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This is a Bill, not an Act. For current law, see the Acts databases.
2002
The Parliament of
the
Commonwealth of
Australia
THE
SENATE
Presented and read a first
time
Financial
Services Reform (Consequential Provisions) Bill
2002
No. ,
2002
(Treasury)
A Bill
for an Act to amend the Retirement Savings Accounts Act 1997 and the
Corporations Act 2001, and for related purposes
Contents
A Bill for an Act to amend the Retirement Savings
Accounts Act 1997 and the Corporations Act 2001, and for related
purposes
The Parliament of Australia enacts:
This
Act may be cited as the Financial Services Reform (Consequential Provisions)
Act 2002.
(1) Each provision of this Act specified in column 1 of the table
commences, or is taken to have commenced, on the day or at the time specified in
column 2 of the table.
|
Commencement information |
||
|---|---|---|
|
Column 1 |
Column 2 |
Column 3 |
|
Provision(s) |
Commencement |
Date/Details |
|
1. Sections 1 to 3 and anything in this Act not elsewhere covered by
this table |
The day on which this Act receives the Royal Assent |
|
|
2. Schedule 1 |
Immediately after the commencement of the Family Law Legislation
Amendment (Superannuation) Act 2001 |
|
|
3. Schedule 2 |
Immediately after the commencement of item 329 of Schedule 1 to
the Financial Services Reform Act 2001 |
|
Note: This table relates only to the provisions of this Act
as originally passed by the Parliament and assented to. It will not be expanded
to deal with provisions inserted in this Act after assent.
(2) Column 3 of the table is for additional information that is not part
of this Act. This information may be included in any published version of this
Act.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
1 Subsection 41(5)
Omit “subsections (1) and (3)”, substitute “this
section”.
2 At the end of
section 41
Add:
(6) This section does not apply to a charge or assignment that is
permitted, whether expressly or by necessary implication, by the
regulations.
1 Before section 97
Insert:
(1) A person is solvent if, and only if, the person is able to pay all the
person’s debts, as and when they become due and payable.
(2) A person who is not solvent is insolvent.