Victorian Consolidated Legislation

Financial Sector Reform (Victoria) Act 1999 - SECT 43

AFIC Code provisions

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 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 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 the application mentioned in subsection (1)-

   (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 entity that on the transfer date is a company under
        the Corporations Law5 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 either 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 either 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 either 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 42.