South Australian Consolidated Acts

SGIC (SALE) ACT 1995 - SECT 9

9—Re-transfer of assets or liabilities

        (1)         The Treasurer may, by order in writing (a "re-transfer order ), re-transfer assets or liabilities (or both) from Newco or a Newco subsidiary to SGIC or an SGIC subsidiary.

        (2)         A re-transfer order may reverse the construction placed on a transferred instrument, or transferred instruments of a specified class, by a transfer order and, in that case—

            (a)         the original effect of the instrument (or instruments) is restored as from the date the re-transfer order takes effect; and

            (b)         SGIC or the SGIC subsidiary accordingly succeeds to the rights and liabilities of Newco or the Newco subsidiary under the instrument (or instruments) as from the date on which the re-transfer order takes effect.

        (3)         A re-transfer order may take effect prospectively or retrospectively but must be made before the end of the transfer period and must take effect within the transfer period.

        (4)         If a re-transfer order provides that it is to take effect contemporaneously with the relevant transfer order—

            (a)         the transfer of a relevant asset or liability is cancelled and the asset or liability is taken never to have been transferred; and

            (b)         a transferred instrument to which the re-transfer order applies is to be construed as if it had never been affected by the transfer order.

        (5)         The re-transfer of a liability from Newco or a Newco subsidiary discharges Newco or the Newco subsidiary from the liability.