New South Wales Bills New South Wales Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
Financial Sector Reform (New South
Wales) Act 1999 No 1
Contents
Page
Part 1 Preliminary
1 Name of Act and purposes 2
2 Commencement 2
3 Definitions 2
4 Act to bind Crown 4
Part 2 Registration of certain entities as companies
5 Transferring financial institutions 5
Part 3 Conferral of functions and powers on APRA and
ASIC
6 Conferral of functions and powers on APRA 6
7 Conferral of functions and powers on ASIC 6
[44]
Financial Sector Reform (New South Wales) Act 1999 No 1
Contents
Page
Part 4 Authorised deposit-taking institutions and life
insurance companies: transfer of business
8 Words defined in FS(TB) Act 7
9 Authorised APRA officer 7
10 Voluntary transfers 7
11 Compulsory transfers 8
12 Certificates evidencing operation of Part 9
13 Certificates in relation to land and interests in land 9
14 Certificates in relation to other assets 10
15 Documents purporting to be certificates 10
16 Relationship of Part with other instruments 10
Part 5 Repeals and transitional provisions
Division 1 Repeals
17 Repeals 12
Division 2 Provisions relating to AFIC
Subdivision 1 AFIC to continue
18 AFIC continues to have certain powers 12
19 Delegation of AFIC's powers 13
Subdivision 2 Provisions about AFIC's staff
20 Definition 13
21 Transfer of staff to APRA under transfer agreement 13
22 Effect of transfer to APRA or Australian Public Service 13
23 Statement of accrued benefits and other details 14
Subdivision 3 Information may be given to APRA or ASIC
24 Giving of information 14
Subdivision 4 Transfer of AFIC's assets and liabilities
25 Transfer of assets and liabilities 14
Subdivision 5 Proceedings involving AFIC
26 Continuation and preservation of certain civil proceedings
involving AFIC 15
27 Continuation of certain offence proceedings 15
Contents page 2
Financial Sector Reform (New South Wales) Act 1999 No 1
Contents
Page
Division 3 Provisions relating to FINCOM
Subdivision 1 Dissolution of FINCOM
28 Dissolution of FINCOM 16
Subdivision 2 General
29 Supervision Fund 16
30 Credit Unions Contingency Fund 16
31 Transitional arrangements regarding final report and audit of
FINCOM 17
Subdivision 3 Provisions about FINCOM's staff
32 Transfer of staff to APRA under transfer agreement 17
33 Effect of transfer to APRA or Australian Public Service 17
34 Statement of accrued benefits and other details 18
Subdivision 4 Information may be given to APRA or ASIC
35 Giving of information 18
Subdivision 5 Transfer of FINCOM's assets and liabilities
36 Transfer of assets and liabilities 19
Subdivision 6 Proceedings involving FINCOM
37 Continuation and preservation of civil proceedings involving
FINCOM 19
38 Continuation of certain offence proceedings 19
Division 4 APRA's and ASIC's functions and powers
under Codes
39 Conferral of functions and powers relating to building
societies, credit unions and friendly societies 20
40 AFIC Code provisions 20
41 Financial Institutions Code provisions 21
42 Financial Institutions Code provisions as applied under
section 40 of AFIC Code 23
43 Friendly Societies Code provisions 24
44 Conferral of functions and powers 25
Division 5 Miscellaneous
45 Dormant accounts 26
46 Withdrawable shares in building societies 26
Contents page 3
Financial Sector Reform (New South Wales) Act 1999 No 1
Contents
Page
47 Matters in relation to dissolved or deregistered societies 27
48 Mergers and transfers of engagements commenced under
Financial Institutions (NSW) Code 30
49 Mergers and transfers of engagements commenced under
Friendly Societies (NSW) Code 32
50 Australian Financial Institutions Appeals Tribunal 33
Division 6 State taxes
51 Exemption from State taxes 34
Division 7 References to building societies, credit unions
and friendly societies
52 Building societies and credit unions 34
53 Friendly societies 34
Division 8 Savings or transitional regulations
54 Savings or transitional regulations 35
Part 6 Amendments
55 Amendments 37
Part 7 Miscellaneous
56 Delegation 37
57 Regulations 37
Schedules
1 Amendment of Corporations (New South Wales) Act 1990
No 83 arising from changes to Corporations Law before
1999 38
2 Amendment of other Acts 39
Contents page 4
New South Wales
Financial Sector Reform (New South
Wales) Act 1999 No 1
Act No 1, 1999
An Act to make provision for the reform of the financial sector; to dissolve the
New South Wales Financial Institutions Commission; to repeal the Financial
Institutions (New South Wales) Act 1992, the Friendly Societies (New South Wales)
Act 1997, and the Financial Institutions Commission Act 1992; to amend certain
Acts; and for other purposes. [Assented to 31 May 1999]
See also Co-operatives Legislation Amendment Act 1999.
Section 1 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 1 Preliminary
The Legislature of New South Wales enacts:
Part 1 Preliminary
1 Name of Act and purposes
(1) This Act is the Financial Sector Reform (New South Wales) Act 1999.
(2) The main purposes of this Act are:
(a) to facilitate the registration of building societies, credit unions
and friendly societies and related bodies as companies under
the Corporations Law in accordance with amendments made by
the Financial Sector Reform (Amendments and Transitional
Provisions) Act (No. 1) 1999 of the Commonwealth, and
(b) to facilitate the transfer of businesses under the Financial
Sector (Transfers of Business) Act 1999 of the Commonwealth,
and
(c) to wind up the New South Wales Financial Institutions
Commission, and
(d) to enact transitional and ancillary provisions.
2 Commencement
(1) This Act commences on a day or days to be appointed by
proclamation.
(2) Different days may be appointed for the repeal of different provisions
of any Act repealed by this Act.
3 Definitions
In this Act:
AFIC means the Australian Financial Institutions Commission
established by the AFIC Act.
AFIC Act means the Australian Financial Institutions Commission Act
1992 of Queensland.
AFIC Code means the AFIC (NSW) Code.
AFIC (NSW) Code means the provisions applying before the transfer
date because of section 5 of the Financial Institutions (New South
Wales) Act 1992, and includes the AFIC (NSW) Regulations.
Page 2
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 3
Preliminary Part 1
AFIC (NSW) Regulations means the provisions applying before the
transfer date because of section 6 of the Financial Institutions (New
South Wales) Act 1992.
AFIC Regulations means the AFIC (NSW) Regulations.
APRA means the Australian Prudential Regulation Authority.
APRA Act means the Australian Prudential Regulation Authority Act
1998 of the Commonwealth.
APRA employee means a person appointed under section 45 of the
APRA Act.
ASIC means the Australian Securities and Investments Commission.
authorised APRA officer, in a provision of Part 4, means a person
authorised under section 9 to perform or exercise the functions or
powers of an authorised APRA officer under that provision.
employee, in relation to AFIC or FINCOM, includes a person engaged
by AFIC or FINCOM on a contract for services.
enforcement power means a function or power relating to:
(a) the investigation of an offence, or
(b) the institution and carrying on of a prosecution for an offence,
or
(c) matters relating to an investigation or prosecution of an offence.
Financial Institutions Code means the Financial Institutions (NSW)
Code.
financial institutions legislation has the same meaning as in the AFIC
Code.
