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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
FINANCIAL INSTITUTIONS
LEGISLATION
AMENDMENT BILL (No. 2)
1994
Queensland
FINANCIAL INSTITUTIONS
LEGISLATION AMENDMENT BILL
(No. 2) 1994
TABLE OF PROVISIONS
Section Page
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Code amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Replacement of Pt 1 (Preliminary), Div 5 (Application of
Corporations Law) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Division 5--Application and adoption of Corporations Law
64A Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
65 Corporations Law applying under its own force . . . . . . . . . . . . . . . . 4
65A Corporations Law adopted under a regulation . . . . . . . . . . . . . . . . . . 6
65B Adopted provisions of Corporations Law . . . . . . . . . . . . . . . . . . . . . . 7
5 Amendment of s 196 (Substantial shareholding and substantial
shareholders) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
6 Amendment of s 197 (Power to obtain information) . . . . . . . . . . . . . . . . . . . 8
7 Omission of ss 201208 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
8 Omission of s 214 (Application of Corporations Law) . . . . . . . . . . . . . . . . . 8
9 Insertion of new s 216A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
216A Restricted application of this Division . . . . . . . . . . . . . . . . . . . . . . . 8
10 Amendment of s 219 (Loss or destruction of documents) . . . . . . . . . . . . . . 9
11 Amendment of s 259 (Register of members) . . . . . . . . . . . . . . . . . . . . . . . . . 9
12 Amendment of s 260 (Register of holders of permanent shares) . . . . . . . . . 10
13 Insertion of new ss 263A and 263B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
2
Financial Institutions Legislation Amendment
(No. 2)
263A Location of registers on computers . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
263B Form and evidentiary value of registers . . . . . . . . . . . . . . . . . . . . . . . 11
1994
A BILL
FOR
An Act to amend the Financial Institutions Code
s1 4 s4
Financial Institutions Legislation Amendment
(No. 2)
The Parliament of Queensland enacts-- 1
title 2
Short
Clause 1. This Act may be cited as the Financial Institutions Legislation 3
Amendment Act (No. 2) 1994. 4
5
Commencement
Clause 2. This Act commences on a day to be fixed by proclamation. 6
amended 7
Code
Clause 3. This Act amends the Financial Institutions Code set out in section 30 8
of the Financial Institutions (Queensland) Act 1992. 9
of Pt 1 (Preliminary), Div 5 (Application of 10
Replacement
Corporations Law) 11
Clause 4. Part 1, Division 5-- 12
omit, insert-- 13
`Division 5--Application and adoption of Corporations Law 14
15
`Definitions
`64A. In this Division-- 16
"Corporations Law" includes the Corporations Regulations. 17
Law applying under its own force 18
`Corporations
`65.(1) The provisions of the Corporations Law (other than the 19
provisions of the Corporations Law mentioned in subsection (2)) are 20
excluded from applying under their own force to financial institutions and 21
the securities of financial institutions. 22
s4 5 s4
Financial Institutions Legislation Amendment
(No. 2)
`(2) However, the following provisions of the Corporations Law are not 1
excluded from applying under their own force-- 2
(a) provisions applying to, or about, the following-- 3
(i) bodies; 4
(ii) bodies corporate; 5
(iii) disclosing entities; 6
(iv) eligible bodies; 7
(v) persons; 8
(vi) securities, including securities of a particular type (for 9
example, shares or debentures); 10
(vii) securities, including securities of a particular type (for 11
example, shares or debentures) of a body corporate; 12
(b) provisions applying to or about bodies or bodies corporate 13
included in the official list of a securities exchange (including 14
provisions of Chapter 6 (Acquisition of shares) applying to or 15
about a company as defined for that Chapter); 16
(c) Part 7.11 (Conduct in relation to securities); 17
(d) Part 7.12 (Offering securities for subscription or purchase); 18
(e) provisions-- 19
(i) about the interpretation of a provision mentioned in 20
paragraphs (a) to (d) ("non-excluded Corporations Law 21
provision"), including a provision defining a word used in 22
the non-excluded Corporations Law provision; or 23
(ii) vesting power in the Australian Securities Commission, but 24
only to the extent that they vest power for the purposes of a 25
non-excluded Corporations Law provision; or 26
(iii) empowering a court to make an order (including an order 27
curing a procedural irregularity), but only to the extent that 28
they empower the court to make an order for the purposes of 29
a non-excluded Corporations Law provision; or 30
s4 6 s4
Financial Institutions Legislation Amendment
(No. 2)
(iv) otherwise about the administration of a non-excluded 1
Corporations Law provision. 2
`(3) Subsection (2) does not apply provisions of the Corporations Law 3
that would not otherwise apply to financial institutions or the securities of 4
financial institutions. 5
`(4) Subsections (1) to (3) have effect despite any law of this State 6
prescribed for the purposes of this subsection. 7
`(5) The expressions used in subsection (2)(a), (b) and (e) have the 8
meanings given by the Corporations Law. 9
`(6) Subsections (1) to (3) are not intended to affect the operation, as 10
intended under the Corporations Law, of a provision of the Corporations 11
Law expressly excluding a provision of the Corporations Law from having 12
application to financial institutions. 13
14
Example of the operation of section 65--
15
Under section 65, provisions of the Corporations Law that apply to a `company' or
16
a `corporation' do not apply to financial institutions. Therefore, provisions about the
17
duties and liabilities of officers, e.g. section 232 of the Corporations Law, do not
18
apply to officers of financial institutions, who are subject to comparable provisions in
19
this Code. However, section 65 does allow, for example, Part 7.12 of the
20
Corporations Law to apply directly to financial institutions. Part 7.12 applies
21
because under the definition of `corporation' in section 57A of the Corporations Law,
22
a financial institution is a corporation for Part 7.12. Nevertheless, the application of
23
that Part to financial institutions is qualified by section 1083A of the Corporations
24
Law for certain securities.
