Queensland Consolidated Acts

STATE FINANCIAL INSTITUTIONS AND METWAY MERGER FACILITATION ACT 1996

TABLE OF PROVISIONS

           Long Title

           Contents

           Part 1--Preliminary

   1.      Short title
   2.      Commencement
   3.      Definitions and dictionary

           Part 2--Object and basic concepts

           Division 1--Object

   4.      Object of this Act

           Division 2--Basic concepts

   5.      What is a State financial institution
   6.      What is the Metway scheme of arrangement

           Part 3--Transfer of the incorporation of QIDC and SIF to Corporations Law

           Division 1--Definition

   7.      Definition for pt 3

           Division 2--QIDC not statutory GOC

   8.      When div 2 takes effect
   9.      QIDC stops being statutory GOC
   10.     QIDC's share capital and issued shares
   11.     QIDC's powers

           Division 3--Facilitative mechanisms

   12.     Registration under Corporations Law
   13.     Memorandum and articles of candidate company
   14.     Candidate company may change its name
   15.     Share capital and issue of shares
   16.     Variation of share capital
   17.     Shares must be issued to a Minister

           Division 4--Miscellaneous

   18.     Application of GOC Act
   19.     Part 3 overrides certain Acts
   20.     Notice by Treasurer

           Part 4--Transfer of the undertaking and incorporation of SBS

           Division 1--Transfer of SBS's undertaking to QIDC

   21.     Definitions for div 1
   22.     Vesting of undertaking
   23.     SBS's members do not become members of, or shareholders in, QIDC
   24.     Treasurer may exclude assets and liabilities from transfer
   25.     Terms of transfer
   26.     Transitional provisions
   27.     Direct payment orders to accounts transferred to QIDC
   28.     Transfer of staff
   29.     Legal proceedings relating to undertaking
   30.     Reserve established in QIDC
   31.     Effect of winding-up on SBS preconversion reserve
   32.     Exclusion of obligation to inquire
   33.     Cancellation of SBS's registration as a building society
   34.     Dissolution of SBS

           Division 2--Transfer of incorporation of SBS to Corporations Law

   35.     Registration of SBS under Corporations Law
   36.     Memorandum and articles of SBS
   37.     SBS must change its name

           Division 4--Relationship of pt 4 to financial institutions legislation

   51.     Part 4 overrides financial institutions legislation

           Part 5--Amalgamation of certain State financial institutions

   52.     Object of pt 5
   53.     Definitions for pt 5
   54.     Treasurer may cause preparation of schemes
   55.     Treasurer may approve schemes
   56.     Matters that may be included in schemes
   57.     Effect of scheme relating to transfer of assets
   58.     Transitional provisions
   59.     Exclusion of obligation to inquire
   60.     Transfer of staff
   61.     Legal proceedings relating to undertaking
   62.     Part 5 overrides certain laws

           Part 6--Mandatory requirements regarding Metway group companies' articles

   63.     Application of pt 6
   64.     Metway group companies' articles to include certain provisions
   65.     Inconsistent alterations to Metway group companies' articles have no effect
   66.     Injunctions
   67.     Delegation by Treasurer
   68.     Jurisdiction of Supreme Court
   69.     Part 6 overrides Corporations Act

           Part 7--Guarantee of existing obligations

   70.     Obligation for existing QIDC liabilities
   71.     Obligation for existing insurance liabilities
   72.     Obligation for liabilities transferred from QIDC, SIF or a wholly-owned subsidiary of SIF
   73.     No guarantee for future liabilities
   74.     Appropriation of guaranteed amounts
   75.     Guarantee fee

           Part 8--Miscellaneous

   76.     Exemption from State tax
   77.     Transfer of assets and liabilities of SFIs to government entities
   78.     Transfer of certain assets and liabilities of Metway to government entities
   79.     Transfer of staff
   80.     Transfer of entity's incorporation does not affect legal personality
   81.     Registering authority to note transfer
   82.     Treasurer may direct participating entities
   83.     Diligence and care expected of certain directors
   84.     Act does not affect existing legal relationships
   85.     Act does not limit other powers
   86.     Effect of inconsistency with GOC Act
   87.     Person may disclose protected information
   88.     Application of Corporations Act to unit trust
   89.     Application of Corporations Law to Metway scheme of arrangement
   90.     Evidence
   91.     Extraterritorial operation of Act
   92.     References to entities that change name
   93.     Regulation-making power

           Part 9--Transitional, repeals and amendments

   94.     Transitional regulations
   95.     Repeal of QIDC Act
   96.     Repeal of SIF Act
           SCHEDULE 3 -- DICTIONARY
           Endnotes