Financial Institutions (NSW) Code means the provisions applying
before the transfer date because of section 8 of the Financial
Institutions (New South Wales) Act 1992, and includes the Financial
Institutions (NSW) Regulations.
Financial Institutions (NSW) Regulations means the provisions
applying before the transfer date because of section 9 of the Financial
Institutions (New South Wales) Act 1992.
FINCOM means the New South Wales Financial Institutions
Commission.
FINCOM employee means a member of the staff of FINCOM
employed under section 18 of the Financial Institutions Commission
Act 1992, and includes the Chief Executive of FINCOM.
Page 3
Section 3 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 1 Preliminary
fiscal bodies legislation has the same meaning as in section 3 of the
AFIC Code.
Friendly Societies Code means the Friendly Societies (NSW) Code.
Friendly Societies (NSW) Code means the provisions applying before
the transfer date because of section 5 of the Friendly Societies (New
South Wales) Act 1997, and includes the Friendly Societies (NSW)
Regulations.
Friendly Societies (NSW) Regulations means the provisions applying
before the transfer date because of section 6 of the Friendly Societies
(New South Wales) Act 1997.
FSR Act means the Financial Sector Reform (Amendments and
Transitional Provisions) Act (No. 1) 1999 of the Commonwealth.
FS(TB) Act means the Financial Sector (Transfers of Business) Act
1999 of the Commonwealth.
jurisdiction means a State or Territory.
relevant Commonwealth body means APRA or ASIC.
SSA means State Supervisory Authority.
transfer date means the date that, under section 3 (16) of the FSR Act,
is specified as the transfer date for the purposes of that Act.
4 Act to bind Crown
(1) This Act binds the Crown in right of New South Wales and, in so far
as the legislative power of the Parliament of New South Wales permits,
the Crown in all its other capacities.
(2) Nothing in this section makes the Crown in any of its capacities liable
to be prosecuted for an offence.
Page 4
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 5
Registration of certain entities as companies Part 2
Part 2 Registration of certain entities as companies
5 Transferring financial institutions
(1) On the transfer date, each transferring financial institution of this
jurisdiction is taken, in accordance with Schedule 4 to the Corporations
Law of New South Wales, to become registered as a company under
that Law under the name under which the institution was registered
under the previous governing Code immediately before the transfer
date.
(2) Subsection (1) applies even if the institution is an
externally-administered body corporate immediately before the transfer
date.
(3) Registration under the Corporations Law of New South Wales of a
transferring financial institution of this jurisdiction as a company does
not create a new legal entity.
(4) In this section, previous governing Code and transferring financial
institution of this jurisdiction have the same respective meanings as
they have in Schedule 4 to the Corporations Law.
Page 5
Section 6 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 3 Conferral of functions and powers on APRA and ASIC
Part 3 Conferral of functions and powers on APRA and
ASIC
6 Conferral of functions and powers on APRA
(1) APRA has the functions and powers conferred or expressed to be
conferred on it by or under this Act.
(2) APRA has power to do acts in New South Wales in the performance
or exercise of any function or power conferred or expressed to be
conferred on APRA by or under a law of another jurisdiction
corresponding to this Act.
7 Conferral of functions and powers on ASIC
(1) ASIC has the functions and powers conferred or expressed to be
conferred on it by or under this Act.
(2) ASIC has power to do acts in New South Wales in the performance or
exercise of any function or power conferred or expressed to be
conferred on ASIC by or under a law of another jurisdiction
corresponding to this Act.
Page 6
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 8
Authorised deposit-taking institutions and life insurance companies: transfer Part 4
of business
Part 4 Authorised deposit-taking institutions and life
insurance companies: transfer of business
8 Words defined in FS(TB) Act
Unless the contrary intention appears, words defined in the FS(TB) Act
have the same respective meanings in this Part.
9 Authorised APRA officer
(1) APRA may, in writing, authorise a person who is an APRA board
member, or an APRA staff member, to perform or exercise the
functions or powers of an authorised APRA officer under a particular
provision of this Part.
(2) The functions and powers necessary for the purposes of this section are
conferred on APRA.
10 Voluntary transfers
(1) The purpose of this section is to facilitate voluntary transfers of
business under Part 3 of the FS(TB) Act for regulated bodies.
(2) This section applies when a certificate of transfer issued under section
18 of the FS(TB) Act comes into force under Division 3 of Part 3 of
that Act.
(3) The receiving body is taken to be the successor in law to the
transferring body, to the extent of the transfer.
(4) In particular:
(a) if the transfer is a total transfer, all the assets and liabilities of
the transferring body become respectively the assets and
liabilities of the receiving body without any transfer,
conveyance or assignment, and
(b) if the transfer is a partial transfer, all the assets and liabilities of
the transferring body included in the list of assets and liabilities
specified in the statement of detail become respectively assets
and liabilities of the receiving body without any transfer,
conveyance or assignment, and
Page 7
Section 10 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 4 Authorised deposit-taking institutions and life insurance companies: transfer
of business
(c) to the extent of the transfer, the duties, obligations, immunities,
rights and privileges applying to the transferring body apply to
the receiving body.
(5) If there is an approved section 20 statement in relation to the transfer
that specifies:
(a) that particular things are to happen or are taken to be the
case--those things are taken to happen, or to be the case, in
accordance with the statement, or
(b) a mechanism for determining things that are to happen or are
taken to be the case--things determined in accordance with that
mechanism are taken to happen, or to be the case, as
determined in accordance with that mechanism.
11 Compulsory transfers
(1) The purpose of this section is to facilitate compulsory transfers of
business under Part 4 of the FS(TB) Act for regulated bodies.
(2) This section applies when a certificate of transfer issued under section
33 of the FS(TB) Act comes into force under Division 3 of Part 4 of
that Act.
(3) The receiving body is taken to be the successor in law to the
transferring body, to the extent of the transfer.
(4) In particular:
(a) if the transfer is a total transfer, all the assets and liabilities of
the transferring body become respectively the assets and
liabilities of the receiving body without any transfer,
conveyance or assignment, and
(b) if the transfer is a partial transfer, all the assets and liabilities of
the transferring body included in the list, referred to in section
33 (2) (c) of the FS(TB) Act, included in, or attached to, the
certificate of transfer become respectively assets and liabilities
of the receiving body without any transfer, conveyance or
assignment, and
(c) to the extent of the transfer, the duties, obligations, immunities,
rights and privileges applying to the transferring body apply to
the receiving body.
Page 8
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 11
Authorised deposit-taking institutions and life insurance companies: transfer Part 4
of business
(5) If the certificate of transfer includes provisions of a kind referred to in
section 33 (3) of the FS(TB) Act specifying:
(a) that particular things are to happen or are taken to be the
case--those things are taken to happen, or to be the case, in
accordance with those provisions, or
(b) a mechanism for determining things that are to happen or are
taken to be the case--things determined in accordance with that
mechanism are taken to happen, or to be the case, as
determined in accordance with that mechanism.
(6) If there is an approved section 30 statement in relation to the transfer
that specifies:
(a) that particular things are to happen or are taken to be the
case--those things are taken to happen, or to be the case, in
accordance with the statement, or
(b) a mechanism for determining things that are to happen or are
taken to be the case--things determined in accordance with that
mechanism are taken to happen, or to be the case, as
determined in accordance with that mechanism.
