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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
Acts Amendment and Repeal (Financial
Sector Reform) Bill 1999
CONTENTS
Part 1 -- Preliminary
1. Short title 3
2. Commencement 3
3. Interpretation 3
4. Crown bound 6
Part 2 -- Repeals and transitional provisions
Division 1 -- Repeals
5. Various Acts repealed 7
Division 2 -- Certain financial institutions to
become companies
6. Transferring financial institutions to become
companies 7
Division 3 -- Transfers of business of ADIs and life
insurance companies
7. Interpretation: FS(TB) Act (Cwlth) definitions
apply 8
8. Authorized APRA officer 8
page i
96--1
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Contents
9. Voluntary transfers 8
10 . Compulsory transfers 9
11 . Certificates evidencing operation of this Division 11
12 . Interests in land 11
13 . Certificates in relation to other assets 12
14 . Documents purporting to be certificates 12
15 . Relationship of Division with instruments and other
laws 13
Division 4 -- Provisions relating to uncompleted
mergers and transfers of engagements
16 . Mergers and transfers of engagements started under
Financial Institutions (Western Australia) Code 13
17 . Mergers and transfers of engagements started under
Friendly Societies (Western Australia) Code 16
Division 5 -- Provisions relating to societies whose
registration has been cancelled
18 . Interpretation 19
19 . Application of this Division 19
20 . Society's property vested in ASIC 20
21 . ASIC may act on behalf of society 21
22 . Recovery from society's insurer 21
23 . Society may be established as a company 21
24 . Functions conferred on ASIC 22
Division 6 -- Provisions relating to AFIC
Subdivision 1 -- AFIC to continue to have certain
powers
25 . AFIC continues to have certain powers 23
26 . AFIC's powers may be delegated 23
Subdivision 2 -- Information may be given to
APRA or ASIC
27 . Information may be given 24
page ii
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Contents
Subdivision 3 -- Transfer of AFIC's assets and
liabilities
28 . Transfer of assets and liabilities 24
Subdivision 4 -- Proceedings involving AFIC
29 . Civil proceedings continued and rights of action
preserved 24
30 . Certain criminal proceedings continued 25
Division 7 -- Provisions relating to WAFIA
Subdivision 1 -- WAFIA to continue to exist for
certain purposes
31 . WAFIA continues to exist for certain purposes 26
32 . Contracts and agreements with WAFIA continue 27
33 . WAFIA's final report 27
34 . WAFIA's functions may be delegated 27
35 . Dissolution of WAFIA 28
Subdivision 2 -- Provisions about WAFIA's staff
36 . Interpretation 28
37 . Staff to transfer to APRA under transfer agreement 28
38 . Effect of WAFIA employee becoming employed by
APRA or Australian Public Service 28
39 . Statement of accrued benefits 29
Subdivision 3 -- Information may be given to
APRA or ASIC
40 . Information may be given 29
Subdivision 4 -- Transfer of WAFIA's assets and
liabilities
41 . Transfer of assets and liabilities 30
Subdivision 5 -- Proceedings involving WAFIA
42 . Civil proceedings continued and rights of action
preserved 30
43 . Certain criminal proceedings continued 31
page iii
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Contents
Division 8 -- Provisions relating to statutory funds
44 . Interpretation 31
45 . Statutory funds continued until abolished 32
46 . Supervision Fund 32
47 . Credit Unions Contingency Fund 33
Division 9 -- Conferral of functions on APRA and
ASIC
Subdivision 1 -- General
48 . Conferral of functions on APRA 34
49 . Conferral of functions on ASIC 34
Subdivision 2 -- APRA's and ASIC's functions
under Codes
50 . Enforcement powers 35
51 . AFIC Code provisions 35
52 . Financial Institutions Code provisions 36
53 . Friendly Societies Code provisions 38
Division 10 -- Miscellaneous
54 . Dormant accounts 40
55 . Withdrawable shares in building societies 40
56 . Australian Financial Institutions Appeals Tribunal 41
57 . State taxes not chargeable 41
58 . Regulations 42
Part 3 -- Consequential amendments
59 . Administration Act 1903 amended 43
60 . Albany Port Authority Act 1926 amended 43
61 . Bank Mergers Act 1997 amended 44
62 . Building Societies Act 1976 amended 44
63 . Bunbury Port Authority Act 1909 amended 45
64 . Business Names Act 1962 amended 45
65 . Commercial Tenancy (Retail Shops) Agreements
Act 1985 amended 46
66 . Companies (Co-operative) Act 1943 amended 46
page iv
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Contents
67 . Constitution Acts Amendment Act 1899 amended 48
68 . Corporations (Western Australia) Act 1990
amended 49
69 . Country Housing Act 1998 amended 51
70 . Credit Act 1984 amended 52
71 . Credit (Administration) Act 1984 amended 52
72 . Crimes (Confiscation of Profits) Act 1988 amended 53
73 . Debt Collectors Licensing Act 1964 amended 54
74 . Declarations and Attestations Act 1913 amended 55
75 . Education Act 1928 amended 55
76 . Electricity Corporation Act 1994 amended 56
77 . Esperance Port Authority Act 1968 amended 57
78 . Evidence Act 1906 amended 57
79 . Finance Brokers Control Act 1975 amended 58
80 . Financial Administration and Audit Act 1985
amended 59
81 . Financial Institutions Duty Act 1983 amended 60
82 . Fremantle Port Authority Act 1902 amended 62
83 . Gas Corporation Act 1994 amended 62
84 . Geraldton Port Authority Act 1968 amended 63
85 . Government Railways Act 1904 amended 64
86 . Hospitals and Health Services Act 1927 amended 64
87 . Housing Act 1980 amended 64
88 . Housing Loan Guarantee Act 1957 amended 65
89 . Interpretation Act 1984 amended 66
90 . Land Administration Act 1997 amended 67
91 . Legal Practitioners Act 1893 amended 67
92 . Local Government Act 1995 amended 67
93 . Members of Parliament (Financial Interests)
Act 1992 amended 68
94 . Metropolitan (Perth) Passenger Transport Trust
Act 1957 amended 68
95 . Pharmacy Act 1964 amended 69
96 . Poisons Act 1964 amended 70
97 . Port Hedland Port Authority Act 1970 amended 70
page v
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Contents
98 . Private Savings Bank Act 1924 repealed 71
99 . Real Estate and Business Agents Act 1978 amended 71
100 . Residential Tenancies Act 1987 amended 72
101 . School Education Act 1999 amended 73
102 . Settlement Agents Act 1981 amended 74
103 . Stamp Act 1921 amended 76
104 . Strata Titles Act 1985 amended 77
105 . The Public Institutions and Friendly Societies
Lands Improvement Act 1892 amended 77
106 . Transfer of Land Act 1893 amended 78
107 . Travel Agents Act 1985 amended 78
108 . Trustees Act 1962 amended 79
109 . Unclaimed Money Act 1990 amended 79
110 . Water Corporation Act 1995 amended 80
111 . Western Australian Treasury Corporation Act 1986
amended 80
page vi
Western Australia
LEGISLATIVE ASSEMBLY
Acts Amendment and Repeal (Financial
Sector Reform) Bill 1999
A Bill for
An Act --
· to repeal the --
· Financial Institutions (Western Australia) Act 1992;
· Financial Institutions (Taxing) Act 1992;
· Western Australian Financial Institutions Authority
Act 1992;
· Friendly Societies (Western Australia) Act 1999; and
· Friendly Societies (Taxing) Act 1999;
· to enact transitional provisions; and
· to amend various Acts and repeal the Private Savings Bank
Act 1924,
in order to provide for the reform of the financial sector.
page 1
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Reasons for enacting this Act
1. In order to reform the financial sector, the Parliament of the
Commonwealth of Australia is enacting legislation to amend
various Acts of the Commonwealth to allow for the regulatory
5 responsibility for building societies, credit unions and friendly
societies to be transferred from the States and Territories to the
Commonwealth.
2. This Act is enacted to facilitate the transfer of the regulatory
responsibility for building societies, credit unions and friendly
10 societies from Western Australia to the Commonwealth.
The Parliament of Western Australia enacts as follows:
page 2
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Preliminary Part 1
s. 1
Part 1 -- Preliminary
1. Short title
This Act may be cited as the Acts Amendment and Repeal
(Financial Sector Reform) Act 1999.
5 2. Commencement
(1) The provisions of this Act come into operation on the day on
which this Act receives the Royal Assent or on a day fixed by
proclamation, according to the Table to this subsection --
Table
Provision Commencement
Part 1 Royal Assent
Part 2 Divisions 1 to 5 Proclamation
Part 2 Division 6 Subdivisions 1 to 3 Royal Assent
Part 2 Division 6 Subdivision 4 Proclamation
Part 2 Division 7 Subdivisions 1 to 4 Royal Assent
Part 2 Division 7 Subdivision 5 Proclamation
Part 2 Division 8 Royal Assent
Part 2 Division 9 Proclamation
Sections 54, 55 and 58 Royal Assent
Sections 56 and 57 Proclamation
Part 3 Proclamation
10 (2) Different days may be fixed in a proclamation for different
provisions and for different parts of the provisions referred to in
the Table to subsection (1) that commences on a day fixed by
proclamation.
3. Interpretation
15 In this Act, unless the contrary intention appears --
"AFIC" means the Australian Financial Institutions
Commission established by the AFIC Act;
page 3
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 1 Preliminary
s. 3
"AFIC Act" means the Australian Financial Institutions
Commission Act 1992 of Queensland;
"AFIC Code" means the AFIC (Western Australia) Code;
"AFIC (Western Australia) Code" means the provisions
5 applying before the transfer date because of section 5 of the
Financial Institutions (Western Australia) Act 1992 and
includes the AFIC (Western Australia) Regulations;
"AFIC (Western Australia) Regulations" means the
provisions applying before the transfer date because of
10 section 6 of the Financial Institutions (Western Australia)
Act 1992;
"APRA" means the Australian Prudential Regulation Authority
established under the APRA Act;
"APRA Act" means the Australian Prudential Regulation
15 Authority Act 1998 of the Commonwealth;
"APRA employee" means a person appointed under section 45
of the APRA Act;
"ASIC" means the Australian Securities and Investments
Commission established under the Australian Securities
20 and Investments Commission Act 1989 of the
Commonwealth;
"authorized APRA officer", in a provision of Part 2 Division
3, means a person authorized under section 8 to perform or
exercise the functions of an authorized APRA officer under
25 that provision;
"employee", in relation to AFIC or WAFIA, includes a person
engaged by AFIC or WAFIA on a contract for services;
"enforcement power" means a function relating to --
(a) the investigation of an offence; or
30 (b) the institution and carrying on of a prosecution of an
offence; or
page 4
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Preliminary Part 1
s. 3
(c) matters relating to an investigation or prosecution of
an offence;
"Financial Institutions Code" means the Financial Institutions
(Western Australia) Code;
5 "financial institutions legislation" has the same meaning as in
section 8 of the AFIC Code;
"Financial Institutions (Western Australia) Code" means the
provisions applying before the transfer date because of
section 8 of the Financial Institutions (Western Australia)
10 Act 1992 and includes the Financial Institutions (Western
Australia) Regulations;
"Financial Institutions (Western Australia) Regulations"
means the provisions applying before the transfer date
because of section 9 of the Financial Institutions (Western
15 Australia) Act 1992;
"fiscal bodies legislation" has the same meaning as in section 3
of the AFIC Code;
"Friendly Societies Code" means the Friendly Societies
(Western Australia) Code;
20 "Friendly Societies (Western Australia) Code" means the
provisions applying before the transfer date because of
section 5 of the Friendly Societies (Western Australia)
Act 1999 and includes the Friendly Societies (Western
Australia) Regulations;
25 "Friendly Societies (Western Australia) Regulations" means
the provisions in force before the transfer date under Part 4
of the Friendly Societies (Western Australia) Act 1999;
"FSR Act (Cwlth)" means the Financial Sector Reform
(Amendments and Transitional Provisions) Act
30 (No. 1) 1999 of the Commonwealth;
"FS(TB) Act (Cwlth)" means the Financial Sector (Transfers
of Business) Act 1999 of the Commonwealth;
page 5
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 1 Preliminary
s. 4
"relevant Commonwealth body" means APRA or ASIC;
"SSA" means State Supervisory Authority;
"transfer date" means the date that, under section 3(16) of the
FSR Act (Cwlth), is specified as the transfer date for the
5 purposes of that Act;
"WAFIA" means the Western Australian Financial Institutions
Authority established under the Western Australian
Financial Institutions Authority Act 1992.
