Victorian Consolidated Legislation

Financial Sector Reform (Victoria) Act 1999 - SECT 32

Credit Unions Contingency Fund

32. Credit Unions Contingency Fund



(1) On the day before the transfer date, VicFIC must, under section 99A of the
Financial Institutions Code, distribute the whole of retained earnings to the
contribution accounts of credit unions.

(2) For the purposes of subsection (1), section 99A(3) of the Financial
Institutions Code does not apply.

(3) Immediately after VicFIC complies with subsection (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) Subsection (3) applies despite section 103 of the Financial Institutions
Code.

(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 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;

retained earnings has the same meaning as in section 99A of the Financial
Institutions Code.