Bill
Treasury Laws Amendment (Mutual Reforms) Bill 2019
passed, as at 2019-04-05. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2019-02-13
- second reading — 2019-02-13
- second reading — 2019-04-03
- third reading — 2019-04-03
- introduced — 2019-04-04
- second reading — 2019-04-04
- second reading — 2019-04-04
- second reading — 2019-04-04
- third reading — 2019-04-04
- passed — 2019-04-04
- royal assent — 2019-04-05
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2019-02-13.
The bill would change how mutual organisations are treated under company law.
It would create a legal definition of a mutual entity and allow them to issue shares without losing their mutual status.
The changes would start the day after the bill receives royal assent.
- Introduces a definition of a mutual entity into the Corporations Act.
- Removes uncertainty for transferring financial institutions and friendly societies regarding demutualisation provisions.
- Permits mutual entities to issue equity capital while preserving their mutual structure.
Mutual entities, including transferring financial institutions and friendly societies, registered under the Corporations Act.
Sources
em
billhome
frl act