
Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021
made under the Banking Act 1959, Financial Sector (Shareholdings) Act 1998, Financial Sector (Transfer and Restructure) Act 1999, and Financial Sector (Transfer and Restructure) Regulations 2018.
Compilation No. 01
Compilation date: 19/02/2022
Includes amendments up to: Financial Sector (Shareholdings) (Members Equity Bank Limited) Amendment Instrument 2022
About this compilation
This compilation
This is a compilation of the Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021 that shows the text of the law as amended and in force on 19 February 2022 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
Self‑repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1—Preliminary 1
1 Name........................................................................................................................................ 1
3 Authority.................................................................................................................................. 1
4 Definitions................................................................................................................................ 1
Part 2—Approvals to exceed 20% shareholding limit 2
5 Approvals of applications......................................................................................................... 2
6 Approval of application for transfer of business...................................................................... 6
Part 3—Related approvals for transfer of business 7
7 Consent to the voluntary transfer of business between ADIs................................................... 7
8 Consent to the restructuring of ADIs....................................................................................... 7
Endnotes 8
Endnote 1—About the endnotes 8
Endnote 2—Abbreviation key 9
Endnote 3—Legislation history 10
Endnote 4—Amendment history 11
Part 1—Preliminary
1 Name
This instrument is the Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021.
3 Authority
This instrument is made under the following:
(a) Banking Act 1959; and
(b) Financial Sector (Shareholdings) Act 1998; and
(c) Financial Sector (Transfer and Restructure) Act 1999; and
(d) Financial Sector (Transfer and Restructure) Regulations 2018.
4 Definitions
Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Financial Sector (Shareholdings) Act 1998 as in force from time to time.
In this instrument:
ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999.
ADI (authorised deposit‑taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959.
the Act means the Financial Sector (Shareholdings) Act 1998.
Part 2—Approvals to exceed 20% shareholding limit
5 Approvals of applications
(1) Under paragraph 14(1)(a) of the Act, each item of the following table grants approval to the applicant specified in the item:
(a) to hold more than a 20% stake in the financial sector company specified in the item; and
(b) to hold no more of the stake specified in the item in the financial sector company.
Item | Name of applicant | ABN of applicant | Financial sector company | ABN of financial sector company | Approved holding in the financial sector company |
1 | Bank of Queensland Limited | 32 009 656 740 | Members Equity Bank Limited | 56 070 887 679 | 100% |
2 | Bank of Queensland Limited | 32 009 656 740 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
3 | BOQ Asset Finance & Leasing Pty Ltd | 79 074 206 634 | Members Equity Bank Limited | 56 070 887 679 | 100% |
4 | BOQ Asset Finance & Leasing Pty Ltd | 79 074 206 634 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
5 | BOQ Credit Pty Limited | 92 080 151 266 | Members Equity Bank Limited | 56 070 887 679 | 100% |
6 | BOQ Credit Pty Limited | 92 080 151 266 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
7 | BOQF Cashflow Finance Pty Ltd | 68 062 762 921 | Members Equity Bank Limited | 56 070 887 679 | 100% |
8 | BOQF Cashflow Finance Pty Ltd | 68 062 762 921 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
9 | BOQ Equipment Finance Limited | 78 008 492 582 | Members Equity Bank Limited | 56 070 887 679 | 100% |
10 | BOQ Equipment Finance Limited | 78 008 492 582 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
11 | BOQ Finance (Aust) Limited | 56 065 745 735 | Members Equity Bank Limited | 56 070 887 679 | 100% |
12 | BOQ Finance (Aust) Limited | 56 065 745 735 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
13 | BOQ Funding Pty Limited | 35 079 936 495 | Members Equity Bank Limited | 56 070 887 679 | 100% |
14 | BOQ Funding Pty Limited | 35 079 936 495 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
15 | BOQ Home Pty Ltd | 72 051 900 380 | Members Equity Bank Limited | 56 070 887 679 | 100% |
16 | BOQ Home Pty Ltd | 72 051 900 380 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
17 | BOQ Specialist (Aust) Limited | 55 071 292 594 | Members Equity Bank Limited | 56 070 887 679 | 100% |
18 | BOQ Specialist (Aust) Limited | 55 071 292 594 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
19 | BOQ Specialist Pty Ltd | 94 110 704 464 | Members Equity Bank Limited | 56 070 887 679 | 100% |
20 | BOQ Specialist Pty Ltd | 94 110 704 464 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
21 | BOQ Share Plans Nominee Pty Ltd | 87 102 803 261 | Members Equity Bank Limited | 56 070 887 679 | 100% |
22 | BOQ Share Plans Nominee Pty Ltd | 87 102 803 261 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
23 | B.Q.L. Management Pty. Ltd. | 87 081 052 342 | Members Equity Bank Limited | 56 070 887 679 | 100% |
24 | B.Q.L. Management Pty. Ltd. | 87 081 052 342 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
25 | Home Credit Management Pty Ltd | 84 009 108 123 | Members Equity Bank Limited | 56 070 887 679 | 100% |
