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FINANCIAL SECTOR REFORM (QUEENSLAND) BILL 1999

      Queensland




  FINANCIAL SECTOR
REFORM (QUEENSLAND)
      BILL 1999

 


 

 

Queensland FINANCIAL SECTOR REFORM (QUEENSLAND) BILL 1999 TABLE OF PROVISIONS Section Page PART 1--PRELIMINARY 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 4 Act binds all persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 PART 2--REGISTRATION OF CERTAIN ENTITIES AS COMPANIES 5 Transferring financial institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 PART 3--CONFERRAL OF FUNCTIONS AND POWERS ON APRA AND ASIC 6 Conferral of functions and powers on APRA . . . . . . . . . . . . . . . . . . . . . . . . . 10 7 Conferral of functions and powers on ASIC . . . . . . . . . . . . . . . . . . . . . . . . . . 10 PART 4--AUTHORISED DEPOSIT-TAKING INSTITUTIONS AND LIFE INSURANCE COMPANIES--TRANSFER OF BUSINESS 8 Words defined in FS(TB) Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9 Authorised APRA officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 10 Voluntary transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 11 Compulsory transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 12 Certificates evidencing operation of pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 13 Certificates about land and interests in land . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Certificates about other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Documents purporting to be certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 16 Relationship of pt 4 with other laws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

 


 

2 Financial Sector Reform (Queensland) PART 5--REPEALS AND TRANSITIONAL Division 1--Repeals 17 Repeals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Division 2--Provisions relating to AFIC Subdivision 1--AFIC to continue 18 Continuation of AFIC for certain purposes . . . . . . . . . . . . . . . . . . . . . . . . . . 16 19 Contracts and agreements with AFIC continue . . . . . . . . . . . . . . . . . . . . . . . 17 20 AFIC's final report and financial statements . . . . . . . . . . . . . . . . . . . . . . . . . 17 21 Delegation of AFIC's powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 22 Dissolution of AFIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Subdivision 2--Provisions about AFIC's staff 23 Definition for sdiv 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 24 Transfer of staff to APRA under transfer agreement . . . . . . . . . . . . . . . . . . . 18 25 Effect of transfer under s 24 or of employees of AFIC becoming appointed to the Australian Public Service . . . . . . . . . . . . . . . . . . . . . . . . . . 19 26 Statement of accrued benefits etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Subdivision 3--Information may be given to APRA or ASIC 27 Giving of information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Subdivision 4--Transfer of AFIC's assets and liabilities 28 Transfer of assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Subdivision 5--Proceedings involving AFIC 29 Continuation and preservation of civil proceedings involving AFIC . . . . . . 21 30 Continuation of offence proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Division 3--Provisions relating to QOFS Subdivision 1--QOFS to continue 31 Continuation of QOFS for certain purposes . . . . . . . . . . . . . . . . . . . . . . . . . . 22 32 Contracts and agreements with QOFS continue . . . . . . . . . . . . . . . . . . . . . . 23 33 QOFS's final report and financial statements . . . . . . . . . . . . . . . . . . . . . . . . 23 34 Delegation of QOFS's powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 35 Dissolution of QOFS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Subdivision 2--Provisions about particular funds 36 Continuation and abolition of particular funds . . . . . . . . . . . . . . . . . . . . . . . 24 37 Payment of amount in Building Societies Fund to consolidated fund . . . . 25

 


 

3 Financial Sector Reform (Queensland) 38 Payments out of Credit Unions Contingency Fund . . . . . . . . . . . . . . . . . . . . 25 39 Payments out of and into Supervision Fund . . . . . . . . . . . . . . . . . . . . . . . . . 26 40 Payment of amount in Supervision Fund to consolidated fund . . . . . . . . . . 27 41 Financial statements for Credit Unions Contingency Fund and Building Societies Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 42 Auditor-general to report on funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 43 QOFS must report to Minister on Building Societies Fund . . . . . . . . . . . . . 28 Subdivision 3--Provisions about QOFS's staff 44 Definition for sdiv 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 45 Transfer of staff to APRA under transfer agreement . . . . . . . . . . . . . . . . . . . 28 46 Effect of transfer under s 45 or of employees of QOFS becoming appointed to the Australian Public Service . . . . . . . . . . . . . . . . . . . . . . . . . . 29 47 Statement of accrued benefits etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Subdivision 4--Information may be given to APRA or ASIC 48 Giving of information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Subdivision 5--Transfer of QOFS's assets and liabilities 49 Transfer of assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Subdivision 6--Proceedings involving QOFS 50 Continuation and preservation of civil proceedings involving QOFS . . . . . 31 51 Continuation of offence proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Division 4--APRA's and ASIC's functions and powers under codes 52 Conferral of functions and powers relating to financial institutions and friendly societies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 53 AFIC Code provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 54 Financial Institutions Code provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 55 Provisions for Financial Institutions Code as applied under s 40 of AFIC Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 56 Friendly Societies Code provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 57 Only appropriately qualified person may be authorised etc. . . . . . . . . . . . . 38 58 Conferral of functions and powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Division 5--Chief executive's functions and powers for Friendly Societies Act 1991 59 Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

 


 

4 Financial Sector Reform (Queensland) 60 Conferral of functions and powers relating to matters under repealed Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 61 Application of certain provisions of repealed Act . . . . . . . . . . . . . . . . . . . . . 39 62 Continuation of certain offence proceedings . . . . . . . . . . . . . . . . . . . . . . . . . 40 63 Delegation of powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Division 6--Matters relating to deregistered societies 64 Definition for div 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 65 Application of div 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 66 Society's property vested in ASIC under s 49 . . . . . . . . . . . . . . . . . . . . . . . . 42 67 ASIC may act for society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 68 Recovery from society's insurer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 69 Conferral of functions and powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Division 7--Miscellaneous 70 Dormant accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 71 Mergers and transfers of engagements started under Financial Institutions (Queensland) Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 72 Mergers and transfers of engagements started under Friendly Societies (Queensland) Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 73 Australian Financial Institutions Appeals Tribunal . . . . . . . . . . . . . . . . . . . . 48 PART 6--MISCELLANEOUS 74 Regulation-making power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 75 Attachment--words defined in other legislation referred to in this Act . . . 49 PART 7--AMENDMENT OF ACTS 76 Acts amended in sch 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 SCHEDULE 1 . . . . . . . . . . . . . . . . . . . . . . . . 50 AMENDMENTS PART 1--AMENDMENT OF THE FAMILY SECURITY FRIENDLY SOCIETY (DISTRIBUTION OF MONEYS) ACT 1991 PART 2--AMENDMENT OF THE FINANCIAL INTERMEDIARIES ACT 1996 PART 3--AMENDMENT OF OTHER ACTS ACTS INTERPRETATION ACT 1954 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 ASSOCIATIONS INCORPORATION ACT 1981 . . . . . . . . . . . . . . . . . . . . . 73 COLLECTIONS ACT 1966 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

