Suncorp Insurance and Finance Amendment Bill 1996 (Qld)

Queensland

SUNCORP INSURANCE AND FINANCE AMENDMENT BILL 1996

Queensland

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SUNCORP INSURANCE AND FINANCE AMENDMENT BILL 1996

TABLE OF PROVISIONS

Section Page

1 Short title 2.2... eee eee 2 Act amended .......... 0... eee eee 3 Commencement ........ 0.0.6 c ccna 4 Amendment of s 8 (Powers and authorities of corporation)............. 5 Amendment of s 11 (Relationship to Crown) ..................00000. 6 Insertion of new pt 3A (Guarantee by State). ...............0 000s PART 3A—GUARANTEE BY STATE 37A Guarantee for future liabilities ...............0.0.....000000. 37B Obligation for existing liabilities ....................00 00000 37C_ Appropriation of guaranteed amounts ..............-..-..0--0005 37D Guarantee fee.... 2... eee eee 7 Insertion of new ss 37E and 37F and headings ................--+205 Division 1—Taxation 37E Liability for State taxes... 6... cee ee 37F Liability for Commonwealth tax equivalents ..................

Division 2—Other financial matters

8 Omission of s 38 (Funds and accounts) ...........0...0..00 00000000.

9 Omission of s 39 (Investment of funds) ..................00..000000.

10 Omission of s 40 (Annual balance sheet and statements of account).....

11 Insertion of new pt 4A (Reference of power to Commonwealth Parliament)... 0.2... eee ete tenet ene PART 4A—REFERENCE OF POWER TO COMMONWEALTH PARLIAMENT

42A Objectofpt4A......... 02 eee Suncorp Insurance and Finance Amendment 1317

42B Parliament's intention... 1.6.0.6... eee eee eee 8 42C_ Reference... 2.6.6... eee eee 9 Omission of s 44 (Application of Life Assurance Companies Acts)...... 9 Omission of s 45 (Taxation) .........0.. 0.00.00. eee eee eee 9 Insertion of new s 446A... 6... eee eet eee eee 10 46A Disposing of successor subsidiaries etc.............-..-..00005 10 Insertion of new pts SA and 5B... 6. eee eee 10 PART 5A—TRANSFER OF CERTAIN BUSINESSES OF CORPORATION 48A Object of pt5A 0.6... eee teens 10 48B Intention of Parliament for pt 5A ............ 000 c eee e eee eee 10 48C Definitions for pt 5A 2.6.0... eee ees 11 48D Matters that must be included in scheme of transfer ............ 11 48E Draft scheme of transfer .......... 0.0... eee cee eee 12 48F Procedures in relation to draft scheme of transfer............... 13 48G Effect of agreement on draft... 2.6... eee eee 13 48H Transfer of liabilities... 2.2.6.6... eee eee 13 48I Successor subsidiary as successor in law ............-.-20005 14 48J Instruments applying to successor subsidiary .................. 14 48K Pending legal proceedings applying to successor subsidiary ...... 14 48L Part does not affect existing legal relationships................ 14 48M Exemption from State tax... 6.6... eee eee 15 48N Evidentiary provisions ............. 06000 ee 16 PART 5B—TRANSITIONAL PROVISIONS 480 Transitional application of Commonwealth laws ............... 16 48P Transitional regulations .......... 0. eee eee 17 48Q_ Expiry of part 2.0.6... eee eens 17 Omission of pt 6 (Regulation of corporation's insurance business) ...... . 18 Repeal of Life Assurance Companies Act 1901 ...............0000005 18 SCHEDULE ......................... 19