4. Crown bound
10 (1) This Act binds the Crown in right of Western Australia and, so
far as the legislative power of the Parliament permits, the Crown
in all its other capacities.
(2) Nothing in this section makes the Crown in any of its capacities
liable to be prosecuted for an offence.
page 6
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Repeals Division 1
s. 5
Part 2 -- Repeals and transitional provisions
Division 1 -- Repeals
5. Various Acts repealed
The following Acts are repealed --
5 (a) Financial Institutions (Western Australia) Act 1992;
(b) Financial Institutions (Taxing) Act 1992;
(c) Western Australian Financial Institutions Authority
Act 1992;
(d) Friendly Societies (Western Australia) Act 1999;
10 (e) Friendly Societies (Taxing) Act 1999.
Division 2 -- Certain financial institutions to become
companies
6. Transferring financial institutions to become companies
(1) In this section --
15 "previous governing Code" has the same meaning as it has in
Schedule 4 of the Corporations Law;
"transferring financial institution of this jurisdiction" has
the same meaning as it has in Schedule 4 of the
Corporations Law.
20 (2) On the transfer date, each transferring financial institution of
this jurisdiction is taken, in accordance with Schedule 4 of the
Corporations Law of Western Australia, to become registered as
a company under that Law under the name under which the
institution was registered under the previous governing Code
25 immediately before the transfer date.
page 7
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 3 Transfers of business of ADIs and life insurance companies
s. 7
(3) Subsection (2) applies even if the institution is an
externally-administered body corporate immediately before the
transfer date.
(4) Registration under the Corporations Law of Western Australia
5 of a transferring financial institution of this jurisdiction as a
company does not create a new legal entity.
Division 3 -- Transfers of business of ADIs and life insurance
companies
7. Interpretation: FS(TB) Act (Cwlth) definitions apply
10 Unless the contrary intention appears, words defined in the
FS(TB) Act (Cwlth) have the same respective meanings in this
Division.
8. Authorized APRA officer
(1) APRA may, in writing, authorize a person who is an APRA
15 board member, or an APRA staff member, to perform the
functions of an authorized APRA officer under a particular
provision of this Division.
(2) The functions necessary for the purposes of this section are
conferred on APRA.
20 9. Voluntary transfers
(1) The purpose of this section is to facilitate voluntary transfers of
business under Part 3 of the FS(TB) Act (Cwlth) for regulated
bodies.
(2) This section applies when a certificate of transfer issued under
25 section 18 of the FS(TB) Act (Cwlth) comes into force under
Division 3 of Part 3 of that Act.
page 8
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Transfers of business of ADIs and life insurance companies Division 3
s. 10
(3) The receiving body is taken to be the successor in law of the
transferring body, to the extent of the transfer.
(4) In particular --
(a) if the transfer is a total transfer, all the assets and
5 liabilities of the transferring body become respectively
the assets and liabilities of the receiving body without
any transfer, conveyance or assignment;
(b) if the transfer is a partial transfer, all the assets and
liabilities of the transferring body included in the list of
10 assets and liabilities specified in the statement of detail
become 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,
15 immunities, rights and privileges 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 taken to be the
20 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 determined in
accordance with that mechanism are taken to happen, or
25 to be the case, as determined in accordance with that
mechanism.
10. Compulsory transfers
(1) The purpose of this section is to facilitate compulsory transfers
of business under Part 4 of the FS(TB) Act (Cwlth) for
30 regulated bodies.
page 9
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 3 Transfers of business of ADIs and life insurance companies
s. 10
(2) This section applies when a certificate of transfer issued under
section 33 of the FS(TB) Act (Cwlth) comes 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
5 transferring body, to the extent of the 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 of the receiving body without
10 any transfer, conveyance or assignment;
(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 section 33(2)(c) of the FS(TB) Act
(Cwlth), included in, or attached to, the certificate of
15 transfer become 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 applying to the
20 transferring body apply to the receiving body.
(5) If the certificate of transfer includes provisions of a kind
referred to in section 33(3) of the FS(TB) Act (Cwlth)
specifying --
(a) that particular things are to happen or are taken to be the
25 case -- those things are taken to happen or to be the
case, in accordance with 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
30 to be the case, as determined in accordance with that
mechanism.
page 10
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Transfers of business of ADIs and life insurance companies Division 3
s. 11
(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 taken to be the
case -- those things are taken to happen, or to be the
5 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 determined in
accordance with that mechanism are taken to happen, or
to be the case, as determined in accordance with that
10 mechanism.
11. Certificates evidencing operation of this Division
(1) An authorized APRA officer may, by a certificate in writing
signed by the officer, certify anything in relation to the effect of
this Division, and, in particular may certify that --
15 (a) a particular asset of a transferring body has 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.
(2) For all purposes and in all proceedings, a certificate under
20 subsection (1) is evidence of the matters certified.
12. Interests in land
(1) Without prejudice to the generality of this Division 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
25 becomes a transferred asset of a receiving body, the transferring
body is the registered proprietor of an interest in land under the
Transfer of Land Act 1893, 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
page 11
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 3 Transfers of business of ADIs and life insurance companies
s. 13
(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 so and on
delivery of any relevant certificate of title or instrument and
5 certificate of an authorized APRA officer, must make any
amendments in the Register that are necessary because of the
operation of this Division.
13. Certificates in relation to other assets
(1) This section applies if --
10 (a) an asset, other than land or an interest in land, becomes,
under this Division, an asset of a receiving body; and
(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 of an authorized APRA
15 officer that --
(i) identifies the asset; and
(ii) states the asset has, under this Division, become
an asset of the receiving body.
(2) The entity may --
20 (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 Corporations Law.
25 14. Documents purporting to be certificates
A document purporting to be a certificate issued under this
Division by an authorized APRA officer is to be taken to be
such a certificate and to have been properly issued unless the
contrary is established.
page 12
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Provisions relating to uncompleted mergers and transfers of Division 4
engagements
s. 15
15. Relationship of Division with instruments and other laws
(1) This Division has effect despite anything in a contract, deed,
undertaking, agreement or other instrument.
(2) Nothing done under this Division --
5 (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;
(b) places a receiving body, a transferring body or another
person in breach of --
10 (i) a law of the State;
(ii) a contractual provision prohibiting, restricting or
regulating the assignment or transfer of an asset
or liability or the disclosure of information;
or
15 (c) releases a surety, wholly or partly, from all or any of the
surety's obligations.
(3) Without limiting subsection (1), if, apart from this section, the
advice or consent of a person would be necessary in a particular
respect, the advice is taken to have been obtained or the consent
20 is taken to have been given.
Division 4 -- Provisions relating to uncompleted mergers and
transfers of engagements
16. Mergers and transfers of engagements started under
Financial Institutions (Western Australia) Code
25 (1) In this section --
"financial institutions agreement" has the same meaning as in
section 3 of the AFIC Code;
page 13
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 4 Provisions relating to uncompleted mergers and transfers of
engagements
s. 16
"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
was registered as a foreign society under Part 11 of the
5 Financial Institutions (Western Australia) Code;
"participating State" means a State that, immediately before
the transfer date, was a party to the financial institutions
agreement and in which, immediately before that date, the
foreign society was incorporated;
10 "relevant Financial Institutions Code" means --
(a) in relation to a society, the Financial Institutions
(Western Australia) Code; or
(b) in relation to a foreign society, the law of another
participating State corresponding to the Financial
15 Institutions (Western Australia) Code;
"relevant SSA" means --
(a) in relation to a society, WAFIA; or
(b) in relation to a foreign society, the State supervisory
authority under the financial institutions legislation of
20 the other participating State;
"society" means an entity that, immediately before the transfer
date, was a society under the Financial Institutions
(Western Australia) Code.
(2) This section applies if a transfer of engagements or merger
25 commenced before the transfer date under Part 7 of the Financial
Institutions (Western Australia) Code and immediately before that
date has not been completed, or been given effect.
(3) The transfer of engagements or merger may be completed, or be
given effect, under Part 7 of the Financial Institutions (Western
30 Australia) 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 5 had not commenced.
page 14
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Provisions relating to uncompleted mergers and transfers of Division 4
engagements
s. 16
(4) For the purpose of the application mentioned in
subsection (3) --
(a) a reference in the Financial Institutions (Western
Australia) Code to the SSA is taken to be a reference to
5 either relevant Commonwealth body;
(b) a reference in the Financial Institutions (Western
Australia) Code to the SSA of a participating State is
taken to be a reference to either relevant Commonwealth
body; and
10 (c) the Financial Institutions (Western Australia) Code
applies with all other necessary changes.
(5) For the purposes of this section a transfer of engagements was
commenced before the transfer date under Part 7 of the
Financial Institutions (Western Australia) Code if, before that
15 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 resolution
of the society or foreign society, in accordance
20 with the relevant Financial Institutions Code;
(ii) the relevant SSA made a determination, under
the relevant Financial Institutions Code, that the
transfer may be approved by the board of the
society or foreign society;
25 or
(b) in a case where each entity involved in the transfer is a
society, WAFIA gave a direction, under the Financial
Institutions (Western Australia) Code, requiring the
transfer.
30 (6) For the purposes of this section, a merger was commenced
before the transfer date if, before that date, one of the following
page 15
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 4 Provisions relating to uncompleted mergers and transfers of
engagements
s. 17
conditions was satisfied 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
5 relevant Financial 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.
10 (7) The functions of the SSA that are necessary for the purposes of this
section are conferred on each relevant Commonwealth body.