 


 

5 Financial Sector Reform (Queensland) COOPERATIVES ACT 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 CORPORATIONS (QUEENSLAND) ACT 1990 . . . . . . . . . . . . . . . . . . . . . 74 CRIMES (CONFISCATION) ACT 1989 . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 FARM PRODUCE MARKETING ACT 1964 . . . . . . . . . . . . . . . . . . . . . . . . 75 FINANCIAL ADMINISTRATION AND AUDIT ACT 1977 . . . . . . . . . . . . 76 FUNERAL BENEFIT BUSINESS ACT 1982 . . . . . . . . . . . . . . . . . . . . . . . . 76 GAMING MACHINE ACT 1991 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 INTERACTIVE GAMBLING (PLAYER PROTECTION) ACT 1998 . . . . . 78 PHARMACY ACT 1976 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 STAMP ACT 1894 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 STATUTORY BODIES FINANCIAL ARRANGEMENTS ACT 1982 . . . . 81 SUPERANNUATION (STATE PUBLIC SECTOR) ACT 1990 . . . . . . . . . 82 TRUSTS ACT 1973 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 SCHEDULE 2 . . . . . . . . . . . . . . . . . . . . . . . . 85 DICTIONARY ATTACHMENT . . . . . . . . . . . . . . . . . . . . . . 88 EXTRACTS FROM OTHER LEGISLATION REFERRED TO IN THE ACT AFIC (QUEENSLAND) CODE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 CORPORATIONS LAW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 CORPORATIONS (QUEENSLAND) ACT 1990 . . . . . . . . . . . . . . . . . . . . . 92 FINANCIAL SECTOR (TRANSFERS OF BUSINESS) ACT 1999 (CWLTH) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

 


 

 

1999 A BILL FOR An Act to make provision for the reform of the financial sector, to repeal certain Acts and to amend the Family Security Friendly Society (Distribution of Moneys) Act 1991, Financial Intermediaries Act 1996 and certain other Acts, and for other purposes

 


 

s1 8 s3 Financial Sector Reform (Queensland) The Parliament of Queensland enacts-- 1 PART 1--PRELIMINARY 2 title 3 Short 1. This Act may be cited as the Financial Sector Reform (Queensland) 4 Act 1999. 5 6 Commencement 2.(1) The following provisions commence on the transfer date1-- 7 parts 3 and 4 8 part 5, division 1, division 2, subdivisions 1 and 5, division 3, 9 subdivisions 1, 2 (other than section 38) and 6, divisions 4 to 7 10 (other than sections 70 and 73) 11 schedule 1, parts 2 and 3, except to the extent part 3 amends the 12 Trusts Act 1973. 13 (2) Schedule 1, part 3, to the extent it amends the Trusts Act 1973, 14 commences on a day to be fixed by proclamation. 15 (3) The provisions that do not commence under subsection (1) or (2) 16 commence on assent. 17 (4) For commencement purposes, part 7 is to be considered separately 18 from schedule 1. 19 20 Definitions 3. The dictionary in schedule 2 defines particular words used in this Act. 21 1 For the definition "transfer date"--see schedule 2 (Dictionary).

 


 

s4 9 s5 Financial Sector Reform (Queensland) binds all persons 1 Act 4.(1) This Act binds all persons, including the State and, so far as the 2 legislative power of the Parliament permits, the Commonwealth and the 3 other States. 4 (2) Nothing in this section makes the State, the Commonwealth or 5 another State liable to be prosecuted for an offence. 6 PART 2--REGISTRATION OF CERTAIN ENTITIES 7 AS COMPANIES 8 financial institutions 9 Transferring 5.(1) On the transfer date, each transferring financial institution of this 10 jurisdiction is taken, in accordance with schedule 4 of the Corporations Law 11 of Queensland, to become registered as a company under that law under the 12 name under which the institution was registered under the previous 13 governing code immediately before the transfer date. 14 (2) Subsection (1) applies even if the institution is an 15 externally-administered body corporate immediately before the transfer 16 date. 17 (3) Registration under the Corporations Law of Queensland of a 18 transferring financial institution of this jurisdiction as a company does not 19 create a new legal entity. 20 (4) In this section-- 21 "previous governing code" see schedule 4, part 1, of the Corporations 22 Law. 23 "transferring financial institution of this jurisdiction" see schedule 4, 24 part 1, of the Corporations Law.2 25 2 The attachment contains extracts of the relevant provisions of the Corporations Law and the Corporations (Queensland) Act 1990.

 


 

s6 10 s8 Financial Sector Reform (Queensland) ART 3--CONFERRAL OF FUNCTIONS AND 1 P POWERS ON APRA AND ASIC 2 of functions and powers on APRA 3 Conferral 6.(1) APRA has the functions and powers conferred or expressed to be 4 conferred on it under this Act. 5 (2) APRA has power to do acts in Queensland in the performance or 6 exercise of a function or power conferred or expressed to be conferred on 7 APRA by or under a law of another jurisdiction corresponding to this Act. 8 of functions and powers on ASIC 9 Conferral 7.(1) ASIC has the functions and powers conferred or expressed to be 10 conferred on it under this Act. 11 (2) ASIC has power to do acts in Queensland in the performance or 12 exercise of a function or power conferred or expressed to be conferred on 13 ASIC by or under a law of another jurisdiction corresponding to this Act. 14 PART 4--AUTHORISED DEPOSIT-TAKING 15 INSTITUTIONS AND LIFE INSURANCE 16 COMPANIES--TRANSFER OF BUSINESS 17 defined in FS(TB) Act 18 Words 8. Unless the contrary intention appears, words defined in the FS(TB) 19 Act have the same respective meanings in this part.3 20 3 The attachment contains extracts of the relevant provisions of the Financial Sector (Transfers of Business) Act 1999 (Cwlth).

