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Queensland
SUNCORP INSURANCE AND
FINANCE AMENDMENT
BILL 1996
Queensland
SUNCORP INSURANCE AND FINANCE
AMENDMENT BILL 1996
TABLE OF PROVISIONS
Section Page
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 8 (Powers and authorities of corporation) . . . . . . . . . . . . . 4
5 Amendment of s 11 (Relationship to Crown) . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Insertion of new pt 3A (Guarantee by State) . . . . . . . . . . . . . . . . . . . . . . . . . 5
PART 3A--GUARANTEE BY STATE
37A Guarantee for future liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
37B Obligation for existing liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
37C Appropriation of guaranteed amounts . . . . . . . . . . . . . . . . . . . . . . . . . 5
37D Guarantee fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 Insertion of new ss 37E and 37F and headings . . . . . . . . . . . . . . . . . . . . . . . 6
Division 1--Taxation
37E Liability for State taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
37F Liability for Commonwealth tax equivalents . . . . . . . . . . . . . . . . . . 7
Division 2--Other financial matters
8 Omission of s 38 (Funds and accounts) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
9 Omission of s 39 (Investment of funds) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
10 Omission of s 40 (Annual balance sheet and statements of account) . . . . . 8
11 Insertion of new pt 4A (Reference of power to Commonwealth
Parliament) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
PART 4A--REFERENCE OF POWER TO COMMONWEALTH
PARLIAMENT
42A Object of pt 4A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2
Suncorp Insurance and Finance Amendment
42B Parliament's intention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
42C Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
12 Omission of s 44 (Application of Life Assurance Companies Acts) . . . . . . 9
13 Omission of s 45 (Taxation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
14 Insertion of new s 46A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
46A Disposing of successor subsidiaries etc. . . . . . . . . . . . . . . . . . . . . . . . 10
15 Insertion of new pts 5A and 5B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
PART 5A--TRANSFER OF CERTAIN BUSINESSES OF
CORPORATION
48A Object of pt 5A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
48B Intention of Parliament for pt 5A . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
48C Definitions for pt 5A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
48D Matters that must be included in scheme of transfer . . . . . . . . . . . . 11
48E Draft scheme of transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
48F Procedures in relation to draft scheme of transfer . . . . . . . . . . . . . . . 13
48G Effect of agreement on draft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
48H Transfer of liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
48I Successor subsidiary as successor in law . . . . . . . . . . . . . . . . . . . . . 14
48J Instruments applying to successor subsidiary . . . . . . . . . . . . . . . . . . 14
48K Pending legal proceedings applying to successor subsidiary . . . . . . 14
48L Part does not affect existing legal relationships . . . . . . . . . . . . . . . . 14
48M Exemption from State tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
48N Evidentiary provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
PART 5B--TRANSITIONAL PROVISIONS
48O Transitional application of Commonwealth laws . . . . . . . . . . . . . . . 16
