Financial Corporations (Transfer of Assets and Liabilities) Amendment Bill 2002
First Reading

2002

The Parliament of the

Commonwealth of Australia

THE SENATE

Presented and read a first time

Financial Corporations (Transfer of Assets and Liabilities) Amendment Bill 2002

No. , 2002

(Treasury)

A Bill for an Act to amend the Financial Corporations (Transfer of Assets and Liabilities) Act 1993, and for related purposes

Contents

1       Short title 1

2       Commencement 1

3       Schedule(s) 2

Schedule 1--Amendment of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993       3

A Bill for an Act to amend the Financial Corporations (Transfer of Assets and Liabilities) Act 1993, and for related purposes

The Parliament of Australia enacts:

1 Short title

        This Act may be cited as the Financial Corporations (Transfer of Assets and Liabilities) Amendment Act 2002.

2 Commencement

        This Act is taken to have commenced on 1 July 2001.

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        Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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--Amendment of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993

1 Section 3 (subparagraph (b)(ii) of the definition of eligible foreign ADI)

Omit "2001", substitute "2003".

2 Section 3 (paragraph (b) of the definition of newly established local ADI)

Omit "2001", substitute "2003".

3 Paragraph 7(6)(c)

Omit "2004", substitute "2006".

4 Subsection 20(2) (notional sub-subparagraph (bb)(ii)(B))

Omit "8", substitute "10".

5 Subsection 24(2) (notional sub-subparagraph (bb)(ii)(B))

Omit "8", substitute "10".

6 Schedule 1 (subsection 170-33(2))

Omit "8", substitute "10".

7 Schedule 2 (subsection 170-133(2))

Omit "8", substitute "10".