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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Financial Sector Reform (Victoria) Act 1999
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
3. Definitions 2
4. Crown is bound 5
PART 2--REGISTRATION OF CERTAIN ENTITIES AS
COMPANIES 6
5. Transferring financial institutions 6
PART 3--CONFERRAL OF FUNCTIONS AND POWERS ON
APRA AND ASIC 7
6. Conferral of functions and powers on APRA 7
7. Conferral of functions and powers on ASIC 7
PART 4--AUTHORISED DEPOSIT TAKING INSTITUTIONS
AND LIFE INSURANCE COMPANIES: TRANSFER OF
BUSINESS 8
8. Words defined in FS (TB) Act 8
9. Authorised APRA officer 8
10. Voluntary transfers 8
11. Compulsory transfers 9
12. Certificates evidencing operation of Part 11
13. Interests in land 11
14. Certificates in relation to other assets 12
15. Documents purporting to be certificates 13
16. Relationship of Part with other laws 13
PART 5--INDUSTRY SUPERVISION FUND 14
17. Industry Supervision Fund 14
18. Financial statements of Industry Supervision Fund 15
PART 6--REPEALS AND TRANSITIONAL 16
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Clause Page
Division 1--Repeals 16
19. Repeals on transfer date 16
20. Repeal of remaining provisions 16
Division 2--Provisions relating to AFIC 17
Subdivision 1--AFIC to continue 17
21. Continuation of AFIC for certain purposes 17
22. Delegation of AFIC's powers 17
Subdivision 2--Provisions about AFIC's staff 17
23. Definition 17
24. Transfer of staff to APRA under transfer agreement 18
25. Effect of transfer under section 24 or of employees of AFIC
becoming appointed to the Australian Public Service 18
26. Statement of accrued benefits etc. 18
Subdivision 3--Information may be given to APRA or ASIC 19
27. Giving of information 19
Subdivision 4--Transfer of AFIC's assets and liabilities 19
28. Transfer of assets and liabilities 19
Subdivision 5--Proceedings involving AFIC 20
29. Continuation and preservation of certain civil proceedings
involving AFIC 20
30. Continuation of certain offence proceedings 20
Division 3--Provisions relating to VicFIC 21
Subdivision 1--General 21
31. Supervision Fund 21
32. Credit Unions Contingency Fund 22
33. Audit of funds 23
Subdivision 2--Provisions about VicFIC's staff 23
34. Transfer of staff to APRA under transfer agreement 23
35. Effect of transfer to APRA or APS 23
36. Statement of accrued benefits etc 24
Subdivision 3--Information may be given to APRA and ASIC 24
37. Giving of information 25
Subdivision 4--Transfer of VicFIC's assets and liabilities 25
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Clause Page
38. Transfer of assets and liabilities 25
39. Transfer of assets and liabilities relating to co-operative
housing societies 25
Subdivision 5--Proceedings involving VicFIC 26
40. Continuation and preservation of civil proceedings involving
VicFIC 26
41. Continuation of certain offence proceedings 26
Division 4--APRA's and ASIC's functions and powers under Codes 27
42. Conferral of functions and powers relating to financial
institutions and friendly societies 27
43. AFIC Code provisions 27
44. Financial Institutions Code provisions 29
45. Friendly Societies Code provisions 31
46. Conferral of functions and powers 32
Division 5--Miscellaneous 33
47. Dormant accounts 33
48. Withdrawable shares in building societies 33
49. Matters in relation to dissolved or deregistered societies 34
50. Mergers and transfers of engagements commenced under
Financial Institutions (Victoria) Code 38
51. Mergers and transfers of engagements commenced under
Friendly Societies (Victoria) Code 40
52. Australian Financial Institutions Appeals Tribunal 43
53. Funds of Committees 44
Division 6--State taxes 44
54. Exemption from State taxes 44
Division 7--References to financial institutions and friendly societies 44
55. Building societies and credit unions 44
56. Friendly societies 45
Division 8--Regulations 45
57. Regulations 45
PART 7--CONSEQUENTIAL AMENDMENTS 46
58. Consequential amendments 46
__________________
SCHEDULES 47
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Clause Page
SCHEDULE 1--Amendments arising from changes to Corporations
Law before 1999 47
SCHEDULE 2--Amendments to Co-operative Housing Societies Act
1958 49
SCHEDULE 3--Consequential amendments to other Acts 57
NOTES 61
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PARLIAMENT OF VICTORIA
Initiated in Assembly 21 April 1999
As amended by Assembly 13 May 1999
A BILL
to make provision for the reform of the financial sector, to amend and
repeal the Financial Institutions (Victoria) Act 1992 and the
Friendly Societies (Victoria) Act 1996 and to amend the Co-
operative Housing Societies Act 1958 and certain other Acts and for
other purposes.
Financial Sector Reform (Victoria) Act
1999
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The main purposes of this Act are--
(a) to facilitate the registration of building
5 societies, credit unions and friendly societies
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s. 2
Act No.
and related bodies as companies under the
Corporations Law in accordance with
amendments made by the Financial Sector
Reform (Amendments and Transitional
5 Provisions) Act (No. 1) 1999 of the
Commonwealth; and
(b) to enact transitional and ancillary provisions;
and
(c) to amend the Co-operative Housing
10 Societies Act 1958.
2. Commencement
(1) This Part, subdivisions 2, 3 and 4 of Division 2 of
Part 6, subdivisions 1, 2, 3 and 4 of Division 3 of
Part 6 and sections 47, 48 and 57 come into
15 operation on the day on which this Act receives
the Royal Assent.
(2) The remaining provisions of this Act (including
the items in the Schedules) come into operation on
a day or days to be proclaimed, not being a day or
20 days before the transfer date within the meaning
of section 3(16) of the Financial Sector Reform
(Amendments and Transitional Provisions) Act
(No. 1) 1999 of the Commonwealth.
3. Definitions
25 In this Act--
"AFIC" means the Australian Financial
Institutions Commission established by the
AFIC Act;
"AFIC Act" means the Australian Financial
30 Institutions Commission Act 1992 of
Queensland;
"AFIC Code" means the AFIC (Victoria) Code;
"AFIC (Victoria) Code" means the provisions
applying before the transfer date because of
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section 5 of the Financial Institutions
(Victoria) Act 1992 and includes the AFIC
(Victoria) Regulations;
"AFIC (Victoria) Regulations" means the
5 provisions applying before the transfer date
because of section 6 of the Financial
Institutions (Victoria) Act 1992;
"AFIC Regulations" means the AFIC (Victoria)
Regulations;
10 "APRA" means the Australian Prudential
Regulation Authority;
"APRA Act" means the Australian Prudential
Regulation Authority Act 1998 of the
Commonwealth;
15 "APRA employee" means a person appointed
under section 45 of the APRA Act;
"ASIC" means the Australian Securities and
Investments Commission;
"authorised APRA officer", in a provision of
20 Part 4, means a person authorised under
section 9 to perform or exercise the functions
or powers of an authorised APRA officer
under that provision;
"employee", in relation to AFIC, includes a
25 person engaged by AFIC on a contract for
services;
"enforcement power" means a function or power
relating to--
(a) the investigation of an offence; or
30 (b) the institution and carrying on of a
prosecution of an offence; or
(c) matters relating to an investigation or
prosecution of an offence;
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"Financial Institutions Code" means the
Financial Institutions (Victoria) Code;
"financial institutions legislation" has the same
meaning as in section 8 of the AFIC Code;
5 "Financial Institutions (Victoria) Code" means
the provisions applying before the transfer
date because of section 8 of the Financial
Institutions (Victoria) Act 1992 and
includes the Financial Institutions (Victoria)
10 Regulations;
"Financial Institutions (Victoria) Regulations"
means the provisions applying before the
transfer date because of section 9 of the
Financial Institutions (Victoria) Act 1992;
15 "Financial Institutions Regulations" means the
Financial Institutions (Victoria) Regulations;
"fiscal bodies legislation" has the same meaning
as in section 3 of the AFIC Code;
"Friendly Societies Code" means the Friendly
20 Societies (Victoria) Code;
"Friendly Societies (Victoria) Code" means the
provisions applying before the transfer date
because of section 5 of the Friendly
Societies (Victoria) Act 1996 and includes
25 the Friendly Societies (Victoria)
Regulations;
"Friendly Societies (Victoria) Regulations"
means the provisions applying before the
transfer date because of section 6 of the
30 Friendly Societies (Victoria) Act 1996;
"FSR Act" means the Financial Sector Reform
(Amendments and Transitional Provisions)
Act (No. 1) 1999 of the Commonwealth;
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s. 4
Act No.
"FS(TB) Act" means the Financial Sector
(Transfers of Business) Act 1999 of the
Commonwealth;
"relevant Commonwealth body" means APRA
5 or ASIC;
"society" means an entity that, before the transfer
date, was a society under the Financial
Institutions Code;
"SSA" means State Supervisory Authority;
10 "transfer date" means the date that, under
section 3(16) of the FSR Act, is specified as
the transfer date for the purposes of that Act;
"VicFIC" means the Victorian Financial
Institutions Commission.