12 Certificates evidencing operation of Part
(1) An authorised APRA officer may, by a certificate in writing signed by
the officer, certify any matter in relation to the operation or effect of
this Part, and, in particular, may certify that:
(a) a particular asset of a transferring body has become a
transferred asset of a receiving body, or
(b) a particular liability of a transferring body has become a
transferred liability of a receiving body.
(2) For all purposes and in all proceedings, a certificate under subsection
(1) is evidence of the matters certified.
13 Certificates in relation to land and interests in land
If:
(a) a receiving body becomes, under this Part, the owner of land,
or of an interest in land, that is situated in New South Wales,
and
(b) there is lodged with the Registrar-General a certificate that:
(i) is signed by an authorised APRA officer, and
(ii) identifies the land or interest, and
Page 9
Section 13 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 4 Authorised deposit-taking institutions and life insurance companies: transfer
of business
(iii) states that the receiving body has, under this Part,
become the owner of that land or interest,
the Registrar-General may:
(c) register or record the matter in the same manner as dealings in
land or interests in land of that kind are registered or recorded,
and
(d) deal with, and give effect to, the certificate.
14 Certificates in relation to other assets
(1) If:
(a) an asset (other than land or an interest in land) becomes, under
this Part, an asset of a receiving body, and
(b) there is lodged with the person or authority who has, under the
law, responsibility for keeping a register or record in respect of
assets of that kind a certificate that:
(i) is signed by an authorised APRA officer, and
(ii) identifies the asset, and
(iii) states that the asset has, under this Part, become an asset
of the receiving body,
that person or authority may:
(c) register or record the matter in the same manner as transactions
in relation to assets of that kind are registered or recorded, and
(d) deal with, and give effect to, the certificate.
(2) This section does not affect the operation of the Corporations Law.
15 Documents purporting to be certificates
A document purporting to be a certificate given under this Part is,
unless the contrary is established, taken to be such a certificate and to
have been properly given.
16 Relationship of Part with other instruments
(1) This Part has effect despite anything in a contract, deed, undertaking,
agreement or other instrument.
(2) Nothing done under this Part:
(a) places a receiving body, a transferring body or another person
in breach of contract or confidence or otherwise makes any of
them guilty of a civil wrong, or
Page 10
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 16
Authorised deposit-taking institutions and life insurance companies: transfer Part 4
of business
(b) places a receiving body, a transferring body or another person
in breach of:
(i) a law of the State, or
(ii) a contractual provision prohibiting, restricting or
regulating the assignment or transfer of an asset or
liability or the disclosure of information, or
(c) releases a surety, wholly or in part, from all or any of the
surety's obligations.
(3) Without limiting subsection (1), if, apart from this section, the advice
or consent of a person would be necessary in a particular respect, the
advice is taken to have been obtained or the consent is taken to have
been given.
Page 11
Section 17 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 1 Repeals
Part 5 Repeals and transitional provisions
Division 1 Repeals
17 Repeals
(1) The following Acts are repealed:
Financial Institutions (New South Wales) Act 1992
Friendly Societies (New South Wales) Act 1997.
(2) The Financial Institutions Commission Act 1992 is repealed.
Division 2 Provisions relating to AFIC
Subdivision 1 AFIC to continue
18 AFIC continues to have certain powers
(1) This section applies despite:
(a) the repeal of the AFIC Act by the Financial Sector Reform
(Queensland) Act 1999 of Queensland, and
(b) the repeal of the Financial Institutions (New South Wales) Act
1992 and of the Friendly Societies (New South Wales) Act 1997
by section 17 (1) of this Act.
(2) While AFIC continues in existence under the Financial Sector Reform
(Queensland) Act 1999 of Queensland, AFIC has power:
(a) to do any act in New South Wales that AFIC considers
necessary or expedient to do for any of the purposes for which
it continues in existence, and
(b) to do any act in respect of a society that is or was registered
under the Financial Institutions Code or the Friendly Societies
Code that AFIC considers necessary or expedient to do for any
of the purposes for which it continues in existence, and
(c) to do any act that it is authorised to do by or under this Act.
Page 12
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 19
Repeals and transitional provisions Part 5
Provisions relating to AFIC Division 2
19 Delegation of AFIC's powers
(1) AFIC's board may delegate any of AFIC's powers under section 18 to
an appropriately qualified employee of AFIC.
(2) In subsection (1), appropriately qualified has the same meaning as in
the Financial Sector Reform (Queensland) Act 1999 of Queensland.
Subdivision 2 Provisions about AFIC's staff
20 Definition
In this Subdivision:
employees of AFIC includes the executive director of AFIC.
21 Transfer of staff to APRA under transfer agreement
(1) The Queensland Minister administering the Financial Sector Reform
(Queensland) Act 1999 of Queensland may enter into a transfer
agreement under Division 2 of Part 1 of Schedule 8 to the FSR Act,
that determines, or provides for determining, that particular employees
of AFIC become APRA employees on a particular date, not being a
date before the transfer date.
(2) The transfer agreement has effect according to its terms.
22 Effect of transfer to APRA or Australian Public Service
(1) This section applies if a person becomes an APRA employee under
section 21.
(2) This section also applies if:
(a) a person is appointed to the Australian Public Service under
section 81B (1) of the Public Service Act 1922 of the
Commonwealth on or after the transfer date, and
(b) immediately before the appointment, the person was an
employee of AFIC.
(3) If the person is the executive director of AFIC, the executive director's
appointment under the AFIC Code immediately ends.
(4) If the person is another employee of AFIC, the employee's employment
with AFIC immediately ends.
Page 13
Section 22 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 2 Provisions relating to AFIC
(5) A person is not entitled to receive any payment or other benefit,
whether under a contract or otherwise, because the person's
appointment or employment ends under this section.
23 Statement of accrued benefits and other details
(1) Before an employee of AFIC becomes an APRA employee under
section 21 or is appointed to the Australian Public Service as
mentioned in section 22 (2), AFIC must give the person, and APRA or
the Commonwealth Public Service Commissioner, a written statement.
(2) The statement must state particulars of the benefits to which the person
has an accrued entitlement, the person's remuneration and the person's
length of service with AFIC.
Subdivision 3 Information may be given to APRA or ASIC
24 Giving of information
(1) This section applies to:
(a) a director of AFIC's board, and
(b) an employee of AFIC, and
(c) a person appointed by AFIC to carry out duties under the fiscal
bodies legislation, and
(d) a person who has been a person mentioned in paragraph (a), (b)
or (c).
(2) A person to whom this section applies may disclose to APRA or ASIC
information the person acquired while engaged in the administration
of the fiscal bodies legislation.
(3) This section applies despite section 155 of the AFIC Code and section
477 of the Friendly Societies Code.
Subdivision 4 Transfer of AFIC's assets and liabilities
25 Transfer of assets and liabilities
(1) The Queensland Minister administering the Financial Sector Reform
(Queensland) Act 1999 of Queensland may enter into a transfer
agreement under Division 3 of Part 1 of Schedule 8 to the FSR Act
Page 14
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 25
Repeals and transitional provisions Part 5
Provisions relating to AFIC Division 2
connected with the transfer of AFIC's assets or liabilities to APRA or
ASIC.
(2) The transfer agreement has effect according to its terms.
Subdivision 5 Proceedings involving AFIC
26 Continuation and preservation of certain civil proceedings involving
AFIC
(1) This section applies to a proceeding:
(a) whether or not it arose or arises under the fiscal bodies
legislation, and
(b) regardless of where it arose or arises.