17. Mergers and transfers of engagements started under
Friendly Societies (Western Australia) Code
(1) In this section --
15 "financial institutions agreement" has the same 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
20 was registered as a foreign society under Part 11 of the
Friendly Societies (Western Australia) Code;
"friendly societies legislation" has the same meaning as in
section 8A of the AFIC Code;
"participating State" means a State that, immediately before
25 the transfer date, was a party to the financial institutions
agreement and in which, immediately before that date, the
foreign society was incorporated;
"relevant Friendly Societies Code" means --
(a) in relation to a society, the Friendly Societies
30 (Western Australia) Code; or
page 16
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Provisions relating to uncompleted mergers and transfers of Division 4
engagements
s. 17
(b) in relation to a foreign society, the law of another
participating State corresponding to the Friendly
Societies (Western Australia) Code;
"relevant SSA" means --
5 (a) in relation to a society, WAFIA; or
(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 before the transfer
10 date, was a society under the Friendly Societies (Western
Australia) Code.
(2) This section applies if a transfer of engagements or merger
commenced before the transfer date under Part 7 of the Friendly
Societies (Western Australia) Code and immediately before that
15 date has not been completed, or been given effect.
(3) The transfer of engagements or merger may be completed, or be
given effect, under Part 7 of the Friendly Societies (Western
Australia) Code on or after the transfer date and, for that
purpose, that Part, and other provisions of the Code relevant to
20 that Part, continue to apply as if section 5 had not commenced.
(4) For the purposes of the application mentioned in
subsection (3) --
(a) a reference in the Friendly Societies (Western Australia)
Code to the SSA is taken to be a reference to either
25 relevant Commonwealth body;
(b) a reference in the Friendly Societies (Western Australia)
Code to the SSA of a participating State is taken to be a
reference to either relevant Commonwealth body; and
(c) the Friendly Societies (Western Australia) Code applies
30 with all other necessary changes.
page 17
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 4 Provisions relating to uncompleted mergers and transfers of
engagements
s. 17
(5) For the purposes of this section a transfer of engagements was
commenced before the transfer date under Part 7 of the Friendly
Societies (Western Australia) Code if, before that date --
(a) one of the following conditions was satisfied in relation
5 to each society or foreign society involved --
(i) the transfer was approved by a special resolution
of the society or foreign society, in accordance
with the relevant Friendly Societies Code;
(ii) the relevant SSA made a determination, under
10 the relevant Friendly Societies 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
15 society, WAFIA gave a direction, under the Friendly
Societies (Western Australia) Code, requiring the
transfer.
(6) For the purposes of this section, a merger was commenced
before the transfer date if, before that date, one of the following
20 conditions was satisfied 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 Societies Code;
25 (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.
(7) The functions of the SSA that are necessary for the purposes of
30 this section are conferred on each relevant Commonwealth
body.
page 18
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Provisions relating to societies whose registration has been Division 5
cancelled
s. 18
Division 5 -- Provisions relating to societies whose
registration has been cancelled
18. Interpretation
In this Division --
5 "society" means --
(a) a society under the Financial Institutions Code or the
Friendly Societies Code;
(b) a building society, other than a terminating building
society, under the Building Societies Act 1976 or a
10 corresponding previous enactment;
(c) a credit union under the Credit Unions Act 1979 or a
corresponding previous enactment, other than a body
that, after the commencement of the Credit Unions
Act 1979, was or continued to be registered under the
15 Co-operative and Provident Societies Act 1903;
(d) a friendly society under the Friendly Societies
Act 1894 or a corresponding previous enactment; or
(e) an entity of a prescribed class or description.
19. Application of this Division
20 This Division applies if, before the transfer date, a society's
registration has been cancelled under --
(a) the Financial Institutions Code;
(b) the Friendly Societies Code;
(c) the Building Societies Act 1976 or a corresponding
25 previous enactment;
(d) the Credit Unions Act 1979 or a corresponding previous
enactment;
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Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 5 Provisions relating to societies whose registration has been
cancelled
s. 20
(e) the Friendly Societies Act 1894 or a corresponding
previous enactment; or
(f) any other written law prescribed by the regulations.
20. Society's property vested in ASIC
5 (1) If a society whose registration has been cancelled as mentioned
in section 19 held property on trust and the property, having
become vested in WAFIA, subsequently vests in ASIC by virtue
of section 41, ASIC may --
(a) continue to act as trustee; or
10 (b) apply to a court for the appointment of a new trustee.
(2) If a society referred to in subsection (1) had property that it did
not hold on trust, ASIC may --
(a) dispose of or deal with the property as it sees fit; and
(b) apply any money it receives to --
15 (i) defray expenses incurred by ASIC in exercising
its powers in relation to the society; and
(ii) make payments authorized by subsection (3),
and must deal with the rest (if any) under Part 9.7 of the
Corporations Law which is deemed to apply as if the society
20 had been a company.
(3) 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 in ASIC.
25 (4) ASIC's obligation under subsection (3) 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.
page 20
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Provisions relating to societies whose registration has been Division 5
cancelled
s. 21
(5) ASIC must keep --
(a) a record of property that it knows is vested in it under
section 41;
(b) a record of its dealings with that property;
5 (c) account of all money received from those dealings; and
(d) all accounts, vouchers, receipts and papers relating to
the property and that money.
21. ASIC may act on behalf of society
ASIC may do an act on behalf of the society or the society's
10 liquidator if ASIC is satisfied the society or liquidator would be
bound to do the act if the society still existed.
22. Recovery from society's insurer
A person may recover from an insurer of the society an amount
that was payable to the society under the insurance contract
15 if --
(a) the society had a liability to the person; and
(b) the insurance contract covered the liability immediately
before the cancellation of the registration.
23. Society may be established as a company
20 (1) ASIC may establish a society as a company if ASIC is satisfied
that the society's registration should not have been cancelled.
(2) 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
25 the court --
(i) by a person aggrieved by the cancellation of the
society's registration; or
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Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 5 Provisions relating to societies whose registration has been
cancelled
s. 24
(ii) by a former liquidator of the society;
and
(b) the court is satisfied that it is just that the society be so
established.
5 (3) If the court makes an order under subsection (2), it may --
(a) validate anything done between the cancellation of the
society's registration and its establishment as a
company; and
(b) make any other order it considers appropriate.
10 (4) ASIC must give notice of the establishment of a company in the
Commonwealth of Australia Gazette and, if it exercises its
power under subsection (1) in response to an application by a
person, it must also give notice to the applicant.
(5) If a society is established as a company, the society is taken to
15 have continued in existence until the transfer date and to be a
transferring financial institution of this jurisdiction as referred to
in Division 2.
(6) A person who was a director of a society immediately before its
registration was cancelled becomes a director of the company as
20 which it is established under this section as from the time when
ASIC or a court so establishes it.
(7) 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
25 society takes the property subject to that interest or claim.
24. Functions conferred on ASIC
The functions necessary for the purposes of this Division are
conferred on ASIC.
page 22
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Provisions relating to AFIC Division 6
s. 25
Division 6 -- Provisions relating to AFIC
Subdivision 1 -- AFIC to continue to have certain powers
25. AFIC continues to have certain powers
(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 by section 5 of the Financial Institutions
(Western Australia) Act 1992 and of the Friendly
Societies (Western Australia) Act 1999.
10 (2) While AFIC continues in existence under the Financial Sector
Reform (Queensland) Act 1999 of Queensland, AFIC has
power --
(a) to do any act in Western Australia that AFIC considers
necessary or expedient to do for any of the purposes for
15 which it continues in existence;
(b) to do any act in respect of a society that is or was
registered under the Financial Institutions Code or the
Friendly Societies Code that AFIC considers necessary
or expedient to do for any of the purposes for which it
20 continues in existence; and
(c) to do any act that it is authorized to do under this Act.
26. AFIC's powers may be delegated
(1) AFIC's board may delegate AFIC's powers to an appropriately
qualified employee of AFIC.
25 (2) In subsection (1) --
"appropriately qualified" includes having the qualifications,
experience or standing appropriate to exercise the power.
page 23
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 6 Provisions relating to AFIC
s. 27
Subdivision 2 -- Information may be given to APRA or ASIC
27. Information may be given
(1) This section applies to --
(a) a director of AFIC's board;
5 (b) an employee of AFIC;
(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).
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 155 of the AFIC Code and
section 477 of the Friendly Societies Code.
15 Subdivision 3 -- 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 of Queensland may enter into a
transfer agreement under Division 3 of Part 1 of Schedule 8 of
20 the FSR Act (Cwlth) connected with the transfer of AFIC's
assets or liabilities to APRA or ASIC.
(2) The transfer agreement has effect according to its terms.
Subdivision 4 -- Proceedings involving AFIC
29. Civil proceedings continued and rights of action preserved
25 (1) This section applies to a proceeding --
(a) whether or not it arose or arises under the fiscal bodies
legislation; and
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Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Provisions relating to AFIC Division 6
s. 30
(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 Queensland is substituted for AFIC as a party to the
5 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 AFIC, or but for the commencement of
section 5 and the dissolution of AFIC, could have been brought
10 against AFIC, the proceeding may instead be brought against
the State of Queensland.
(4) For the purposes of this section, evidence that would have been
admissible for or against AFIC is admissible for or against the
State of Queensland.
15 (5) This section does not apply to a proceeding for an offence.
30. Certain criminal proceedings continued
(1) This section applies to a proceeding for an offence brought
under section 63 of the AFIC Code by AFIC, or a person
authorized in writing by AFIC, that commenced before the
20 transfer date but 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 AFIC or the
person authorized by AFIC, and APRA or ASIC may be
substituted in the proceeding for AFIC or the person.
25 (3) The functions necessary for this section are conferred on APRA
and ASIC.
page 25
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 7 Provisions relating to WAFIA
s. 31
Division 7 -- Provisions relating to WAFIA
Subdivision 1 -- WAFIA to continue to exist for certain purposes
31. WAFIA continues to exist for certain purposes
(1) This section applies despite the repeal by section (5) of the
5 Western Australian Financial Institutions Authority Act 1992.
(2) WAFIA 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
10 Territory or this Act, of any of its functions under the
fiscal bodies legislation to APRA or ASIC;
(b) to prepare reports and financial statements, including the
reports required under the Financial Administration and
Audit Act 1985 and section 33;
15 (c) to do other things under this Division and Division 8;
(d) winding up itself (including realizing its assets and
discharging its liabilities) as soon as practicable but, in
any case, within 12 months after the transfer date.
(3) Without limiting subsection (2)(a), WAFIA must comply with
20 clause 4 of Schedule 4 to the Corporations Law.
(4) WAFIA may do all things necessary or convenient to be done
for acting under subsection (2) or (3) including --
(a) engaging employees; and
(b) executing a contract, deed or other document necessary
25 for its winding up.
(5) Also, to the extent it is necessary or desirable to allow WAFIA
to act under subsection (2), the provisions of the fiscal bodies
legislation and the Western Australian Financial Institutions
page 26
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Provisions relating to WAFIA Division 7
s. 32
Authority Act 1992, including the provisions of the Act about
WAFIA's board and the board's directors, continue to apply
despite the repeal of all or any of the legislation or the Act.