15 4. Crown is bound
(1) This Act binds the Crown in right of Victoria and,
so far as the legislative power of the Parliament
permits, the Crown in all its other capacities.
(2) Nothing in this section permits the Crown in any
20 of its capacities to be prosecuted for an offence.
_______________
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s. 5
Act No.
PART 2--REGISTRATION OF CERTAIN ENTITIES AS
COMPANIES
5. Transferring financial institutions
(1) On the transfer date, each transferring financial
5 institution of this jurisdiction is taken, in
accordance with Schedule 4 of the Corporations
Law of Victoria, to become registered as a
company under that Law under the name under
which the institution was registered under the
10 previous governing Code immediately before the
transfer date.
(2) Sub-section (1) applies even if the institution is an
externally-administered body corporate
immediately before the transfer date.
15 (3) Registration under the Corporations Law of
Victoria of a transferring financial institution of
this jurisdiction as a company does not create a
new legal entity.
(4) In this section, "previous governing code" and
20 "transferring financial institution of this
jurisdiction" have the same respective meanings
as they have in Schedule 4 of the Corporations
Law.
_______________
25
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Financial Sector Reform (Victoria) Act 1999
s. 6
Act No.
PART 3--CONFERRAL OF FUNCTIONS AND POWERS ON
APRA AND ASIC
6. Conferral of functions and powers on APRA
(1) APRA has the functions and powers conferred or
5 expressed to be conferred on it by or under this
Act.
(2) APRA has power to do acts in Victoria in the
performance or exercise of any function or power
conferred or expressed to be conferred on APRA
10 by or under a law of another jurisdiction
corresponding to this Act.
7. Conferral of functions and powers on ASIC
(1) ASIC has the functions and powers conferred or
expressed to be conferred on it by or under this
15 Act.
(2) ASIC has power to do acts in Victoria in the
performance or exercise of any function or power
conferred or expressed to be conferred on ASIC
by or under a law of another jurisdiction
20 corresponding to this Act.
_______________
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Financial Sector Reform (Victoria) Act 1999
s. 8
Act No.
PART 4--AUTHORISED DEPOSIT TAKING INSTITUTIONS
AND LIFE INSURANCE COMPANIES: TRANSFER OF
BUSINESS
8. Words defined in FS (TB) Act
5 Unless the contrary intention appears, words
defined in the FS(TB) Act have the same
respective meanings in this Part.
9. Authorised APRA officer
(1) APRA may, in writing, authorise a person who is
10 an APRA board member, or an APRA staff
member, to perform or exercise the functions or
powers of an authorised APRA officer under a
particular provision of this Part.
(2) The functions and powers necessary for the
15 purposes of this section are conferred on APRA.
10. Voluntary transfers
(1) The purpose of this section is to facilitate
voluntary transfers of business under Part 3 of the
FS(TB) Act for regulated bodies.
20 (2) This section applies when a certificate of transfer
issued under section 18 of the FS(TB) Act comes
into force under Division 3 of Part 3 of that Act.
(3) The receiving body is taken to be the successor in
law of the transferring body, to the extent of the
25 transfer.
(4) In particular--
(a) if the transfer is a total transfer, all the assets
and liabilities of the transferring body
become respectively the assets and liabilities
30 of the receiving body without any transfer,
conveyance or assignment; and
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Act No.
(b) if the transfer is a partial transfer, all the
assets and liabilities of the transferring body
included in the list of assets and liabilities
specified in the statement of detail become
5 respectively assets and liabilities of the
receiving body without any transfer,
conveyance or assignment; and
(c) to the extent of the transfer, the duties,
obligations, immunities, rights and privileges
10 applying to the transferring body apply to the
receiving body.
(5) If there is an approved section 20 statement in
relation to the transfer that specifies--
(a) that particular things are to happen or are
15 taken to be the case, those things are taken to
happen, or to be the case, in accordance with
the statement; or
(b) a mechanism for determining things that are
to happen or are taken to be the case, things
20 determined in accordance with that
mechanism are taken to happen, or to be the
case, as determined in accordance with that
mechanism.
11. Compulsory transfers
25 (1) The purpose of this section is to facilitate
compulsory transfers of business under Part 4 of
the FS(TB) Act for regulated bodies.
(2) This section applies when a certificate of transfer
issued under section 33 of the FS(TB) Act comes
30 into force under Division 3 of Part 4 of that Act.
(3) The receiving body is taken to be the successor in
law of the transferring body, to the extent of the
transfer.
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(4) In particular--
(a) if the transfer is a total transfer, all the assets
and liabilities of the transferring body
become respectively the assets and liabilities
5 of the receiving body without any transfer,
conveyance or assignment; and
(b) if the transfer is a partial transfer, all the
assets and liabilities of the transferring body
that are included in the list, referred to in
10 section 33(2)(c) of the FS(TB) Act, included
in, or attached to, the certificate of transfer
become respectively assets and liabilities of
the receiving body without any transfer,
conveyance or assignment; and
15 (c) to the extent of the transfer, the duties,
obligations, immunities, rights and privileges
applying to the transferring body apply to the
receiving body.
(5) If the certificate of transfer includes provisions of
20 a kind referred to in section 33(3) of the FS(TB)
Act specifying--
(a) that particular things are to happen or are
taken to be the case, those things are taken to
happen or to be the case, in accordance with
25 those provisions; or
(b) a mechanism for determining things that are
to happen or are taken to be the case, things
determined in accordance with that
mechanism are taken to happen, or to be the
30 case, as determined in accordance with that
mechanism.
(6) If there is an approved section 30 statement in
relation to the transfer that specifies--
(a) that particular things are to happen or are
35 taken to be the case, those things are taken to
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s. 12
Act No.
happen, or to be the case, in accordance with
the statement; or
(b) a mechanism for determining things that are
to happen or are taken to be the case, things
5 determined in accordance with that
mechanism are taken to happen, or to be the
case, as determined in accordance with that
mechanism.
12. Certificates evidencing operation of Part
10 (1) An authorised APRA officer may, by a certificate
in writing signed by the officer, certify anything
in relation to the effect of this Part, and, in
particular may certify that--
(a) a particular asset of a transferring body has
15 become a transferred asset of a receiving
body; or
(b) a particular liability of a transferring body
has become a transferred liability of a
receiving body.
20 (2) For all purposes and in all proceedings, a
certificate under sub-section (1) is evidence of the
matters certified.
13. Interests in land
Without prejudice to the generality of this Part
25 and despite anything to the contrary in any other
Act or law, if, immediately before the date on
which an asset of a transferring body becomes a
transferred asset of a receiving body, the
transferring body is the registered proprietor of an
30 interest in land under the Transfer of Land Act
1958, then on and after that date--
(a) the receiving body is to be taken to be the
registered proprietor of that interest in land;
and
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(b) the receiving body has the same rights and
remedies in respect of that interest as the
transferring body had.
(2) The Registrar of Titles, on being requested to do
5 so and on delivery of any relevant certificate of
title or instrument and certificate of an authorised
APRA officer, must make any amendments in the
Register that are necessary because of the
operation of this Part.
10 14. Certificates in relation to other assets
(1) This section applies if--
(a) an asset, other than land or an interest in
land, becomes, under this Part, an asset of a
receiving body; and
15 (b) there is lodged with the entity who has,
under the law, responsibility for keeping a
register or record relating to assets of that
kind a certificate that--
(i) is signed by an authorised APRA
20 officer; and
(ii) identifies the asset; and
(iii) states the asset has, under this Part,
become an asset of the receiving body.
(2) The entity may--
25 (a) register or record the matter in the same
manner as transactions in relation to assets of
that kind are registered or recorded; and
(b) deal with, and give effect to, the certificate.
(3) This section does not affect the operation of the
30 Corporations Law.
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Financial Sector Reform (Victoria) Act 1999
s. 15
Act No.
15. Documents purporting to be certificates
A document purporting to be a certificate
mentioned in section 13 or 14 is taken to be a
certificate of that type unless the contrary is
5 established.
16. Relationship of Part with other laws
(1) This Part has effect despite anything in a contract,
deed, undertaking, agreement or other instrument.
(2) Nothing done under this Part--
10 (a) places a receiving body, a transferring body
or another person in breach of contract or
confidence or otherwise makes any of them
guilty of a civil wrong; or
(b) places a receiving body, a transferring body
15 or another person in breach of--
(i) a law of the State; or
(ii) a contractual provision prohibiting,
restricting or regulating the assignment
or transfer of an asset or liability or the
20 disclosure of information; or
(c) releases a surety, wholly or partly, from all
or any of the surety's obligations.
(3) Without limiting sub-section (1), if, apart from
this section, the advice or consent of a person
25 would be necessary in a particular respect, the
advice is taken to have been obtained or the
consent is taken to have been given.
_______________
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Financial Sector Reform (Victoria) Act 1999
s. 17
Act No.