(2) For the purposes of a proceeding commenced before the transfer date
to which AFIC was a party immediately before that date, the State of
Queensland is substituted for AFIC as a party to the proceeding.
(3) For the purposes of a proceeding not commenced before the transfer
date and which could if commenced after that date be brought against
AFIC, or but for the commencement of section 17 (1) and the
dissolution of AFIC, could have been brought against AFIC, the
proceeding may instead be brought against the State of Queensland.
(4) For the purposes of this section, evidence that would have been
admissible for or against AFIC is admissible for or against the State of
Queensland.
(5) This section does not apply to a proceeding for an offence.
27 Continuation of certain offence proceedings
(1) This section applies to a proceeding for an offence brought under
section 63 of the AFIC Code by AFIC, or a person authorised in
writing by AFIC, that commenced before the transfer date but that was
not completed before that date.
(2) On and after the transfer date, the proceeding may continue to be
prosecuted by either APRA or ASIC in place of AFIC or the person
authorised by AFIC; and APRA or ASIC may be substituted in the
proceeding for AFIC or the person.
(3) The functions and powers necessary for this section are conferred on
APRA and ASIC.
Page 15
Section 28 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 3 Provisions relating to FINCOM
Division 3 Provisions relating to FINCOM
Subdivision 1 Dissolution of FINCOM
28 Dissolution of FINCOM
(1) FINCOM and its Board are dissolved.
(2) The members of the Board of FINCOM cease to hold office, and are
not entitled to any compensation for loss of office.
Subdivision 2 General
29 Supervision Fund
(1) FINCOM must pay the money standing to the credit of the Supervision
Fund established under section 94 of the Financial Institutions Code to
such entities, in such amounts and at such times as the Minister
determines.
(2) Before making a determination under this section, the Minister must
consult such representatives of the financial institutions industry and
other persons as the Minister considers appropriate.
30 Credit Unions Contingency Fund
(1) On the day before the transfer date, FINCOM must, under section 99A
of the Financial Institutions Code, distribute the whole of retained
earnings to the contribution accounts of credit unions.
(2) For the purposes of subsection (1), section 99A (3) of the Financial
Institutions Code does not apply.
(3) On or as soon as practicable after the transfer date, FINCOM must pay
to each credit union the amount standing to the credit union's credit in
the Credit Unions Contingency Fund immediately before the transfer
date, subject to any necessary adjustments.
(4) Subsection (3) applies despite section 103 of the Financial Institutions
Code.
Page 16
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 30
Repeals and transitional provisions Part 5
Provisions relating to FINCOM Division 3
(5) In this section:
contribution accounts of credit unions means the parts of the Credit
Unions Contingency Fund that, under section 98 (10) of the Financial
Institutions Code, are treated as a deferred asset in the accounts of the
credit unions.
credit union means a credit union under the Financial Institutions
Code.
retained earnings has the same meaning as in section 99A of the
Financial Institutions Code.
31 Transitional arrangements regarding final report and audit of FINCOM
(1) The purpose of this section is to make provision for reports, financial
statements and auditing concerning FINCOM's affairs in relation to the
period beginning with the transfer date and ending with the date on
which FINCOM is dissolved.
(2) The regulations may make provision for or with respect to the
preparation and submission of a report of FINCOM's operations, the
preparation and submission of financial statements relating to
FINCOM, and the auditing of those statements and of the accounts to
which they relate.
(3) This section does not affect any obligations imposed by or under the
Public Finance and Audit Act 1983, the Annual Reports (Statutory
Bodies) Act 1984 or any other Act.
Subdivision 3 Provisions about FINCOM's staff
32 Transfer of staff to APRA under transfer agreement
(1) The Minister may enter into a transfer agreement under Division 2 of
Part 1 of Schedule 8 to the FSR Act that determines, or provides for
determining, that particular FINCOM employees become APRA
employees on a particular date.
(2) The transfer agreement has effect according to its terms.
33 Effect of transfer to APRA or Australian Public Service
(1) This section applies:
(a) if a person becomes an APRA employee under section 32, or
Page 17
Section 33 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 3 Provisions relating to FINCOM
(b) if:
(i) a person is appointed to the Australian Public Service
under section 81B (1) of the Public Service Act 1922 of
the Commonwealth on or after the transfer date, and
(ii) immediately before the appointment, the person was a
FINCOM employee.
(2) The employee's employment with FINCOM immediately ends.
(3) A person is not entitled to receive any payment or other benefit,
whether under a contract or otherwise, because the person's
appointment or employment ends under this section.
34 Statement of accrued benefits and other details
(1) Before a FINCOM employee becomes an APRA employee under
section 32 or is appointed to the Australian Public Service as
mentioned in section 33 (1) (b) (i), FINCOM must give the person, and
APRA or the Commonwealth Public Service Commissioner, a written
statement.
(2) The statement must state particulars of:
(a) the person's remuneration, and
(b) the person's accrued benefits and entitlements in respect of
service with FINCOM and prior service recognised by
FINCOM, and
(c) the person's length of service with FINCOM and the length of
prior service recognised by FINCOM.
Subdivision 4 Information may be given to APRA or ASIC
35 Giving of information
(1) This section applies to:
(a) a member of the Board of FINCOM, and
(b) a FINCOM employee, and
(c) a person appointed by FINCOM for the purpose of carrying out
duties under the fiscal bodies legislation, and
(d) a person who has been a person mentioned in paragraph (a), (b)
or (c).
Page 18
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 35
Repeals and transitional provisions Part 5
Provisions relating to FINCOM Division 3
(2) A person to whom this section applies may disclose to APRA or ASIC
information the person acquired while engaged in the administration
of the fiscal bodies legislation.
(3) This section applies despite section 410 of the Financial Institutions
Code and section 477 of the Friendly Societies Code.
Subdivision 5 Transfer of FINCOM's assets and liabilities
36 Transfer of assets and liabilities
(1) The Minister may enter into transfer agreements under Division 3 of
Part 1 of Schedule 8 to the FSR Act connected with the transfer of
FINCOM's assets or liabilities to APRA or ASIC.
(2) The transfer agreement has effect according to its terms.
Subdivision 6 Proceedings involving FINCOM
37 Continuation and preservation of civil proceedings involving FINCOM
(1) For the purposes of a proceeding commenced before the transfer date
to which FINCOM was a party immediately before that date, the State
is substituted for FINCOM as a party to the proceeding.
(2) For the purposes of a proceeding not commenced before the transfer
date and which could, if commenced after that date, be brought against
FINCOM, or but for the commencement of section 17 (2), could have
been brought against FINCOM, the proceeding may instead be brought
against the State.
(3) For the purposes of this section, evidence that would have been
admissible for or against FINCOM is admissible for or against the
State.
(4) This section does not apply to a proceedings for an offence.
38 Continuation of certain offence proceedings
(1) This section applies to a proceeding for an offence brought under
section 404 of the Financial Institutions Code or section 471 of the
Friendly Societies Code by FINCOM, or a person authorised in writing
by FINCOM, that commenced before the transfer date but was not
completed before that date.
Page 19
Section 38 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 3 Provisions relating to FINCOM
(2) On and after the transfer date, the proceeding may continue to be
prosecuted by either APRA or ASIC in place of FINCOM or the
person authorised by FINCOM; and APRA or ASIC may be
substituted in the proceeding for FINCOM or the person.