Law adopted under a regulation 25
`Corporations
`65A.(1) A regulation may adopt, with or without modification, a 26
provision of the Corporations Law for application to financial institutions or 27
the securities of financial institutions. 28
`(2) However, a regulation may not adopt a provision of the 29
Corporations Law to the extent that the provision as adopted would be 30
inconsistent with a provision of the financial institutions legislation. 31
`(3) A regulation made as permitted by this section may create an offence 32
with a maximum penalty of not more than the maximum penalty for the 33
equivalent offence under the Corporations Law. 34
s5 7 s5
Financial Institutions Legislation Amendment
(No. 2)
provisions of Corporations Law 1
`Adopted
`65B.(1) This section applies if a provision of the Corporations Law 2
(the "adopted provision") is adopted for application to financial 3
institutions or the securities of financial institutions, with or without 4
modification, under a provision (the "adopting provision") of this Code 5
(including a regulation permitted by section 65A (Corporations Law 6
adopted under a regulation)). 7
`(2) Unless the adopting provision otherwise provides, definitions and 8
other interpretation provisions of the Corporations Law relevant to the 9
adopted provision are taken also to be adopted. 10
`(3) However, each of the following words in the adopted provision has 11
the meaning given in this Code-- 12
· Gazette 13
· Minister. 14
`(4) Neither the adopting provision nor the adopted provision gives 15
power to the Australian Securities Commission to administer the adopted 16
provision for this Code.'. 17
of s 196 (Substantial shareholding and substantial 18
Amendment
shareholders) 19
Clause 5. Section 196-- 20
insert-- 21
`(3) The purpose of subsections (1) and (2) is to apply Part 6.7 of the 22
Corporations Law in its modified form to a society whether or not the 23
society is a listed company under Chapter 6 (Acquisition of shares) of the 24
Corporations Law. 25
`(4) However, the application of Part 6.7 of the Corporations Law under 26
subsections (1) and (2) is in addition to, and not in substitution for, the 27
application of that Part under its own force.'. 28
s6 8 s9
Financial Institutions Legislation Amendment
(No. 2)
of s 197 (Power to obtain information) 1
Amendment
Clause 6. Section 197-- 2
insert-- 3
`(3) The purpose of subsections (1) and (2) is to apply Part 6.8 of the 4
Corporations Law in its modified form to a society whether or not the 5
society is a listed company under Chapter 6 (Acquisition of shares) of the 6
Corporations Law. 7
`(4) However, the application of Part 6.8 of the Corporations Law under 8
subsections (1) and (2) is in addition to, and not in substitution for, the 9
application of that Part under its own force.'. 10
of ss 201208 11
Omission
Clause 7. Sections 201 to 208-- 12
omit. 13
of s 214 (Application of Corporations Law) 14
Omission
Clause 8. Section 214-- 15
omit. 16
of new s 216A 17
Insertion
Clause 9. After section 216-- 18
insert-- 19
application of this Division 20
`Restricted
`216A. This Division does not apply to the extent that its application 21
would be inconsistent with the application under its own force of Part 7.13 22
(Title to, and transfer of, securities), Division 3 (Transfer of marketable 23
securities and marketable rights) of the Corporations Law.'. 24
s 10 9 s 11
Financial Institutions Legislation Amendment
(No. 2)
of s 219 (Loss or destruction of documents) 1
Amendment
Clause 10. Section 219-- 2
insert-- 3
`(4) If-- 4
(a) a document of title to shares, debentures or prescribed interests is 5
cancelled under the SCH certificate cancellation provisions; and 6
(b) having regard to the provisions, the document should not have 7
been cancelled; 8
this section applies to the document as though it were destroyed on its 9
cancellation. 10
`(5) For subsection (4)-- 11
"SCH certificate cancellation provisions" has the meaning given by 12
section 9 of the Corporations Law.'. 13
of s 259 (Register of members) 14
Amendment
Clause 11.(1) Section 259(1), at the end-- 15
insert-- 16
`Maximum penalty--$25 000.'. 17
(2) Section 259(2), `Maximum penalty--$25 000.'-- 18
omit. 19
(3) Section 259-- 20
insert-- 21
`(6) If a society's register of members includes the numbers of 22
certificates or other documents evidencing the holdings of its members of 23
shares (if any) allocated to them, nothing in subsections (3) to (5) 24
requires-- 25
(a) a person to be allowed to see the numbers when inspecting the 26
register; or 27
(b) a copy of the register, or a part of it, sent to a person to contain 28
those numbers.'. 29