32. Contracts and agreements with WAFIA continue
5 The repeal of the Western Australian Financial Institutions
Authority Act 1992 does not of itself terminate a contract or
other agreement between WAFIA and another person.
33. WAFIA's final report
WAFIA's board is to report, as required by section 66 of the
10 Financial Administration and Audit Act 1985, for the period
from the 30 June preceding the day when WAFIA is dissolved
to the day on which it is dissolved, and Division 14 of Part II of
that Act applies as if that period were a full financial year.
34. WAFIA's functions may be delegated
15 (1) WAFIA's board may delegate WAFIA's functions to an
appropriately qualified employee of WAFIA or to a person
appointed under subsection (2).
(2) The Minister may appoint a person to whom WAFIA's
functions may be delegated.
20 (3) The person appointed holds office at the pleasure of the
Minister on such terms and conditions as the Minister
determines.
(4) The Minister is to provide the clerical and other assistance that
the person reasonably requires for the purposes of performing
25 the functions that are delegated to him or her.
(5) In subsection (1) --
"appropriately qualified" includes having the qualifications,
experience or standing appropriate to exercise the power.
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Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 7 Provisions relating to WAFIA
s. 35
35. Dissolution of WAFIA
WAFIA is dissolved, and the members of WAFIA's board go
out of office, on the earlier of --
(a) 12 months after the transfer date; or
5 (b) a date determined by the Minister notice of which is
published in the Gazette.
Subdivision 2 -- Provisions about WAFIA's staff
36. Interpretation
In this Subdivision --
10 "employees", of WAFIA, includes the chief executive officer
of WAFIA.
37. Staff to transfer 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 (Cwlth), that
15 determines, or provides for determining, that particular
employees of WAFIA 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.
38. Effect of WAFIA employee becoming employed by APRA or
20 Australian Public Service
(1) This section applies if a person becomes an APRA employee
under section 37.
(2) This section also applies if --
(a) a person is appointed to the Australian Public Service
25 under section 81B(1) of the Public Service Act 1922 of
the Commonwealth on or after the transfer date; and
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Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Provisions relating to WAFIA Division 7
s. 39
(b) immediately before the appointment, the person was an
employee of WAFIA.
(3) If the person is the chief executive officer of WAFIA, the chief
executive officer's appointment under the Western Australian
5 Financial Institutions Authority Act 1992 immediately ends.
(4) If the person is another employee of WAFIA, the employee's
employment with WAFIA immediately ends.
(5) A person is not entitled to receive any payment or other benefit,
whether under a contract or otherwise, because the person's
10 appointment or employment ends under this section.
39. Statement of accrued benefits
Before an employee of WAFIA becomes an APRA employee
under section 37 or is appointed to the Australian Public Service
as mentioned in section 38(2), WAFIA must give the person,
15 and 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
WAFIA.
20 Subdivision 3 -- Information may be given to APRA or ASIC
40. Information may be given
(1) This section applies to --
(a) a director of WAFIA's board;
(b) an employee of WAFIA;
25 (c) a person appointed by WAFIA 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).
page 29
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 7 Provisions relating to WAFIA
s. 41
(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 410 of the Financial
5 Institutions Code and section 477 of the Friendly Societies
Code.
Subdivision 4 -- Transfer of WAFIA's assets and liabilities
41. Transfer of assets and liabilities
(1) The Minister may enter into a transfer agreement under
10 Division 3 of Part 1 of Schedule 8 of the FSR Act (Cwlth)
connected with the transfer of WAFIA's assets or liabilities to
APRA or ASIC.
(2) The transfer agreement has effect according to its terms.
(3) For the purposes of this section WAFIA's assets do not include
15 the Supervision Fund referred to in section 44.
Subdivision 5 -- Proceedings involving WAFIA
42. Civil proceedings continued and rights of action preserved
(1) This section applies to a proceeding --
(a) whether or not it arose or arises under the fiscal bodies
20 legislation; and
(b) regardless of where it arose or arises.
(2) For the purposes of a proceeding commenced before the transfer
date to which WAFIA was a party immediately before that date,
the State of Western Australia is substituted for WAFIA as a
25 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
page 30
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Provisions relating to statutory funds Division 8
s. 43
brought against WAFIA, or but for the commencement of
section 5 and the dissolution of WAFIA, could have been
brought against WAFIA, the proceeding may instead be brought
against the State of Western Australia.
5 (4) For the purposes of this section, evidence that would have been
admissible for or against WAFIA is admissible for or against
the State of Western Australia.
(5) This section does not apply to a proceeding for an offence.
43. Certain criminal proceedings continued
10 (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 WAFIA, or a
person authorized in writing by WAFIA, that commenced
before the transfer date but was not completed before the date.
15 (2) On and after the transfer date, the proceeding may continue to
be prosecuted by either APRA or ASIC in place of WAFIA or
the person authorized by WAFIA, and APRA or ASIC may be
substituted in the proceeding for WAFIA or the person.
(3) The functions necessary for this section are conferred on APRA
20 and ASIC.
Division 8 -- Provisions relating to statutory funds
44. Interpretation
In this Division --
"Contingency Fund" means the Credit Unions Contingency
25 Fund established under section 97 of the Financial
Institutions Code;
"Supervision Fund" means the Supervision Fund established
under section 94 of the Financial Institutions Code.
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Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 8 Provisions relating to statutory funds
s. 45
45. Statutory funds continued until abolished
(1) This section applies despite --
(a) the repeal of the Financial Institutions (Queensland)
Act 1992 by the Financial Sector Reform (Queensland)
5 Act 1999; and
(b) the repeal by section 5 of the Financial Institutions
(Western Australia) Act 1992.
(2) The Supervision Fund and the Contingency Fund continue in
existence after the repeals mentioned in subsection (1) until --
10 (a) in the case of the Supervision Fund, the payments
required to be made under section 46 have been made, at
which time the fund is abolished; and
(b) in the case of the Contingency Fund, the payments
required to be made under section 47 have been made, at
15 which time the fund is abolished.
46. Supervision Fund
WAFIA must pay out of the Supervision Fund at such time or
times as WAFIA determines --
(a) to APRA --
20 (i) such amount in respect of liabilities relating to
leave or other entitlements of employees of
WAFIA who become employees of APRA,
being liabilities existing immediately before the
date on which the relevant employees become
25 employees of APRA, as is determined by
WAFIA; and
(ii) such amount in respect of any other liabilities of
WAFIA that, by reason of this Act, become
liabilities of APRA, as is determined by WAFIA;
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Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Provisions relating to statutory funds Division 8
s. 47
(b) to ASIC --
(i) such amount in respect of liabilities relating to
leave or other entitlements of employees of
WAFIA who become employees of ASIC, being
5 liabilities existing immediately before the date on
which the relevant employees become employees
of ASIC, as is determined by WAFIA; and
(ii) such amount in respect of any other liabilities of
WAFIA that, by reason of this Act, become
10 liabilities of ASIC, as is determined by WAFIA;
and
(c) to each building society, credit union and friendly
society, an amount determined by WAFIA as
representing the amount of supervision levy paid by the
15 building society, credit union or friendly society into the
supervision fund and unexpended.
47. Credit Unions Contingency Fund
(1) In this section --
"contribution accounts", of credit unions, means the parts of
20 the 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;
25 "retained earnings" has the same meaning as in section 99A of
the Financial Institutions Code.
(2) On the day before the transfer date, WAFIA must, under
section 99A of the Financial Institutions Code, distribute the
whole of retained earnings to the contribution accounts of credit
30 unions.
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Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 9 Conferral of functions on APRA and ASIC
s. 48
(3) For the purposes of subsection (2), section 99A(3) of the
Financial Institutions Code does not apply.
(4) Immediately after WAFIA complies with subsection (2) it must
pay from the Contingency Fund to each credit union the amount
5 standing to the credit union's credit in the fund.
(5) Subsection (4) applies despite section 103 of the Financial
Institutions Code.
Division 9 -- Conferral of functions on APRA and ASIC
Subdivision 1 -- General
10 48. Conferral of functions on APRA
(1) APRA has the functions conferred or expressed to be conferred
on it by or under this Part.
(2) APRA has power to do acts in Western Australia in the
performance of any function conferred or expressed to be
15 conferred on APRA by or under a law of another jurisdiction
corresponding to this Part.
(3) The functions necessary for the purposes of Subdivision 2 are
conferred on APRA.
49. Conferral of functions on ASIC
20 (1) ASIC has the functions conferred or expressed to be conferred
on it by or under this Part.
(2) ASIC has power to do acts in Western Australia in the
performance of any function conferred or expressed to be
conferred on ASIC by or under a law of another jurisdiction
25 corresponding to this Part.
(3) The functions necessary for the purposes of Subdivision 2 are
conferred on ASIC.
page 34
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Conferral of functions on APRA and ASIC Division 9
s. 50
Subdivision 2 -- APRA's and ASIC's functions under Codes
50. Enforcement powers
(1) In this section --
"Code" means the AFIC Code, Financial Institutions Code or
5 Friendly Societies Code.
(2) 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 WAFIA had
immediately before that date.
10 (3) For the purposes of subsection (2), a Code applies with all
necessary changes.
51. AFIC Code provisions
(1) The following provisions of the AFIC Code continue to apply
on and after the transfer date in relation to anything done or
15 omitted to be done before that date as if section 5 had not
commenced --
(a) Part 8, other than 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,
20 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) --
25 (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
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Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 9 Conferral of functions on APRA and ASIC
s. 52
company under the Corporations Law and that,
immediately before that date, was a financial institution
under the Code;
(c) in section 52(1) of the Code, the words "the financial
5 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;
(d) a reference in section 52(1)(a) or (b) of the Code to an
10 employee of AFIC or of a State supervisory authority is
taken to be a reference to an employee of either relevant
Commonwealth body;
(e) section 52(5) of the Code is taken to be omitted;
(f) a reference in section 53(1) or (2) of the Code to the
15 executive director is taken to be a reference to either
relevant Commonwealth body;
(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
20 relevant Commonwealth body;
(h) section 63(1A) and (1B) of the Code are taken to be
omitted;
(i) a reference in section 63(2) of the Code to the
Ministerial Council is taken to be a reference to the
25 Minister administering this Act; and
(j) the Code applies with all other necessary changes.
(4) This section does not limit section 50.
52. Financial Institutions Code provisions
(1) The following provisions of the Financial Institutions Code
30 continue to apply on and after the transfer date in relation to
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Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Conferral of functions on APRA and ASIC Division 9
s. 52
anything done or omitted to be done before that date as if
section 5 had not commenced --
(a) Subdivision 1A of Division 2 of Part 2 (other than
sections 75, 79 and 82), Part 10 and sections 392, 397,
5 398 and 404; and
(b) the other provisions of the Code relevant to the
provisions referred to in paragraph (a).
