Victorian Consolidated Legislation

Financial Sector Reform (Victoria) Act 1999 - SECT 41

Continuation of certain offence proceedings

41. Continuation of certain offence proceedings



(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 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 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 section are conferred on APRA
and ASIC.

Division 4-APRA's and ASIC's functions and powers under Codes