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This is a Bill, not an Act. For current law, see the Acts databases.


FINANCIAL INSTITUTIONS LEGISLATION AMENDMENT BILL 1993

        Queensland




FINANCIAL INSTITUTIONS
     LEGISLATION
  AMENDMENT BILL 1993

 


 

Queensland FINANCIAL INSTITUTIONS LEGISLATION AMENDMENT BILL 1993 TABLE OF PROVISIONS Section Page PART 1--PRELIMINARY 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 PART 2--AMENDMENT OF FINANCIAL INSTITUTIONS CODE 3 Amended Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 Amendment of Subdivision heading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Amendment of s.97 (Credit Unions Contingency Fund) . . . . . . . . . . . . . . . . 4 6 Amendment of s.103 (Payment out of Credit Unions Contingency Fund) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 Insertion of new s.103A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 103A Payment of administration levy and supervision levy out of Credit Unions Contingency Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 5 8 Amendment of s.112 (Level of assets of building society associated with primary objects) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 9 Amendment of s.113 (Level of financial accommodation provided by credit union restricted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 10 Amendment of s.118 (Powers of societies) . . . . . . . . . . . . . . . . . . . . . . . . . . 6 11 Amendment of s.138 (Financial accommodation to, and deposits from, members and others) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 12 Amendment of s.199 (Power of SSA to exempt etc. from Division 5) . . . . 7 13 Amendment of s.258 (Register of directors etc.) . . . . . . . . . . . . . . . . . . . . . . 7 14 Amendment of s.342 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 15 Amendment of s.430 (Security over prime liquid assets) . . . . . . . . . . . . . . . 8 16 Insertion of new ss.433 and 434 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

 


 

2 Financial Institutions Legislation Amendment 433 Providing financial accommodation to a person who is not a member . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 434 Matters relating to register of directors, principal executive officer and secretaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 17 Insertion of new Part 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 PART 16--VALIDATION 435 Validation of Amendment Regulation . . . . . . . . . . . . . . . . . . . . . . . . 9 PART 3--AMENDMENT OF THE AFIC CODE 18 Amended Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 19 Amendment of s.87 (Hearings to be in private unless all parties agree etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 20 Amendment of s.153 (Terms and conditions of employment) . . . . . . . . . . . 10 21 Amendment of s.156 (Register of financial interests of directors and employees) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 22 Amendment of s.161 (Judicial notice of certain signatures) . . . . . . . . . . . . 11

 


 

1993 A BILL FOR An Act to amend the Financial Institutions Code and the AFIC Code

 


 

4 Financial Institutions Legislation Amendment BE IT ENACTED by the Queen's Most Excellent Majesty, by and with 1 the advice and consent of the Legislative Assembly of Queensland in 2 Parliament assembled, and by the authority of the same, as follows. 3 PART 1--PRELIMINARY 4 title 5 Short This Act may be cited as the Financial Institutions Legislation 6 Clause1. Amendment Act 1993. 7 8 Commencement Clause2. This Act commences on a day to be fixed by proclamation. 9 PART 2--AMENDMENT OF FINANCIAL 10 INSTITUTIONS CODE 11 Code 12 Amended The Financial Institutions Code set out in section 30 of the 13 Clause3. Financial Institutions (Queensland) Act 1992 is amended as set out in this 14 Part. 15 of Subdivision heading 16 Amendment Clause4. Part 1, Division 3, Subdivision 8 (heading)-- 17 omit `Acts', insert `Codes'. 18 of s.97 (Credit Unions Contingency Fund) 19 Amendment Clause5.(1) After section 97(2)(d)-- 20 insert-- 21

 


 