PART 5--INDUSTRY SUPERVISION FUND
17. Industry Supervision Fund
(1) There shall be established in the Trust Fund an
account to be known as the "Industry Supervision
5 Fund".
(2) There shall be paid into the Industry Supervision
Fund--
(a) out of the Supervision Fund under the
Financial Institutions (Victoria) Act 1992
10 at such time or times as are determined by
the Minister--
(i) such part of the amount standing to the
credit of that Fund as VicFIC
determines represents the amount of
15 supervision levy paid into that Fund
under the Co-operative Housing
Societies Act 1958 before the
commencement of item 8 of Part 1 of
Schedule 2 and unexpended; and
20 (ii) such part of the amount standing to the
credit of that Fund as the Minister
determines but not including any
amounts received as supervision levy
under the Financial Institutions
25 (Victoria) Act 1992, the Friendly
Societies Act 1986, the Friendly
Societies Code or the Co-operative
Housing Societies Act 1958;
(b) the amounts received as supervision levy
30 under the Co-operative Housing Societies
Act 1958 on or after the commencement of
item 8 of Part 1 of Schedule 2;
(c) any income from the investment of money
standing to the credit of the Industry
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Financial Sector Reform (Victoria) Act 1999
s. 18
Act No.
Supervision Fund and the proceeds of sale of
any investment;
(d) any other money approved by the Treasurer.
(3) There shall be paid out of the Industry
5 Supervision Fund--
(a) expenses incurred in the administration of
the Trustee Companies Act 1994, the Co-
operative Housing Societies Act 1958, the
Industrial and Provident Societies Act
10 1958 and the Benefit Associations Act
1958;
(b) expenses incurred in administering the
Industry Supervision Fund;
(c) any other amounts authorised under this or
15 any other Act to be paid out of the Industry
Supervision Fund.
(4) Money standing to the credit of the Industry
Supervision Fund may be invested in any manner
in which trust funds may be invested under the
20 Trustee Act 1958.
18. Financial statements of Industry Supervision Fund
(1) As soon as practicable after the end of each
financial year, the Minister must cause to be
prepared financial statements of the Industry
25 Supervision Fund for that year.
(2) The Minister must cause copies of the financial
statements to be available for inspection by the
public during ordinary working hours.
(3) This section is in addition to the requirements of
30 Part 7 of the Financial Management Act 1994.
_______________
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Financial Sector Reform (Victoria) Act 1999
s. 19
Act No.
PART 6--REPEALS AND TRANSITIONAL
Division 1--Repeals
19. Repeals on transfer date
(1) The Building Societies Act 1986 is repealed.
5 (2) Parts 2, 3, 4 and 5, sections 25, 26, 42, 43, 43A,
48 and 48A and Parts 7, 8, 9, 10, 11, 12 and 14 of
the Financial Institutions (Victoria) Act 1992
are repealed.
(3) Parts 2, 3 and 4, sections 14, 15, 16, 17 and 18 and
10 Parts 6, 7, 8, 9 and 10 and Schedule 1 of the
Friendly Societies (Victoria) Act 1996 are
repealed.
20. Repeal of remaining provisions
(1) The Financial Institutions (Victoria) Act 1992 is
15 repealed.
(2) The Friendly Societies (Victoria) Act 1996 is
repealed.
(3) VicFIC is dissolved and the members go out of
office.
20 (4) The amount standing to the credit of the
Supervision Fund under the Financial
Institutions (Victoria) Act 1992 immediately
before the commencement of this section forms
part of the Consolidated Fund.
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Financial Sector Reform (Victoria) Act 1999
s. 21
Act No.
Division 2--Provisions relating to AFIC
Subdivision 1--AFIC to continue
21. Continuation of AFIC for certain purposes
(1) This section applies despite--
5 (a) the repeal of the AFIC Act by the Financial
Sector Reform (Queensland) Act 1999 of
Queensland; and
(b) the repeal of the Financial Institutions
(Victoria) Act 1992.
10 (2) AFIC and its board continue in existence, but only
for the following purposes--
(a) to give effect to matters relating to the
transfer, under a law of the Commonwealth
or of another State or a Territory or this Act,
15 of any of its functions under the fiscal bodies
legislation to APRA or ASIC;
(b) to prepare reports and financial statements.
22. Delegation of AFIC's powers
(1) AFIC's board may delegate AFIC's powers to an
20 appropriately qualified employee of AFIC.
(2) In sub-section (1), "appropriately qualified"
includes having the qualifications, experience or
standing appropriate to exercise the power.
Subdivision 2--Provisions about AFIC's staff
25 23. Definition
In this subdivision--
"employees", of AFIC, includes the executive
director of AFIC.
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Financial Sector Reform (Victoria) Act 1999
s. 24
26
Act No.
24. Transfer of staff to APRA under transfer agreement
(1) The Queensland Minister administering the
Financial Sector Reform (Queensland) Act 1999
of Queensland may enter into a transfer agreement
5 under Division 2 of Part 1 of Schedule 8 of the
FSR Act, that determines, or provides for
determining, that particular employees of AFIC
become APRA employees on a particular date, not
being a date before the transfer date.
10 (2) The transfer agreement has effect according to its
terms.
25. Effect of transfer under section 24 or of employees of
AFIC becoming appointed to the Australian Public
Service
15 (1) This section applies if a person becomes an APRA
employee under section 24.
(2) This section also applies if a person--
(a) is appointed to the Australian Public Service
under section 81B(1) of the Public Service
20 Act 1922 of the Commonwealth on or after
the transfer date; and
(b) immediately before the appointment, the
person was an employee of AFIC.
(3) If the person is the executive director of AFIC, the
25 executive director's appointment under the AFIC
Code immediately ends.
(4) If the person is another employee of AFIC, the
employee's employment with AFIC immediately
ends.
30 (5) A person is not entitled to receive any payment or
other benefit, whether under a contract or
otherwise, because the person's appointment or
employment ends under this section.
26. Statement of accrued benefits etc.
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Financial Sector Reform (Victoria) Act 1999
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Before an employee of AFIC becomes an APRA
employee under section 24 or is appointed to the
Australian Public Service as mentioned in
section 25(2), AFIC must give the person, and
5 APRA or the Commonwealth Public Service
Commissioner, a written statement stating
particulars of the benefits to which the person has
an accrued entitlement, the person's remuneration
and the person's length of service with AFIC.
10 Subdivision 3--Information may be given to APRA or ASIC
27. Giving of information
(1) This section applies to--
(a) a director of AFIC's board; and
(b) an employee of AFIC; and
15 (c) a person appointed by AFIC to carry out
duties under the fiscal bodies legislation; and
(d) a person who has been a person mentioned in
paragraph (a), (b) or (c).
(2) A person to whom this section applies may
20 disclose to APRA or ASIC information the person
acquired while engaged in the administration of
the fiscal bodies legislation.
(3) This section applies despite section 155 of the
AFIC Code and section 477 of the Friendly
25 Societies Code.
Subdivision 4--Transfer of AFIC's assets and liabilities
28. Transfer of assets and liabilities
(1) The Queensland Minister administering the
Financial Sector Reform (Queensland) Act 1999
30 of Queensland may enter into a transfer agreement
under Division 3 of Part 1 of Schedule 8 of the
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Financial Sector Reform (Victoria) Act 1999
s. 29
Act No.
FSR Act connected with the transfer of AFIC's
assets or liabilities to APRA or ASIC.
(2) The transfer agreement has effect according to its
terms.
5 Subdivision 5--Proceedings involving AFIC
29. Continuation and preservation of certain civil
proceedings involving AFIC
(1) This section applies to a proceeding--
(a) whether or not it arose or arises under the
10 fiscal bodies legislation; and
(b) regardless of where it arose or arises.
(2) For the purposes of a proceeding commenced
before the transfer date to which AFIC was a party
immediately before that date, the State of
15 Queensland is substituted for AFIC as a party to
the proceeding.
(3) For the purposes of a proceeding not commenced
before the transfer date and which could if
commenced after the date be brought against
20 AFIC, or but for the commencement of section 19
and the dissolution of AFIC, could have been
brought against AFIC, the proceeding may instead
be brought against the State of Queensland.
(4) For the purposes of this section, evidence that
25 would have been admissible for or against AFIC
is admissible for or against the State of
Queensland.
(5) This section does not apply to a proceeding for an
offence.
30 30. Continuation of certain offence proceedings
(1) This section applies to a proceeding for an offence
brought under section 63 of the AFIC Code by
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AFIC, or a person authorised in writing by AFIC,
that commenced before the transfer date but was
not completed before the date.
(2) On and after the transfer date, the proceeding may
5 continue to be prosecuted by either APRA or
ASIC in place of AFIC or the person authorised
by AFIC and APRA or ASIC may be substituted
in the proceeding for AFIC or the person.
(3) The functions and powers necessary for this
10 section are conferred on APRA and ASIC.
Division 3--Provisions relating to VicFIC
Subdivision 1--General
31. Supervision Fund
(1) Amounts standing to the credit of the Consultancy
15 Services Fund established under section 43A of
the Financial Institutions (Victoria) Act 1992
immediately before the transfer date form part of
the Supervision Fund established under section 41
of that Act.