(3) The functions and powers necessary for this section are conferred on
APRA and ASIC.
Division 4 APRA's and ASIC's functions and powers under
Codes
39 Conferral of functions and powers relating to building societies, credit
unions and friendly societies
(1) Either relevant Commonwealth body has the same enforcement powers
relating to anything done or omitted to be done under a Code before
the transfer date as AFIC or FINCOM had immediately before that
date.
(2) For the purposes of subsection (1), a Code applies with all necessary
changes.
(3) In this section:
Code means the AFIC Code, Financial Institutions Code or Friendly
Societies Code.
40 AFIC Code provisions
(1) Part 8 of the AFIC Code (other than sections 50, 51, 55 and 58) and
the other provisions of the Code relevant to that Part, continue to apply
on and after the transfer date in relation to anything done or omitted to
be done before that date as if section 17 (1) had not commenced.
(2) Despite subsection (1), a provision, or part of a provision, applying
under that subsection that creates an offence is not limited in its
application to anything done or omitted to be done before the transfer
date.
(3) For the purposes of the application mentioned in subsection (1):
(a) a reference in the Code to AFIC is taken to be a reference to
either relevant Commonwealth body, and
Page 20
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 40
Repeals and transitional provisions Part 5
APRA's and ASIC's functions and powers under Codes Division 4
(b) a reference in the Code to a financial institution is taken to be
a reference to an entity that on the transfer date is a company
under the Corporations Law and that, immediately before that
date, was a financial institution under the Code, and
(c) in section 52 (1) of the Code, the words "the financial
institutions scheme" are taken to be omitted and the words
"investigating whether an offence against the fiscal bodies
legislation has been committed" are taken to be substituted, and
(d) a reference in section 52 (1) (a) or (b) of the Code to an
employee of AFIC or of a State supervisory authority is taken
to be a reference to an employee of either relevant
Commonwealth body, and
(e) section 52 (5) of the Code is taken to be omitted, and
(f) a reference in section 53 (1) or (2) of the Code to the executive
director is taken to be a reference to either relevant
Commonwealth body, and
(g) a reference in section 53 (5) of the Code to officers and
employees of the State supervisory authorities is taken to be a
reference to officers and employees of either relevant
Commonwealth body, and
(h) section 63 (1A) and (1B) of the Code are taken to be omitted,
and
(i) a reference in section 63 (2) of the Code to the Ministerial
Council is taken to be a reference to the Minister administering
this Act, and
(j) the Code applies with all other necessary changes.
(4) This section does not limit section 39.
41 Financial Institutions Code provisions
(1) Subdivision 1A of Division 2 of Part 2 (other than sections 75, 79 and
82), Part 10 and sections 392, 397, 398 and 404 of the Financial
Institutions Code, and the other provisions of the Code relevant to that
Subdivision, that Part and those sections, continue to apply on and
after the transfer date in relation to anything done or omitted to be done
before that date as if section 17 (1) had not commenced.
Page 21
Section 41 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 4 APRA's and ASIC's functions and powers under Codes
(2) Despite subsection (1), a provision, or part of a provision, applying
under that subsection that creates an offence is not limited in its
application to anything done or omitted to be done before the transfer
date.
(3) For the purposes of the application mentioned in subsection (1):
(a) a reference in the Code to the SSA is taken to be a reference to
either relevant Commonwealth body, and
(b) a reference in the Code to a financial body is taken to be a
reference to an entity that on the transfer date is a company
under the Corporations Law and that, immediately before that
date, was a financial body under the Code, and
(c) a reference in the Code to a society is taken to be a reference to
an entity that on the transfer date is a company under the
Corporations Law and that, immediately before that date, was
a society under the Code, and
(d) in section 76 (1) of the Code, the words "the financial
institutions legislation" are taken to be omitted and the words
"investigating whether an offence against the financial
institutions legislation has been committed" are taken to be
substituted, and
(e) a reference in section 76 (1) (a) or (b) of the Code to an
employee of the SSA is taken to be a reference to an employee
of either relevant Commonwealth body, and
(f) section 76 (5) of the Code is taken to be omitted, and
(g) in the definition of financial body to which this section applies
in section 397 (1) of the Code, paragraphs (a), (b), (d), (e) and
(f) are taken to be omitted, and
(h) section 397 (2) of the Code is taken to be omitted, and
(i) in the definition of financial body to which this section applies
in section 398 (1) of the Code, paragraphs (a), (b), (d), (e) and
(f) are taken to be omitted, and
(j) in the definition of prescribed person in section 398 (1) of the
Code, paragraphs (a) and (b) are taken to be omitted, and
(k) section 398 (2) of the Code is taken to be omitted, and
(l) a reference in section 404 (2) of the Code to the Minister is
taken to be a reference to the Minister administering this Act,
and
Page 22
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 41
Repeals and transitional provisions Part 5
APRA's and ASIC's functions and powers under Codes Division 4
(m) the Code applies with all other necessary changes.
(4) This section does not limit section 39.
42 Financial Institutions Code provisions as applied under section 40 of
AFIC Code
(1) The following provisions continue to apply on and after the transfer
date in relation to anything done or omitted to be done before that date
as if section 17 (1) had not commenced:
(a) section 40 of the AFIC Code to the extent it applies the relevant
provisions,
(b) the relevant provisions as applied under section 40 of the AFIC
Code,
(c) the other provisions of the AFIC Code and the Financial
Institutions Code relevant to section 40 of the AFIC Code and
the relevant provisions.
(2) Despite subsection (1), a provision, or part of a provision, applying
under that subsection that creates an offence is not limited in its
application to anything done or omitted to be done before the transfer
date.
(3) For the purposes of the application mentioned in subsection (1):
(a) a reference in section 40 of the AFIC Code or in section 5 of
the AFIC Regulations to a special services provider is taken to
be a reference to an entity that on the transfer date is a company
under the Corporations Law and that, immediately before that
date, was a special services provider under that Code, and
(b) a reference in section 40 of the AFIC Code or in section 5 of
the AFIC Regulations to AFIC is taken to be a reference to
either relevant Commonwealth body, and
(c) in section 76 (1) of the Financial Institutions Code, the words
"the financial institutions legislation" are taken to be omitted
and the words "investigating whether an offence against the
financial institutions legislation has been committed" are taken
to be substituted, and
(d) section 76 (5) of the Financial Institutions Code is taken to be
omitted, and
Page 23
Section 42 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 4 APRA's and ASIC's functions and powers under Codes
(e) in the definition of financial body to which this section applies
in section 397 (1) of the Financial Institutions Code, paragraphs
(a), (b), (d), (e) and (f) are taken to be omitted, and
(f) section 397 (2) of the Financial Institutions Code is taken to be
omitted, and
(g) in the definition of financial body to which this section applies
in section 398 (1) of the Financial Institutions Code, paragraphs
(a), (b), (d), (e) and (f) are taken to be omitted, and
(h) in the definition of prescribed person in section 398 (1) of the
Financial Institutions Code, paragraphs (a) and (b) are taken to
be omitted, and
(i) section 398 (2) of the Financial Institutions Code is taken to be
omitted, and
(j) a reference in section 404 (2) of the Financial Institutions Code
to the Minister is taken to be a reference to the Minister
administering this Act, and
(k) the AFIC Code and the Financial Institutions Code apply with
all other necessary changes.