48P Transitional regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
48Q Expiry of part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
16 Omission of pt 6 (Regulation of corporation's insurance business) . . . . . . . 18
17 Repeal of Life Assurance Companies Act 1901 . . . . . . . . . . . . . . . . . . . . . . 18
SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . 19
MINOR AND CONSEQUENTIAL AMENDMENTS
1996
A BILL
FOR
An Act to amend the Suncorp Insurance and Finance Act 1985
s1 4 s4
Suncorp Insurance and Finance Amendment
The Parliament of Queensland enacts-- 1
title 2
Short
Clause 1. This Act may be cited as the Suncorp Insurance and Finance 3
Amendment Act 1996. 4
amended 5
Act
Clause 2. This Act amends the Suncorp Insurance and Finance Act 1985. 6
7
Commencement
Clause 3. Sections 8 to 10 and 16 commence on a day to be fixed by 8
proclamation. 9
of s 8 (Powers and authorities of corporation) 10
Amendment
Clause 4.(1) Section 8(3), `under the authority of the Act the corporation'-- 11
omit, insert-- 12
`, the corporation or a successor subsidiary'. 13
(2) Section 8-- 14
insert-- 15
`(4) This Act does not-- 16
(a) limit by implication the powers of a subsidiary of the corporation; 17
or 18
(b) prevent the corporation permitting a subsidiary to exercise a 19
power of the corporation, whether or not to the exclusion of the 20
corporation.'. 21
s5 5 s6
Suncorp Insurance and Finance Amendment
of s 11 (Relationship to Crown) 1
Amendment
Clause 5. Section 11(1)-- 2
omit. 3
of new pt 3A (Guarantee by State) 4
Insertion
Clause 6. After section 37-- 5
insert-- 6
`PART 3A--GUARANTEE BY STATE 7
for future liabilities 8
`Guarantee
`37A.(1) This section applies if the corporation or a wholly-owned 9
subsidiary becomes liable to pay an amount because of a policy or contract 10
of insurance or indemnity issued or entered into by the corporation or 11
subsidiary after the commencement of this section. 12
`(2) Payment of the amount is guaranteed by the State. 13
for existing liabilities 14
`Obligation
`37B.(1) This section applies if the corporation or a wholly-owned 15
subsidiary becomes liable to pay an amount because of a policy or contract 16
of insurance or indemnity issued or entered into by the corporation before 17
the commencement of this section. 18
`(2) The State has the same obligation for payment of the amount as it 19
would have if the Suncorp Insurance and Finance Amendment Act 1996 20
had not been enacted. 21
of guaranteed amounts 22
`Appropriation
`37C.(1) This section applies if an amount becomes payable by the State 23
because of section 37A or 37B. 24
`(2) The Treasurer may pay the amount from the consolidated fund 25
without further appropriation. 26
s7 6 s7
Suncorp Insurance and Finance Amendment
fee 1
`Guarantee
`37D.(1) The Treasurer may require the corporation or a wholly-owned 2
subsidiary to pay fees to the State-- 3
(a) for the guarantee under section 37A; or 4
(b) in relation to the State's obligation under section 37B. 5
`(2) The amount of the fees, and how, when and by whom they are to be 6
paid, are to be decided by the Treasurer.'. 7
of new ss 37E and 37F and headings 8
Insertion
Clause 7. Part 4, before section 38-- 9
insert-- 10
`Division 1--Taxation 11
for State taxes 12
`Liability
`37E.(1) In this section-- 13
"subsidiary" means a subsidiary of the corporation. 14
`(2) The corporation is not exempt from State tax merely because it-- 15
(a) represents the Crown; or 16
(b) has immunities, rights or privileges of the Crown. 17
`(3) A subsidiary is not exempt from State tax merely because the 18
corporation-- 19
(a) represents the Crown; or 20
(b) has immunities, rights or privileges of the Crown. 21