20 (2) VicFIC must pay out of the Supervision Fund at
such time or times as VicFIC determines--
(a) to APRA--
(i) such amount in respect of liabilities
relating to leave or other entitlements
25 of employees of VicFIC who become
employees of APRA, being liabilities
existing immediately before the date on
which the relevant employees become
employees of APRA, as is determined
30 by VicFIC; and
(ii) such amount in respect of any other
liabilities of VicFIC that, by reason of
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this Act, become liabilities of APRA, as
is determined by VicFIC;
(b) to ASIC--
(i) such amount in respect of liabilities
5 relating to leave or other entitlements
of employees of VicFIC who become
employees of ASIC, being liabilities
existing immediately before the date on
which the relevant employees become
10 employees of ASIC, as is determined
by VicFIC; and
(ii) such amount in respect of any other
liabilities of VicFIC that, by reason of
this Act, become liabilities of ASIC, as
15 is determined by VicFIC;
(c) to each building society, credit union and
friendly society, an amount determined by
VicFIC as representing the amount of
supervision levy paid by the building
20 society, credit union or friendly society into
the supervision fund and unexpended.
32. Credit Unions Contingency Fund
(1) On the day before the transfer date, VicFIC must,
under section 99A of the Financial Institutions
25 Code, distribute the whole of retained earnings to
the contribution accounts of credit unions.
(2) For the purposes of sub-section (1), section
99A(3) of the Financial Institutions Code does not
apply.
30 (3) Immediately after VicFIC complies with sub-
section (1) it must pay from the Credit Unions
Contingency Fund to each credit union the amount
standing to the credit union's credit in the fund.
(4) Sub-section (3) applies despite section 103 of the
35 Financial Institutions Code.
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(5) In this section--
"contribution accounts", of credit unions, means
the parts of the Credit Unions Contingency
Fund that, under section 98(10) of the
5 Financial Institutions Code, are treated as a
deferred asset in the accounts of the credit
unions;
"credit union" means a credit union under the
Financial Institutions Code;
10 "retained earnings" has the same meaning as in
section 99A of the Financial Institutions
Code.
33. Audit of funds
(1) VicFIC must cause the financial statements of
15 VicFIC to be audited by the Auditor-General or a
person authorised by the Auditor-General.
(2) The Audit Act 1994 applies to an audit under
sub-section (1) as if it were an audit under Part 3
of that Act.
20 Subdivision 2--Provisions about VicFIC's staff
34. Transfer of staff to APRA under transfer agreement
(1) The Minister may enter into a transfer agreement
under Division 2 of Part 1 of Schedule 8 of the
FSR Act that determines, or provides for
25 determining, that particular employees of VicFIC
become APRA employees on a particular date, not
being a date before the transfer date.
(2) The transfer agreement has effect according to its
terms.
30 35. Effect of transfer to APRA or APS
(1) This section applies--
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(a) if a person becomes an APRA employee
under section 34; or
(b) if--
(i) a person is appointed to the Australian
5 Public Service under section 81B(1) of
the Public Service Act 1922 of the
Commonwealth on or after the transfer
date; and
(ii) immediately before the appointment,
10 the person was an employee of VicFIC.
(2) The employee's employment with VicFIC
immediately ends.
(3) A person is not entitled to receive any payment or
other benefit because the person's appointment or
15 employment ends under this section.
36. Statement of accrued benefits etc
Before an employee of VicFIC becomes an APRA
employee under section 34 or is appointed to the
Australian Public Service as mentioned in section
20 35(1)(b)(i), VicFIC must give the person, and
APRA or the Commonwealth Public Service
Commissioner, a written statement stating
particulars of--
(a) the person's remuneration; and
25 (b) the person's accrued benefits and
entitlements in respect of service with
VicFIC and prior service recognised by
VicFIC;
(c) the person's length of service with VicFIC
30 and the length of prior service recognised by
VicFIC.
Subdivision 3--Information may be given to APRA and
ASIC
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37. Giving of information
(1) This section applies to--
(a) a member of VicFIC; and
(b) an employee of VicFIC;
5 (c) a person appointed by VicFIC for the
purpose of carrying out duties under the
fiscal bodies legislation; and
(d) a person who has been a person mentioned in
paragraph (a), (b) or (c).
10 (2) A person to whom this section applies may
disclose to APRA or ASIC information the person
acquired while engaged in the administration of
the fiscal bodies legislation.
(3) This section applies despite section 47 of the
15 Financial Institutions (Victoria) Act 1992 and
section 410 of the Financial Institutions Code or
section 477 of the Friendly Societies Code.
Subdivision 4--Transfer of VicFIC's assets and liabilities
38. Transfer of assets and liabilities
20 (1) The Minister may enter into a transfer agreement
under Division 3 of Part 1 of Schedule 8 of the
FSR Act connected with the transfer of VicFIC's
assets or liabilities to APRA or ASIC, other than
assets or liabilities relating to co-operative
25 housing societies.
(2) The transfer agreement has effect according to its
terms.
39. Transfer of assets and liabilities relating to co-
operative housing societies
30 (1) VicFIC may enter into an agreement with the
Registrar connected with the transfer to the State
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of VicFIC's assets or liabilities relating to co-
operative housing societies.
(2) The agreement has effect according to its terms.
Subdivision 5--Proceedings involving VicFIC
5 40. Continuation and preservation of civil proceedings
involving VicFIC
(1) For the purposes of a proceeding commenced
before the transfer date to which VicFIC was a
party immediately before that date, the State is
10 substituted for VicFIC as a party to the
proceeding.
(2) For the purposes of a proceeding not commenced
before the transfer date and which could, if
commenced after the date, be brought against
15 VicFIC, or but for the commencement of
section 20, could have been brought against
VicFIC, the proceeding may instead be brought
against the State.
(3) For the purposes of this section, evidence that
20 would have been admissible for or against VicFIC
is admissible for or against the State.
(4) This section does not apply to a proceeding for an
offence.
41. Continuation of certain offence proceedings
25 (1) This section applies to a proceeding for an offence
brought under section 404 of the Financial
Institutions Code or section 471 of the Friendly
Societies Code by VicFIC, or a person authorised
in writing by VicFIC, that commenced before the
30 transfer date but that was not completed before the
date.
(2) On and after the transfer date, the proceeding may
continue to be prosecuted by either APRA or
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ASIC in place of VicFIC or the person authorised
by VicFIC and APRA or ASIC may be substituted
for VicFIC or the person.
(3) The functions and powers necessary for this
5 section are conferred on APRA and ASIC.
Division 4--APRA's and ASIC's functions and powers
under Codes
42. Conferral of functions and powers relating to
financial institutions and friendly societies
10 (1) Either relevant Commonwealth body has the same
enforcement powers relating to anything done or
omitted to be done under a Code before the
transfer date as AFIC or VicFIC had immediately
before that date.
15 (2) For the purposes of sub-section (1), a Code
applies with all necessary changes.
(3) In this section--
"Code" means--
(a) AFIC Code;
20 (b) Financial Institutions Code;
(c) Friendly Societies Code.
43. AFIC Code provisions
(1) Part 8 of the AFIC Code, other than sections 50,
51, 55 and 58, and the other provisions of the
25 Code relevant to the Part, continue to apply on
and after the transfer date in relation to anything
done or omitted to be done before that date as if
section 19 had not commenced.
(2) Despite sub-section (1), a provision, or part of a
30 provision, applying under that sub-section that
creates an offence is not limited in its application
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to anything done or omitted to be done before the
transfer date.
(3) For the purposes of the application mentioned in
sub-section (1)--
5 (a) a reference in the Code to AFIC is taken to
be a reference to either relevant
Commonwealth body;
(b) a reference in the Code to a financial
institution is taken to be a reference to an
10 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
15 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
20 (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 either relevant
Commonwealth body; and
25 (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 either relevant Commonwealth
30 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 either
35 relevant Commonwealth body; and
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(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
5 reference to the Minister administering this
Act; and
(j) the Code applies with all other necessary
changes.
(4) This section does not limit section 42.
10 44. Financial Institutions Code provisions
(1) Subdivision 1A of Division 2 of Part 2 (other than
sections 75, 79 and 82), Part 10 and sections 392,
397, 398 and 404 of the Financial Institutions
Code, and the other provisions of the Code
15 relevant for that subdivision and those Parts and
sections, continue to apply on and after the
transfer date in relation to anything done or
omitted to be done before that date as if section 19
had not commenced.
20 (2) Despite sub-section (1), a provision, or part of a
provision, applying under that sub-section that
creates an offence is not limited in its application
to anything done or omitted to be done before the
transfer date.