 


 

s9 11 s 10 Financial Sector Reform (Queensland) APRA officer 1 Authorised 9.(1) APRA may, in writing, authorise a person who is an APRA board 2 member, or an APRA staff member, to perform or exercise the functions 3 or powers of an authorised APRA officer under a particular provision of 4 this part. 5 (2) The functions and powers necessary for the purposes of this section 6 are conferred on APRA. 7 transfers 8 Voluntary 10.(1) The purpose of this section is to facilitate voluntary transfers of 9 business under part 3 of the FS(TB) Act for regulated bodies. 10 (2) This section applies when a certificate of transfer issued under 11 section 18 of the FS(TB) Act comes into force under part 3, division 34 of 12 that Act. 13 (3) The receiving body is taken to be the successor in law of the 14 transferring body, to the extent of the transfer. 15 (4) In particular-- 16 (a) if the transfer is a total transfer, all the assets and liabilities of the 17 transferring body become the assets and liabilities of the receiving 18 body without any transfer, conveyance or assignment; and 19 (b) if the transfer is a partial transfer, all the assets and liabilities of 20 the transferring body included in the list of assets and liabilities 21 specified in the statement of detail become assets and liabilities of 22 the receiving body without any transfer, conveyance or 23 assignment; and 24 (c) to the extent of the transfer, the duties, obligations, immunities, 25 rights and privileges applying to the transferring body apply to the 26 receiving body. 27 (5) If there is an approved section 20 statement in relation to the transfer 28 that specifies-- 29 4 FS(TB) Act, part 3 (Voluntary transfers), division 3 (Process by which voluntary transfers take effect)

 


 

s 11 12 s 11 Financial Sector Reform (Queensland) (a) that particular things are to happen or are taken to be the case, 1 those things are taken to happen, or to be the case, in accordance 2 with the statement; or 3 (b) a mechanism for deciding things that are to happen or are taken to 4 be the case, things decided in accordance with that mechanism are 5 taken to happen, or to be the case, as decided in accordance with 6 that mechanism. 7 transfers 8 Compulsory 11.(1) The purpose of this section is to facilitate compulsory transfers of 9 business under part 4 of the FS(TB) Act for regulated bodies. 10 (2) This section applies when a certificate of transfer issued under 11 section 33 of the FS(TB) Act comes into force under part 4, division 35 of 12 that Act. 13 (3) The receiving body is taken to be the successor in law of the 14 transferring body, to the extent of the transfer. 15 (4) In particular-- 16 (a) if the transfer is a total transfer, all the assets and liabilities of the 17 transferring body become the assets and liabilities of the receiving 18 body without any transfer, conveyance or assignment; and 19 (b) if the transfer is a partial transfer, all the assets and liabilities of 20 the transferring body that are included in the list, referred to in 21 section 33(2)(c) of the FS(TB) Act, included in, or attached to, the 22 certificate of transfer become assets and liabilities of the receiving 23 body without any transfer, conveyance or assignment; and 24 (c) to the extent of the transfer, the duties, obligations, immunities, 25 rights and privileges applying to the transferring body apply to the 26 receiving body. 27 (5) If the certificate of transfer includes provisions of a kind referred to in 28 section 33(3) of the FS(TB) Act specifying-- 29 (a) that particular things are to happen or are taken to be the case, 30 5 FS(TB) Act, part 4 (Compulsory transfers), division 3 (Process by which compulsory transfers take effect)

 


 

s 12 13 s 13 Financial Sector Reform (Queensland) those things are taken to happen, or to be the case, in accordance 1 with those provisions; or 2 (b) a mechanism for deciding things that are to happen or are taken to 3 be the case, things decided in accordance with that mechanism are 4 taken to happen, or to be the case, as decided in accordance with 5 that mechanism. 6 (6) If there is an approved section 30 statement in relation to the transfer 7 that specifies-- 8 (a) that particular things are to happen or are taken to be the case, 9 those things are taken to happen, or to be the case, in accordance 10 with the statement; or 11 (b) a mechanism for deciding things that are to happen or are taken to 12 be the case, things decided in accordance with that mechanism are 13 taken to happen, or to be the case, as decided in accordance with 14 that mechanism. 15 evidencing operation of pt 4 16 Certificates 12.(1) An authorised APRA officer may, by a certificate in writing 17 signed by the officer, certify anything relating to the effect of this part, and, 18 in particular may certify that-- 19 (a) a particular asset of a transferring body has become a transferred 20 asset of a receiving body; or 21 (b) a particular liability of a transferring body has become a 22 transferred liability of a receiving body. 23 (2) For all purposes and in all proceedings, a certificate under 24 subsection (1) is evidence of the matters certified. 25 about land and interests in land 26 Certificates 13.(1) This section applies if-- 27 (a) a receiving body becomes, under this part, the owner of land, or 28 of an interest in land, situated in the State; and 29 (b) there is lodged with the registrar of titles a certificate that-- 30

 


 

s 14 14 s 15 Financial Sector Reform (Queensland) (i) is signed by an authorised APRA officer; and 1 (ii) identifies the land or interest; and 2 (iii) states the receiving body has, under this part, become the 3 owner of that land or interest. 4 (2) The registrar of titles may-- 5 (a) register or record the matter in the same way as dealings in land 6 or interests in land of that kind are registered or recorded; and 7 (b) deal with, and give effect to, the certificate. 8 about other assets 9 Certificates 14.(1) This section applies if-- 10 (a) an asset, other than land or an interest in land, becomes, under 11 this part, an asset of a receiving body; and 12 (b) there is lodged with the entity who has, under the law, 13 responsibility for keeping a register or record relating to assets of 14 that kind a certificate that-- 15 (i) is signed by an authorised APRA officer; and 16 (ii) identifies the asset; and 17 (iii) states the asset has, under this part, become an asset of the 18 receiving body. 19 (2) The entity may-- 20 (a) register or record the matter in the same way as transactions 21 relating to assets of that kind are registered or recorded; and 22 (b) deal with, and give effect to, the certificate. 23 (3) This section does not affect the operation of the Corporations Law. 24 purporting to be certificates 25 Documents 15. A document purporting to be a certificate mentioned in section 13 or 26 14 is taken to be a certificate of that type unless the contrary is established. 27

 


 

s 16 15 s 17 Financial Sector Reform (Queensland) of pt 4 with other laws 1 Relationship 16.(1) This part has effect despite anything in a contract, deed, 2 undertaking, agreement or other instrument. 3 (2) Nothing done under this part-- 4 (a) places a receiving body, a transferring body or another person in 5 breach of contract or confidence or otherwise makes any of them 6 guilty of a civil wrong; or 7 (b) places a receiving body, a transferring body or another person in 8 breach of-- 9 (i) a law of the State; or 10 (ii) a contractual provision prohibiting, restricting or regulating 11 the assignment or transfer of an asset or liability or the 12 disclosure of information; or 13 (c) releases a surety, wholly or partly, from all or any of the surety's 14 obligations. 15 (3) Without limiting subsection (1), if, apart from this section, the advice 16 or consent of a person would be necessary for a particular purpose, the 17 advice is taken to have been obtained or the consent is taken to have been 18 given. 19 PART 5--REPEALS AND TRANSITIONAL 20 1--Repeals 21 Division 22 Repeals 17. The following Acts are repealed-- 23 Australian Financial Institutions Commission Act 1992 No. 8 24 Building Societies Fund Act 1993 No. 26 25 Financial Institutions (Queensland) Act 1992 No. 7 26