`(4) Without limiting subsections (2) and (3), the Stamp Act 1894 or 22
another Act that imposes State tax applies to all business conducted by the 23
corporation or a subsidiary. 24
`(5) A regulation may exempt the corporation or a subsidiary from 25
liability to pay a State tax (in whole or part). 26
s8 7 s8
Suncorp Insurance and Finance Amendment
for Commonwealth tax equivalents 1
`Liability
`37F.(1) In this section-- 2
"subsidiary" means a subsidiary of the corporation. 3
"tax equivalents manual" means the tax equivalents manual issued under 4
the Government Owned Corporations Act 1993, section 155.1 5
`(2) The corporation or a subsidiary must pay amounts to the Treasurer 6
for payment into the consolidated fund as required under the tax equivalents 7
manual. 8
`(3) For subsection (2), the tax equivalent manual applies-- 9
(a) as if-- 10
(i) the corporation were a GOC; and 11
(ii) a subsidiary were a subsidiary of a GOC; and 12
(iii) the GOC Minister of the corporation, or of a subsidiary, 13
were the Treasurer; and 14
(b) with all other necessary changes and any additional changes 15
decided by the Treasurer. 16
`(4) This section applies to the financial year that commenced on 17
1 July 1995 and all later financial years. 18
`(5) Subsection (4) and this subsection expire on 1 January 1997. 19
`Division 2--Other financial matters'. 20
mission of s 38 (Funds and accounts) 21
O
Clause 8. Section 38-- 22
omit. 23
1 Section 155 (Liability for Commonwealth tax equivalents)
s9 8 s 11
Suncorp Insurance and Finance Amendment
of s 39 (Investment of funds) 1
Omission
Clause 9. Section 39-- 2
omit. 3
of s 40 (Annual balance sheet and statements of account) 4
Omission
Clause 10. Section 40-- 5
omit. 6
of new pt 4A (Reference of power to Commonwealth 7
Insertion
Parliament) 8
Clause 11. After section 42-- 9
insert-- 10
ART 4A--REFERENCE OF POWER TO 11
`P
COMMONWEALTH PARLIAMENT 12
of pt 4A 13
`Object
`42A. The object of this part is to remove the constitutional barrier 14
preventing the Commonwealth Parliament from legislating with respect to 15
State insurance carried on within the limits of the State by the corporation or 16
a subsidiary of the corporation. 17
intention 18
`Parliament's
`42B.(1) It is the intention of the Parliament that, through the reference 19
under this part, the corporation and its subsidiaries will be required to 20
s 12 9 s 13
Suncorp Insurance and Finance Amendment
comply with Commonwealth law about insurance and superannuation.2 1
`(2) Subsection (1) does not limit the object of this part or the reference 2
under this part. 3
4
`Reference
`42C.(1) The matter of State insurance mentioned in the Commonwealth 5
Constitution, section 51(xiv) is referred to the Commonwealth Parliament. 6
`(2) However, the matter is referred only-- 7
(a) so far as it applies to the corporation and its subsidiaries; and 8
(b) to the extent it is not otherwise included in the legislative powers 9
of the Commonwealth Parliament; and 10
(c) for a period starting on the commencement of this section and 11
ending on the day fixed under subsection (3). 12
`(3) A regulation may fix the day when the reference is to end.'. 13
of s 44 (Application of Life Assurance Companies Acts) 14
Omission
Clause 12. Section 44-- 15
omit. 16
of s 45 (Taxation) 17
Omission
Clause 13. Section 45-- 18
omit. 19
2 Commonwealth law applying to insurance and superannuation includes the
following Commonwealth Acts--
· Insurance Act 1973
· Life Insurance Act 1995
· Insurance (Agents and Brokers) Act 1984
· Insurance Contracts Act 1984
· Insurance Acquisitions and Takeovers Act 1991
· Superannuation Industry (Supervision) Act 1993.