(4) This section does not limit section 39.
(5) In this section:
relevant provisions means Subdivision 1A of Division 2 of Part 2
(other than sections 75, 79 and 82), Part 10 and sections 392, 397, 398
and 404 of the Financial Institutions Code.
43 Friendly Societies Code provisions
(1) Subdivision 2 of Division 2 of Part 2 (other than sections 31, 35 and
38), Divisions 3 and 4 of Part 4A, Part 10 and sections 460, 465, 466
and 471 of the Friendly Societies Code, and the other provisions of the
Code relevant to that Subdivision, those Divisions, that Part or those
sections, continue to apply on and after the transfer date in relation to
anything done or omitted to be done before that date as if section 17
(1) had not commenced.
(2) Despite subsection (1), a provision, or part of a provision, applying
under that subsection that creates an offence is not limited in its
application to anything done or omitted to be done before the transfer
date.
Page 24
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 43
Repeals and transitional provisions Part 5
APRA's and ASIC's functions and powers under Codes Division 4
(3) For the purposes of the application mentioned in subsection (1):
(a) a reference in the Code to the SSA is taken to be a reference to
either relevant Commonwealth body, and
(b) a reference in the Code to a society is taken to be a reference to
an entity that on the transfer date is a company under the
Corporations Law and that, immediately before that date, was
a society under the Code, and
(c) in section 32 (1) of the Code, the words "the friendly societies
legislation" are taken to be omitted and the words "investigating
whether an offence against the friendly societies legislation has
been committed" are taken to be substituted, and
(d) a reference in section 32 (1) (a) or (b) of the Code to an
employee of the SSA is taken to be a reference to an employee
of either relevant Commonwealth body, and
(e) section 32 (4) of the Code is taken to be omitted, and
(f) in the definition of society to which this section applies in
section 465 (1) of the Code, paragraphs (a), (b), (d), (e) and (f)
are taken to be omitted, and
(g) section 465 (2) of the Code is taken to be omitted, and
(h) in the definition of society to which this section applies in
section 466 (1) of the Code, paragraphs (a), (b), (d), (e) and (f)
are taken to be omitted, and
(i) in the definition of prescribed person in section 466 (1) of the
Code, paragraphs (a) and (b) are taken to be omitted, and
(j) section 466 (2) of the Code is taken to be omitted, and
(k) a reference in section 471 (2) of the Code to the Minister is
taken to be a reference to the Minister administering this Act,
and
(l) the Code applies with all other necessary changes.
(4) This section does not limit section 39.
44 Conferral of functions and powers
The functions and powers necessary for the purposes of this Division
are conferred on APRA and ASIC.
Page 25
Section 45 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 5 Miscellaneous
Division 5 Miscellaneous
45 Dormant accounts
(1) This section applies if:
(a) before the transfer date a society transferred an amount from a
person's deposit account with the society to another account
under section 138A (4) (c) of the Financial Institutions Code,
and
(b) immediately before the transfer date the amount had not been
lawfully totally paid out as mentioned in section 138A (6) (b)
of that Code.
(2) Immediately before the transfer date the amount remaining in the other
account for the person is taken to have been transferred back to the
person's deposit account as if it had never been classified as a dormant
account or closed under section 138A of the Financial Institutions
Code.
46 Withdrawable shares in building societies
(1) A person who, immediately before the transfer date, was entitled to a
withdrawable share of a building society, is deemed to have become
immediately before that date the holder of a deposit with the building
society of an amount equal to the amount paid up on the share.
(2) The holder of the deposit continues to have the same voting or other
rights (if any) as the holder of the withdrawable share had.
(3) Any withdrawable shares of a building society on issue immediately
before the transfer date and converted to deposit under subsection (1)
are deemed to have been cancelled.
(4) This section applies subject to such standards or rules about the
conversion of withdrawable shares to deposits as are determined by
FINCOM.
(5) In this section:
building society means a transferring financial institution of this
jurisdiction (within the meaning of Part 1 of Schedule 4 to the
Corporations Law) authorised under the Financial Institutions Code to
operate as a building society immediately before the transfer date.
Page 26
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 46
Repeals and transitional provisions Part 5
Miscellaneous Division 5
withdrawable share means a withdrawable share within the meaning
of the Financial Institutions Code.
47 Matters in relation to dissolved or deregistered societies
(1) This section applies if, before the transfer date, a society's registration
has been cancelled under:
(a) the Financial Institutions Code, or
(b) the Friendly Societies Code, or
(c) the Co-operation Act 1923, or
(d) the Permanent Building Societies Act 1967 or a corresponding
previous enactment, or
(e) the Credit Union Act 1969 or a corresponding previous
enactment, or
(f) the Friendly Societies Act 1989 or a corresponding previous
enactment, or
(g) the provisions of any other law prescribed by the regulations.
(2) If property vested in ASIC under section 36 was held by a society
whose registration has been cancelled as mentioned in subsection (1)
and was so held on trust, ASIC may:
(a) continue to act as trustee, or
(b) apply to a court for the appointment of a new trustee.
(3) If a society referred to in subsection (2) had property that it did not
hold on trust, ASIC may:
(a) dispose of or deal with the property as it sees fit, and
(b) apply any money it so receives:
(i) to defray expenses incurred by ASIC in exercising its
powers in relation to the society, and
(ii) to make payments authorised by subsection (4),
and must deal with the rest (if any) under Part 9.7 of the Corporations
Law, which is deemed to apply as if the society had been a company.
(4) The property remains subject to all liabilities imposed on the property
under a law and does not have the benefit of any exemption that the
property might otherwise have because it is vested in ASIC.
(5) ASIC's obligation under subsection (4) is limited to satisfying the
liabilities out of the society's property to the extent that the property is
properly available to satisfy those liabilities.
Page 27
Section 47 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 5 Miscellaneous
(6) ASIC must keep:
(a) a record of property that it knows is vested in it under section
36, and
(b) a record of its dealings with that property, and
(c) account of all money received from those dealings, and
(d) all accounts, vouchers, receipts and papers relating to the
property and that money.
(7) ASIC may do an act on behalf of the society or the society's liquidator
if ASIC is satisfied the society or liquidator would be bound to do the
act if the society still existed.
(8) A person may recover from an insurer of the society an amount that
was payable to the society under the insurance contract if:
(a) the society had a liability to the person, and
(b) the insurance contract covered the liability immediately before
the cancellation of the registration.
(9) ASIC may establish a society as a company if ASIC is satisfied that the
society's registration should not have been cancelled.
(10) A court may make an order that ASIC establish a society as a company
if:
(a) an application for so establishing a society is made to the court:
(i) by a person aggrieved by the cancellation of the
society's registration, or
(ii) by a former liquidator of the society, and
(b) the court is satisfied that it is just that the society be so
established.
(11) If the court makes an order under subsection (10), it may:
(a) validate anything done between the cancellation of the society's
registration and its establishment as a company, and
(b) make any other order it considers appropriate.
(12) ASIC must give notice of the establishment of a company in the
Commonwealth of Australia Gazette and, if it exercises its power
under subsection (9) in response to an application by a person, it must
also give notice to the applicant.
Page 28
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 47
Repeals and transitional provisions Part 5
Miscellaneous Division 5
(13) If a society is established as a company, the society is taken to have
continued in existence until the transfer date and to be a transferring
financial institution of this jurisdiction as referred to in Part 2.