 


 

s 18 16 s 18 Financial Sector Reform (Queensland) Friendly Societies (Queensland) Act 1997 No. 35 1 Queensland Office of Financial Supervision Act 1992 No. 12. 2 2--Provisions relating to AFIC 3 Division 1--AFIC to continue 4 Subdivision of AFIC for certain purposes 5 Continuation 18.(1) This section applies despite the repeal of the AFIC Act. 6 (2) AFIC and its board continue in existence, but only for the following 7 purposes-- 8 (a) to give effect to anything relating to the transfer, under a law of 9 the Commonwealth or of another State or this Act, of any of its 10 functions under the fiscal bodies legislation to APRA or ASIC; 11 (b) to prepare its final report and financial statements under 12 section 1166 of the AFIC Code; 13 (c) winding-up itself as soon as practicable but, in any case, within 14 12 months after the transfer date. 15 (3) AFIC has the powers necessary or desirable for it to act under 16 subsection (2) including the powers-- 17 (a) to engage employees; and 18 (b) to execute a contract, deed or other document necessary for its 19 winding-up. 20 (4) Also, to the extent it is necessary or desirable to allow AFIC to act 21 under subsection (2), the provisions of the fiscal bodies legislation, 22 including the provisions about AFIC's board, the board's directors and 23 AFIC's employees, continue to apply despite the repeal of all or any of the 24 legislation. 25 (5) For the purpose of AFIC exercising a power under this section, 26 6 AFIC Code, section 116 (Annual reports and financial statements)

 


 

s 19 17 s 20 Financial Sector Reform (Queensland) section 1587 of the AFIC Code applies to an honest act or omission of a 1 director of AFIC as if a reference in that section to the code were a reference 2 to this section. 3 (6) In this section-- 4 "winding-up", in relation to AFIC, includes AFIC realising its assets and 5 discharging its liabilities. 6 and agreements with AFIC continue 7 Contracts 19. The repeal of the AFIC Act does not of itself terminate a contract or 8 other agreement between AFIC and another person. 9 final report and financial statements 10 AFIC's 20.(1) Despite the repeal of the AFIC Act, sections 116 and 1658 of the 11 AFIC Code and the other provisions of the code relevant to the sections 12 continue to apply in relation to AFIC's final report and financial statements. 13 (2) For the application mentioned in subsection (1)-- 14 (a) a reference in section 116, other than subsection (3), of the code 15 to the Ministerial Council is taken to be a reference to the Minister 16 in each participating State responsible, immediately before the 17 transfer date, for administering the fiscal bodies legislation of that 18 State; and 19 (b) section 116(2) of the code is taken to require AFIC's board to 20 prepare and give the report mentioned in the subsection before 21 AFIC is dissolved; and 22 (c) section 116(3) of the code is taken to require the financial 23 statements to be in the form last approved by the Ministerial 24 Council before the transfer date; and 25 (d) AFIC's financial year is taken to be the period from the end of the 26 period for which AFIC's board last prepared a report under 27 7 AFIC Code, section 158 (Liability of directors) 8 AFIC Act, sections 116 (Annual reports and financial statements) and 165 (Application of Financial Administration and Audit Act)

 


 

s 21 18 s 24 Financial Sector Reform (Queensland) section 116 of the code until the day specified by the Minister 1 after consulting with the auditor-general; and 2 (e) section 116 of the code is taken to require AFIC's board to also 3 include in the report the information the Minister administering 4 this Act directs. 5 of AFIC's powers 6 Delegation 21. AFIC's board may delegate AFIC's powers to an appropriately 7 qualified employee of AFIC. 8 issolution of AFIC 9 D 22. AFIC is dissolved, and the members of AFIC's board go out of 10 office, on the earlier of the following-- 11 (a) 12 months after the transfer date; 12 (b) the day stated in a gazette notice published by the Minister. 13 Subdivision 2--Provisions about AFIC's staff 14 for sdiv 2 15 Definition 23. In this subdivision-- 16 "employees", of AFIC, includes the executive director of AFIC. 17 of staff to APRA under transfer agreement 18 Transfer 24.(1) The Minister may enter into a transfer agreement under 19 schedule 8, part 1, division 29 of the FSR Act, that determines, or provides 20 for determining, that particular employees of AFIC become APRA 21 employees on a particular date, not being a date before the transfer date. 22 (2) The transfer agreement has effect according to its terms. 23 9 FSR Act, schedule 8 (Transitional, saving and application provisions), part 1 (Transitional provisions relating to transfer from State and Territory regulatory regimes), division 2 (Transitional provisions relating to staff)

 


 

s 25 19 s 26 Financial Sector Reform (Queensland) of transfer under s 24 or of employees of AFIC becoming 1 Effect appointed to the Australian Public Service 2 25.(1) This section applies if a person becomes an APRA employee 3 under section 24. 4 (2) This section also applies if-- 5 (a) a person is appointed to the Australian Public Service under the 6 Public Service Act 1922 (Cwlth), section 81B(1),10 on or after the 7 transfer date; and 8 (b) immediately before the appointment, the person was an employee 9 of AFIC. 10 (3) If the person is the executive director of AFIC, the executive 11 director's appointment under the AFIC Code immediately ends. 12 (4) If the person is another employee of AFIC, the employee's 13 employment with AFIC immediately ends. 14 (5) A person is not entitled to receive any payment or other benefit, 15 whether under a contract or otherwise, because the person's appointment or 16 employment ends under this section. 17 of accrued benefits etc. 18 Statement 26.(1) Before an employee of AFIC becomes an APRA employee under 19 section 24 or is appointed to the Australian Public Service as mentioned in 20 section 25(2), AFIC must give the person, and APRA or the 21 Commonwealth Public Service Commissioner, a written statement. 22 (2) The statement must state particulars of the benefits to which the 23 person has an accrued entitlement, the person's remuneration and the 24 person's length of service with AFIC. 25 10 Public Service Act 1922 (Cwlth), section 81B (Appointment or employment of persons where functions to be performed by Commonwealth etc.)