s 14 10 s 15
Suncorp Insurance and Finance Amendment
of new s 46A 1
Insertion
Clause 14. After section 46-- 2
insert-- 3
of successor subsidiaries etc. 4
`Disposing
`46A.(1) The corporation may do something that would result in a 5
successor subsidiary ceasing to be its wholly-owned subsidiary only with 6
the prior written approval of the Treasurer. 7
`(2) The corporation or a successor subsidiary may dispose of any of its 8
main undertakings only with the prior written approval of the Treasurer.'. 9
of new pts 5A and 5B 10
Insertion
Clause 15. After section 47-- 11
insert-- 12
`PART 5A--TRANSFER OF CERTAIN BUSINESSES 13
OF CORPORATION 14
of pt 5A 15
`Object
`48A. The object of this part is to provide for arrangements (the "scheme 16
of transfer") under which all or part of the corporation's life insurance, 17
superannuation, and general insurance businesses are to be transferred to 18
wholly-owned subsidiaries of the corporation that are to carry on 19
proprietary life insurance, superannuation and general insurance businesses 20
regulated under Commonwealth law. 21
of Parliament for pt 5A 22
`Intention
`48B.(1) This section applies to a policy or contract of insurance or 23
indemnity issued or entered into by the corporation and in force 24
immediately before the commencement of this section. 25
`(2) So far as the legislative power of the Parliament permits, it is the 26
intention of the Parliament that this part should not operate in relation to the 27
policy or contract-- 28
s 15 11 s 15
Suncorp Insurance and Finance Amendment
(a) to make anyone liable to a Commonwealth or State tax to which 1
the person would not be liable apart from this part or anything 2
done under this part; or 3
(b) to increase the liability of anyone to a Commonwealth or State 4
tax. 5
for pt 5A 6
`Definitions
`48C. In this part-- 7
"asset", of a fund, includes an investment of the fund. 8
"instrument" see Government Owned Corporations Act 1993, section 3.3 9
"liability", of a fund, includes a liability of the fund under a policy or 10
contract of insurance or indemnity. 11
that must be included in scheme of transfer 12
`Matters
`48D.(1) The scheme of transfer must provide for-- 13
(a) how the corporation's life assurance and superannuation funds 14
under section 38 are to be dealt with, including the transfer of all 15
or a part of the funds to a wholly-owned subsidiary of the 16
corporation (a "successor subsidiary"); and 17
(b) the reclassification of a portion of the funds to become the 18
corporation's shareholder's capital in the subsidiary for the Life 19
Insurance Act 1995 (Cwlth); and 20
(c) the reclassification of another portion of the funds to become the 21
corporation's shareholder's retained profits in the subsidiary for 22
3 Section 3, definition "instrument" provides--
"instrument" means an instrument of any kind, and includes, for example--
(a) a contract, deed, agreement, arrangement, understanding or undertaking;
and
(b) a mandate, instruction, notice, authority or order; and
(c) a lease, licence, transfer, conveyance or other assurance; and
(d) a guarantee, bond, power of attorney, bill of lading, negotiable
instrument or order for the payment of money; and
(e) a mortgage, charge, lien or security;
whether express or implied and whether made or given orally or in writing.
s 15 12 s 15
Suncorp Insurance and Finance Amendment
the Life Insurance Act 1995 (Cwlth); and 1
(d) the application by the subsidiary of all or part of the portion 2
mentioned in paragraph (b) in paying up, in full, shares in itself; 3
and 4
(e) the issue of the shares paid up by the subsidiary. 5
`(2) The portions of the funds reclassified under subsection (1)(b) and (c) 6
must not total more than $70 million. 7
`(3) The scheme of transfer must also provide for how the corporation's 8
general insurance fund under section 38 is to be dealt with, including the 9
transfer of all or part of the fund to another wholly-owned subsidiary of the 10
corporation (also a "successor subsidiary"). 11
`(4) The scheme of transfer must identify, or provide for the 12
identification of, the assets and liabilities of each of the corporation's life 13
assurance, superannuation and general insurance funds, and the assets and 14