s 12 10 s 13
Financial Institutions Legislation Amendment
(No. 2)
of s 260 (Register of holders of permanent shares) 1
Amendment
Clause 12. Section 260-- 2
insert-- 3
`(6) Nothing is subsections (3) to (5) requires-- 4
(a) a person to be allowed to see the numbers of the certificates that 5
have been issued evidencing the holding of permanent shares; or 6
(b) a copy of the register, or part of it, sent to a person to contain 7
those numbers.'. 8
of new ss 263A and 263B 9
Insertion
Clause 13. After section 263, in Part 6, Division 3-- 10
insert-- 11
of registers on computers 12
`Location
`263A.(1) This section applies despite anything in this Division to the 13
contrary. 14
`(2) This section applies if-- 15
(a) a society records, otherwise than in writing, matters (the "stored 16
matters") this Division requires to be contained in a register; and 17
(b) the record of stored matters is kept at a place (the "place of 18
storage") other than the place (the "place of inspection") where 19
the register is, apart from this section, required to be kept; and 20
(c) at the place of inspection means are provided by which the stored 21
matters are made available for inspection in written form; and 22
(d) the society has served the SSA with a notice-- 23
(i) stating that this section is to apply to-- 24
(A) unless sub-subparagraph (B) applies--the register; or 25
(B) if the stored matters are only some of the information 26
that is required to be contained in the register--the 27
register and matters that are of the same kind as the 28
stored matters; and 29
s 13 11 s 13
Financial Institutions Legislation Amendment
(No. 2)
(ii) specifying the situation of the place of storage and the place 1
of inspection. 2
`(3) The society is taken to have complied with the requirements of this 3
Division about the location of the register, but only as far as the register is 4
required to contain the stored matters. 5
`(4) However, if-- 6
(a) the situation of the place of storage or the place of inspection 7
changes; and 8
(b) the society does not serve notice of the change within 14 days 9
after the change; 10
this section, as it applies to the society because of the serving of the notice 11
mentioned in subsection (2)(d), ceases to apply at the end of the 14 days. 12
and evidentiary value of registers 13
`Form
`263B.(1) A register that is required by this Division to be kept or 14
prepared may be kept or prepared-- 15
(a) by making entries in a bound or loose-leaf book; or 16
(b) by recording or storing matters using a mechanical, electronic or 17
other device; or 18
(c) in another way approved by the SSA. 19
`(2) Subsection (1) does not authorise a register to be kept or prepared by 20
a mechanical, electronic or other device unless-- 21
(a) the matters recorded or stored will be capable, at any time, of 22
being reproduced in a written form; or 23
(b) a reproduction of the matters is kept in written form approved by 24
the SSA. 25
`(3) A society must take all reasonable precautions, including the 26
precautions (if any) prescribed, for guarding against damage to, destruction 27
of or falsification of or in, and for discovery of falsification of or in, any 28
register or part of a register required by this Division to be kept or prepared 29
by the society. 30
s 13 12 s 13
Financial Institutions Legislation Amendment
(No. 2)
`(4) If a society records or stores matters using a mechanical, electronic 1
or other device, a duty imposed by this Division to make a register 2
containing the matters available for inspection or to provide copies of the 3
whole or a part of a register containing the matters is taken to be a duty to 4
make the matters available for inspection in written form or to provide a 5
document containing a clear reproduction in writing of the whole or part of 6
them, as the case may be. 7
`(5) A regulation may provide for how up-to-date the information 8
contained in an instrument prepared for subsection (4) must be. 9
`(6) If-- 10
(a) because of this Code, a register that this Division requires to be 11
kept or prepared is evidence of a matter; and 12
(b) the register, or part of the register, is kept or prepared by 13
recording or storing matters (including the matter) using a 14
mechanical, electronic or other device; 15
a written reproduction of the matter as so recorded or stored is evidence of 16
the matter. 17
`(7) A writing purporting to reproduce a matter recorded or stored using 18
a mechanical, electronic or other device is taken to be a reproduction of the 19
matter unless the contrary is established.'. 20
21
© State of Queensland 1994
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