 


 

s 27 20 s 28 Financial Sector Reform (Queensland) 3--Information may be given to APRA or ASIC 1 Subdivision of information 2 Giving 27.(1) This section applies to-- 3 (a) a director of AFIC's board; and 4 (b) an employee of AFIC; and 5 (c) a person appointed by AFIC to carry out duties under the fiscal 6 bodies legislation; and 7 (d) a person who has been a person mentioned in paragraph (a), (b) 8 or (c). 9 (2) A person to whom this section applies may disclose to APRA or 10 ASIC information the person acquired while engaged in the administration 11 of the fiscal bodies legislation. 12 (3) This section applies despite section 15511 of the AFIC Code and 13 section 47712 of the Friendly Societies Code. 14 4--Transfer of AFIC's assets and liabilities 15 Subdivision of assets and liabilities 16 Transfer 28.(1) The Minister may enter into a transfer agreement under 17 schedule 8, part 1, division 313 of the FSR Act connected with the transfer 18 of AFIC's assets or liabilities to APRA or ASIC. 19 (2) The transfer agreement has effect according to its terms. 20 11 AFIC Code, section 155 (Secrecy) 12 Friendly Societies Code, section 477 (Secrecy) 13 FSR Act, schedule 8 (Transitional, saving and application provisions), part 1 (Transitional provisions relating to transfer from State and Territory regulatory regimes), division 3 (Transfer of assets and liabilities)

 


 

s 29 21 s 30 Financial Sector Reform (Queensland) 5--Proceedings involving AFIC 1 Subdivision and preservation of civil proceedings involving AFIC 2 Continuation 29.(1) This section applies to a proceeding-- 3 (a) whether or not it arose or arises under the fiscal bodies legislation; 4 and 5 (b) regardless of where it arose or arises. 6 (2) For a proceeding started before the transfer date to which AFIC was a 7 party immediately before the date-- 8 (a) if the proceeding is in Queensland--the State is substituted for 9 AFIC as a party to the proceeding; or 10 (b) if the proceeding is in another State--the State of Queensland 11 may be substituted for AFIC under a law of the other State. 12 (3) For a proceeding not started before the transfer date and that could if 13 started after the date be brought against AFIC, or apart from the repeal of 14 the fiscal bodies legislation and the dissolution of AFIC could have been 15 brought against AFIC-- 16 (a) if the proceeding is brought in Queensland--the proceeding may 17 instead be brought against the State; or 18 (b) if the proceeding is brought in another State--the proceeding may 19 instead be brought against the State of Queensland under a law of 20 the other State. 21 (4) For this section, evidence that would have been admissible for or 22 against AFIC is admissible for or against the State. 23 (5) This section does not apply to a proceeding for an offence. 24 of offence proceedings 25 Continuation 30.(1) This section applies to a proceeding for an offence brought under 26 section 6314 of the AFIC Code by AFIC, or a person authorised in writing 27 by AFIC, that started before the transfer date but was not completed before 28 14 AFIC Code, section 63 (Proceedings for offences)

 


 

s 31 22 s 31 Financial Sector Reform (Queensland) the date. 1 (2) On and after the transfer date, the proceeding may continue to be 2 prosecuted by either APRA or ASIC in place of AFIC or the person 3 authorised by AFIC, and APRA or ASIC may be substituted in the 4 proceeding for AFIC or the person. 5 (3) The functions and powers necessary for this section are conferred on 6 APRA and ASIC. 7 3--Provisions relating to QOFS 8 Division 1--QOFS to continue 9 Subdivision of QOFS for certain purposes 10 Continuation 31.(1) This section applies despite the repeal of the QOFS Act. 11 (2) QOFS and its board continue in existence, but only for the following 12 purposes-- 13 (a) to give effect to anything relating to the transfer, under a law of 14 the Commonwealth or this Act, of any of its functions as an SSA 15 under the fiscal bodies legislation to APRA or ASIC; 16 (b) to prepare its final report and financial statements under 17 section 33; 18 (c) to do other things under this division; 19 (d) winding-up itself as soon as practicable but, in any case, within 20 12 months after the transfer date. 21 (3) Without limiting subsection (2)(a), QOFS must comply with 22 schedule 4, clause 4 of the Corporations Law.15 23 (4) QOFS has the powers necessary or desirable for it to act under 24 subsection (2) or (3) including the powers-- 25 (a) to engage employees; and 26 15 The provision of the Corporations Law requires QOFS to lodge certain documents about transferring institutions with ASIC.

 


 

s 32 23 s 33 Financial Sector Reform (Queensland) (b) to execute a contract, deed or other document necessary for its 1 winding-up. 2 (5) Also, to the extent it is necessary or desirable to allow QOFS to act 3 under subsection (2), the provisions of the fiscal bodies legislation and the 4 QOFS Act, including the provisions of the Act about QOFS's board, the 5 board's directors and QOFS's chief executive officer and employees, 6 continue to apply despite the repeal of all or any of the legislation or of the 7 Act. 8 (6) For the purpose of QOFS exercising a power under this section, 9 section 54 16 of the QOFS Act applies to an honest act or omission of a 10 director of QOFS as if a reference in that section to the QOFS Act were a 11 reference to this section. 12 (7) In this section-- 13 "winding-up", in relation to QOFS, includes QOFS realising its assets and 14 discharging its liabilities. 15 and agreements with QOFS continue 16 Contracts 32. The repeal of the QOFS Act does not of itself terminate a contract or 17 other agreement between QOFS and another person. 18 final report and financial statements 19 QOFS's 33.(1) QOFS's board must, before QOFS is dissolved, prepare and give 20 to the Minister a written report on QOFS's operations for its financial year 21 together with financial statements for the year. 22 (2) Before giving the financial statements to the Minister, the board must 23 have them audited by the auditor-general. 24 (3) The Financial Administration and Audit Act 1977 applies to QOFS. 25 (4) For the Act's application-- 26 (a) the report and financial statements are taken to be QOFS's annual 27 report and annual financial statements; and 28 16 QOFS Act, section 54 (Liability of directors)

 


 

s 34 24 s 36 Financial Sector Reform (Queensland) (b) the Act applies with all other changes necessary because of 1 subsection (1). 2 (5) For the definition "financial year" in subsection (6), the Minister 3 may, after consulting with the auditor-general, specify a day as the last day 4 of the financial year 5 (6) In this section-- 6 "financial year", for QOFS, means the period from the end of the period 7 for which QOFS last prepared an annual report under the Financial 8 Administration and Audit Act 1977 until the day specified by the 9 Minister under subsection (5). 10 of QOFS's powers 11 Delegation 34. QOFS's board may delegate QOFS's powers to an appropriately 12 qualified employee of QOFS. 13 issolution of QOFS 14 D 35. QOFS is dissolved, and the members of QOFS's board go out of 15 office, on the earlier of the following-- 16 (a) 12 months after the transfer date; 17 (b) the day stated in a gazette notice published by the Minister. 18 Subdivision 2--Provisions about particular funds 19 and abolition of particular funds 20 Continuation 36.(1) The following funds continue in existence on and after the transfer 21 date despite the commencement of section 1717-- 22 Building Societies Fund 23 Credit Unions Contingency Fund 24 Supervision Fund. 25 17 Section 17 (Repeals)

