Northern Territory Second Reading Speeches
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STATUTE LAW REVISION (FINANCIAL PROVISIONS) BILL 2002
(This an uncorrected proof of the daily report. It is made available under the condition that it is recognised as such.)
Madam Speaker, I move that the bill now be read a second time.
The purpose of this bill is to amend various Northern Territory acts, regulations, rules and legislative instruments consequential to reforms to the Commonwealth, state and territory acts dealing with the financial sector.
In 1998 and 1999 Commonwealth, state and territory Financial Sector Reform Acts changed the structure of regulation concerning the financial sector. These amendments have, amongst other things, resulted in the creation of a class of financial institutions known as ‘authorised deposit taking institutions’ or ADIs. ADIs include banks, building societies, credit societies and other financial institutions.
The Northern Territory acts and regulations contain numerous references to banks, building societies and credit unions. This bill provides for the replacement of these references by references expressed in current terminology.
I commend the bill to honourable members.
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