26 | Home Credit Management Pty Ltd | 84 009 108 123 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
27 | Home Financial Planning Pty Ltd | 92 009 055 136 | Members Equity Bank Limited | 56 070 887 679 | 100% |
28 | Home Financial Planning Pty Ltd | 92 009 055 136 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
29 | Pioneer Permanent Pty Ltd | 36 087 652 042 | Members Equity Bank Limited | 56 070 887 679 | 100% |
30 | Pioneer Permanent Pty Ltd | 36 087 652 042 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
31 | StateWest Financial Planning Pty Ltd | 32 009 137 508 | Members Equity Bank Limited | 56 070 887 679 | 100% |
32 | StateWest Financial Planning Pty Ltd | 32 009 137 508 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
33 | St Andrew’s Australia Services Pty Ltd | 75 097 464 616 | Members Equity Bank Limited | 56 070 887 679 | 100% |
34 | St Andrew’s Australia Services Pty Ltd | 75 097 464 616 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
35 | St Andrew’s Insurance (Australia) Pty Ltd | 89 075 044 656 | Members Equity Bank Limited | 56 070 887 679 | 100% |
36 | St Andrew’s Insurance (Australia) Pty Ltd | 89 075 044 656 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
37 | St Andrew’s Life Insurance Pty Ltd | 98 105 176 243 | Members Equity Bank Limited | 56 070 887 679 | 100% |
38 | St Andrew’s Life Insurance Pty Ltd | 98 105 176 243 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
39 | Virgin Money (Australia) Pty Limited | 75 103 478 897 | Members Equity Bank Limited | 56 070 887 679 | 100% |
40 | Virgin Money (Australia) Pty Limited | 75 103 478 897 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
41 | Virgin Money Financial Services Pty Ltd | 51 113 285 395 | Members Equity Bank Limited | 56 070 887 679 | 100% |
42 | Virgin Money Financial Services Pty Ltd | 51 113 285 395 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
43 | Virgin Money Home Loans Pty Limited | 81 117 183 623 | Members Equity Bank Limited | 56 070 887 679 | 100% |
44 | Virgin Money Home Loans Pty Limited | 81 117 183 623 | ME Portfolio Management Limited | 79 005 964 134 | 100% |
45 | BOQ Finance (NZ) Limited [registered in New Zealand] | — | Members Equity Bank Limited | 56 070 887 679 | 100% |
46 | BOQ Finance (NZ) Limited [registered in New Zealand] | — | ME Portfolio Management Limited | 79 005 964 134 | 100% |
47 | Alliance Premium Funding Limited [registered in New Zealand] | — | Members Equity Bank Limited | 56 070 887 679 | 100% |
48 | Alliance Premium Funding Limited [registered in New Zealand] | — | ME Portfolio Management Limited | 79 005 964 134 | 100% |
(2) The approvals granted under subsection (1) remain in force until repealed or otherwise revoked.
6 Approval of application for transfer of business
(1) Under paragraph 14(1)(a) of the Act, as modified by section 8 of the Financial Sector (Transfer and Restructure) Regulations 2018, approval is granted to the Bank of Queensland Limited (ABN 32 009 656 740) to hold 100% of the gross assets and liabilities of Members Equity Bank Limited (ABN 56 070 887 679).
(2) The approval granted under subsection (1) remains in force until repealed or otherwise revoked.
Part 3—Related approvals for transfer of business
7 Consent to the voluntary transfer of business between ADIs
Under paragraph 11(1)(e) of the Financial Sector (Transfer and Restructure) Act 1999, consent is given to the transfer of business from Members Equity Bank Limited (ABN 56 070 887 679) to Bank of Queensland Limited (ABN 32 009 656 740).
8 Consent to the restructuring of ADIs
Under subsection 63(1) of the Banking Act 1959, consent is given to Members Equity Bank Limited (ABN 56 070 887 679) to enter into an arrangement or agreement for the sale or disposal of its business to Bank of Queensland Limited (ABN 32 009 656 740).
Endnotes
Endnote 1—About the endnotes
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Abbreviation key—Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.
Endnote 2—Abbreviation key
| o = order(s) |
ad = added or inserted | Ord = Ordinance |
am = amended | orig = original |
amdt = amendment | par = paragraph(s)/subparagraph(s) |
c = clause(s) | /sub‑subparagraph(s) |
C[x] = Compilation No. x | pres = present |
Ch = Chapter(s) | prev = previous |
def = definition(s) | (prev…) = previously |
Dict = Dictionary | Pt = Part(s) |
disallowed = disallowed by Parliament | r = regulation(s)/rule(s) |
Div = Division(s) | |
exp = expires/expired or ceases/ceased to have | reloc = relocated |
effect | renum = renumbered |
F = Federal Register of Legislation | rep = repealed |
gaz = gazette | rs = repealed and substituted |
LA = Legislation Act 2003 | s = section(s)/subsection(s) |
LIA = Legislative Instruments Act 2003 | Sch = Schedule(s) |
(md) = misdescribed amendment can be given | Sdiv = Subdivision(s) |
effect | SLI = Select Legislative Instrument |
(md not incorp) = misdescribed amendment | SR = Statutory Rules |
cannot be given effect | Sub‑Ch = Sub‑Chapter(s) |
mod = modified/modification | SubPt = Subpart(s) |
No. = Number(s) | underlining = whole or part not |
| commenced or to be commenced |
Endnote 3—Legislation history
Name | Registration | Commencement | Application, saving and transitional provisions |
Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021 | 21 June 2021 (F2021N00126) | 22 June 2021 | — |
Financial Sector (Shareholdings) (Members Equity Bank Limited) Amendment Instrument 2022 | 18 February 2022 (F2022N00031) | 19 February 2022 | — |
| | | |
| | | |
Endnote 4—Amendment history
Provision affected | How affected |
section 2 | rep s48D LA |
section 3 | rs F2022N00031 |
section 4 | am F2022N00031 |
section 5 | ad F2022N00031 |
section 6 | ad F2022N00031 |
section 7 | ad F2022N00031 |