liabilities that are to be transferred to each successor subsidiary. 15
`(5) The scheme of transfer must specify, or provide for the specification 16
of-- 17
(a) the date when the scheme is to operate; or 18
(b) the dates when the various parts of the scheme are to operate. 19
`(6) This section does not limit the matters that may be included in the 20
scheme of transfer. 21
`(7) In this section-- 22
"fund" includes assets and liabilities of the fund. 23
scheme of transfer 24
`Draft
`48E.(1) The board must prepare a draft of the scheme of transfer and 25
submit it to the Treasurer for agreement. 26
`(2) The draft must be submitted to the Treasurer within the time the 27
Treasurer requires. 28
`(3) The board and the Treasurer must endeavour to reach agreement on 29
the draft of the scheme of transfer as soon as possible and, in any event, not 30
later than the time required by the Treasurer. 31
s 15 13 s 15
Suncorp Insurance and Finance Amendment
in relation to draft scheme of transfer 1
`Procedures
`48F.(1) The Treasurer may return the draft of the scheme of transfer to 2
the board and ask it-- 3
(a) to consider or further consider any matter and deal with the matter 4
in the draft; and 5
(b) to revise the draft in the light of its consideration or further 6
consideration. 7
`(2) The board must comply with the request as a matter of urgency. 8
`(3) If a draft of the scheme of transfer has not been agreed between the 9
board and the Treasurer within the time the Treasurer considers reasonable, 10
the Treasurer may, by written notice, direct the board-- 11
(a) to take stated steps in relation to the draft; or 12
(b) to make stated changes to the draft. 13
`(4) The board must immediately comply with the direction. 14
of agreement on draft 15
`Effect
`48G.(1) When the Treasurer agrees to the draft of the scheme of 16
transfer, it becomes the scheme of transfer. 17
`(2) The scheme of transfer is binding on all persons, and must be given 18
effect to by the corporation and each successor subsidiary. 19
`(3) The corporation and each successor subsidiary may do anything 20
necessary or convenient to be done to give effect to the scheme of transfer. 21
`(4) The other provisions of this part do not limit subsections (2) and (3). 22
of liabilities 23
`Transfer
`48H. If the scheme of transfer provides for the transfer of liabilities of a 24
fund to a successor subsidiary, the liabilities are transferred by force of this 25
section. 26
s 15 14 s 15
Suncorp Insurance and Finance Amendment
subsidiary as successor in law 1
`Successor
`48I.(1) A successor subsidiary is the successor in law of the corporation 2
in relation to a fund, or the part of a fund, (including assets and liabilities of 3
the fund) transferred to the subsidiary under the scheme of transfer. 4
`(2) Without limiting subsection (1)-- 5
(a) a policy or contract of insurance or indemnity to which a 6
successor subsidiary becomes a party under the scheme of 7
transfer is taken to be a continuation of the policy or contract as 8
issued or entered into by the corporation; and 9
(b) no amount is taken to be paid or payable to, received or receivable 10
by, or re-invested or otherwise dealt with on behalf of or as 11
directed by, anyone in relation to the policy or contract merely 12
because of the scheme of transfer, the operation of the scheme, or 13
anything done under the scheme. 14
applying to successor subsidiary 15
`Instruments
`48J.(1) This section applies to an instrument if, apart from this section, 16
the instrument would apply to the corporation in relation to a fund, or the 17
part of a fund, (including an asset or liability of the fund) transferred to a 18
successor subsidiary under the scheme of transfer. 19
`(2) The instrument applies to the subsidiary in place of the corporation. 20
legal proceedings applying to successor subsidiary 21
`Pending
`48K.(1) This section applies to a legal proceeding by or against the 22
corporation in relation to a fund, or the part of a fund, (including an asset or 23
liability of the fund) transferred to a successor subsidiary under the scheme 24
of transfer. 25
`(2) The proceeding may be continued or finished by or against the 26
subsidiary. 27
does not affect existing legal relationships 28