(14) A person who was a director of a society immediately before its
registration was cancelled becomes a director of the company as which
it is established under this section as from the time when ASIC or a
court so establishes it.
(15) Any property of the society that is still vested in ASIC revests in the
company so established and, if the society held particular property
subject to a security or other interest or claim, the society takes the
property subject to that interest or claim.
(16) The functions and powers that are necessary for the purposes of this
section are conferred on ASIC.
(17) In this section:
society means an entity that was:
(a) a society under the Financial Institutions Code or the Friendly
Societies Code, or
(b) one of the following:
(i) a permanent building society registered under the
Permanent Building Societies Act 1967 or a
corresponding previous enactment, or
(ii) a non-terminating building society registered under the
Co-operation Act 1923, or
(iii) a society mentioned in the Second Schedule to the
Co-operation Act 1923, or
(c) a credit union under the Credit Union Act 1969 or a
corresponding previous enactment, or
(d) a friendly society under the Friendly Societies Act 1989 or a
corresponding previous enactment, or
(e) an entity of a prescribed class or description.
48 Mergers and transfers of engagements commenced under Financial
Institutions (NSW) Code
(1) This section applies if a transfer of engagements or merger commenced
before the transfer date under Part 7 of the Financial Institutions
(NSW) Code and immediately before that date has not been
completed, or been given effect.
Page 29
Section 48 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 5 Miscellaneous
(2) The transfer of engagements or merger may be completed, or be given
effect, under Part 7 of the Financial Institutions (NSW) Code on or
after the transfer date and, for that purpose, that Part, and other
provisions of the Code relevant to that Part, continue to apply as if
section 17 (1) had not commenced.
(3) For the purpose of the application mentioned in subsection (2):
(a) a reference in the Financial Institutions (NSW) Code to the
SSA is taken to be a reference to either relevant
Commonwealth body, and
(b) a reference in the Financial Institutions (NSW) Code to the
SSA of a participating State is taken to be a reference to either
relevant Commonwealth body, and
(c) the Financial Institutions (NSW) Code applies with all other
necessary changes.
(4) For the purposes of this section, a transfer of engagements was
commenced before the transfer date under Part 7 of the Financial
Institutions (NSW) Code if, before that date:
(a) one of the following conditions was satisfied in relation to each
society or foreign society involved:
(i) the transfer was approved by a special resolution of the
society or foreign society, in accordance with the
relevant Financial Institutions Code,
(ii) the relevant SSA made a determination, under the
relevant Financial Institutions Code, that the transfer
may be approved by the board of the society or foreign
society, or
(b) in a case where each entity involved in the transfer is a society,
FINCOM gave a direction, under the Financial Institutions
(NSW) Code, requiring the transfer.
(5) For the purposes of this section, a merger was commenced before the
transfer date if, before that date, one of the following conditions was
satisfied in relation to each society or foreign society involved:
(a) the merger was approved by a special resolution of the society
or foreign society, in accordance with the relevant Financial
Institutions Code,
(b) the relevant SSA made a determination, under the relevant
Financial Institutions Code, that the merger may be approved
by the board of the society or foreign society.
Page 30
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 48
Repeals and transitional provisions Part 5
Miscellaneous Division 5
(6) The functions and powers of the SSA that are necessary for the
purposes of this section are conferred on each relevant Commonwealth
body.
(7) In this section:
financial institutions agreement has the same meaning as in section
3 of the AFIC Code.
foreign society means a body corporate that, before the transfer date,
was a society under the financial institutions legislation of another
participating State, whether or not it was registered as a foreign society
under Part 11 of the Financial Institutions (NSW) Code.
participating State means a State that, immediately before the transfer
date, was a party to the financial institutions agreement and in which,
immediately before that date, the foreign society was incorporated.
relevant Financial Institutions Code means:
(a) in relation to a society, the Financial Institutions (NSW) Code,
or
(b) in relation to a foreign society, the law of another participating
State corresponding to the Financial Institutions (NSW) Code.
relevant SSA means:
(a) in relation to a society, FINCOM, or
(b) in relation to a foreign society, the State supervisory authority
under the financial institutions legislation of the other
participating State.
society means an entity that, immediately before the transfer date, was
a society under the Financial Institutions (NSW) Code.
49 Mergers and transfers of engagements commenced under Friendly
Societies (NSW) Code
(1) This section applies if a transfer of engagements or merger commenced
before the transfer date under Part 7 of the Friendly Societies (NSW)
Code and immediately before that date has not been completed, or
been given effect.
(2) The transfer of engagements or merger may be completed, or be given
effect, under Part 7 of the Friendly Societies (NSW) Code on or after
the transfer date and, for that purpose, that Part, and other provisions
of the Code relevant to that Part, continue to apply as if section 17 (1)
had not commenced.
Page 31
Section 49 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 5 Miscellaneous
(3) For the purposes of the application mentioned in subsection (2):
(a) a reference in the Friendly Societies (NSW) Code to the SSA is
taken to be a reference to either relevant Commonwealth body,
and
(b) a reference in the Friendly Societies (NSW) Code to the SSA of
a participating State is taken to be a reference to either relevant
Commonwealth body, and
(c) the Friendly Societies (NSW) Code applies with all other
necessary changes.
(4) For the purposes of this section, a transfer of engagements was
commenced before the transfer date under Part 7 of the Friendly
Societies (NSW) Code if, before that date:
(a) one of the following conditions was satisfied in relation to each
society or foreign society involved:
(i) the transfer was approved by a special resolution of the
society or foreign society, in accordance with the
relevant Friendly Societies Code,
(ii) the relevant SSA made a determination, under the
relevant Friendly Societies Code, that the transfer may
be approved by the board of the society or foreign
society, or
(b) in a case where each entity involved in the transfer is a society,
FINCOM gave a direction, under the Friendly Societies (NSW)
Code, requiring the transfer.
(5) For the purposes of this section, a merger was commenced before the
transfer date if, before that date, one of the following conditions was
satisfied in relation to each society or foreign society involved:
(a) the merger was approved by a special resolution of the society
or foreign society, in accordance with the relevant Friendly
Societies Code,
(b) the relevant SSA made a determination, under the relevant
Friendly Societies Code, that the merger may be approved by
the board of the society or foreign society.
(6) The functions and powers of the SSA that are necessary for the
purposes of this section are conferred on each relevant Commonwealth
body.
Page 32
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 49
Repeals and transitional provisions Part 5
Miscellaneous Division 5
(7) In this section:
financial institutions agreement has the same meaning as in section
3 of the AFIC Code.
foreign society means a body corporate that, before the transfer date,
was a society under the friendly societies legislation of another
participating State, whether or not it was registered as a foreign society
under Part 11 of the Friendly Societies (NSW) Code.
friendly societies legislation has the same meaning as in section 8A of
the AFIC Code.
participating State means a State which, immediately before the
transfer date, was a party to the financial institutions agreement and in
which, immediately before that date, the foreign society was
incorporated.
relevant Friendly Societies Code means:
(a) in relation to a society, the Friendly Societies (NSW) Code, or
(b) in relation to a foreign society, the law of another participating
State corresponding to the Friendly Societies (NSW) Code.
relevant SSA means:
(a) in relation to a society, FINCOM, or
(b) in relation to a foreign society, the State supervisory authority
under the friendly societies legislation of the other participating
State.
society means an entity that, immediately before the transfer date, was
a society under the Friendly Societies (NSW) Code.
