Page 2221 - Week 07 - Thursday, 17 June 1993

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COMPANY WHICH IS DULY REGISTERED IN THE A.C.T. AND RECOGNISED AS A TRUSTEE COMPANY IN THE RELEVANT JURISDICTION.

UNDER THE PRESENT PROVISIONS OF THE ACT, WHERE A TRUSTEE COMPANY DULY SPECIFIED IN THE SCHEDULE CHANGES ITS NAME FOR WHATEVER REASON THIS WOULD REQUIRE LEGISLATIVE CHANGE TO RECOGNISE THE NEW CHANGE. AS THE NAME CHANGE MUST ALSO BE APPROVED Y THE AUSTRALIAN SECURITIES COMMISSION, THIS REQUIREMENT SEEMS AN UNNECESSARY BURDEN ON THE ASSEMBLY. THE AMENDMENT CONTAINED IN THE BILL WOULD REMOVE THAT BURDEN.

RATHER THAN HAVING TO LEGISLATE TO CHANGE A NAME WHICH IS IN THE SCHEDULE OF THE ACT, THE PROPOSED AMENDMENT SIMPLY PROVIDES THAT, WHERE A TRUSTEE COMPANY CHANGED ITS NAME UNDER THE CORPORATIONS LAW, REFERENCES TO THE OLD NAME IN THE SCHEDULE WOULD BE DEEMED TO BE A REFERENCE TO THE NEW NAME.

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