25 (3) For the purposes of the application mentioned in
sub-section (1)--
(a) a reference in the Code to the SSA is taken
to be a reference to either relevant
Commonwealth body; and
30 (b) a reference in the Code to a financial body 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 body under
35 the Code; and
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(c) a reference in the Code to a society is taken
to be reference to an entity that on the
transfer date is a company under the
Corporations Law and that, immediately
5 before that date, was a society under the
Code; and
(d) in section 76(1) of the Code, the words "the
financial institutions legislation" are taken to
be omitted and the words "investigating
10 whether an offence against the financial
institutions legislation has been committed"
are taken to be substituted; and
(e) a reference in section 76(1)(a) or (b) of the
Code to an employee of the SSA is taken to
15 be a reference to an employee of either
relevant Commonwealth body; and
(f) section 76(5) of the Code is taken to be
omitted; and
(g) in the definition of "financial body to which
20 this section applies" in section 397(1) of the
Code, paragraphs (a), (b), (d), (e) and (f) are
taken to be omitted; and
(h) section 397(2) of the Code is taken to be
omitted; and
25 (i) in the definition of "financial body to which
this section applies" in section 398(1) of the
Code, paragraphs (a), (b), (d), (e) and (f) are
taken to be omitted; and
(j) in the definition of "prescribed person" in
30 section 398(1) of the Code, paragraphs (a)
and (b) are taken to be omitted; and
(k) section 398(2) of the Code is taken to be
omitted; and
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(l) a reference in section 404(2) of the Code to
the Minister is taken to be a reference to the
Minister administering this Act; and
(m) the Code applies with all other necessary
5 changes.
(4) This section does not limit section 42.
45. Friendly Societies Code provisions
(1) Subdivision 2 of Division 2 of Part 2 (other than
sections 31, 35 and 38), Divisions 3 and 4 of
10 Part 4A, Part 10 and sections 460, 465, 466 and
471 of the Friendly Societies Code, and the other
provisions of the Code relevant to that
subdivision, Division or Part or those sections,
continue to apply on and after the transfer date in
15 relation to anything done or omitted to be done
before that date as if section 19 had not
commenced.
(2) Despite sub-section (1), a provision, or part of a
provision, applying under that sub-section that
20 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 the application mentioned in
sub-section (1)--
25 (a) a reference in the Code to the SSA is taken
to be a reference to either relevant
Commonwealth body;
(b) a reference in the Code to a society is taken
to be a reference to an entity that on the
30 transfer date is a company under the
Corporations Law and that, immediately
before that date, was a society under the
Code; and
(c) in section 32(1) of the Code, the words "the
35 friendly societies legislation" are taken to be
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omitted and the words "investigating
whether an offence against the friendly
societies legislation has been committed" are
taken to be substituted; and
5 (d) a reference in section 32(1)(a) or (b) of the
Code to an employee of the SSA is taken to
be a reference to an employee of either
relevant Commonwealth body; and
(e) section 32(4) of the Code is taken to be
10 omitted; and
(f) in the definition of "society to which this
section applies" in section 465(1) of the
Code, paragraphs (a), (b), (d), (e) and (f) are
taken to be omitted; and
15 (g) section 465(2) of the Code is taken to be
omitted; and
(h) in the definition of "society to which this
section applies" in section 466(1) of the
Code, paragraphs (a), (b), (d), (e) and (f) are
20 taken to be omitted; and
(i) in the definition of "prescribed person" in
section 466(1) of the Code, paragraphs (a)
and (b) are taken to be omitted; and
(j) section 466(2) of the Code is taken to be
25 omitted; and
(k) a reference in section 471(2) of the Code to
the Minister is taken to be a reference to the
Minister administering this Act; and
(l) the Code applies with all other necessary
30 changes.
(4) This section does not limit section 42.
46. Conferral of functions and powers
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The functions and powers necessary for the
purposes of this Division are conferred on APRA
and ASIC.
Division 5--Miscellaneous
5 47. Dormant accounts
(1) This section applies if--
(a) before the transfer date a society transferred
an amount from a person's deposit account
with a society to another account under
10 section 138A(4)(c) of the Financial
Institutions Code; and
(b) immediately before the transfer date the
amount has not been lawfully totally paid out
as mentioned in section 138A(6)(b) of that
15 Code.
(2) Immediately before the transfer date the amount
remaining in the other account for the person is
taken to have been transferred back to the person's
deposit account as if it had never been classified
20 as a dormant account or closed under section
138A of the Financial Institutions Code.
48. Withdrawable shares in building societies
(1) A person who, immediately before the transfer
date, was entitled to a withdrawable share of a
25 building society, is deemed to have become on
that date the holder of a deposit with the building
society of an amount equal to the amount paid up
on the share.
(2) The holder of the deposit continues to have the
30 same voting or other rights (if any) as the holder
of the withdrawable share had.
(3) Any withdrawable shares of a building society on
issue immediately before the transfer date and
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converted to deposits under sub-section (1) are
deemed to have been cancelled.
(4) This section applies subject to such standards or
rules about the conversion of withdrawable shares
5 to deposits as are determined by VicFIC.
(5) In this section--
"building society" means a transferring financial
institution of this jurisdiction (within the
meaning of Part 1 of Schedule 4 to the
10 Corporations Law) authorised under the
Financial Institutions Code to operate as a
building society immediately before the
transfer date;
"withdrawable share" means a withdrawable
15 share within the meaning of the Financial
Institutions Code.
49. Matters in relation to dissolved or deregistered
societies
(1) This section applies if, before the transfer date, a
20 society's registration has been cancelled under--
(a) the Financial Institutions Code; or
(b) the Friendly Societies Code; or
(c) the Building Societies Act 1986 or a
corresponding previous enactment; or
25 (d) the Friendly Societies Act 1986 or a
corresponding previous enactment; or
(e) the Co-operation Act 1981 or a
corresponding previous enactment.
(2) If property vested in ASIC under section 38 was
30 held by a society whose registration has been
cancelled as mentioned in sub-section (1) and was
so held on trust, ASIC may--
(a) continue to act as trustee; or
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(b) apply to a court for the appointment of a new
trustee.
(3) If a society referred to in sub-section (2) had
property that it did not hold on trust, ASIC may--
5 (a) dispose of or deal with the property as it sees
fit; and
(b) apply any money it receives to--
(i) defray expenses incurred by ASIC in
exercising its powers in relation to the
10 society; and
(ii) make payments authorised by sub-
section (4)--
and must deal with the rest (if any) under Part 9.7
of the Corporations Law which is deemed to apply
15 as if the society had been a company.
(4) The property remains subject to all liabilities
imposed on the property under a law and does not
have the benefit of any exemption that the
property might otherwise have because it is vested
20 in ASIC.
(5) ASIC's obligation under sub-section (4) is limited
to satisfying the liabilities out of the society's
property to the extent that the property is properly
available to satisfy those liabilities.
25 (6) ASIC must keep--
(a) a record of property that it knows is vested in
it under section 38; and
(b) a record of its dealings with that property;
and
30 (c) account of all money received from those
dealings; and
(d) all accounts, vouchers, receipts and papers
relating to the property and that money.
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(7) ASIC may do an act on behalf of the society or the
society's liquidator if ASIC is satisfied the society
or liquidator would be bound to do the act if the
society still existed.
5 (8) A person may recover from an insurer of the
society an amount that was payable to the society
under the insurance contract if--
(a) the society had a liability to the person; and
(b) the insurance contract covered the liability
10 immediately before the cancellation of the
registration.
(9) ASIC may establish a society as a company if
ASIC is satisfied that the society's registration
should not have been cancelled.
15 (10) A court may make an order that ASIC establish a
society as a company if--
(a) an application for so establishing a society is
made to the court--
(i) by a person aggrieved by the
20 cancellation of the society's
registration; or
(ii) by a former liquidator of the society;
and
(b) the court is satisfied that it is just that the
25 society be so established.
(11) If the court makes an order under sub-section
(10), it may--
(a) validate anything done between the
cancellation of the society's registration and
30 its establishment as a company; and
(b) make any other order it considers
appropriate.
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(12) ASIC must give notice of the establishment of a
company in the Commonwealth of Australia
Gazette and, if it exercises its power under sub-
section (9) in response to an application by a
5 person, it must also give notice to the applicant.
(13) If a society is established as a company, the
society is taken to have continued in existence
until the transfer date and to be a transferring
financial institution of this jurisdiction as referred
10 to in Part 2.
(14) A person who was a director of a society
immediately before its registration was cancelled
becomes a director of the company as which it is
established under this section as from the time
15 when ASIC or a court so establishes it.
(15) Any property of the society that is still vested in
ASIC revests in the company so established and,
if the society held particular property subject to a
security or other interest or claim, the society
20 takes the property subject to that interest or claim.
(16) The functions and powers that are necessary for
the purposes of this section are conferred on
ASIC.
(17) In this section--
25 "society" means an entity that was--
(a) a society under the Financial
Institutions Code or the Friendly
Societies Code;
(b) a building society under the Building
30 Societies Act 1986 or a corresponding
previous enactment; or
(c) a friendly society under the Friendly
Societies Act 1986 or a corresponding
previous enactment; or
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(d) a credit society under the Co-operation
Act 1981 or a corresponding previous
enactment.
50. Mergers and transfers of engagements commenced
5 under Financial Institutions (Victoria) Code
(1) This section applies if a transfer of engagements
or merger commenced before the transfer date
under Part 7 of the Financial Institutions
(Victoria) Code and immediately before that date
10 has not been completed, or been given effect.
