• Specific Year
    Any

TRUSTEE COMPANIES ACT 1984 - SECT 26A Transfer determinations under the Corporations Act

TRUSTEE COMPANIES ACT 1984 - SECT 26A

Transfer determinations under the Corporations Act

    (1)     This section applies if—

S. 26A(1)(a) substituted by No. 76/2012 s. 27(2).

        (a)     the Australian Securities and Investments Commission ( ASIC ) makes a determination under section 601WBA(1) of the Corporations Act that there is to be a transfer of estate assets and liabilities from a transferring company to a receiving company; and

        (b)     ASIC issues a certificate of transfer under section 601WBG of the Corporations Act for the transfer; and

        (c)     either or both of the transferring company and the receiving company are registered in Victoria.

    (2)     When the certificate of transfer comes into force, the receiving company is taken to be the successor in law in relation to estate assets and liabilities of the transferring company, to the extent of the transfer.

Note

Section 601WBG(2)(d) of the Corporations Act requires the certificate of transfer to state when it is to come into force.

    (3)     Without limiting subsection (2)—

        (a)     if the transfer is a total transfer—

              (i)     all of the assets of the transferring company become assets of the receiving company; and

              (ii)     all of the liabilities of the transferring company become liabilities of the receiving company—

without the need for any further transfer, conveyance, assignment or assurance; and

        (b)     if the transfer is a partial transfer—

              (i)     assets of the transferring company listed in the certificate of transfer in accordance with section 601WBG(2)(c) of the Corporations Act become assets of the receiving company; and

              (ii)     liabilities of the transferring company listed in the certificate of transfer in accordance with section 601WBG(2)(c) of the Corporations Act become liabilities of the receiving company—

without the need for any further transfer, conveyance, assignment or assurance; and

        (c)     to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring company apply to the receiving company.

    (4)     If the certificate of transfer includes provisions of the kind referred to in section 601WBG(3) of the Corporations Act specifying—

        (a)     that particular things are to happen or are taken to be the case—those things are, by force of this section, taken to happen or to be the case, in accordance with those provisions;

        (b)     a mechanism for determining things that are to happen or are taken to be the case—things determined in accordance with the mechanism are, by force of this section, taken to happen, or to be the case, as determined in accordance with that mechanism.

S. 26B inserted by No. 17/2010 s. 9.