Financial Sector Reform (Northern Territory) Act 1999

On the transfer date, each transferring financial institution of this jurisdiction is taken, in accordance with Schedule 4 to the

Corporations Law, to become registered as a company under that Law under the name under which the institution was registered under the previous governing Code immediately before the transfer date.

Subsection (1) applies even if the institution is an externally-administered body corporate immediately before the transfer date.

Registration under the Corporations Law of a transferring financial institution of this jurisdiction as a company does not create a new legal entity.

In this section, previous governing code and

transferring financial institution of this jurisdiction have the same respective meanings as they have in Schedule 4 of the

Corporations Law.

Part 3 ADIs and life insurance companies: transfer of business