50 Australian Financial Institutions Appeals Tribunal
(1) This section applies on the transfer date.
(2) The Australian Financial Institutions Appeals Tribunal established
under section 8 of the AFIC Act ceases to exist by reason of the
Financial Sector Reform (Queensland) Act 1999 of Queensland.
(3) All applications made to the Australian Financial Institutions Appeals
Tribunal under a Code for review of a decision that have not been
decided are taken to have been withdrawn.
(4) In this section:
Code means the AFIC Code, Financial Institutions Code or Friendly
Societies Code.
Page 33
Section 50 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 5 Miscellaneous
Division 6 State taxes
51 Exemption from State taxes
(1) No duty or other tax is chargeable under any Act in respect of anything
effected by or done under this Act.
(2) Subsection (1) does not apply to Part 4.
Division 7 References to building societies, credit unions
and friendly societies
52 Building societies and credit unions
Unless the contrary intention appears and subject to the regulations, a
reference in an Act (other than this Act) or a statutory instrument to a
building society or credit union has effect, on and after the transfer
date, as a reference to an authorised deposit-taking institution.
53 Friendly societies
Unless the contrary intention appears and subject to the regulations, a
reference in an Act (other than this Act) or a statutory instrument to a
friendly society has effect, on and after the transfer date, as reference
to:
(a) a body that, immediately before the transfer date, was a society
within the meaning of the Friendly Societies Code, or
(b) a body that is a friendly society for the purposes of the Life
Insurance Act 1995 of the Commonwealth.
Division 8 Savings or transitional regulations
54 Savings or transitional regulations
(1) The regulations may contain provisions of a savings or transitional
nature consequent on the enactment of the following Acts:
Financial Sector Reform (New South Wales) Act 1999
(2) Any such provision may, if the regulations so provide, take effect from
the date of assent to the Act concerned or a later date.
Page 34
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 54
Repeals and transitional provisions Part 5
Savings or transitional regulations Division 8
(3) To the extent to which any such provision takes effect from a date that
is earlier than the date of its publication in the Gazette, the provision
does not operate so as:
(a) to affect, in a manner prejudicial to any person (other than the
State or an authority of the State), the rights of that person
existing before the date of its publication, or
(b) to impose liabilities on any person (other than the State or an
authority of the State) in respect of anything done or omitted to
be done before the date of its publication.
(4) Without limiting subsection (1), any such regulation may make
provision for or with respect to the construction of references in any
Act, statutory instrument or other document of any kind to:
(a) any Act repealed by this Act or any provision of any such Act,
or
(b) the AFIC Code, the AFIC (NSW) Code, the AFIC (NSW)
Regulations or any provision of any such Code or Regulations,
or
(c) the Financial Institutions Code, the Financial Institutions
(NSW) Code, the Financial Institutions (NSW) Regulations or
any provision of any such Code or Regulations, or
(d) the Friendly Societies Code, the Friendly Societies (NSW)
Code, the Friendly Societies (NSW) Regulations or any
provision of any such Code or Regulations, or
(e) a previous law that corresponds with any such Act, Code or
Regulations, or
(f) a law of another State or Territory that corresponds with any
such Act, Code or Regulations, or
(g) AFIC or FINCOM, or
(h) building societies, credit unions or friendly societies, or
(i) any other entity referred to in any such Act, Code or
Regulations, or
(j) any similar matters.
Page 35
Section 54 Financial Sector Reform (New South Wales) Act 1999 No 1
Part 5 Repeals and transitional provisions
Division 8 Savings or transitional regulations
Part 6 Amendments
55 Amendments
Each Act specified in a Schedule to this Act is amended as set out in
that Schedule.
Part 7 Miscellaneous
56 Delegation
The Minister may delegate his or her functions or powers under this
Act to any person, other than this power of delegation.
57 Regulations
The Governor may make regulations, not inconsistent with this Act, for
or with respect to any matter that by this Act is required or permitted
to be prescribed or that is necessary or convenient to be prescribed for
carrying out or giving effect to this Act
Page 36
Financial Sector Reform (New South Wales) Act 1999 No 1 Section 55
Amendments Part 6
Schedule 1 Amendment of Corporations (New South
Wales) Act 1990 No 83 arising from
changes to Corporations Law before 1999
(Section 55)
[1] The whole Act
Omit "Australian Securities Commission" wherever occurring.
Insert instead "Australian Securities and Investments Commission".
[2] The whole Act
Omit "ASC" wherever occurring. Insert instead "ASIC".
[3] Part 6 (section 21) Accounting standards
Omit the Part.
[4] Section 60 Interpretation of some expressions in the ASIC Law, and the
ASIC Regulations, of New South Wales
Omit "section 260" from the definition of affairs in section 60 (1).
Insert instead "section 246AA".
[5] Section 60 (1)
Omit "accounts or accounting records" from paragraph (b) of the definition
of books.
Insert instead "financial reports or financial records".
[6] Part 13, Division 3 (section 93 Exemptions from Part 7.12 etc)
Omit the Division.
[7] Section 97 Certain transfers by companies not to restrict reduction of
share capital
Insert at the end of the section:
(2) Subsection (1) does not apply to a transfer made on or after the
commencement of Schedule 1 [7] to the Financial Sector
Reform (New South Wales) Act 1999.
Page 37
Financial Sector Reform (New South Wales) Act 1999 No 1
Schedule 2 Amendment of other Acts
Schedule 2 Amendment of other Acts
(Section 55)
2.1 Financial Institutions Commission Act 1992 No 47
[1] Section 33 Delegation of functions
Insert at the end of section 33 (4) (d):
, or
(e) the Australian Prudential Regulation Authority.
[2] Section 33 (6)
Insert after section 33 (5):
(6) Nothing in this Act prevents the exercise, by officers or
delegates of the Australian Prudential Regulation Authority, of
functions or powers delegated under this section to the
Authority.
2.2 Interpretation Act 1987 No 15
[1] Section 21 Meaning of commonly used word and expressions
Omit the definitions of AFIC (NSW) Code, AFIC (NSW) Regulations,
building society, credit union, Financial Institutions (NSW) Code,
Financial Institutions (NSW) Regulations, Friendly Societies (NSW)
Code, Friendly Societies (NSW) Regulations and friendly society from
section 21 (1).
[2] Section 21 (1)
Omit the definitions of ASC Law and ASC Regulations from section 21 (1).
Insert instead:
ASIC Law and ASIC Regulations have the meaning provided
for by Part 11 of the Corporations (New South Wales) Act
1990. A reference to ASC Law or ASC Regulations is taken to
be a reference to ASIC Law or ASIC Regulations respectively.
Page 38
Financial Sector Reform (New South Wales) Act 1999 No 1
Amendment of other Acts Schedule 2
[3] Section 21 (1)
Insert in alphabetical order:
authorised deposit-taking institution or ADI means an
authorised deposit-taking institution within the meaning of the
Banking Act 1959 of the Commonwealth.
[4] Section 68 References to amended Acts and instruments
Omit "ASC" from section 68 (4) (a) (v). Insert instead "ASIC".
[Minister's second reading speech made in--
Legislative Assembly on 25 May 1999
Legislative Council on 26 May 1999]
BY AUTHORITY
Page 39
[Index] [Search] [Download] [Related Items] [Help]