(1) This item applies to a levy paying
entity if, because of section 4 of a Validation Act:
(2) The levy payable by the entity is taken to be due and payable on the
deferred payment day, despite section 9 of the Collection Act.
Part 2—Transitional provisions relating to amendments of the
Financial Corporations Act 1974
4 Definitions
In this Part: amended Act means the
Financial Corporations Act 1974 as in force immediately after the commencement
of Schedule 3 to this Act.
old Act means the Financial Corporations Act 1974
as in force immediately before the commencement of Schedule 3 to this Act.
registered corporation has the same meaning as in the amended Act.
Reserve
Bank means the Reserve Bank of Australia.
5 Treatment of exemptions and
determinations under paragraph 8(2)(l)
An exemption or determination in force
immediately before the commencement of Schedule 3 to this Act under paragraph
8(2)(l) of the old Act continues in force after that commencement as if it
were an exemption or determination under paragraph 8(2)(l) of the amended Act.
6 Treatment of matters under section 10
The following provisions apply in
relation to matters under section 10 of the old Act:
- (a)
- the list under
subsection 10(1) of the old Act, being that list as in force immediately
before the commencement of Schedule 3 to this Act, has effect after that
commencement as if it were prepared by the Reserve Bank under subsection 10(1)
of the amended Act;
- (b)
- an obligation on the Governor of the Reserve Bank to publish notice of a
matter, being an obligation that is undischarged as at the commencement of
Schedule 3 to this Act, becomes, on that commencement, an obligation that the
Reserve Bank is to discharge;
- (c)
- a determination in force under a provision of section 10 of the old Act
immediately before the commencement of Schedule 3 to this Act continues to
have effect, after that commencement, as if it were a determination under that
provision of section 10 of the amended Act;
- (d)
- a request under subsection 10(7) of the old Act that has not been dealt
with by the commencement of Schedule 3 to this Act is, after that
commencement, to be dealt with as if it were a request under subsection
10(7)of the amended Act.
7 Standards taken to have been determined on commencement
(1) Immediately
after the commencement of Schedule 3 to this Act, the Reserve Bank is taken to
have determined standards under section 11 of the amended Act that require
classes of registered corporations:
- (a)
- to provide to the Reserve Bank the
same information that those classes of corporations were required to provide
under section 11 of the old Act; and
- (b)
- to provide that information in the same way in which those classes of
corporations were required to provide that information under section 11 of the
old Act.
(2) The standards come into force on that commencement.
(3) Subsection 11(6)
of the amended Act does not apply in respect of the determination of the
standards.
Part 3—Transitional provision relating to amendment of the Life
Insurance Act 1995
8 Treatment of assignments under section 16ZA
(1) If an assignment of an
interest in a benefit fund of a friendly society was made:
- (a)
- before the
day on which this Act receives the Royal Assent; and
- (b)
- in accordance with section 16ZA of the Life Insurance Act 1995 , as then
in force, disregarding the effect of item 1 of Schedule 6 to this Act;
the assignment is taken to have been made in accordance with section 16ZA of
the Life Insurance Act 1995 as amended by that item.
(2) Expressions used in
this item have the same meanings as they have in the Life Insurance Act 1995 .
Part 4—Transitional provisions relating to amendments of the Reserve
Bank Act 1959
9 Disqualification
(1) This item applies if a person:
- (a)
- was a member of
the Reserve Bank Board immediately before the commencement of Schedule 7 to
this Act; and
- (b)
- held a position as a director, officer or employee of a particular ADI
immediately before that commencement; and
- (c)
- was not disqualified from the Reserve Bank Board under section 17 of the
old Act, immediately before that commencement, because of holding that
position with that ADI; and
- (d)
- would, apart from this item, have been disqualified from the Reserve Bank
Board under section 17 of the amended Act, immediately after that
commencement, because of holding that position with that ADI.
(2) Despite section 17 of the amended Act, the person is not disqualified from
the Reserve Bank Board under that section merely because the person continues
to hold that position with that ADI after that commencement.
(3) In this
item:
ADI has the same meaning as in the amended Act. amended Act means the
Reserve Bank Act 1959 as in force immediately after the commencement of
Schedule 7 to this Act.
disqualified from the Reserve Bank Board means not
capable of appointment, or of continuing to act, as a member of the Reserve
Bank Board.
old Act means the Reserve Bank Act 1959 as in force immediately
before the commencement of Schedule 7 to this Act.
Reserve Bank means the
Reserve Bank of Australia.
Part 5—Application of amendments of superannuation legislation relating
to financial assistance to funds
10 Application of amendments of superannuation legislation relating to
financial assistance to funds
The amendments made by Schedule 9 only apply in
relation to losses incurred by a fund after the commencement of that Schedule.
[ Minister's second reading speech made in—
House of Representatives on
30 June 1999
Senate on 29 September 1999 ]
(153/99)
Commonwealth Numbered Acts