South Australian Consolidated Acts

TRUSTEE COMPANIES ACT 1988 - SECT 25G

25G—Voluntary transfer of transferring company's estate assets and liabilities

        (1)         The Governor may make regulations to facilitate the voluntary transfer of estate assets and liabilities from 1 trustee company (the "transferring company") to another trustee company (the "receiving company") if ASIC has made a determination under the Commonwealth Act allowing the transfer.

        (2)         Without limiting the generality of subsection (1), the regulations may—

            (a)         provide that the receiving company is to be taken to be the successor in law of the transferring company, to the extent of the transfer; and

            (b)         provide for the identification of estate assets or liabilities of the transferring company; and

            (c)         provide for and give effect to the transfer of estate assets and liabilities of the transferring company from the transferring company to the receiving company; and

            (d)         provide for and give effect to the transfer of duties, obligations, immunities, rights and privileges of the transferring company from the transferring company to the receiving company, including by providing (for example) that—

                  (i)         an appointment of the transferring company in a will, order of a court or instrument of any kind is to be taken to be an appointment of the receiving company (whether the appointment was made before, on or after the commencement of the regulation and whether the appointment is in effect on that date, takes effect after that date or has taken effect previously but some further act or thing is necessary to perfect the appointment or undertaking of the office); and

                  (ii)         in each case where the transferring company is acting as a trustee, the receiving company is appointed as the trustee in place of the transferring company; and

            (e)         provide for the registration or recording of the transfer (with or without formal application) by the Registrar-General or any other person or authority; and

            (f)         provide for evidence of matters relating to the transfer; and

            (g)         provide for relief from the consequences of anything done or allowed under regulations made under this section; and

            (h)         provide for payment, or exemption from payment, of State taxes in respect of the transfer; and

                  (i)         provide for the liquidation or dissolution of the transferring company; and

            (j)         provide for any other matter of a savings or transitional nature consequent on the transfer.

        (3)         A regulation made under this section may, if the regulation so provides, take effect from the commencement of this section or from a later day.

        (4)         A regulation made under this section has effect despite anything in a contract, deed, undertaking, agreement, will or other instrument.