5 Financial Institutions Legislation Amendment `(e) to facilitate the payment to, and collection by, the SSA of levies 1 payable by credit unions.'. 2 (2) Section 97(3)(c)-- 3 omit `comprising', insert `standing to the credit of'. 4 of s.103 (Payment out of Credit Unions Contingency 5 Amendment Fund) 6 Clause6. After section 103(1)(f)-- 7 insert-- 8 `(g) amounts payable under section 103A.'. 9 of new s.103A 10 Insertion Clause7. After section 103-- 11 insert-- 12 of administration levy and supervision levy out of Credit 13 `Payment Unions Contingency Fund 14 `103A.(1) The SSA may direct that the whole or a part of the interest and 15 other income gained from the investment of money standing to the credit of 16 the Credit Unions Contingency Fund be paid to the SSA to offset the 17 liability of credit unions to pay to the SSA-- 18 (a) the supervision levy payable under section 95; and 19 (b) the administration levy that the SSA is required to collect, and 20 remit to AFIC, under section 120 of the AFIC Code. 21 `(2) If the whole liability is not offset by the amount of interest and other 22 income directed to be paid to the SSA, the amount is to be divided up and 23 applied by the SSA under subsections (3) and (4). 24 `(3) The amount is to be divided on a proportionate basis into 2 separate 25 amounts having regard to the amount of the liability mentioned in 26 subsection (1)(a) and the amount of the liability mentioned in 27 subsection (1)(b). 28 `(4) Each separate amount is to be applied on a proportionate basis 29

 


 

6 Financial Institutions Legislation Amendment having regard to the amount of the liability of each credit union in relation to 1 each levy. 2 `(5) If an amount is paid to the SSA under this section, the SSA must 3 give written notice to each credit union of the amount by which the liability 4 of the credit union in relation to each levy has been offset. 5 `(6) The SSA may give a direction under subsection (1) only if it is of 6 the opinion that the capital amount of the Fund is, and will continue to be, 7 sufficient for the purposes mentioned in section 97(2)(a) to (d) (Credit 8 Unions Contingency Fund).'. 9 of s.112 (Level of assets of building society associated 10 Amendment with primary objects) 11 Clause8. Section 112(3) and (5)-- 12 omit `by Gazette notice', 13 insert `by written notice given to the building society'. 14 of s.113 (Level of financial accommodation provided by 15 Amendment credit union restricted) 16 Clause9. Section 113(4) and (6)-- 17 omit `by Gazette notice', 18 insert `by written notice given to the credit union'. 19 of s.118 (Powers of societies) 20 Amendment Section 118(2)-- 21 Clause10. omit `of which the society is a member,'. 22 of s.138 (Financial accommodation to, and deposits 23 Amendment from, members and others) 24 Clause11. After section 138(3)-- 25 insert-- 26

 


 

7 Financial Institutions Legislation Amendment `(3A) Despite subsection (3), a credit union may accept a deposit of 1 money from an unincorporated body of persons up to an amount 2 determined by the SSA.'. 3 of s.199 (Power of SSA to exempt etc. from Division 5) 4 Amendment Section 199(5)-- 5 Clause12.(1) omit `copy', insert `notification of the making'. 6 (2) Section 199 (at the end)-- 7 insert-- 8 `(6) A notification mentioned in subsection (5) must name-- 9 (a) the persons to whom the exemption or declaration relates; and 10 (b) the provisions to which the exemption or declaration relates; and 11 (c) if the exemption or declaration relates to a particular society or 12 class of society--the society or class.'. 13 of s.258 (Register of directors etc.) 14 Amendment Clause13.(1) After section 258(2)-- 15 insert-- 16 `(2A) A society must keep a register of its directors, principal executive 17 officer and secretaries in accordance with subsections (3) to (4). 18 Maximum penalty--$25 000.'. 19 (2) Section 258(3)-- 20 omit `A society must keep a register showing', 21 insert `The register must show'. 22 (3) Section 258(3)-- 23 omit `Maximum penalty--$25 000.'. 24 (4) After section 258(3)-- 25 insert-- 26 `(3A) The register must show in relation to the principal executive officer 27

 


 

