Insertion of new section
11 Insertion of new section
After section 574 of the Corporations Law the following section is inserted:
Deregistration of companies dissolved under the State Bank (Corporatisation) Act 1994 of South Australia
Application of section
“574A.(1) This section applies if the Minister of the Crown of South Australia responsible for the administration of the State Bank (Corporatisation) Act 1994 of South Australia notifies the Commission in writing that a company has been dissolved under section 23 of that Act.
Cancellation of registration by notice in Gazette
“(2) The Commission must, by notice published in the Gazette, cancel the registration of the company, but:
the liability (if any) of every officer and members of the company continues and may be enforced as if the company had not been dissolved; and
nothing in this subsection affects the power of the Court to wind up a company the registration of which has been cancelled.
Effect of notice under subsection (2)
“(3) This Law (other than subsection 574(1)) has effect as if a notice under subsection (2) of this section were a notice of cancellation published under subsection 574(1).
Vesting of property of company
“(4) Subsection 576(1) of this Law only applies to property of the company to the extent (if any) to which that property is not vested in the State Bank of South Australia under subsection 23(2) of the State Bank (Corporatisation) Act 1994 of South Australia.”.
PART 2.3—MODIFICATIONS OF THE PRIVACY ACT 1988 RELATING TO THE RESTRUCTURING OF THE STATE BANK OF SOUTH AUSTRALIA
Division 1—Preliminary
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