Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 268A

(1)

Application of section

This section applies if:

(a)

after one or more registrable charges on property of a company have been created, a person other than the original chargee becomes the holder of the charges; and

(b)

the person is the State Bank of South Australia or Bank of South Australia Limited; and

(c)

the person becomes the holder of the charges as a result of the operation of:

(i)

section 7 or 23 of the State Bank (Corporatisation) Act 1994 of South Australia; or

(ii)

a corresponding provision of a law of another State or of a Territory.

(2) Lodgment of notice with Commission

The person may lodge a notice stating that it has become the holder of the charges.

(3) Notice to be in a form approved by Commission

The notice must be in a form approved by the Commission.

(4)

Time within which notice must be lodged

The notice must be lodged within:

(a)

6 months after the commencement of the State Bank (Corporatisation) Act 1994 of South Australia (the initial period); or

(b)

such longer period as the Commission allows.

(5)

When Commission may allow longer period for lodgment of notice

The Commission may only allow a longer period under paragraph (4)(b) if:

(a)

the person applies in writing to the Commission within the initial period; and

(b)

the Commission is satisfied that, having regard to the nature of the charges involved, it would not be practicable for the person to lodge a notice in relation to those charges within the initial period.

(6)

Effect of notice

A person who lodges a notice under subsection (2) in respect of one or more charges on property of a company is taken, for the purposes of this Law and the Corporations (Fees) Regulations:

(a)

to have lodged a separate notice in accordance with subsection 268(1) in respect of each of those charges; and

(b)

to have given a copy of each of those notices to the company in accordance with that subsection.

(7)

Debentures

If:

(a)

a charge is constituted by a debenture or debentures; and

(b)

there is a trustee for debenture holders;

a reference in this section to the chargee in relation to a charge is a reference to that trustee.