New South Wales Consolidated Acts

FINANCIAL SECTOR REFORM (NEW SOUTH WALES) ACT 1999 - SECT 41

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.

(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

(m) the Code applies with all other necessary changes.

(4) This section does not limit section 39.