`Part
`48L.(1) Nothing done under the scheme of transfer or otherwise under 29
this part-- 30
s 15 15 s 15
Suncorp Insurance and Finance Amendment
(a) places the corporation or anyone else in breach of contract or 1
confidence or otherwise makes the corporation or anyone else 2
guilty of a civil wrong; or 3
(b) makes the corporation or anyone else in breach of any instrument, 4
including an instrument prohibiting, restricting or regulating the 5
assignment or transfer of any right or liability or the disclosure of 6
any information; or 7
(c) is taken to fulfil a condition-- 8
(i) that allows a person to terminate an instrument or obligation 9
or change the operation or effect of an instrument or 10
obligation; or 11
(ii) that requires an amount to be paid before its stated maturity; 12
or 13
(d) releases a surety or other obligee from an obligation in whole or 14
part. 15
`(2) If, apart from this subsection, the advice or consent of a person 16
would be necessary under an instrument to give effect to this part, the 17
advice is taken to have been obtained or the consent is taken to have been 18
given. 19
from State tax 20
`Exemption
`48M.(1) State tax is not payable in relation to anything done (including, 21
for example, a transaction entered into or an instrument made, executed, 22
lodged or given) because of, or for a purpose connected with or arising out 23
of, this part. 24
`(2) The Treasurer may certify that a stated matter, instrument, 25
transaction or thing is exempt under subsection (1) from State tax or a 26
particular State tax, and the matter is exempt. 27
`(3) So far as the legislative power of the Parliament permits, a reference 28
in this section to State tax includes a reference to tax imposed under an Act 29
of another State. 30
s 15 16 s 15
Suncorp Insurance and Finance Amendment
`(4) This section does not limit the intention of the Parliament stated in 1
section 48B.4 2
provisions 3
`Evidentiary
`48N.(1) A certificate purporting to be signed by the Treasurer and 4
stating that a stated document is a copy of the scheme of transfer, or a stated 5
part of the scheme of transfer, is evidence of the matter stated in the 6
certificate. 7
`(2) A certificate purporting to be signed by the chief executive officer of 8
the corporation and stating any of the following matters is evidence of the 9
matter-- 10
(a) a stated asset or liability was transferred to a stated successor 11
subsidiary under the scheme of transfer; 12
(b) a stated instrument applies, under section 48J,5 to a stated 13
successor subsidiary in place of the corporation; 14
(c) a stated legal proceeding may, under section 48K,6 be continued 15
or finished by or against a stated successor subsidiary. 16
ART 5B--TRANSITIONAL PROVISIONS 17
`P
application of Commonwealth laws 18
`Transitional
`48O.(1) The purpose of this section is to enable provisions of a 19
Commonwealth law about insurance or superannuation to be applied to the 20
corporation or a subsidiary of the corporation as State law until the 21
Commonwealth law applies because of the reference of power to the 22
Commonwealth Parliament under part 4A. 23
4 Section 48B (Intention of Parliament for pt 5A)
5 Section 48J (Instruments applying to successor subsidiary)
6 Section 48K (Pending legal proceedings applying to successor subsidiary)
s 15 17 s 15
Suncorp Insurance and Finance Amendment
`(2) A regulation may apply provisions of a Commonwealth law about 1
insurance or superannuation to the corporation or a subsidiary of the 2
corporation. 3
`(3) The provisions apply, with all necessary changes and any changes 4
stated in the regulation, as a State Act. 5
`(4) In this section-- 6
"Commonwealth law about insurance or superannuation" includes 7
any of the following Commonwealth Acts-- 8
· Insurance Act 1973 9
· Life Insurance Act 1995 10
· Insurance (Agents and Brokers) Act 1984 11
· Insurance Contracts Act 1984 12
· Insurance Acquisitions and Takeovers Act 1991 13
· Superannuation Industry (Supervision) Act 1993. 14
regulations 15
`Transitional
`48P.(1) A regulation may make provision about any matter for which-- 16
(a) it is necessary or convenient to make provision to assist the 17
transition from the operation of this Act before its amendment by 18
