Victorian Consolidated Legislation

Financial Sector Reform (Victoria) Act 1999 - SECT 48

Withdrawable shares in building societies

48. Withdrawable shares in building societies



(1) A person who, immediately before the transfer date, was entitled to a
withdrawable share of a building society, is deemed to have become on that
date the holder of a deposit with the building society of an amount equal to
the amount paid up on the share.

(2) The holder of the deposit continues to have the same voting or other
rights (if any) as the holder of the withdrawable share had.

(3) Any withdrawable shares of a building society on issue immediately before
the transfer date and converted to deposits under subsection (1) are deemed to
have been cancelled.

(4) This section applies subject to such standards or rules about the
conversion of withdrawable shares to deposits as are determined by VicFIC.

(5) In this section-

building society means a transferring financial institution of this
jurisdiction (within the meaning of Part 1 of Schedule 4 to the Corporations
Law9) authorised under the Financial Institutions Code to operate as a
building society immediately before the transfer date;

withdrawable share means a withdrawable share within the meaning of the
Financial Institutions Code.