Banking (State Bank of South Australia and Other Matters) Act 1994

After section 268 of the Corporations Law the following section is inserted:

Assignment of charges under the State Bank (Corporatisation) Act 1994 of South Australia

Application of section

“268A.

This section applies if:

after one or more registrable charges on property of a company have been created, a person other than the original chargee becomes the holder of the charges; and

the person is the State Bank of South Australia or Bank of South Australia Limited; and

the person becomes the holder of the charges as a result of the operation of:

section 7 or 23 of the State Bank (Corporatisation) Act 1994 of South Australia; or

a corresponding provision of a law of another State or of a Territory.

Lodgment of notice with Commission

“(2) The person may lodge a notice stating that it has become the holder of the charges.

Notice to be in a form approved by Commission

“(3) The notice must be in a form approved by the Commission.

Time within which notice must be lodged

“(4) The notice must be lodged within:

6 months after the commencement of the State Bank (Corporatisation) Act 1994 of South Australia (the ‘initial period’); or

such longer period as the Commission allows.

When Commission may allow longer period for lodgment of notice

“(5) The Commission may only allow a longer period under paragraph (4)(b) if:

the person applies in writing to the Commission within the initial period; and

the Commission is satisfied that, having regard to the nature of the charges involved, it would not be practicable for the person to lodge a notice in relation to those charges within the initial period.

Effect of notice

“(6) A person who lodges a notice under subsection (2) in respect of one or more charges on property of a company is taken, for the purposes of this Law and the Corporations (Fees) Regulations:

to have lodged a separate notice in accordance with subsection 268(1) in respect of each of those charges; and

to have given a copy of each of those notices to the company in accordance with that subsection.

Debentures

“(7) If:

a charge is constituted by a debenture or debentures; and

there is a trustee for debenture holders;

a reference in this section to the chargee in relation to a charge is a reference to that trustee.”.

Division 3—Deregistration of defunct companies dissolved under the State Bank (Corporatisation) Act 1994 of South Australia