Queensland Bills Explanatory Notes

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BUILDING SOCIETIES FUND BILL 1992

 BUILDING SOCIETIES FUND BILL 1992

                     EXPLANATORY NOTES

  The objects of the Bill are fourfold--
  1. To establish the Building Societies Fund which will be utilised to
defray the costs of supervision for building societies under the Financial
Institutions Scheme;
  2. To appropriate a specified amount from the Consolidated Fund to be
paid to statutory reserves of continuing building societies;
  3. To reduce the balance of the Permanent Building Societies
Contingency Fund and to provide for its closure;
  4. To provide that any surplus remaining on the winding up of the
Combined Bowkett and Building Society Limited be paid to the Building
Societies Fund.




                    PART 1--PRELIMINARY

  Clause 1 specifies the short title.
  Clause 2 provides for the commencement of the Act.
  Clause 3 defines expressions used in the Act.
  Clause 4 binds the Crown.




          PART 2--BUILDING SOCIETIES FUND

  Clause 5 establishes the Fund
  Clause 6 provides that the Fund is established for the purposes of--
    (a) using the income earned by the Fund to defray the cost of
    supervision incurred by building societies under the Financial
    Institutions Legislation;
 
 
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     (b) contributing to the establishment and operational expenses of
     AFIC and QOFS;
     (c) paying the expenses incurred in administering the Fund.
   Clause 7 provides that the Building Societies Fund consist of
$25 000 000 which is appropriated from the Consolidated Fund and that the
Fund also consist of interest and other income gained from the investment
of money comprising the Fund and all other money lawfully paid into the
Building Societies Fund.
  Clause 8 allows QOFS to invest money standing to the credit of the
Fund in any way it considers appropriate.
   Clause 9 specifies payments which may be made from either the capital
of the Fund or the capital and income of the Fund
   Clause 10 requires QOFS to provide a report on the operations of the
Building Societies Fund during the year to the Minister within 4 months
after the end of each financial year. The Minister must cause a copy of the
report to be laid before the Legislative Assembly within 14 sitting days of
the Minister receiving the Report.




  PART 3--PAYMENT TO CONTINUING BUILDING
                SOCIETIES

   Clause 11 provides that an amount be paid from the Consolidated Fund
to a statutory reserve of each of those continuing building societies that were
in operation at the commencement of the Financial Institutions Scheme.




 PART 4--AMENDMENT OF BUILDING SOCIETIES
                ACT 1985

  Clause 12 provides that the balance of the Permanent Building Societies
Contingency Fund, less $500 000, be paid to the Consolidated Fund. The
provision also provides for the closure of the Contingency Fund.
 
 
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 PART 5--WINDING UP OF COMBINED BOWKETT
       AND BUILDING SOCIETY LIMITED

  Clause 13 provides that the winding up of Combined Bowkett and
Building Society Limited is to continue as for a voluntary winding up of a
company under the Corporations Law and that on the completion of the
winding up the remaining property is to be paid into the Building Societies
Fund.
   Clause 14 provides that compensation is not payable to a certain persons
in relation to the distribution of the property of Combined Bowkett and
Building Society Limited.


                             SCHEDULE
   Sets out the names of the continuing building societies and the amounts
to be appropriated to each.




                         © The State of Queensland 1992

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