FINANCIAL SECTOR REFORM (SOUTH AUSTRALIA) ACT 1999 - SECT 27
FINANCIAL SECTOR REFORM (SOUTH AUSTRALIA) ACT 1999 - SECT 27
(1) The following
provisions continue to apply on and after the transfer date in relation to
anything done or omitted to be done before that date:
(a) Part
8 of the AFIC Code (except for sections 50, 51, 55 and 58); and
(b) the
other provisions of the Code relevant to that Part.
(2) Despite
subsection (1), a provision, or part of a provision, applying under that
subsection that creates an offence is not limited in its application to
anything done or omitted to be done before the transfer date.
(3) For the purposes
of subsection (1)—
(a) a
reference in the Code to AFIC is taken to be a reference to the
relevant Commonwealth body; and
(b) a
reference in the Code to a financial institution is taken to be a reference to
an entity that on the transfer date is a company under the Corporations Law
and that, immediately before that date, was a financial institution under the
Code; and
(c) in
section 52(1) of the Code, the words "the financial institutions scheme" are
taken to be omitted and the words "investigating whether an offence against
the fiscal bodies legislation has been committed" are taken to be substituted;
and
(d) a
reference in section 52(1)(a) or (b) of the Code to an employee of AFIC or of
a State supervisory authority is taken to be a reference to an employee of the
relevant Commonwealth body; and
(e)
section 52(5) of the Code is taken to be omitted; and
(f) a
reference in section 53(1) or (2) of the Code to the executive director is
taken to be a reference to the relevant Commonwealth body; and
(g) a
reference in section 53(5) of the Code to officers and employees of the State
supervisory authorities is taken to be a reference to officers and employees
of the relevant Commonwealth body; and
(h)
section 63(1A) and (1B) of the Code are taken to be omitted; and
(i)
a reference in section 63(2) of the Code to the
Ministerial Council is taken to be a reference to the Minister administering
this Act; and
(j) the
Code applies with all other necessary changes.
(4) This section does
not limit section 26.