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Schedule 7—Amendments of other Acts

Schedule 7 Amendments of other Acts

   

Corporations Act 2001

1  At the end of subsection 256B(1)

Add:

Note 5:       A company may reduce its share capital for the purposes of the conversion and write-off provisions determined by APRA despite this Division (see Subdivision B of Division 1A of Part II of the Banking Act 1959 , Division 2 of Part IIIA of the Insurance Act 1973 and Division 1A of Part 10A of the Life Insurance Act 1995 ).

2  At the end of subsection 437F(8)

Add:

Note:          An alteration in the status of members of a company that is made during the administration of the company may not be void if it is made for the purposes of the conversion and write-off provisions determined by APRA (see Subdivision B of Division 1A of Part II of the Banking Act 1959 , Division 2 of Part IIIA of the Insurance Act 1973 and Division 1A of Part 10A of the Life Insurance Act 1995 ).

3  At the end of subsection 468A(8)

Add:

Note:          An alteration in the status of members of a company that is made after the commencement of the winding up by the Court may not be void if it is made for the purposes of the conversion and write-off provisions (see Subdivision B of Division 1A of Part II of the Banking Act 1959 , Division 2 of Part IIIA of the Insurance Act 1973 and Division 1A of Part 10A of the Life Insurance Act 1995 ).

Income Tax Assessment Act 1997

4  Paragraph 202-47(1)(a)

Omit “ Financial Sector (Business Transfer and Group Restructure) Act 1999 ”, substitute “ Financial Sector (Transfer and Restructure) Act 1999 ”.

5  Section 320-300

Omit “ Financial Sector (Business Transfer and Group Restructure) Act 1999 , substitute “ Financial Sector (Transfer and Restructure) Act 1999 ”.

6  Paragraph 320-305(b)

Omit “ Financial Sector (Business Transfer and Group Restructure) Act 1999 , substitute “ Financial Sector (Transfer and Restructure) Act 1999 ”.

7  Paragraph 322-30(b)

Omit “Division 3 of Part VC”, substitute “section 62ZZF, 62ZZFA, 62ZZG or 62ZZGA”.

8  Section 322-30 (note 2)

Omit “Division 3 of Part VC of the Insurance Act 1973 entitles”, substitute “Sections 62ZZF, 62ZZFA, 62ZZG and 62ZZGA of the Insurance Act 1973 entitle”.

9  Paragraph 615-35(a)

Omit “ Financial Sector (Business Transfer and Group Restructure) Act 1999 , substitute “ Financial Sector (Transfer and Restructure) Act 1999 ”.

10  Subsection 703-37(1)

Omit “ Financial Sector (Business Transfer and Group Restructure) Act 1999 ”, substitute “ Financial Sector (Transfer and Restructure) Act 1999 ”.

11  Paragraph 703-37(4)(a)

Omit “ Financial Sector (Business Transfer and Group Restructure) Act 1999 ”, substitute “ Financial Sector (Transfer and Restructure) Act 1999 ”.

(231/17)