Commonwealth Consolidated Acts

FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) ACT (NO. 1) 1999 - SECT 3

(1)

Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2)

The following provisions commence on the transfer date:

(a)

item 4 of Schedule 1 (the commencement of the rest of the items in this Schedule is covered by subsection (1));

(b)

subject to subsections (3), (4) and (5), Schedule 3, other than items 1, 33, 34, 45, 46 and 63 (the commencement of those items is covered by subsection (1));

(c)

Schedule 4;

(d)

item 26 of Schedule 6;

(e)

subject to subsection (12), Schedule 7, other than items 43, 44, 118, 205 and 207 (the commencement of those items is covered by subsections (10),

(11)

and (13)).

(3)

If item 1 of Schedule 3 commences before the commencement of Schedule 1 to the Corporate Law Economic Reform Program Act 1999 , item 60 of Schedule 3 commences on the transfer date and item 61 of Schedule 3 commences immediately after the commencement of Schedule 1 to that Act.

(4)

If item 1 of Schedule 3 commences on the commencement of Schedule 1 to the Corporate Law Economic Reform Program Act 1999 , item 60 of Schedule 3 does not commence and item 61 of Schedule 3 commences immediately after the commencement of Schedule 1 to that Act.

(5)

If item 1 of Schedule 3 commences after the commencement of Schedule 1 to the Corporate Law Economic Reform Program Act 1999 , item 60 of Schedule 3 does not commence and item 61 of Schedule 3 commences on the transfer date.

(6)

Item 3 of Schedule 6 commences on a day to be fixed by Proclamation.

(7)

Item 6 of Schedule 6 is taken to have commenced on the commencement of Schedule 12 to the Financial Laws Amendment Act 1997 .

(7A)

Items 8, 9, 11 and 12 of Schedule 6 are taken to have commenced immediately after the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 received the Royal Assent.

(8)

Item 10 of Schedule 6 is taken to have commenced immediately before the commencement of Part 1 of Schedule 13 to the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 .

(9)

Items 18 and 19 of Schedule 6 are taken to have commenced immediately before the commencement of the Australian Prudential Regulation Authority Act 1998 .

(10)

Items 43 and 44 of Schedule 7 commence on the later of:

(a)

the day fixed for the commencement of the section amended by those items, immediately after the commencement of that section; and

(b)

the transfer date.

(11)

Item 118 of Schedule 7 commences on the later of:

(a)

immediately after the commencement of section 17 of the Life Insurance (Conduct and Disclosure) Act 1999 ; and

(b)

the transfer date.

(12)

If item 7 of Schedule 2 to the Assistance for Carers Legislation Amendment Act 1999 commences on or before the transfer date, item 206 of Schedule 7 to this Act does not commence.

(13)

Items 205 and 207 of Schedule 7 commence on the later of:

(a)

immediately after the commencement of item 7 of Schedule 2 to the Assistance for Carers Legislation Amendment Act 1999 ;

(b)

the transfer date.

(16)

The Governor-General may, by Proclamation published in the Gazette , specify the date that is to be the transfer date for the purposes of this Act.