State Financial Institutions and Metway Merger Amendment Bill 2024 (Qld)

An Act to amend the State Financial Institutions and Metway Merger Act 1996 for particular purposes The Parliament of Queensland enacts—

1 Short title This Act may be cited as the State Financial Institutions and Metway Merger Amendment Act 2024.

2 Commencement This Act commences on a day to be fixed by proclamation.

3 Act amended This Act amends the State Financial Institutions and Metway Merger Act 1996. Note— See also the amendments in schedule 1.

4 Replacement of s 4 (Object of this Act) Section 4— omit, insert—

4 Objects of this Act The objects of this Act are— (a) to provide for particular requirements about the merger of the State financial institutions mentioned in section 5 and Metway; and (b) to provide for particular requirements in relation to Suncorp's constitution and general obligations of Suncorp.

5 Amendment of pt 6 , hdg (Mandatory requirements regarding Metway Group companies' articles) Part 6, heading, 'Metway Group companies' articles'— omit, insert— Suncorp's constitution

6 Omission of s 63 (Application of pt 6 ) Section 63— omit.

7 Replacement of s 64 (Metway group companies' articles to include certain provisions) Section 64— omit, insert—

64 Suncorp's constitution to include particular provisions (1) The constitution of Suncorp must at all times require— (a) the registered office of Suncorp to be located in Queensland; and (b) at least 1 member of the board of directors to be ordinarily resident in Queensland; and (c) the head office of Suncorp to be located in Queensland. (2) For subsection (1)(c) and the constitution, the head office of Suncorp is located in Queensland only if— (a) the principal operational office of the chief executive officer is located in Queensland and the chief executive officer performs their role primarily in Queensland; and (b) the chairperson has an office in Queensland; and (c) each group corporate services activity is wholly or partly performed in Queensland; and (d) the usual location for the holding of Suncorp board meetings is in Queensland. (3) In this section— group corporate services activity means each of the following activities, however described, carried out in relation to Suncorp's Australian business— (a) activities of the chief executive's office; (b) financial reporting, business development (including in relation to supporting mergers and acquisitions) and management of capital, investments and financial performance; (c) risk management and compliance; (d) legal and company secretariat; (e) internal audit; (f) technology and transformation strategy and management, including data analytics, digital enablement, cloud services, and information technology infrastructure and security; (g) human resources; (h) corporate affairs and government relations.