Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) This section applies despite the repeal of the Financial Institutions (Territory Supervisory Authority) Act.
(2) TSA continues in existence and the appointment of the Registrar of Financial Institutions as the person constituting the TSA continues in force, but only for the following purposes:
(a) to give effect to anything relating to the transfer, under a law of the Commonwealth or this Act, of any of its functions as an SSA under the fiscal bodies legislation to APRA or ASIC.
(b) to prepare a final winding up report and final financial statements;
(c) to do other things under this Part;
(d) winding-up itself as soon as practicable but, in any case, within 12 months after the transfer date.
(3) Without limiting subsection (2)(a), TSA must comply with Schedule 4, clause 4 of the Corporations Law.
(4) TSA has the powers necessary or desirable for it to act under subsection (2) or (3) including the powers:
(a) to engage employees; and
(b) to execute a contract, deed or other document necessary for its winding-up.
(5) Also, to the extent it is necessary or desirable to allow TSA to act under subsection (2), the provisions of the fiscal bodies legislation and the TSA Act continue to apply despite the repeal of all or any of the legislation or of the Act.
(6) In this section, "winding-up", in relation to TSA, includes TSA realising its assets and discharging its liabilities.