(2) Despite subsection (1), a provision, or part of a provision,
applying under that subsection that creates an offence is not
10 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 the SSA is taken to be a
15 reference to either relevant Commonwealth body;
(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
20 the Code;
(c) a reference in the Code to a society 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 society under the
25 Code;
(d) in section 76(1) of the Code, the words "the financial
institutions legislation" are taken to be omitted and the
words "investigating whether an offence against the
financial institutions legislation has been committed" are
30 taken to be substituted;
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Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 9 Conferral of functions on APRA and ASIC
s. 53
(e) a reference in section 76(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;
(f) section 76(5) of the Code is taken to be omitted;
5 (g) in the definition of "financial body to which this section
applies" in section 397(1) of the Code, paragraphs (a),
(b), (d), (e) and (f) are taken to be omitted;
(h) section 397(2) of the Code is taken to be omitted;
(i) in the definition of "financial body to which this section
10 applies" in section 398(1) of the Code, paragraphs (a),
(b), (d), (e) and (f) are taken to be omitted;
(j) in the definition of "prescribed person" in section 398(1)
of the Code, paragraphs (a) and (b) are taken to be
omitted;
15 (k) section 398(2) of the Code is taken to be omitted;
(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;
(m) the Code applies with all other necessary changes.
20 (4) This section does not limit section 50.
53. Friendly Societies Code provisions
(1) The following provisions of the Friendly Societies Code
continue to apply on and after the transfer date in relation to
anything done or omitted to be done before that date as if
25 section 5 had not commenced --
(a) Subdivision 2 of Division 2 of Part 2 (other than
sections 31, 35 and 38), Divisions 3 and 4 of Part 4A,
Part 10 and sections 460, 465, 466 and 471; and
(b) the other provisions of the Code relevant to the
30 provisions referred to in paragraph (a).
page 38
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Conferral of functions on APRA and ASIC Division 9
s. 53
(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.
5 (3) For the purposes of the application mentioned in
subsection (1) --
(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
10 reference to an entity that on the transfer date is a company
under the Corporations Law and that, immediately before
that date, was a society under the Code;
(c) in section 32(1) of the Code, the words "the friendly
societies legislation" are taken to be omitted and the
15 words "investigating whether an offence against the
friendly societies legislation has been committed" are
taken to be substituted;
(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
20 employee of either relevant Commonwealth body;
(e) section 32(4) of the Code is taken to be omitted;
(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;
25 (g) section 465(2) of the Code is taken to be omitted;
(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 taken to be omitted;
(i) in the definition of "prescribed person" in section 466(1)
30 of the Code, paragraphs (a) and (b) are taken to be
omitted;
page 39
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 10 Miscellaneous
s. 54
(j) section 466(2) of the Code is taken to be omitted;
(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
5 (l) the Code applies with all other necessary changes.
(4) This section does not limit section 50.
Division 10 -- Miscellaneous
54. Dormant accounts
(1) This section applies if --
10 (a) before the transfer date a society transferred an amount
from a person's deposit account with a society to
another account under section 138A(4)(c) of the
Financial Institutions Code; and
(b) immediately before the transfer date the amount has not
15 been lawfully totally paid out as mentioned in
section 138A(6)(b) of that 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
20 never been classified as a dormant account or closed under
section 138A of the Financial Institutions Code.
55. Withdrawable shares in building societies
(1) In this section --
"building society" means a transferring financial institution of
25 this jurisdiction (within the meaning of Part 1 of
Schedule 4 to the Corporations Law) authorized under the
Financial Institutions Code to operate as a building society
immediately before the transfer date;
page 40
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Repeals and transitional provisions Part 2
Miscellaneous Division 10
s. 56
"withdrawable share" means a withdrawable share within the
meaning of the Financial Institutions Code.
(2) A person who, immediately before the transfer date, was entitled to
a withdrawable share of a building society, is deemed to have
5 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.
(3) The holder of the deposit continues to have the same voting or
other rights (if any) as the holder of the withdrawable share had.
(4) Any withdrawable shares of a building society on issue
10 immediately before the transfer date and converted to deposits
under subsection (2) are deemed to have been cancelled.
(5) This section applies subject to such standards or rules about the
conversion of withdrawable shares to deposits as are determined
by WAFIA.
15 56. Australian Financial Institutions Appeals Tribunal
(1) In this section --
"Code" means the AFIC Code, Financial Institutions Code or
Friendly Societies Code.
(2) This section applies on the transfer date.
20 (3) 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.
(4) All applications made to the Australian Financial Institutions
Appeal Tribunal under a Code for review of a decision that have
25 not been decided are taken to have been withdrawn.
57. State taxes not chargeable
No stamp duty or other tax or duty is chargeable under any Act
in respect of anything effected by or done under this Part, other
than Division 3.
page 41
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 2 Repeals and transitional provisions
Division 10 Miscellaneous
s. 58
58. Regulations
The Governor may make regulations prescribing all matters that
are required or permitted by this Act to be prescribed or are
necessary or convenient to be prescribed for giving effect to the
5 purposes of this Act.
page 42
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 59
Part 3 -- Consequential amendments
59. Administration Act 1903 amended
Section 139 of the Administration Act 1903* is amended as
follows:
5 (a) in subsection (1) by deleting "bank" in the 6 places
where it occurs and in each place inserting instead --
" ADI ";
(b) after subsection (1) by inserting the following
subsection --
10 "
(2) In subsection (1) --
"ADI" means authorised deposit-taking institution as
defined in section 5 of the Banking Act 1959 of the
Commonwealth.
15 ";
(c) by repealing subsection (3).
[* Reprinted as at 17 June 1986.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 4.]
20 60. Albany Port Authority Act 1926 amended
Section 54F(1) of the Albany Port Authority Act 1926* is
repealed and the following subsection is inserted instead --
"
(1) Debentures and inscribed stock issued and created by the
25 Port Authority under section 54B shall have the status of
Government securities of the State of Western Australia.
".
[* Reprinted as at 24 March 1971.
For subsequent amendments see 1998 Index to Legislation of
30 Western Australia, Table 1, p. 9.]
page 43
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 61
61. Bank Mergers Act 1997 amended
(1) This section amends the Bank Mergers Act 1997*.
[* Act No. 8 of 1997.]
(2) Section 3 is amended in the definition of "bank" by deleting
5 paragraph (a) and "or" after it and inserting instead --
"
(a) an ADI (authorised deposit-taking institution)
as defined in section 5 of the Banking Act 1959
of the Commonwealth; or
10 ".
(3) Section 3 is amended in the definition of "bank" by deleting
"bank mentioned in paragraph (a) or (b)" and inserting
instead --
"
15 an ADI mentioned in paragraph (a) or a bank
mentioned in paragraph (b)
".
62. Building Societies Act 1976 amended
The Building Societies Act 1976* is amended by inserting after
20 section 5 the following section --
"
5A. Act does not apply to permanent building societies
(1) Despite any other section, this Act does not have effect
in relation to permanent building societies.
25 (2) Subsection (1) is to be taken to have operated on and
from 1 July 1992, despite the repeal of section 23 of
the Financial Institutions (Western Australia) Act 1992
by section 5 of the Acts Amendment and Repeal
(Financial Sector Reform) Act 1999.
page 44
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 63
(3) The operation of subsection (1) in the period beginning
on 1 July 1992 and ending immediately before the
commencement of section 5 of the Acts Amendment
and Repeal (Financial Sector Reform) Act 1999 is
5 subject to any express provision made in any
legislation within the definition of "scheme legislation
of Western Australia" in section 3 of the Financial
Institutions (Western Australia) Act 1992.
".
10 [* Reprinted as at 14 April 1986.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 26.]
63. Bunbury Port Authority Act 1909 amended
Section 54F(1) of the Bunbury Port Authority Act 1909* is
15 repealed and the following subsection is inserted instead --
"
(1) Debentures and inscribed stock issued and created by the
Port Authority under section 54B shall have the status of
Government securities of the State of Western Australia.
20 ".
[* Reprinted as at 2 January 1991.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, pp. 27-8.]
64. Business Names Act 1962 amended
25 Section 4A of the Business Names Act 1962* is amended by
deleting "Australian Securities Commission" in the 4 places
where it occurs and in each place inserting instead --
" Australian Securities and Investments Commission ".
[* Reprinted as authorized 17 March 1971.
30 For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 29.]
page 45
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 65
65. Commercial Tenancy (Retail Shops) Agreements Act 1985
amended
(1) This section amends the Commercial Tenancy (Retail Shops)
Agreements Act 1985*.
5 [* Reprinted as at 27 September 1991.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 41, and Act No. 66 of 1998.]
(2) Section 12A(3)(a) is amended by deleting "or society".
(3) Section 12A(7) is amended as follows:
10 (a) by deleting the definition of "bank" and inserting the
following definition instead --
"
"bank" means --
(a) an ADI (authorised deposit-taking
15 institution) as defined in section 5 of the
Banking Act 1959 of the Commonwealth; or
(b) a bank constituted by a law of a State, a
Territory or the Commonwealth;
";
20 (b) by deleting the semicolon after the definition of "former
tenant" and inserting a full stop instead;
(c) by deleting the definition of "society".
(4) Section 12B(3)(a) is amended by deleting "or society".
66. Companies (Co-operative) Act 1943 amended
25 (1) This section amends the Companies (Co-operative) Act 1943*.
[* Reprinted as at 16 December 1954.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 46.]
page 46
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 66
(2) Section 5 is amended by deleting "friendly society, benefit
society, or building society," and inserting instead --
"
ADI (authorised deposit-taking institution) as defined
5 in section 5 of the Banking Act 1959 of the
Commonwealth or a corporation that is a friendly
society within the meaning of section 16C of the Life
Insurance Act 1995 of the Commonwealth,
".
10 (3) Section 28(1)(c) is amended by deleting "in existence and
registered under the Friendly Societies Act 1894-1938" and
inserting instead --
"
that is a friendly society within the meaning of
15 section 16C of the Life Insurance Act 1995 of the
Commonwealth
".
(4) Section 172(1) is amended as follows:
(a) by deleting paragraph (a) and "or" after it and inserting
20 instead --
"
(a) a society registered under the Building Societies
Act 1976; or
".
25 (b) by deleting paragraph (aa) and "or" after it and inserting
instead --
"
(aa) a body corporate that has a consent under
section 66 of the Banking Act 1959 of the
30 Commonwealth to assume or use the restricted
expression "credit union" or "credit society" or
page 47
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 67
any other word or expression (whether or not in
English) that is of like import to "credit union"
or "credit society"; or
".
5 (5) Section 176A(1) is amended as follows:
(a) after paragraph (c) by inserting "or";
(b) by deleting paragraph (d) and "or" after it.
(6) Section 303(3) is amended by deleting "friendly society which
is subject to the Friendly Societies Act 1894-1939," and
10 inserting instead --
"
corporation that is a friendly society within the
meaning of section 16C of the Life Insurance Act 1995
of the Commonwealth
15 ".
(7) Section 366 is amended in the definition of "Company" by
deleting "or a building society registered under the Building
Societies Act 1920" and inserting instead --
"
20 or a society registered under the Building Societies
Act 1976
".