 


 

s 37 25 s 38 Financial Sector Reform (Queensland) (2) However-- 1 (a) when the payment mentioned in section 37 has been made, the 2 Building Societies Fund is abolished; and 3 (b) when the payments mentioned in section 38(3) have been 4 received by each credit union, the Credit Unions Contingency 5 Fund is abolished; and 6 (c) when the payment mentioned in section 40 has been made, the 7 Supervision Fund is abolished. 8 of amount in Building Societies Fund to consolidated fund 9 Payment 37. On the transfer date, QOFS must pay the amount standing to the 10 credit of the Building Societies Fund into the consolidated fund. 11 out of Credit Unions Contingency Fund 12 Payments 38.(1) On the day before the transfer date QOFS must, under 13 section 99A18 of the Financial Institutions Code, distribute the whole of 14 retained earnings to the contribution accounts of credit unions. 15 (2) For subsection (1), section 99A(3) of the Financial Institutions Code 16 does not apply. 17 (3) Immediately after QOFS complies with subsection (1) it must pay 18 from the Credit Unions Contingency Fund to each credit union the amount 19 standing to the credit union's credit in the fund. 20 (4) Subsection (3) applies despite section 10319 of the Financial 21 Institutions Code. 22 (5) In this section-- 23 "contribution accounts", of credit unions, means the parts of the Credit 24 Unions Contingency Fund that, under section 98(10)20 of the Financial 25 18 Financial Institutions Code, section 99A (Distribution of retained earnings of Credit Unions Contingency Fund) 19 Financial Institutions Code, section 103 (Payment out of Credit Unions Contingency Fund) 20 Financial Institutions Code, section 98 (Contributions by credit unions)

 


 

s 39 26 s 39 Financial Sector Reform (Queensland) Institutions Code, are treated as a deferred asset in the accounts of the 1 credit unions. 2 "credit union" means a credit union under the Financial Institutions Code. 3 "retained earnings" means all amounts standing to the credit of the Credit 4 Unions Contingency Fund, other than amounts in the contribution 5 accounts of credit unions. 6 out of and into Supervision Fund 7 Payments 39.(1) QOFS may pay out of the Supervision Fund-- 8 (a) to APRA-- 9 (i) amounts for liabilities relating to leave and other entitlements 10 of employees of QOFS who become APRA employees 11 under section 45,21 being liabilities existing immediately 12 before the employees become APRA employees; and 13 (ii) amounts for other liabilities of QOFS that become liabilities 14 of APRA under section 49;22 and 15 (b) to ASIC-- 16 (i) amounts for liabilities relating to leave and other entitlements 17 of employees of QOFS mentioned in section 46(2),23 being 18 liabilities existing immediately before the employees are 19 appointed to the Australian Public Service; and 20 (ii) amounts for other liabilities of QOFS that become liabilities 21 of ASIC under section 49. 22 (2) Also QOFS may pay into or out of the Supervision Fund amounts 23 relating to QOFS performing its functions and exercising its powers under 24 this division. 25 21 Section 45 (Transfer of staff to APRA under transfer agreement) 22 Section 49 (Transfer of assets and liabilities) 23 Section 46 (Effect of transfer under s 45 or of employees of QOFS becoming appointed to the Australian Public Service)

 


 

s 40 27 s 42 Financial Sector Reform (Queensland) (3) This section applies despite section 94(2) and (3)24 of the Financial 1 Institutions Code. 2 (4) In this section-- 3 "employees", of QOFS, includes the chief executive officer of QOFS. 4 of amount in Supervision Fund to consolidated fund 5 Payment 40. When QOFS is satisfied it has made all necessary payments under 6 section 39 and in any case before it is dissolved, QOFS must pay the 7 amount standing to the credit of the Supervision Fund into the consolidated 8 fund. 9 statements for Credit Unions Contingency Fund and 10 Financial Building Societies Fund 11 41.(1) As soon as practicable after the transfer date, QOFS must prepare 12 financial statements for the Building Societies Fund and the Credit Unions 13 Contingency Fund. 14 (2) The financial statements must cover the period from the end of the 15 period for which financial statements audited by the auditor-general were 16 last prepared by QOFS for the fund until the day the fund is abolished. 17 (3) The financial statements must be audited by the auditor-general. 18 (4) For the audit, the Financial Administration and Audit Act 1977 19 applies as though the financial statements formed part of the financial 20 statements of QOFS. 21 to report on funds 22 Auditor-general 42.(1) This section applies when the audit of the final financial statements 23 of QOFS, including the financial statements for the Credit Unions 24 Contingency Fund, under the Financial Administration and Audit Act 1977 25 is completed. 26 (2) The auditor-general must give the Minister a written report about 27 whether the Credit Unions Contingency Fund and the Supervision Fund 28 24 Financial Institutions Code, section 94 (Supervision Fund)

 


 

s 43 28 s 45 Financial Sector Reform (Queensland) were applied for the purposes for which they were established and under 1 sections 38 and 39. 2 must report to Minister on Building Societies Fund 3 QOFS 43.(1) QOFS must, as soon as practicable, but within 4 months after the 4 transfer date, give to the Minister a report on the operations of the Building 5 Societies Fund for the period from the end of the period covered by the last 6 report given under the Building Societies Fund Act 1993, section 10,25 until 7 the transfer date. 8 (2) The Minister must table the report in the Legislative Assembly within 9 14 sitting days after the Minister receives the report. 10 Subdivision 3--Provisions about QOFS's staff 11 for sdiv 3 12 Definition 44. In this subdivision-- 13 "employees", of QOFS, includes the chief executive officer of QOFS. 14 of staff to APRA under transfer agreement 15 Transfer 45.(1) The Minister may enter into a transfer agreement under 16 schedule 8, part 1, division 226 of the FSR Act, that determines, or provides 17 for determining, that particular employees of QOFS become APRA 18 employees on a particular date, not being a date before the transfer date. 19 (2) The transfer agreement has effect according to its terms. 20 25 Building Societies Act 1993, section 10 (Report by QOFS) 26 FSR Act, schedule 8 (Transitional, saving and application provisions), part 1 (Transitional provisions relating to transfer from State and Territory regulatory regimes), division 2 (Transitional provisions relating to staff)

 