(2) The transfer of engagements or merger may be
completed, or be given effect, under Part 7 of the
Financial Institutions (Victoria) Code on or after
the transfer date and, for that purpose, that Part,
15 and other provisions of the Code relevant to that
Part, continue to apply as if section 19 had not
commenced.
(3) For the purpose of the application mentioned in
sub-section (2)--
20 (a) a reference in the Financial Institutions
(Victoria) Code to the SSA is taken to be a
reference to either relevant Commonwealth
body; and
(b) a reference in the Financial Institutions
25 (Victoria) Code to the SSA of a participating
State is taken to be a reference to either
relevant Commonwealth body; and
(c) the Financial Institutions (Victoria) Code
applies with all other necessary changes.
30 (4) For the purposes of this section a transfer of
engagements was commenced before the transfer
date under Part 7 of the Financial Institutions
(Victoria) Code if, before that date--
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(a) one of the following conditions was satisfied
in relation to each society or foreign society
involved--
(i) the transfer was approved by a special
5 resolution of the society or foreign
society, in accordance with the relevant
Financial Institutions Code;
(ii) the relevant SSA made a determination,
under the relevant Financial Institutions
10 Code, that the transfer may be approved
by the board of the society or foreign
society; or
(b) in a case where each entity involved in the
transfer is a society, VicFIC gave a direction,
15 under the Financial Institutions (Victoria)
Code, requiring the transfer.
(5) For the purposes of this section, a merger was
commenced before the transfer date if, before that
date, one of the following conditions was satisfied
20 in relation to each society or foreign society
involved--
(a) the merger was approved by a special
resolution of the society or foreign society,
in accordance with the relevant Financial
25 Institutions Code;
(b) the relevant SSA made a determination,
under the relevant Financial Institutions
Code, that the merger may be approved by
the board of the society or foreign society.
30 (6) The functions and powers of the SSA that are
necessary for the purposes of this section are
conferred on each relevant Commonwealth body.
(7) In this section--
"financial institutions agreement" has the same
35 meaning as in section 3 of the AFIC Code;
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"foreign society" means a body corporate that,
before the transfer date, was a society under
the financial institutions legislation of
another participating State, whether or not it
5 was registered as a foreign society under Part
11 of the Financial Institutions (Victoria)
Code;
"participating State" means a State that,
immediately before the transfer date, was a
10 party to the financial institutions agreement
and in which, immediately before that date,
the foreign society was incorporated;
"relevant Financial Institutions Code" means--
(a) in relation to a society, the Financial
15 Institutions (Victoria) Code; or
(b) in relation to a foreign society, the law
of another participating State
corresponding to the Financial
Institutions (Victoria) Code;
20 "relevant SSA" means--
(a) in relation to a society, VicFIC; or
(b) in relation to a foreign society, the State
supervisory authority under the
financial institutions legislation of the
25 other participating State;
"society" means an entity that, immediately
before the transfer date, was a society under
the Financial Institutions (Victoria) Code.
51. Mergers and transfers of engagements commenced
30 under Friendly Societies (Victoria) Code
(1) This section applies if a transfer of engagements
or merger commenced before the transfer date
under Part 7 of the Friendly Societies (Victoria)
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Financial Sector Reform (Victoria) Act 1999
Act No.
Code and immediately before that date has not
been completed, or been given effect.
(2) The transfer of engagements or merger may be
completed, or be given effect, under Part 7 of the
5 Friendly Societies (Victoria) Code on or after the
transfer date and, for that purpose, that Part, and
other provisions of the Code relevant to that Part,
continue to apply as if section 19 had not
commenced.
10 (3) For the purposes of the application mentioned in
sub-section (2)--
(a) a reference in the Friendly Societies
(Victoria) Code to the SSA is taken to be a
reference to either relevant Commonwealth
15 body; and
(b) a reference in the Friendly Societies
(Victoria) Code to the SSA of a participating
State is taken to be a reference to either
relevant Commonwealth body; and
20 (c) the Friendly Societies (Victoria) Code
applies with all other necessary changes.
(4) For the purposes of this section a transfer of
engagements was commenced before the transfer
date under Part 7 of the Friendly Societies
25 (Victoria) Code if, before that date--
(a) one of the following conditions was satisfied
in relation to each society or foreign society
involved--
(i) the transfer was approved by a special
30 resolution of the society or foreign
society, in accordance with the relevant
Friendly Societies Code;
(ii) the relevant SSA made a determination,
under the relevant Friendly Societies
35 Code, that the transfer may be approved
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s. 51
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by the board of the society or foreign
society; or
(b) in a case where each entity involved in the
transfer is a society, VicFIC gave a direction,
5 under the Friendly Societies (Victoria) Code,
requiring the transfer.
(5) For the purposes of this section, a merger was
commenced before the transfer date if, before that
date, one of the following conditions was satisfied
10 in relation to each society or foreign society
involved--
(a) the merger was approved by a special
resolution of the society or foreign society in
accordance with the relevant Friendly
15 Societies Code;
(b) the relevant SSA made a determination,
under the relevant Friendly Societies Code,
that the merger may be approved by the
board of the society or foreign society.
20 (6) The functions and powers of the SSA that are
necessary for the purposes of this section are
conferred on each relevant Commonwealth body.
(7) In this section--
"financial institutions agreement" has the same
25 meaning as in section 3 of the AFIC Code;
"foreign society" means a body corporate that,
before the transfer date, was a society under
the friendly societies legislation of another
participating State, whether or not it was
30 registered as a foreign society under Part 11
of the Friendly Societies (Victoria) Code;
"friendly societies legislation" has the same
meaning as in section 8A of the AFIC Code;
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s. 52
Act No.
"participating State" means a State which,
immediately before the transfer date, was a
party to the financial institutions agreement
and in which, immediately before that date,
5 the foreign society was incorporated;
"relevant Friendly Societies Code" means--
(a) in relation to a society, the Friendly
Societies (Victoria) Code; or
(b) in relation to a foreign society, the law
10 of another participating State
corresponding to the Friendly Societies
(Victoria) Code;
"relevant SSA" means--
(a) in relation to a society, VicFIC; or
15 (b) in relation to a foreign society, the State
supervisory authority under the friendly
societies legislation of the other
participating State;
"society" means an entity that, immediately
20 before the transfer date, was a society
under the Friendly Societies (Victoria)
Code.
52. Australian Financial Institutions Appeals Tribunal
(1) This section applies on the transfer date.
25 (2) The Australian Financial Institutions Appeals
Tribunal established under section 8 of the AFIC
Act ceases to exist by reason of the Financial
Sector Reform (Queensland) Act 1999 of
Queensland.
30 (3) All applications made to the Australian Financial
Institutions Appeal Tribunal under a Code for
review of a decision that have not been decided
are taken to have been withdrawn.
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s. 53
55
Act No.
(4) In this section--
"Code" means the AFIC Code, Financial
Institutions Code or Friendly Societies Code.
53. Funds of Committees
5 (1) On the transfer date, any money held by a former
Committee forms part of the Industry Supervision
Fund under Part 5.
(2) In this section--
"former committee" means--
10 (a) the Credit Unions Advisory Committee
established by Part 7 of the Financial
Institutions (Victoria) Act 1992;
(b) the Friendly Societies Advisory
Committee under Part 6 of the Friendly
15 Societies (Victoria) Act 1996;
(c) the Victorian Building Societies
Advisory Committee under Part 2 of
the Building Societies Act 1986.
Division 6--State taxes
20 54. Exemption from State taxes
(1) No stamp duty or other tax is chargeable under
any Act in respect of anything effected by or done
under this Act.
(2) Sub-section (1) does not apply to Part 4.
25 Division 7--References to financial institutions and friendly
societies
55. Building societies and credit unions
Unless the contrary intention appears, a reference
in an Act (other than this Act) or a legislative
30 instrument to a building society or credit union
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has effect on and after the transfer date as a
reference to an authorised deposit-taking
institution within the meaning of the Banking Act
1959 of the Commonwealth.
5 56. Friendly societies
Unless the contrary intention appears, a reference
in an Act (other than this Act) or a legislative
instrument to a friendly society has effect on and
after the transfer date as a reference to a body--
10 (a) that, immediately before the transfer date,
was a society within the meaning of the
Friendly Societies Code; or
(b) a body that is a friendly society for the
purposes of the Life Insurance Act 1995 of
15 the Commonwealth.
Division 8--Regulations
57. Regulations
The Governor in Council may make regulations
for or with respect to any matter or thing required
20 or permitted by this Act to be prescribed or
necessary to be prescribed to give effect to this
Act.
_______________
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Financial Sector Reform (Victoria) Act 1999
s. 58
Act No.
PART 7--CONSEQUENTIAL AMENDMENTS
58. Consequential amendments
On the coming into operation of an item in
Schedule 1, 2 or 3, the Act specified in the
5 heading to that item is amended as set out in that
item.
__________________
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532165B.A1-14/5/99
Financial Sector Reform (Victoria) Act 1999
Sch. 1
Act No.