67. Constitution Acts Amendment Act 1899 amended
Schedule V Part 3 of the Constitution Acts Amendment
25 Act 1899* is amended by deleting "The Western Australian
Financial Institutions Authority established by the Western
Australian Financial Institutions Authority Act 1992.".
[* Reprinted as at 22 January 1997.
For subsequent amendments see 1998 Index to Legislation of
30 Western Australia, Table 1, p. 53.]
page 48
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 68
68. Corporations (Western Australia) Act 1990 amended
(1) This section amends the Corporations (Western Australia)
Act 1990*.
[* Act No. 105 of 1990.
5 For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 56.]
(2) Section 1(2)(a) and section 3(1), in the definition of "ASC Act",
are amended by deleting "Australian Securities Commission
Act 1989" and inserting instead --
10 "
Australian Securities and Investments Commission
Act 1989
".
(3) The definition of "Commission" in sections 3(1) and 60 is
15 amended by inserting after "Securities" --
" and Investments ";
(4) The provisions in the Table to this subsection are each amended
by deleting "ASC" wherever it appears and in each place
inserting instead --
20 " ASIC ".
page 49
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 68
Table
s. 3(1) in these definitions: s. 54(2)
"applicable provision" Part 11 heading
"ASC Act" Part 11 Division 1 heading
"ASC Law" s. 58
"ASC Law of Western Australia" s. 59
"ASC Regulations" s. 60(1)
"ASC Regulations of Western s. 61
Australia" s. 62
"Commission" s. 63
"Commonwealth law" s. 64
"corresponding law" s. 65
"national scheme law of this s. 72
jurisdiction" s. 73
s. 20 s. 74
s. 26(b) s. 75
s. 27(1) s. 90
s. 41(2)
(5) Part 6 is repealed.
(6) Section 60(1) is amended as follows:
(a) in the definition of "affairs" by deleting "section 260"
5 and inserting instead --
" section 246AA ";
(b) in the definition of "books" by deleting "accounts or
accounting records," and inserting instead --
" financial reports or financial records, ".
10 (7) Division 3 of Part 13 is repealed.
(8) Section 96 is amended as follows:
(a) by inserting before "Where" the subsection designation
"(1)";
page 50
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 69
(b) by inserting the following subsection --
"
(2) Subsection (1) does not apply to a transfer made on or
after the commencement of section 68(8) of the Acts
5 Amendment and Repeal (Financial Sector Reform)
Act 1999.
".
69. Country Housing Act 1998 amended
(1) This section amends the Country Housing Act 1998*.
10 [* Act No. 4 of 1998.]
(2) Section 11(3)(c) is amended by deleting "bank, building
society" and inserting instead --
"
an ADI (authorised deposit-taking institution) as
15 defined in section 5 of the Banking Act 1959 of the
Commonwealth
".
(3) Section 43(1) is amended by deleting "A society within the
meaning of the Building Societies Act 1976 or the Financial
20 Institutions (Western Australia) Code" and inserting instead --
" A society registered under the Building Societies Act 1976 ".
(4) Section 43(2) is repealed and the following subsection is
inserted instead --
"
25 (2) Subsection (1) operates despite any provision in the
Act referred to or in the rules, articles or constitution of
the society by which such an advance would, for any
reason or reasons, be unlawful or ultra vires the powers
of the society.
30 ".
page 51
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 70
70. Credit Act 1984 amended
(1) This section amends the Credit Act 1984*.
[* Act No. 99 of 1984.
For subsequent amendments see 1998 Index to Legislation of
5 Western Australia, Table 1, p. 59, and Act No.10 of 1998.]
(2) Section 5(1) is amended by deleting the definition of "bank"
and inserting the following definition instead --
"
"bank" means --
10 (a) an ADI (authorised deposit-taking
institution) as defined in section 5 of the
Banking Act 1959 of the Commonwealth; or
(b) a bank constituted by a law of a State, a
Territory or the Commonwealth;
15 ".
(3) Section 18(1), (1a) and (1b) are repealed and the following
subsection is inserted instead --
"
(1) The provisions of Parts III, IV, V, VI, VII and VIII do
20 not apply to or with respect to a regulated contract
where the credit provider is a bank, or a society
registered under the Building Societies Act 1976, and
the credit provided is secured by a mortgage of real
property.
25 ".
71. Credit (Administration) Act 1984 amended
(1) This section amends the Credit (Administration) Act 1984*.
[* Act No. 100 of 1984.
For subsequent amendments see 1998 Index to Legislation of
30 Western Australia, Table 1, p. 59.]
page 52
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 72
(2) Section 4 is amended by deleting the definition of "bank" and
inserting the following definition instead --
"
"bank" means --
5 (a) an ADI (authorised deposit-taking
institution) as defined in section 5 of the
Banking Act 1959 of the Commonwealth; or
(b) a bank constituted by a law of a State, a
Territory or the Commonwealth;
10 ".
(3) Section 7(1) is amended as follows:
(a) in paragraph (h) by deleting "or association";
(b) by deleting paragraphs (i) and (ia).
15 72. Crimes (Confiscation of Profits) Act 1988 amended
Section 3(1) of the Crimes (Confiscation of Profits) Act 1988*
is amended as follows:
(a) in the definition of "bank", by deleting paragraph (b)
and inserting the following paragraph instead --
20 "
(b) an ADI (authorised deposit-taking
institution) as defined in section 5 of the
Banking Act 1959 of the Commonwealth;
";
25 (b) by deleting the definition of "building society";
(c) by deleting the definition of "credit union";
page 53
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 73
(d) in the definition of "financial institution", by deleting
paragraphs (b) and (c) and the "or" after paragraph (c)
and inserting instead --
"
5 (b) a society registered under the Building
Societies Act 1976; or
".
[* Act No. 47 of 1988.
For subsequent amendments see 1998 Index to Legislation of
10 Western Australia, Table 1, p. 60.]
73. Debt Collectors Licensing Act 1964 amended
(1) This section amends the Debt Collectors Licensing Act 1964*.
[* Reprinted as at 2 February 1972.
For subsequent amendments see Act No. 98 of 1995.]
15 (2) Section 3 is amended as follows:
(a) by inserting before the definition of "Court" the
following definition --
"
"bank" means an ADI (authorised deposit-taking
20 institution) as defined in section 5 of the Banking
Act 1959 of the Commonwealth;
";
(b) in the definition of "to pay into a trust account", by
deleting "as defined in section five of the Banking
25 Act 1959 of the Parliament of the Commonwealth as
amended from time to time".
(3) Section 4(f) is deleted and the following paragraphs are inserted
instead --
"
30 (f) a bank;
page 54
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 74
(fa) a corporation that is a friendly society within
the meaning of section 16C of the Life
Insurance Act 1995 of the Commonwealth;
(fb) a trustee company carrying on business
5 pursuant to any Act of this State or the
Commonwealth;
".
74. Declarations and Attestations Act 1913 amended
The Schedule to the Declarations and Attestations Act 1913* is
10 amended as follows:
(a) in item 8 by deleting "a bank" and inserting instead --
" an authorised deposit-taking institution ";
(b) in item 8 by deleting "or under a written law of the
State";
15 (c) by deleting item 9.
[* Reprinted as at 10 September 1992.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 69.]
75. Education Act 1928 amended
20 Section 9B(8) of the Education Act 1928* is amended by
deleting the definition of "bank" and inserting the following
definition instead --
"
"bank" means an ADI (authorised deposit-taking
25 institution) as defined in section 5 of the Banking
Act 1959 of the Commonwealth;
".
[* Reprinted as at 11 August 1991.
For subsequent amendments see 1998 Index to Legislation of
30 Western Australia, Table 1, p. 77.]
page 55
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 76
76. Electricity Corporation Act 1994 amended
(1) This section amends the Electricity Corporation Act 1994*.
[* Act No. 86 of 1994.
For subsequent amendments see 1998 Index to Legislation of
5 Western Australia, Table 1, p. 81.]
(2) Section 75(2) is amended in the definition of "bank" by deleting
subparagraph (a)(i) and inserting instead --
"
(i) an ADI (authorised deposit-taking
10 institution) as defined in section 5 of the
Banking Act 1959 of the
Commonwealth; and
".
(3) Clause 1(1) of Schedule 3 is amended as follows:
15 (a) in the definition of "Board" by deleting "Australian
Securities Commission Act 1989;" and inserting
instead --
"
Australian Securities and Investments Commission
20 Act 1989 of the Commonwealth;
";
(b) by deleting the definition of "Commission" and
inserting the following definition instead --
"
25 "Commission" means the Australian Securities and
Investments Commission established under Part 2 of
the Australian Securities and Investments Commission
Act 1989 of the Commonwealth.
".
page 56
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 77
77. Esperance Port Authority Act 1968 amended
Section 58(1) of the Esperance Port Authority Act 1968* is
repealed and the following subsection is inserted instead --
"
5 (1) Debentures and inscribed stock issued and created by
the Port Authority under section 54 shall have the
status of Government securities of the State of Western
Australia.
".
10 [* Act No. 11 of 1968.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, pp. 84-5.]
78. Evidence Act 1906 amended
(1) This section amends the Evidence Act 1906*.
15 [* Reprinted as at 10 September 1996.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 86.]
(2) Section 3 is amended by deleting the definition of " "bank" or
"banker" " and inserting the following definition instead --
20 "
"bank" means --
(a) an ADI (authorised deposit-taking
institution) as defined in section 5 of the
Banking Act 1959 of the Commonwealth; or
25 (b) a bank constituted by a law of a State, a
Territory or the Commonwealth;
".
(3) Section 93 is amended by deleting "A banker or" and inserting
instead --
30 " An ".
page 57
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 79
79. Finance Brokers Control Act 1975 amended
(1) This section amends the Finance Brokers Control Act 1975*.
[* Reprinted as at 2 April 1986.
For subsequent amendments see 1998 Index to Legislation of
5 Western Australia, Table 1, p. 89.]
(2) Section 4 is amended by inserting after the definition of
"auditor" the following definition --
"
"bank" means --
10 (a) an ADI (authorised deposit-taking
institution) as defined in section 5 of the
Banking Act 1959 of the Commonwealth; or
(b) a bank constituted by a law of a State, a
Territory or the Commonwealth;
15 ".
(3) Section 5(1) is amended as follows:
(a) by deleting paragraph (a) and inserting the following
paragraphs instead --
"
20 (a) a bank;
(aa) a corporation that is a friendly society within
the meaning of section 16C of the Life
Insurance Act 1995 of the Commonwealth;
(ab) an insurance company authorized under any
25 law of the Commonwealth or State to carry on
insurance business;
";
page 58
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 80
(b) by deleting paragraph (c) and inserting the following
paragraph instead --
"
(c) a society registered under the Building Societies
5 Act 1976;
".
80. Financial Administration and Audit Act 1985 amended
(1) This section amends the Financial Administration and Audit
Act 1985*.
10 [* Reprinted as at 10 January 1997.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 91, and Act No 65 of 1998.]
