Transfer of SBS's undertaking to QIDC Definitions for div1.... 0.0.0... eee eee Vesting of undertaking .......... 0... eee ee SBS's members do not become members of, or shareholders in, QIDC ... Treasurer may exclude assets and liabilities from transfer ............. Terms of transfer .. 0.0.0.0... eee Transitional provisions ........... 00.0. Direct payment orders to accounts transferred to QIDC ................ Transfer of staff ....... 0. eee eee Legal proceedings relating to undertaking ................0....0..0.. Reserve established in QIDC ........ 0... cece cece ete eee Effect of winding-up on SBS preconversion reserve................0.. Exclusion of obligation to inquire. .............. 0.002 Cancellation of SBS's registration as a building society............... Dissolution of SBS... 0... eee eee ee