the Suncorp Insurance and Finance Amendment Act 1996 (the 19
"amending Act" ) to its operation after amendment by all or any 20
of the provisions of the amending Act; and 21
(b) this Act does not make provision or sufficient provision. 22
`(2) A regulation under this section may have retrospective operation to a 23
date not earlier than the commencement of the amending Act, section 1. 24
`(3) A regulation under this section may have effect despite any 25
provision of this Act other than this section. 26
of part 27
`Expiry
`48Q. This part expires 2 years after it commences or, if an earlier date is 28
prescribed under a regulation, the earlier date.'. 29
s 16 18 s 17
Suncorp Insurance and Finance Amendment
of pt 6 (Regulation of corporation's insurance business) 1
Omission
Clause 16. Part 6-- 2
omit. 3
of Life Assurance Companies Act 1901 4
Repeal
Clause 17. The Life Assurance Companies Act 1901 (1 Edw 7 No. 20) is 5
repealed. 6
19
Suncorp Insurance and Finance Amendment
CHEDULE 1
¡S
INOR AND CONSEQUENTIAL AMENDMENTS 2
M
section 2 3
1. Long title-- 4
omit, insert-- 5
`An Act to provide for the constitution and powers of Suncorp 6
Insurance and Finance, to refer certain matters to the 7
Commonwealth Parliament, and for other purposes'. 8
2. Section 5, heading-- 9
omit, insert-- 10
`Definitions'. 11
3. Section 5, definitions "board" and "corporation"-- 12
omit. 13
4. Section 5-- 14
insert-- 15
` "appointed day" means 1 January 1986. 16
"board" means the Suncorp Insurance and Finance Board. 17
"Commonwealth tax" means tax imposed under a Commonwealth Act. 18
"corporation" means Suncorp Insurance and Finance. 19
"scheme of transfer" see section 48A. 20
"State" includes a Territory. 21
"State tax" means tax imposed under an Act. 22
20
Suncorp Insurance and Finance Amendment
SCHEDULE (continued)
"subsidiary" see the Corporations Law. 1
"successor subsidiary" see section 48D. 2
"tax" includes fee, duty and charge. 3
"wholly-owned subsidiary", of the corporation, means a subsidiary of the 4
corporation none of whose members is a person other than the 5
corporation or a trustee of the corporation.'. 6
5. Section 6-- 7
omit. 8
6. Section 8, `and authorities' and `or authority'-- 9
omit. 10
7. Section 8(1)(n), `Companies (Queensland) Code or that Code as 11
amended'-- 12
omit, insert-- 13
`Corporations Law'. 14
8. Section 11(2), `and authorities'-- 15
omit. 16
9. Section 11(2), `the Governor in Council, by order in council,'-- 17
omit, insert-- 18
`a regulation'. 19
10. Section 11(3)-- 20
omit. 21
21
Suncorp Insurance and Finance Amendment
SCHEDULE (continued)
11. Section 15(1), `and authorities' and `and duties'-- 1
omit. 2
12. Section 15(2), `contract'-- 3
omit, insert-- 4
`contract,'. 5
13. Section 15(3) to (3C)-- 6
omit. 7
14. Sections 21 and 22-- 8
omit. 9
15. Section 23(2)(a), `by notification published in the gazette'-- 10
omit. 11
16. Section 27, `, authority, function or duty'-- 12
omit, insert-- 13
`or function'. 14
17. Section 29(1) and (2)(d), `and authorities' and `and duties'-- 15
omit. 16
18. Section 32, `and authorities', `and duties' and `or imposed'-- 17
omit. 18
22
Suncorp Insurance and Finance Amendment
SCHEDULE (continued)
19. Section 33, `and authorities' and `and duties'-- 1
omit. 2
20. Section 34(2A), `or (b)'-- 3
omit. 4
21. Section 34(2B), `and authorities' and `and duties'-- 5
omit. 6
22. Section 35(1), `or authority' and `or duty'-- 7
omit. 8
23. Section 41-- 9
omit, insert-- 10
`Application of Financial Administration and Audit Act 1977 11
`41. The corporation is a statutory body under the Financial 12
Administration and Audit Act 1977.'. 13
24. Section 42(1), `and authorities' and `and duties'-- 14
omit. 15
25. Section 43-- 16
omit, insert-- 17
`Powers of delegation 18
`43.(1) The corporation may delegate its powers to a director, officer or 19
employee of the corporation. 20
`(2) The board may delegate its powers to a director of the board.'. 21
23
Suncorp Insurance and Finance Amendment
SCHEDULE (continued)
26. Section 47-- 1
omit, insert-- 2
`Regulation-making power 3
`47. The Governor in Council may make regulations under this Act.'. 4
5
© State of Queensland 1996
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