(2) Section 3(1) is amended in the definition of "bank" by deleting
subparagraph (a)(i) and inserting instead --
15 "
(i) an ADI (authorised deposit-taking
institution) as defined in section 5 of the
Banking Act 1959 of the
Commonwealth; and
20 ".
(3) Section 37 is amended in the definition of "bank" by deleting
paragraph (a) and inserting the following paragraph instead --
"
(a) an ADI (authorised deposit-taking
25 institution) as defined in section 5 of the
Banking Act 1959 of the Commonwealth;
".
page 59
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 81
81. Financial Institutions Duty Act 1983 amended
(1) This section amends the Financial Institutions Duty Act 1983*.
[* Reprinted as at 19 November 1992.
For subsequent amendments see 1998 Index to Legislation of
5 Western Australia, Table 1, p. 92.]
(2) Section 3(1) is amended as follows:
(a) by deleting the definition of "bank" and inserting the
following definition instead --
"
10 "bank" means --
(a) an authorised deposit-taking institution as
defined in section 5 of the Banking Act 1959
of the Commonwealth;
(b) a bank constituted under a law of a State or a
15 Territory; or
(c) for the purposes of section 14, the Treasury
in its capacity as a banker;
";
(b) by deleting the definition of "building society";
20 (c) in the definition of "co-operative society" by deleting
", but does not include a building society";
(d) by deleting the definition of "credit union";
(e) in paragraph (b)(ii) of the definition of "financial
institution" by deleting "Life Insurance Act 1945" and
25 inserting instead --
" Life Insurance Act 1995 ";
(f) in the definition of "trust fund account" by deleting
", building society or credit union".
page 60
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 81
(3) Section 10(4) is amended as follows:
(a) by deleting paragraph (e) and inserting the following
paragraph instead --
"
5 (e) a receipt by a bank that is a registered financial
institution during the course of a customary
general clearance pursuant to an agreement
between 2 or more banks for the settlement of
balances arising between them, being an
10 agreement contemplated by the terms and
conditions of any agreement between banks
relating to a customary general clearance;
";
(b) in paragraph (n) by deleting subparagraphs (i) and (iii);
15 (c) by deleting paragraph (p).
(4) Section 13(3) is amended by deleting paragraphs (a) and (c).
(5) Section 13(11) is repealed.
(6) Section 13(12) is amended as follows:
(a) by inserting after paragraph (a) --
20 " or ";
(b) by deleting "; or" after paragraph (b) and inserting a
comma instead;
(c) by deleting paragraph (c).
(7) Section 15(1) is amended by deleting ", building society or
25 credit union".
(8) Section 15(3) is amended by deleting ", building society or
credit union" in the 2 places where it occurs.
(9) Section 15(4) is amended by deleting ", building society or
credit union".
page 61
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 82
(10) Section 15(5)(c) is amended by deleting ", building society or
credit union".
(11) Section 26(4)(a) is amended by deleting "a building society or
credit union or".
5 (12) Section 40(3) is amended by deleting "building society or credit
union,".
82. Fremantle Port Authority Act 1902 amended
Section 58G(1) of the Fremantle Port Authority Act 1902* is
repealed and the following subsection is inserted instead --
10 "
(1) Debentures and inscribed stock issued and created by
the Port Authority under section 58C shall have the
status of Government securities of the State of Western
Australia.
15 ".
[* Reprinted as at 23 January 1989.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 99.]
83. Gas Corporation Act 1994 amended
20 (1) This section amends the Gas Corporation Act 1994*.
[* Act No. 87 of 1994.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, pp. 102-3.]
(2) Section 76(2) is amended in the definition of "bank" by deleting
25 subparagraph (a)(i) and inserting instead --
"
(i) an ADI (authorised deposit-taking
institution) as defined in section 5 of the
Banking Act 1959 of the Commonwealth;
30 ".
page 62
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 84
(3) Clause 1(1) of Schedule 3 is amended as follows:
(a) in the definition of "Board" by deleting "Australian
Securities Commission Act 1989;" and inserting
instead --
5 "
Australian Securities and Investments Commission
Act 1989 of the Commonwealth;
";
(b) by deleting the definition of "Commission" and
10 inserting the following definition instead --
"
"Commission" means the Australian Securities and
Investments Commission established under Part 2 of
the Australian Securities and Investments Commission
15 Act 1989 of the Commonwealth.
".
84. Geraldton Port Authority Act 1968 amended
Section 58(1) of the Geraldton Port Authority Act 1968* is
repealed and the following subsection is inserted instead --
20 "
(1) Debentures and inscribed stock issued and created by
the Port Authority under section 54 shall have the
status of Government securities of the State of Western
Australia.
25 ".
[* Act No. 10 of 1968.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 104.]
page 63
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 85
85. Government Railways Act 1904 amended
Section 54G(1) of the Government Railways Act 1904* is
repealed and the following subsection is inserted instead --
"
5 (1) Debentures and inscribed stock issued and created or
issued by the Commission under this Act shall have the
status of Government securities of the State of Western
Australia.
".
10 [* Reprinted as at 27 October 1982.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, pp. 108-9.]
86. Hospitals and Health Services Act 1927 amended
Section 33(5) of the Hospitals and Health Services Act 1927* is
15 amended by deleting "registered friendly society, registered
branch of a friendly society," and inserting instead --
"
any corporation that is a friendly society within the
meaning of section 16C of the Life Insurance Act 1995
20 of the Commonwealth,
".
[* Reprinted as at 22 April 1993.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, pp. 117-8.]
25 87. Housing Act 1980 amended
Section 52(1) of the Housing Act 1980* is amended in the
definition of "lending institution" in paragraph (a) by deleting
"building".
[* Act No. 58 of 1980.
30 For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 118.]
page 64
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 88
88. Housing Loan Guarantee Act 1957 amended
(1) This section amends the Housing Loan Guarantee Act 1957*.
[* Reprinted as at 20 May 1974.
For subsequent amendments see 1998 Index to Legislation of
5 Western Australia, Table 1, pp. 118-9, and Act No 2 of 1999.]
(2) Section 4 is amended as follows:
(a) in paragraph (a) by deleting "building societies
registered under the Building Societies Act, 1920, and
other";
10 (b) in paragraph (b) by deleting "building societies
registered under the Building Societies Act, 1920, and
other".
(3) Section 5(1) is amended as follows:
(a) by deleting paragraph (a) and "or" after it and inserting
15 instead --
"
(a) being a society registered under the Building
Societies Act 1976 or Co-operative and
Provident Societies Act 1903; or
20 ";
(b) by deleting paragraph (b) and "or" after it and inserting
instead --
"
(b) being an ADI (authorised deposit-taking
25 institution) as defined in the section 5 of the
Banking Act 1959 of the Commonwealth; or
(ba) being a corporation that is a friendly society
within the meaning of section 16C of the Life
Insurance Act 1995 of the Commonwealth; or
30 ".
page 65
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 89
(4) Section 10 is amended by deleting the passage beginning with
"any approved institution" and ending with "that approved
institution." and inserting instead --
"
5 any society registered under the Building Societies
Act 1976 or Co-operative and Provident Societies
Act 1903, notwithstanding that the power is not
conferred by the society's instrument of constitution,
and notwithstanding any provision of that instrument to
10 the contrary.
".
89. Interpretation Act 1984 amended
Section 5 of the Interpretation Act 1984* is amended as
follows:
15 (a) by deleting these definitions:
"AFIC (Western Australia) Code"
"AFIC (Western Australia) Regulations"
"Financial Institutions (Western Australia) Code"
"Financial Institutions (Western Australia)
20 Regulations";
(b) in the definition of ""ASC Law" and "ASC
Regulations"" by deleting "ASC" in both places where it
occurs and in each place and inserting instead --
" ASIC ".
25 [* Reprinted as at 15 March 1996.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 124.]
page 66
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 90
90. Land Administration Act 1997 amended
Section 274(2) of the Land Administration Act 1997* is
amended in paragraph (d)(ii) of the definition of "address" by
inserting after "Securities" --
5 " and Investments ".
[* Act No. 30 of 1997.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 136.]
91. Legal Practitioners Act 1893 amended
10 Section 10(3)(d) of the Legal Practitioners Act 1893* is
amended by inserting after "Securities" --
" and Investments ".
[* Reprinted as at 27 November 1996.
For subsequent amendments see 1998 Index to Legislation of
15 Western Australia, Table 1, p. 142.]
92. Local Government Act 1995 amended
(1) This section amends the Local Government Act 1995*.
[* Act No. 74 of 1995.
For subsequent amendments see 1998 Index to Legislation of
20 Western Australia, Table 1, p. 148.]
(2) Section 5.74(1) is amended in the definition of "corporation" by
deleting paragraph (c).
page 67
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 93
(3) Section 5.85(2)(c) is amended by deleting "a bank, building
society, credit union" and inserting instead --
"
an ADI (authorised deposit-taking institution)
5 as defined in section 5 of the Banking Act 1959
of the Commonwealth
".
93. Members of Parliament (Financial Interests) Act 1992
amended
10 (1) This section amends the Members of Parliament (Financial
Interests) Act 1992*.
[* Act No. 44 of 1992.]
(2) Section 3(1) is amended in the definition of "corporation" by
deleting paragraph (c).
15 (3) Section 13(3)(c) is amended by deleting "a bank, building
society, credit union" and inserting instead --
"
an ADI (authorised deposit-taking institution)
as defined in section 5 of the Banking Act 1959
20 of the Commonwealth
".
94. Metropolitan (Perth) Passenger Transport Trust Act 1957
amended
Section 50(1) of the Metropolitan (Perth) Passenger Transport
25 Trust Act 1957* is repealed and the following subsection is
inserted instead --
page 68
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 95
"
(1) Debentures and inscribed stock issued and created by
the Trust under this Act shall have the status of
Government securities of the State of Western
5 Australia.
".
[* Reprinted as at 3 March 1975.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, pp. 159-60.]
10 95. Pharmacy Act 1964 amended
(1) This section amends the Pharmacy Act 1964*.
[* Reprinted as at 29 January 1999.
For subsequent amendments see Act No 2 of 1999.]
(2) Section 5(1) is amended by inserting, in the appropriate
15 alphabetical position, the following definition --
"
"friendly society" means a corporation that is a
friendly society within the meaning of section 16C
of the Life Insurance Act 1995 of the
20 Commonwealth;
".
(3) Section 5(2) is repealed.
(4) Section 23(1) is amended by deleting "friendly society
registered under the Friendly Societies (Western Australia)
25 Code 1999" and inserting instead --
" friendly society ".
page 69
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 96
(5) Section 36(1)(b) is amended by deleting "friendly society
registered under the Friendly Societies (Western Australia)
Code 1999" and inserting instead --
" friendly society ".
5 (6) Section 36B(3)(b) is amended by deleting "friendly society
registered under the Friendly Societies (Western Australia)
Code 1999" and inserting instead --
" friendly society ".
96. Poisons Act 1964 amended
10 After section 30(2) of the Poisons Act 1964* the following
subsection is inserted --
"
(3) In this section --
"friendly society" means corporation that is a friendly
15 society within the meaning of section 16C of the
Life Insurance Act 1995 of the Commonwealth.
