Australian Capital Territory Numbered Acts

FINANCIAL INSTITUTIONS (APPLICATION OF - SECT 31

        (a)     the Financial Institutions (Consequential Amendments) Act 1992 had not commenced;

        (b)     the references in section 5C of the previous law to the Registrar of Co-operative Societies were references to the SSA; and

        (c)     the reference in subsection 5C (3) of the previous law to the Companies Act were a reference to the Corporations Law.

Disputes between members and societies

32. (1) This section applies—

        (a)     where, immediately before the commencement day, a dispute between a continuing society and a member of that society—

              (i)     had been referred to the Registrar of Co-operative Societies under section 58 of the previous law; and

              (ii)     the dispute had not been determined; or

        (b)     where—

              (i)     in the month before the commencement day, a dispute between a continuing society and a member of that society had been referred to arbitration in accordance with the society's rules;

              (ii)     1 month after the reference of that dispute to arbitration, no award had been made pursuant to the arbitration; and

              (iii)     a party to the dispute applies to refer it to the Registrar of Co-operative Societies.

(2) Where this section applies, section 58 of the previous law continues to apply in relation to the relevant dispute as if—

        (a)     the Financial Institutions (Consequential Amendments) Act 1992 had not commenced; and

        (b)     the relevant continuing society were still a society registered under the previous law.

Regulations—savings and transitional

33. (1) The Executive, on the recommendation of the Minister made with the approval of the Ministerial Council, may make regulations of a saving or transitional nature consequent on the enactment or commencement of this Act, the Financial Institutions (Supervisory Authority) Act 1992 or the Financial Institutions (Consequential Amendments) Act 1992 .

(2) If the regulations so provide, a provision of the regulations may have effect despite any provision of the Financial Institutions (ACT) Code or the AFIC (ACT) Code.

(3) If the regulations so provide, a provision of the regulations may take effect from a date between the commencement day and the date of notification of the regulations in the Gazette .

(4) To the extent to which a provision referred to in subsection (3) takes effect from a date that is earlier than the date of notification of the regulations in the Gazette , the provision—

        (a)     operates only to the advantage of a person affected by the provision (other than the Territory or an authority of the Territory) by—

              (i)     increasing the person's rights; or

              (ii)     relieving the person of liabilities; and

        (b)     does not operate to the disadvantage of such a person by—

              (i)     decreasing the person's rights; or

              (ii)     imposing liabilities on the person.

[Presentation speech made in Assembly on 17 June 1992]

© Australian Capital Territory 2003