Commonwealth Consolidated Acts

FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 - SECT 3

    In this Part, unless the contrary intention appears:

"ADI" (authorised deposit - taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959 .

"ADI authority" means an authority under subsection   9(3) of the Banking Act 1959 .

"asset" means property, or a right, of any kind, and includes:

  (a)   any legal or equitable estate or interest (whether present or future, vested or contingent, tangible or intangible, in real or personal property) of any kind; and

  (b)   any chose in action; and

  (c)   any right, interest or claim of any kind including rights, interests or claims in or in relation to property (whether arising under an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing); and

  (e)   a CGT asset within the meaning of the Income Tax Assessment Act 1997 .

"eligible foreign ADI" means an ADI:

  (a)   that is a foreign ADI for the purposes of the Banking Act 1959 ; and

  (b)   that:

  (i)   was granted its ADI authority before this Act commenced; or

  (ii)   is or was granted its ADI authority after this Act commenced pursuant to an application made before this Act commenced, or made after this Act commenced but before 1   July 2003.

"eligible local ADI" means a local ADI that was granted its ADI authority on or before 18   June 1993.

"eligible money market corporation" has the meaning given by section   4.

"eligible subsidiary" , in relation to an eligible local ADI or eligible money market corporation, means a body that:

  (a)   is incorporated under a law of the Commonwealth, of a State or a Territory relating to companies; and

  (b)   is a financial corporation that is a registered entity under the Financial Sector (Collection of Data) Act 2001 ; and

  (c)   is a subsidiary of the eligible local ADI or money market corporation.

"financial corporation" means a financial corporation within the meaning of paragraph   51(xx) of the Constitution.

"foreign corporation" means a foreign corporation within the meaning of paragraph   51(xx) of the Constitution.

"interest" , in relation to land, includes:

  (a)   a legal or equitable estate or interest in the land; or

  (b)   a right, power or privilege over, or in relation to, the land.

"liability" includes a duty or obligation of any kind (whether arising under an instrument or otherwise, and whether actual, contingent or prospective).

"local ADI" means an ADI that is incorporated under a law of the Commonwealth, a State or a Territory relating to companies.

"newly established local ADI" means a local ADI that:

  (a)   was granted its ADI authority before this Act commenced but after 18   June 1993; or

  (b)   is or was granted its ADI authority after this Act commenced pursuant to an application made before this Act commenced, or made after this Act commenced but before 1   July 2003.

"receiving corporation" has the meaning given by section   5.

"subsidiary" has the same meaning as in the Corporations Act 2001 .

"transfer" , in relation to an asset or liability, means an act as a result of which the asset or liability:

  (a)   ceases to be vested in a person; and

  (b)   becomes vested in another person.

"transferring corporation" has the meaning given by section   5.