SCHEDULES
SCHEDULE 1
AMENDMENTS ARISING FROM CHANGES TO
CORPORATIONS LAW BEFORE 1999
5 1. Corporations (Victoria) Act 1990
1.1 In section 1(a), after "Securities" insert "and Investments".
1.2 In section 3(1), in the definitions of "applicable provision",
"ASC Act", "ASC Law", "ASC Law of Victoria", "ASC
Regulations", "ASC Regulations of Victoria"
10 "Commonwealth law", "corresponding law" and "national
scheme law of this jurisdiction", for "ASC" (wherever
occurring) substitute "ASIC".
1.3 In section 3(1)--
(a) in the definition of "ASC Act", after "Securities"
15 insert "and Investments";
(b) in the definition of "Commission"--
(i) after "Securities" insert "and Investments";
(ii) for "ASC" substitute "ASIC".
1.4 In section 20, for "ASC" (wherever occurring) substitute
20 "ASIC".
1.5 Part 6 is repealed.
1.6 In sections 26 and 27, for "ASC" substitute "ASIC".
1.7 In section 41(2)(a) for "ASC" (wherever occurring)
substitute "ASIC".
25 1.8 In section 54(2)(a) for "ASC" (wherever occurring)
substitute "ASIC".
1.9 In Divisions 1, 2 and 6 of Part 11, for "ASC" (wherever
occurring) substitute "ASIC".
1.10 In section 60--
30 (a) in the definition of "affairs", for "section 260 of the
Corporations Law" substitute "section 246AA of the
Corporations Law";
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Act No.
(b) in paragraph (b) of the definition of "books", for
"accounts or accounting records" substitute
"financial reports or financial records".
1.11 In section 90, for "ASC" (wherever occurring) substitute
5 "ASIC".
1.12 In section 93, paragraph (b) is repealed.
1.13 Section 94 is repealed.
1.14 At the end of section 97 insert--
"(2) Sub-section (1) does not apply to a transfer made on
10 or after the commencement of item 1.14 of
Schedule 1 of the Financial Sector Reform
(Victoria) Act 1999.".
2. Interpretation of Legislation Act 1984
2.1 In section 32(1), in paragraph (g) of the definition of
15 "Code", for "ASC" substitute "ASIC".
2.2 In section 38A, for "ASC" (where twice occurring)
substitute "ASIC".
_______________
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Financial Sector Reform (Victoria) Act 1999
Sch. 2
Act No.
SCHEDULE 2
PART 1
AMENDMENT OF CO-OPERATIVE HOUSING SOCIETIES
ACT 1958 CONSEQUENTIAL ON REFORM OF FINANCIAL
5 SECTOR
1. In section 3(1)--
(a) the definition of "Commission" is repealed;
(b) for the definition of "Registrar" substitute--
"Registrar" means the Registrar of Co-operative Housing
10 Societies referred to in section 62;".
2. For section 3A substitute--
"3A. Construction of references to Commission
A reference in this Act or the Regulations or in any
instrument made for the purposes of this Act to the
15 Victorian Financial Institutions Commission is to be
construed as a reference to the Registrar, unless a contrary
intention appears".
3. In section 9 for sub-section (1) substitute--
"(1) A society may not be registered by a name identical with
20 that by which a society is already registered, or so nearly
resembling that name or the name of any body corporate
registered under the Corporations Law as in the opinion of
the Registrar is calculated to deceive.".
4. In section 9(2) for "such subsisting company building society or
25 friendly society" substitute "body corporate registered under the
Corporations Law".
5. In section 9, for sub-section (3) substitute--
"(3) A society may change its name by special resolution if the
new name is not identical with that of any society previously
30 registered and still subsisting or so nearly resembling that
name or the name of any body corporate registered under
the Corporations Law as in the opinion of the Registrar is
calculated to deceive unless the society or body corporate is
in course of being wound up and consents in writing to the
35 registration".
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Financial Sector Reform (Victoria) Act 1999
Sch. 2
Act No.
6. In sections 11, 12, 13, 14 and 16, for "Commission" (wherever
occurring) substitute "Registrar".
7. In sections 44A and 44B, the heading to Division 6 of Part 2 and
sections 44C and 44D, for "Commission" (wherever occurring)
5 substitute "Registrar".
8. In Division 7 of Part 2, before section 44D, insert--
"44CA. Industry Supervision Fund
The Registrar must pay all amounts received as supervision
levy under section 44D into the Industry Supervision Fund
10 established under the Financial Sector Reform (Victoria)
Act 1999.".
9. In Division 1 of Part IV insert--
"62. Employment of Registrar
There is to be employed under Part 3 of the Public Sector
15 Management and Employment Act 1998 a Registrar of
Co-operative Housing Societies for the purposes of this Act.
62A. Registrar's functions
(1) Subject to this Act, the Registrar is responsible for the
general administration of this Act.
20 (2) The Registrar has the functions that are conferred on the
Registrar by or under this Act.
(3) The Registrar must have a seal of office.
(4) The Registrar may enter into an arrangement or agreement
with the Australian Prudential Regulation Authority or any
25 other person or body.
62B. Delegation by Registrar
The Registrar may by instrument delegate to any employee
of the public service or, with the approval of the Minister,
any other person any of the Registrar's functions or powers
30 under this Act, other than this power of delegation.".
10. After section 69 insert--
"70. Public office of Registrar and inspection of documents
(1) The Registrar must maintain a public office.
(2) Any person may on payment of the prescribed fee--
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Sch. 2
Act No.
(a) inspect at the office of the Registrar the certificate of
registration and rules of any society and information
and returns submitted under section 41(1) or (2);
(b) obtain from the Registrar a certified copy of the
5 certificate of registration of any society, a certified
copy of the rules, or of any part of the rules, of any
society or a copy of any information or return
submitted under section 41(1) or (2) or of any part of
such information or return;
10 (c) with the permission of the Registrar, inspect at the
office of the Registrar and obtain from the Registrar a
certified copy of the whole or any part of any other
registered document.
70A. Power of Registrar to reject documents etc.
15 (1) If the Registrar is of the opinion that a document submitted
to the Registrar--
(a) contains matter contrary to law; or
(b) contains matter that, in a material particular, is false
or misleading in the form or context in which it is
20 included; or
(c) because of an omission or misdescription, has not
been duly completed; or
(d) does not comply with the requirements of this Act; or
(e) contains an error, alteration or erasure--
25 the Registrar may refuse to register, or may reject, the
document and may request--
(f) that the document be appropriately amended or
completed and resubmitted; or
(g) that a fresh document be submitted in its place; or
30 (h) if the document has not been duly completed, that a
supplementary document be submitted.
(2) The Registrar may require a person who submits a
document to the Registrar to produce another document, or
to give any information, that the Registrar considers
35 necessary in order to form an opinion whether the Registrar
should refuse to register or should reject the document.".
11. In section 71A(1), for "Commission" (where twice occurring)
substitute "Registrar".
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Sch. 2
Act No.
12. In section 71A(3), for "A member of the Commission" substitute
"The Registrar".
13. In section 71B, for "Commission" (wherever occurring) substitute
"Registrar".
5 14. In section 72A, for "Commission" (wherever occurring) substitute
"Registrar".
15. After section 72A insert--
"Division 3--General
72B. Secrecy
10 (1) A person to whom this section applies must not, except to
the extent necessary to carry out that person's duties, give to
any other person any information of which that person has
knowledge through the carrying out of those duties or make
use of that information except in the course of carrying out
15 those duties.
Penalty: $2000 or imprisonment for one year or both.
(2) Nothing in sub-section (1) precludes a person to whom this
section applies from--
(a) producing a document to a court in the course of
20 criminal proceedings or in the course of any
proceedings under this Act; or
(b) divulging or communicating to a court in the course
of any proceedings referred to in paragraph (a) any
matter or thing coming under the notice of the person
25 in the performance of official duties or in the
performance of a function or the exercise of a power
referred to in sub-section (1); or
(c) producing a document or divulging or communicating
information to--
30 (i) the Minister or a nominee of the Minister; or
(ii) the Registrar; or
(iii) a person appointed or employed by the
Registrar for the purpose of carrying out the
duties of the Registrar under this Act; or
35 (iv) the Director of Fair Trading; or
(v) the Commissioner of Corporate Affairs; or
52
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Financial Sector Reform (Victoria) Act 1999
Sch. 2
Act No.
(vi) the Commissioner, Second Commissioner or a
Deputy Commissioner under any law of the
Commonwealth relating to taxation or to any
person authorised by the Commissioner or
5 Second Commissioner or a Deputy
Commissioner; or
(vii) the Commissioner of State Revenue; or
(viii) the Commissioner or any other officer of any
State or Territory of the Commonwealth
10 administering any law of that State or Territory
relating to taxation or to any person authorised
by the Commissioner or any other officer; or
(ix) the Treasurer or a nominee of the Treasurer; or
(x) any special commission (within the meaning of
15 the Evidence (Commissions) Act 1982)
where--
(A) the Registrar has received a request in
writing for information from a special
commission; and
20 (B) the Minister has given written approval
to the Registrar of the communication of
that information; and
(C) the Registrar has given to that person
written approval of the communication
25 of that information; or
(xi) a member of the police force engaged in his or
her official duties; or
(xii) the Australian Securities and Investments
Commission; or
30 (xiii) the Australian Prudential Regulation Authority;
or
(d) producing a document or divulging or communicating
information that is required or permitted by any Act
to be produced, divulged or communicated, as the
35 case may be, if, where the document or information
relates to the personal affairs of another person, that
other person has given consent in writing; or
(e) producing to the committee established under section
72 such statistical or general information as the
40 person considers appropriate.