 

s 46 29 s 47 Financial Sector Reform (Queensland) of transfer under s 45 or of employees of QOFS becoming 1 Effect appointed to the Australian Public Service 2 46.(1) This section applies if a person becomes an APRA employee 3 under section 45. 4 (2) This section also applies if-- 5 (a) a person is appointed to the Australian Public Service under the 6 Public Service Act 1922 (Cwlth), section 81B(1),27 on or after the 7 transfer date; and 8 (b) immediately before the appointment, the person was an employee 9 of QOFS. 10 (3) If the person is the chief executive officer of QOFS, the officer's 11 appointment under the QOFS Act immediately ends. 12 (4) If the person is another employee of QOFS, the employee's 13 employment with QOFS immediately ends. 14 (5) A person is not entitled to receive any payment or other benefit, 15 whether under a contract or otherwise, because the person's appointment or 16 employment ends under this section. 17 of accrued benefits etc. 18 Statement 47.(1) Before an employee of QOFS becomes an APRA employee 19 under section 45 or is appointed to the Australian Public Service as 20 mentioned in section 46(2), QOFS must give the person, and APRA or the 21 Commonwealth Public Service Commissioner, a written statement. 22 (2) The statement must state particulars of the benefits to which the 23 person has an accrued entitlement, the person's remuneration and the 24 person's length of service with QOFS. 25 27 Public Service Act 1922 (Cwlth), section 81B (Appointment or employment of persons where functions to be performed by Commonwealth etc.)

 


 

s 48 30 s 49 Financial Sector Reform (Queensland) 4--Information may be given to APRA or ASIC 1 Subdivision of information 2 Giving 48.(1) This section applies to-- 3 (a) a director of QOFS's board; and 4 (b) an employee of QOFS, including QOFS chief executive officer; 5 and 6 (c) a person appointed by QOFS to carry out duties under the fiscal 7 bodies legislation; and 8 (d) a person who has been a person mentioned in paragraph (a), (b) 9 or (c). 10 (2) A person to whom this section applies may disclose to APRA or 11 ASIC information the person acquired while engaged in the administration 12 of the fiscal bodies legislation. 13 (3) This section applies despite section 41028 of the Financial Institutions 14 Code or section 47729 of the Friendly Societies Code. 15 5--Transfer of QOFS's assets and liabilities 16 Subdivision of assets and liabilities 17 Transfer 49.(1) The Minister may enter into a transfer agreement under 18 schedule 8, part 1, division 330 of the FSR Act connected with the transfer 19 of QOFS's assets or liabilities to APRA or ASIC. 20 (2) The transfer agreement has effect according to its terms. 21 28 Financial Institutions Code, section 410 (Secrecy) 29 Friendly Societies Code, section 477 (Secrecy) 30 FSR Act, schedule 8 (Transitional, saving and application provisions), part 1 (Transitional provisions relating to transfer from State and Territory regulatory regimes), division 3 (Transfer of assets and liabilities)

 


 

s 50 31 s 51 Financial Sector Reform (Queensland) 6--Proceedings involving QOFS 1 Subdivision and preservation of civil proceedings involving QOFS 2 Continuation 50.(1) For a proceeding started before the transfer date to which QOFS 3 was a party immediately before the date, the State is substituted for QOFS 4 as a party to the proceeding. 5 (2) For a proceeding not started before the transfer date and that could if 6 started after the date be brought against QOFS, or apart from the 7 commencement of section 1731 and the dissolution of QOFS could have 8 been brought against QOFS, the proceeding may instead be brought against 9 the State. 10 (3) For this section evidence that would have been admissible for or 11 against QOFS is admissible for or against the State. 12 (4) This section does not apply to a proceeding for an offence or a 13 proceeding under the Financial Intermediaries Act 1996. 14 of offence proceedings 15 Continuation 51.(1) This section applies to a proceeding for an offence brought under 16 section 404 32 of the Financial Institutions Code or section 47133 of the 17 Friendly Societies Code by QOFS, or a person authorised in writing by 18 QOFS, that started before the transfer date but was not completed before the 19 date. 20 (2) On and after the transfer date, the proceeding may continue to be 21 prosecuted by either APRA or ASIC in place of QOFS or the person 22 authorised by QOFS, and APRA or ASIC may be substituted for QOFS or 23 the person. 24 (3) The functions and powers necessary for this section are conferred on 25 APRA and ASIC 26 31 Section 17 (Repeals) 32 Financial Institutions Code, section 404 (Proceedings for offences) 33 Friendly Societies Code, section 471 (Proceedings for offences)

 


 

s 52 32 s 53 Financial Sector Reform (Queensland) 4--APRA's and ASIC's functions and powers under codes 1 Division of functions and powers relating to financial institutions 2 Conferral and friendly societies 3 52.(1) Either relevant Commonwealth body has the same enforcement 4 powers relating to anything done or omitted to be done under a code before 5 the transfer date as AFIC or QOFS had immediately before that date. 6 (2) For subsection (1), a code applies with all necessary changes. 7 (3) In this section-- 8 "code" means the AFIC Code, Financial Institutions Code or Friendly 9 Societies Code. 10 FIC Code provisions 11 A 53.(1) The following provisions of the AFIC Code continue to apply on 12 and after the transfer date in relation to anything done or omitted to be done 13 before the date as if section 1734 had not commenced-- 14 (a) part 8,35 other than sections 50, 51 55 and 58;36 15 (b) the other provisions of the code relevant to the part. 16 (2) Despite subsection (1), a provision, or part of a provision, applying 17 under the subsection that creates an offence is not limited in its application 18 to anything done or omitted to be done before the transfer date. 19 (3) For the application mentioned in subsection (1)-- 20 (a) a reference in the code to AFIC is taken to be a reference to either 21 relevant Commonwealth body; and 22 (b) a reference in the code to a financial institution is taken to be a 23 reference to an entity that on the transfer date is a company under 24 34 Section 17 (Repeals) 35 AFIC Code, part 8 (Enforcement powers) 36 AFIC Code, sections 50 (Injunctions), 51 (Obtaining information etc. from financial institutions), 55 (Entry and search--monitoring compliance) and 58 (Monitoring warrants)

 