".
[* Reprinted as at 22 January 1999.]
97. Port Hedland Port Authority Act 1970 amended
20 Section 57(1) of the Port Hedland Port Authority Act 1970* is
repealed and the following subsection is inserted instead --
"
(1) Debentures and inscribed stock issued and created by
the Port Authority under section 53 shall have the
25 status of Government securities of the State of Western
Australia.
".
[* Act No. 30 of 1970.
For subsequent amendments see 1998 Index to Legislation of
30 Western Australia, Table 1, p. 197.]
page 70
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 98
98. Private Savings Bank Act 1924 repealed
The Private Savings Bank Act 1924 is repealed.
99. Real Estate and Business Agents Act 1978 amended
(1) This section amends the Real Estate and Business Agents
5 Act 1978*.
[* Reprinted as at 6 September 1996.
For subsequent amendments see Act No 34 of 1998.]
(2) Section 4(1) is amended as follows:
(a) by deleting the definition of "bank" and inserting the
10 following definition instead --
"
"bank" means --
(a) an ADI (authorised deposit-taking
institution) as defined in section 5 of the
15 Banking Act 1959 of the Commonwealth; or
(b) a bank constituted by a law of a State, a
Territory or the Commonwealth;
";
(b) by deleting the definition of "society".
20 (3) Section 67 is amended as follows:
(a) by deleting the definition of "authorized financial
institution" and inserting the following definition
instead --
"
25 "authorized financial institution" means a bank or
other body that is prescribed or belongs to a class
of bodies that is prescribed;
";
page 71
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 100
(b) in the definition of "bank account" by deleting
", society";
(c) in the definition of "banker" by deleting ", society".
(4) Section 92(1) is amended by deleting ", society" in the 2 places
5 where it occurs.
(5) Section 98(1)(b) is amended by deleting ", society".
(6) Section 99(1)(a) is amended by deleting ", society".
(7) Section 99(2)(a) is amended by deleting ", society".
(8) Section 99(3)(a) is amended by deleting ", society".
10 (9) Section 100 is amended as follows:
(a) by deleting ", building society," in the 3 places where it
occurs;
(b) by deleting ", building society".
(10) Section 131A is amended in the definition of "lending
15 institution" by deleting paragraph (b).
100. Residential Tenancies Act 1987 amended
(1) This section amends the Residential Tenancies Act 1987*.
[* Reprinted as at 15 March 1996.
For subsequent amendments see 1998 Index to Legislation of
20 Western Australia, Table 1, pp. 214-5.]
(2) Section 33(2) is amended by deleting "a bank, building society
or other similar body" and inserting instead --
"
an ADI (authorised deposit-taking institution) as
25 defined in section 5 of the Banking Act 1959 of the
Commonwealth
".
page 72
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 101
(3) Clause 1 of Part A of Schedule 1 is amended as follows:
(a) by deleting the definition of "authorized financial
institution" and inserting the following definition
instead --
5 "
"authorized financial institution" means --
(a) an ADI (authorised deposit-taking institution) as
defined in section 5 of the Banking Act 1959 of
the Commonwealth;
10 (b) a bank constituted by a law of a State, a Territory
or the Commonwealth; or
(c) any other body,
that is prescribed or that belongs to a class of bodies
that is prescribed;
15 ";
(b) by deleting the definition of "bank";
(c) by deleting the semicolon after the definition of "bond
administrator" and inserting a full stop instead;
(d) by deleting the definition of "society".
20 101. School Education Act 1999 amended
Section 108(5) of the School Education Act 1999 is amended by
deleting the definition of "bank" and inserting the following
definition instead --
"
25 "bank" means --
(a) an ADI (authorised deposit-taking
institution) as defined in section 5 of the
Banking Act 1959 of the Commonwealth; or
page 73
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 102
(b) a bank constituted by a law of a State, a
Territory or the Commonwealth.
".
102. Settlement Agents Act 1981 amended
5 (1) This section amends the Settlement Agents Act 1981*.
[* Reprinted as at 23 September 1996.
For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 229.]
(2) Section 3(1) is amended as follows:
10 (a) by deleting the definition of "bank" and inserting the
following definition instead --
"
"bank" means --
(a) an ADI (authorised deposit-taking
15 institution) as defined in section 5 of the
Banking Act 1959 of the Commonwealth; or
(b) a bank constituted by a law of a State, a
Territory or the Commonwealth;
";
20 (b) by deleting the definition of "society".
(3) Section 4(2) is amended by deleting the passage beginning with
"apply to --" and ending with "trustee company." and inserting
instead --
"
25 apply to a bank in its capacity as a settlement agent, or
to a trustee company.
".
(4) Section 36(3) is amended as follows:
(a) by inserting after paragraph (b) the following --
page 74
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 102
" or ";
(b) by deleting paragraph (c) and "or" after it.
(5) Section 48 is amended as follows:
(a) by deleting the definition of "authorized financial
5 institution" and inserting the following definition
instead --
"
"authorized financial institution" means a bank or
other body that is prescribed or belongs to a class
10 of bodies that is prescribed;
";
(b) in the definition of "bank account" by deleting
", society";
(c) in the definition of "banker" by deleting ", society".
15 (6) Section 73(1) is amended by deleting ", society" in the 2 places
where it occurs.
(7) Section 76(2)(a)(ii) is amended by deleting ", society".
(8) Section 79(1)(b) is amended by deleting ", society".
(9) Section 80(1)(a) is amended by deleting ", society".
20 (10) Section 80(2)(a) is amended by deleting ", society".
(11) Section 80(3)(a) is amended by deleting ", society".
(12) Section 81 is amended as follows:
(a) by deleting ", building society," in the 3 places where it
occurs;
25 (b) by deleting ", building society or".
page 75
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 103
103. Stamp Act 1921 amended
(1) This section amends the Stamp Act 1921*.
[* Reprinted as at 23 January 1996.
For subsequent amendments see 1998 Index to Legislation of
5 Western Australia, Table 1 p. 237, and Act No 2 of 1999.]
(2) Sections 112HA(5)(b) and 112HB(3)(b) are each amended by
inserting after "Securities" --
" and Investments ".
(3) The Third Schedule is amended as follows:
10 (a) in item 1(4) by deleting paragraph (a) and inserting the
following paragraph instead --
"
(a) a corporation that is a friendly society within the
meaning of section 16C of the Life Insurance
15 Act 1995 of the Commonwealth;
";
(b) in item 1(4) by deleting paragraph (b);
(c) in item 3(2) by deleting "building";
(d) in item 7(7) after paragraph (a) by inserting --
20 " or ";
(e) in item 7(7) by deleting "; or" after paragraph (b) and
inserting a full stop instead;
(f) in item 7(7) by deleting paragraph (c);
(g) in item 7(11) by deleting "building".
page 76
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 104
104. Strata Titles Act 1985 amended
Clause 3(2) of Schedule 1 to the Strata Titles Act 1985* is
amended by deleting "a savings bank or building society" and
inserting instead --
5 "
an ADI (authorised deposit-taking institution) as defined in
section 5 of the Banking Act 1959 of the Commonwealth
".
[* Reprinted as at 20 January 1997.
10 For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 242.]
105. The Public Institutions and Friendly Societies Lands
Improvement Act 1892 amended
Section 2 of The Public Institutions and Friendly Societies
15 Lands Improvement Act 1892* is amended by deleting "any
Society or Branch thereof established or registered under `The
Friendly Societies Ordinance, 1863,' or any law to be hereafter
passed to regulate Friendly Societies," and inserting instead --
"
20 a corporation that is a friendly society within the
meaning of section 16C of the Life Insurance Act 1995
of the Commonwealth,
".
[* 56 Vict., No. 7.
25 For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 202.]
page 77
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 106
106. Transfer of Land Act 1893 amended
(1) This section amends the Transfer of Land Act 1893*.
[* Act No. 13 May 1997.
For subsequent amendments see 1998 Index to Legislation of
5 Western Australia, Table 1, p. 255 and Act No. 3 of 1999.]
(2) Section 62 is amended by deleting "Friendly Society" and
inserting instead --
"
a corporation that is a friendly society within the
10 meaning of section 16C of the Life Insurance Act 1995
of the Commonwealth
".
(3) Section 89 is repealed.
(4) Section 129 is repealed.
15 (5) Section 240(2)(d)(ii) is amended by inserting after
"Securities" --
" and Investments ".
(6) The Eighth Schedule is repealed.
107. Travel Agents Act 1985 amended
20 Section 3(1) of the Travel Agents Act 1985* is amended by
deleting the definition of "bank" and inserting the following
definition instead --
"
"bank" means --
25 (a) an ADI (authorised deposit-taking
institution) as defined in section 5 of the
Banking Act 1959 of the Commonwealth; or
page 78
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 108
(b) a bank constituted by a law of a State, a
Territory or the Commonwealth;
".
[* Reprinted as at 22 April 1997.
5 For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 257.]
108. Trustees Act 1962 amended
Section 6(1) of the Trustees Act 1962* is amended by deleting
the definition of "bank" and inserting the following definition
10 instead --
"
"bank" means --
(a) an ADI (authorised deposit-taking
institution) as defined in section 5 of the
15 Banking Act 1959 of the Commonwealth; or
(b) a bank constituted by a law of a State, a
Territory or the Commonwealth;
".
[* Reprinted as at 14 September 1981.
20 For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 258.]
109. Unclaimed Money Act 1990 amended
Section 9(1)(m) of the Unclaimed Money Act 1990* is deleted.
[* Act No. 31 of 1990.
25 For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 259.]
page 79
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Part 3 Consequential amendments
s. 110
110. Water Corporation Act 1995 amended
Clause 1(1) of Schedule 3 to the Water Corporation Act 1995*
is amended as follows:
(a) in the definition of "Board" by deleting "Australian
5 Securities Commission Act 1989;" and inserting
instead --
"
Australian Securities and Investments Commission
Act 1989 of the Commonwealth;
10 ";
(b) by deleting the definition of "Commission" and
inserting the following definition instead --
"
"Commission" means the Australian Securities and
15 Investments Commission established under Part 2 of
the Australian Securities and Investments Commission
Act 1989 of the Commonwealth.
".
[* Act No. 70 of 1995.
20 For subsequent amendments see 1998 Index to Legislation of
Western Australia, Table 1, p. 266.]
111. Western Australian Treasury Corporation Act 1986 amended
Schedule 1 to the Western Australian Treasury Corporation
Act 1986* is amended as follows:
25 (a) by deleting item 3;
page 80
Acts Amendment and Repeal (Financial Sector Reform) Bill 1999
Consequential amendments Part 3
s. 111
(b) in item 4 by deleting "Societies as defined by section 5
of the Building Societies Act 1976." and inserting
instead --
"
5 A society registered under the Building Societies
Act 1976.
".
[* Act No. 16 of 1986.
For subsequent amendments see 1998 Index to Legislation of
10 Western Australia, Table 1, p. 273.]
page 81
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