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Financial Sector Reform (Victoria) Act 1999
Sch. 2
Act No.
(3) This section applies to--
(a) the Registrar;
(b) a member of the staff of the Registrar;
(c) APRA;
5 (d) a person appointed or employed by the Registrar for
the purpose of carrying out the duties of the Registrar
under this Act;
(e) the committee established under section 72;
(f) a member of the committee established under
10 section 72.".
16. In section 73, for sub-section (1) substitute--
"(1) The Treasurer of Victoria may, with the approval of the
Governor in Council, execute a guarantee in favour of any
bank or of any other person or body corporate or
15 unincorporate (including any trustee), approved by the
Treasurer of Victoria, (in this Division referred to as an
"approved body"), guaranteeing the repayment of any loan
to be made by the bank or approved body to any society
registered under this Act".
20 17. In section 74(c), (d) and (e) omit "friendly society" (wherever
occurring).
18. In section 76(1A) and (3) for "Commission" substitute
"Registrar".
_______________
25
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Financial Sector Reform (Victoria) Act 1999
Sch. 2
Act No.
PART 2
OTHER AMENDMENTS TO CO-OPERATIVE HOUSING
SOCIETIES ACT 1958
1. At the end of section 6 insert--
5 "(2) Sub-section (1) does not apply to section 33(1B), (1C)
or (1D).".
2. After section 24(3)(c) insert--
"(ca) where the mortgage given by the person to the society is
assigned or transferred by the society (unless there is another
10 mortgage given by the person);".
3. After section 33(1A) insert--
"(1B) With the approval of the registrar and subject to such
conditions as the registrar determines, a society may assign
or transfer its interest under a mortgage of freehold land for
15 the purpose of--
(a) raising money for the repayment by the society in whole
or in part of any loan made to the society; or
(b) extinguishing the loan.
(1C) A society must, if the registrar so directs, assign or transfer
20 its interest under a mortgage of freehold land for a purpose
referred to in sub-section (1B).
(1D) The registrar must not give a direction under sub-section
(1C) unless satisfied that the assignment or transfer would
not disadvantage the members of the society.
25 (1E) Upon the assignment or transfer under sub-section (1B) or
(1C) of a mortgage given by a member to a society--
(a) the shares of the member in the society related to the
mortgage are cancelled; and
(b) the member ceases to be a member by reason of that
30 mortgage;
(c) the amount owing by the member under or in respect of
the mortgage is reduced by the amount (if any) paid up
in respect of the shares.".
4. In section 47(1) after "special resolution" insert "or by the
35 registrar".
55
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Financial Sector Reform (Victoria) Act 1999
Sch. 2
Act No.
5. In section 47(2), for "such approval" substitute "approval by
special resolution".
6. After section 47(3) insert--
"(3A) The registrar may alter the rules of a society and must
5 register and certify the alteration.".
7. After section 59(4)(a) insert--
"(ab) that the society has no interest under any mortgage of
freehold land;".
8. In section 59(8) for "The provisions of Subdivision F of
10 Division 4 of Part XII of the Companies (Victoria) Code"
substitute "Chapter 5A of the Corporations Law".
9. After section 60(2) insert--
"(2A) A past member is not liable to contribute to the assets of the
society in respect of any debt or liability to the society under
15 a mortgage given by the member to the society that has been
assigned or transferred by the society.".
10. Section 61 is repealed.
11. In section 76(2) after "until" insert "the mortgage given by the
member to the society is assigned or transferred by the society or".
20 12. In section 87 omit "with respect to the conduct of the business of
the society.".
_______________
56
532165B.A1-14/5/99
Financial Sector Reform (Victoria) Act 1999
Sch. 3
Act No.
SCHEDULE 3
CONSEQUENTIAL AMENDMENTS TO OTHER ACTS
1. Benefit Associations Act 1958
1.1 In section 3, for the definition of "Registrar" substitute--
5 ' "Registrar" means the Registrar of Co-operative Housing
Societies.'.
1.2 In section 4(3), for paragraph (a) substitute--
"(a) a body that, immediately before the transfer date
within the meaning of the Financial Sector Reform
10 (Victoria) Act 1999, was a society within the
meaning of the Friendly Societies (Victoria) Code;".
1.3 In section 5, for "the Commission" substitute "the Registrar
of Co-operative Housing Societies".
1.4 In section 10, omit "the Friendly Societies Act 1986,".
15 1.5 After section 30 insert--
"31. Giving of information
The Commission, a member of the Commission, a
member of the staff of the Commission or a person
who has been such a member or member of staff may
20 disclose to the Registrar information that the
Commission or member acquires while engaged in the
administration of this Act.".
2. Co-operatives Act 1996
2.1 In section 306, paragraphs (c), (d) and (e) are repealed.
25 2.2 In section 306, paragraph (f) is repealed.
3. Corporations (Victoria) Act 1990
3.1 In section 93, paragraph (e) is repealed.
4. Dentists Act 1972
4.1 In section 36(4), for sub-paragraph (iv) substitute--
30 "(iv) a body that was a society within the meaning of the
Friendly Societies (Victoria) Code immediately
before the transfer date within the meaning of the
Financial Sector Reform (Victoria) Act 1999;
57
532165B.A1-14/5/99
Financial Sector Reform (Victoria) Act 1999
Sch. 3
Act No.
(iva) a society registered or deemed to be registered under
the Industrial and Provident Societies Act 1958.".
5. Environment Protection Act 1970
5.1 In section 4(1), in the definition of "financial institution",
5 for paragraphs (b) and (c) substitute--
"(b) an authorised deposit-taking institution within the
meaning of the Banking Act 1959 of the
Commonwealth; or
(c) a body that was a society within the meaning of the
10 Friendly Societies (Victoria) Code immediately
before the transfer date within the meaning of the
Financial Sector Reform (Victoria) Act 1999 or is a
friendly society for the purposes of the Life Insurance
Act 1995 of the Commonwealth; or".
15 6. Financial Institutions Duty Act 1982
6.1 In section 4(2)--
(a) omit "society or" (where first occurring);
(b) omit "the Friendly Societies Act 1986, the Building
Societies Act 1958,".
20 7. Friendly Societies (Victoria) (Amendment) Act 1997
7.1 Section 41 and Schedule 1 are repealed.
8. Funerals (Pre-Paid Money) Act 1993
8.1 In section 6(1), for paragraph (a) substitute--
"(a) a funeral benefit fund established or deemed to be
25 established under the Friendly Societies (Victoria)
Code or by a body that is a friendly society for the
purposes of the Life Insurance Act 1995 of the
Commonwealth; or".
9. Industrial and Provident Societies Act 1958
30 9.1 In section 3(1) for the definition of "Registrar" substitute--
' "Registrar" means the Registrar of Co-operative Housing
Societies;'.
9.2 In section 41A(1)(c), omit ", the Friendly Societies Act
1958".
35 9.3 Sections 47B and 47D are repealed.
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Sch. 3
Act No.
9.4 In section 47E(1)--
(a) omit "or" at the end of paragraph (c);
(b) paragraph (d) is repealed.
9.5 In section 47F, for ", incorporated association or friendly
5 society" (wherever occurring) substitute "or incorporated
association".
9.6 After section 62 insert--
"62A. Giving information
The Commission, a member of the Commission and a
10 member of the staff of the Commission or a person
who has been such a member or member of staff may
disclose to the Registrar information that the
Commission or member acquired while engaged in
the administration of this Act.".
15 10. Pharmacists Act 1974
10.1 In section 3, in paragraph (b) of the definition of "pharmacy
department", for "established for the purposes of the
Friendly Societies Act 1986" substitute "established or
deemed to have been established for the purposes of the
20 Friendly Societies (Victoria) Code".
10.2 In section 21 for sub-section (4) substitute--
"(4) Nothing in this section or section 33(1)(a), (b) or (c)
applies to a company that, immediately before the
transfer date within the meaning of the Financial
25 Sector Reform (Victoria) Act 1999, was a friendly
society or foreign society within the meaning of the
Friendly Societies Code.".
11. Statistics Act 1958
11.1 Sections 6 and 8 are repealed.
30 12. Trade Unions Act 1958
12.1 In section 6, paragraph (a) is repealed.
12.2 In section 6, the passage beginning "Provided however" and
ending at the end of the section is repealed.
13. Unclaimed Moneys Act 1962
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Sch. 3
Act No.
13.1 In section 9(1), in the definition of "business" paragraphs
(c), (d) and (e) are repealed.
60
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Notes
Act No.
NOTES
By Authority. Government Printer for the State of Victoria.
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Act No.
62
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