8 Financial Institutions Legislation Amendment and each secretary the present given name and surname, any former given 1 name or surname, the date and place of birth, the usual residential address 2 and the business occupation (if any), of the principal executive officer or 3 secretary.'. 4 (5) After section 258(7)-- 5 insert-- 6 `(7A) Within 1 month beginning on the day on which a person becomes 7 or ceases to be a director, the principal executive officer or a secretary of a 8 society, the society must lodge with the SSA a return in the prescribed form 9 advising that fact and containing in relation to a new director, principal 10 executive officer or secretary the matters required by subsection (3)(a) or 11 (3A) to be shown in the register. 12 Maximum penalty--$500.'. 13 of s.342 14 Amendment Clause14. Section 342(1) (after `apply')-- 15 insert `, with all necessary modifications and any modifications 16 prescribed by regulation,'. 17 of s.430 (Security over prime liquid assets) 18 Amendment Section 430(2)-- 19 Clause15. omit `, of which the continuing society is a member,'. 20 of new ss.433 and 434 21 Insertion Clause16. After section 432-- 22 insert-- 23 financial accommodation to a person who is not a member 24 `Providing `433.(1) This section applies to a continuing building society that, 25 immediately before 1 July 1992, was authorised to provide financial 26 accommodation to a person who was not a member of the society. 27 `(2) Despite section 138(4)(a)-- 28

 


 

9 Financial Institutions Legislation Amendment (a) financial accommodation provided between 30 June 1992 and the 1 commencement of this section by a continuing building society to 2 a person who was not a member of the society is taken to be, and 3 always to have been, authorised if the financial accommodation 4 was otherwise provided in accordance with this Code; and 5 (b) financial accommodation may be provided during the remainder 6 of 1993 by a continuing building society to a person who is not a 7 member of the society if the financial accommodation is 8 otherwise provided in accordance with this Code. 9 relating to register of directors, principal executive officer 10 `Matters and secretaries 11 `434. Within 1 month beginning on the commencement of this section, a 12 society must-- 13 (a) make the entries in the register of its directors, principal executive 14 officer and secretaries that it would have been required to make; 15 and 16 (b) lodge with the SSA the returns that it would have been required to 17 lodge; 18 had section 258(2A), (3A) and (7A) been in force from the commencement 19 of this Code. 20 Maximum penalty--$500.'. 21 of new Part 16 22 Insertion After Part 15-- 23 Clause17. insert-- 24 `PART 16--VALIDATION 25 of Amendment Regulation 26 `Validation `435.(1) In this section-- 27 "Amendment Regulation" means the Financial Institutions Amendment 28 Regulation (No. 1) 1992 of Queensland; 29

 


 

10 Financial Institutions Legislation Amendment "Queensland Act" means the Financial Institutions (Queensland) Act 1 1992 of Queensland. 2 `(2) For the purpose of applying the Amendment Regulation as a 3 regulation in force for the purposes of this Code, it is declared that the 4 Amendment Regulation is taken to be, and always to have been, as valid as 5 it would be, and have been, if it had been made on the recommendation of 6 the Ministerial Council as required by section 8(2) of the Queensland Act. 7 `(3) Without limiting subsection (2)-- 8 (a) the Amendment Regulation is taken to be, and always to have 9 been, a regulation in force under Part 3 of the Queensland Act; 10 and 11 (b) all acts, matters and things done before the commencement of 12 this section in reliance on the Amendment Regulation are taken to 13 be as lawfully done as they would be if they had been done after 14 that commencement.'. 15 ART 3--AMENDMENT OF THE AFIC CODE 16 P Code 17 Amended The AFIC Code set out in section 21 of the Australian Financial 18 Clause18. Institutions Commission Act 1992 is amended as set out in this Part. 19 of s.87 (Hearings to be in private unless all parties agree 20 Amendment etc.) 21 Clause19. Section 87 (4th subsection)-- 22 renumber as subsection (4). 23 of s.153 (Terms and conditions of employment) 24 Amendment Section 153(3)-- 25 Clause20. omit `includes', insert `include'. 26

 


 

11 Financial Institutions Legislation Amendment of s.156 (Register of financial interests of directors and 1 Amendment employees) 2 Clause21. Section 156(6) (after `a change')-- 3 insert `, other than a change prescribed by regulation,'. 4 of s.161 (Judicial notice of certain signatures) 5 Amendment Clause22. Section 161(b) (after `that')-- 6 insert `the'. 7 8 © State of Queensland 1993

 


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