2002
   The Parliament of the
   Commonwealth of Australia
   THE SENATE
   Presented and read a first time
   Financial Services Reform (Consequential Provisions) Bill 2002
   No. , 2002
   (Treasury)
   A Bill for an Act to amend the Retirement Savings Accounts Act 1997 and
   the Corporations Act 2001, and for related purposes

   Contents

   A Bill for an Act to amend the Retirement Savings Accounts Act 1997 and
   the Corporations Act 2001, and for related purposes

   The Parliament of Australia enacts:

      1 Short title

   This Act may be cited as the Financial Services Reform (Consequential
   Provisions) Act 2002.

      2 Commencement

   (1) Each provision of this Act specified in column 1 of the table
   commences, or is taken to have commenced, on the day or at the time
   specified in column 2 of the table.

   Commencement information
   Column 1
   Column 2
   Column 3
   Provision(s)
   Commencement
   Date/Details
   1. Sections 1 to 3 and anything in this Act not elsewhere covered by
   this table
   The day on which this Act receives the Royal Assent
   2. Schedule 1
   Immediately after the commencement of the Family Law Legislation
   Amendment (Superannuation) Act 2001
   3. Schedule 2
   Immediately after the commencement of item 329 of Schedule 1 to the
   Financial Services Reform Act 2001

   Note: This table relates only to the provisions of this Act as
   originally passed by the Parliament and assented to. It will not be
   expanded to deal with provisions inserted in this Act after assent.

   (2) Column 3 of the table is for additional information that is not
   part of this Act. This information may be included in any published
   version of this Act.

      3 Schedule(s)

   Each Act that is specified in a Schedule to this Act is amended or
   repealed as set out in the applicable items in the Schedule concerned,
   and any other item in a Schedule to this Act has effect according to
   its terms.

        Schedule 1--Retirement Savings Accounts Act 1997

   1 Subsection 41(5)

   Omit "subsections (1) and (3)", substitute "this section".

   2 At the end of section 41

   Add:

   (6) This section does not apply to a charge or assignment that is
   permitted, whether expressly or by necessary implication, by the
   regulations.

        Schedule 2--Corporations Act 2001

   1 Before section 97

   Insert:

      95A Solvency and insolvency

   (1) A person is solvent if, and only if, the person is able to pay all
   the person's debts, as and when they become due and payable.

   (2) A person who is not solvent is insolvent.