 

s 54 33 s 54 Financial Sector Reform (Queensland) the Corporations Law and that, immediately before that date, was 1 a financial institution under the code; and 2 (c) in section 52(1) of the code, the words `the financial institutions 3 scheme' are taken to be omitted and the words `investigating 4 whether an offence against the fiscal bodies legislation has been 5 committed' are taken to be substituted; and 6 (d) a reference in section 52(1)(a) or (b) of the code to an employee 7 of AFIC or of a State supervisory authority is taken to be a 8 reference to an employee of either relevant Commonwealth body; 9 and 10 (e) section 52(5) of the code is taken to be omitted; and 11 (f) a reference in section 53(1) or (2) of the code to the executive 12 director is taken to be a reference to either relevant 13 Commonwealth body; and 14 (g) a reference in section 53(5) of the code to officers and employees 15 of the State supervisory authorities is taken to be a reference to 16 officers and employees of either relevant Commonwealth body; 17 and 18 (h) section 63(1A) and (1B) of the code are taken to be omitted; and 19 (i) a reference in section 63(2) of the code to the Ministerial Council 20 is taken to be a reference to the Minister administering this Act; 21 and 22 (j) the code applies with all other necessary changes. 23 (4) This section does not limit section 52. 24 Institutions Code provisions 25 Financial 54.(1) The following provisions of the Financial Institutions Code 26 continue to apply on and after the transfer date in relation to anything done 27 or omitted to be done before the date as if section 1737 had not 28 commenced-- 29 (a) part 2, division 2, subdivision 1A (other than sections 75, 79 and 30 37 Section 17 (Repeals)

 


 

s 54 34 s 54 Financial Sector Reform (Queensland) 82), part 10 and sections 392, 397, 398 and 404;38 1 (b) the other provisions of the code relevant to the provisions 2 mentioned in paragraph (a). 3 (2) Despite subsection (1), a provision, or part of a provision, applying 4 under the subsection that creates an offence is not limited in its application 5 to anything done or omitted to be done before the transfer date. 6 (3) For the application mentioned in subsection (1)-- 7 (a) a reference in the code to the SSA is taken to be a reference to 8 either relevant Commonwealth body; and 9 (b) a reference in the code to a financial body is taken to be a 10 reference to an entity that on the transfer date is a company under 11 the Corporations Law and that, immediately before that date, was 12 a financial body under the code; and 13 (c) a reference in the code to a society is taken to be reference to an 14 entity that on the transfer date is a company under the 15 Corporations Law and that, immediately before that date, was a 16 society under the code; and 17 (d) in section 76(1) of the code, the words `the financial institutions 18 legislation' are taken to be omitted and the words `investigating 19 whether an offence against the financial institutions legislation has 20 been committed' are taken to be substituted; and 21 (e) a reference in section 76(1)(a) or (b) of the code to an employee 22 of the SSA is taken to be a reference to an employee of either 23 relevant Commonwealth body; and 24 (f) section 76(5) of the code is taken to be omitted; and 25 (g) in the definition "financial body to which this section applies" in 26 section 397(1) of the code, paragraphs (a), (b), (d), (e) and (f) are 27 taken to be omitted; and 28 38 Financial Institutions Code, part 2 (Functions and powers of SSA), division 2 (Specific powers), subdivision 1A (Enforcement powers), sections 75 (Obtaining information etc.), 79 (Entry and search--monitoring compliance) and 82 (Monitoring warrants), part 10 (Special investigations) and sections 392 (Powers of Court), 397 (Power to examine defaulting officers), 398 (Power of Court to assess damages against certain persons) and 404 (Proceedings for offences)

 


 

s 55 35 s 55 Financial Sector Reform (Queensland) (h) section 397(2) of the code is taken to be omitted; and 1 (i) in the definition "financial body to which this section applies" in 2 section 398(1) of the code, paragraphs (a), (b), (d), (e) and (f) are 3 taken to be omitted; and 4 (j) in the definition "prescribed person" in section 398(1) of the 5 code, paragraphs (a) and (b), are taken to be omitted; and 6 (k) section 398(2) of the code is taken to be omitted; and 7 (l) a reference in section 404(2) of the code to the Minister is taken to 8 be a reference to the Minister administering this Act; and 9 (m) the code applies with all other necessary changes. 10 (4) This section does not limit section 52. 11 for Financial Institutions Code as applied under s 40 of 12 Provisions AFIC Code 13 55.(1) The following provisions continue to apply on and after the 14 transfer date in relation to anything done or omitted to be done before the 15 date as if section 1739 had not commenced-- 16 (a) section 4040 of the AFIC Code to the extent it applies the relevant 17 provisions; 18 (b) the relevant provisions as applied under section 40 of the AFIC 19 Code; 20 (c) the other provisions of the AFIC Code and the Financial 21 Institutions Code relevant to section 40 of the AFIC Code and the 22 relevant provisions. 23 (2) Despite subsection (1), a provision, or part of a provision, applying 24 under the subsection that creates an offence is not limited in its application 25 to anything done or omitted to be done before the transfer date. 26 (3) For the application mentioned in subsection (1)-- 27 39 Section 17 (Repeals) 40 AFIC Code, section 40 (Application of Financial Institutions Code)

 


 

s 55 36 s 55 Financial Sector Reform (Queensland) (a) a reference in section 40 of the AFIC Code or in section 541 of the 1 AFIC Regulations to a special services provider is taken to be a 2 reference to an entity that on the transfer date is a company under 3 the Corporations Law and that, immediately before that date, was 4 a special services provider under that code; and 5 (b) a reference in section 40 of the AFIC Code or in section 5 of the 6 AFIC Regulations to AFIC is taken to be a reference to either 7 relevant Commonwealth body; and 8 (c) in section 76(1) of the Financial Institutions Code, the words `the 9 financial institutions legislation' are taken to be omitted and the 10 words `investigating whether an offence against the financial 11 institutions legislation has been committed' are taken to be 12 substituted; and 13 (d) section 76(5) of the Financial Institutions Code is taken to be 14 omitted; and 15 (e) in the definition "financial body to which this section applies" in 16 section 397(1) of the Financial Institutions Code, paragraphs (a), 17 (b), (d), (e) and (f) are taken to be omitted; and 18 (f) section 397(2) of the Financial Institutions Code is taken to be 19 omitted; and 20 (g) in the definition "financial body to which this section applies" in 21 section 398(1) of the Financial Institutions Code, paragraphs (a), 22 (b), (d), (e) and (f) are taken to be omitted; and 23 (h) in the definition "prescribed person" in section 398(1) of the 24 Financial Institutions Code, paragraphs (a) and (b), are taken to be 25 omitted; and 26 (i) section 398(2) of the Financial Institutions Code is taken to be 27 omitted; and 28 (j) a reference in section 404(2) of the Financial Institutions Code to 29 the Minister is taken to be a reference to the Minister 30 administering this Act; and 31 (k) the AFIC Code and the Financial Institutions Code apply with all 32 41 AFIC Regulations, section 5 (Application of Financial Institutions Code--s 40)

 


 

s 56 37 s 56 Financial Sector Reform (Queensland) other necessary changes. 1 (4) This section does not limit section 52. 2 (5) In this section-- 3 "relevant provisions" means part 2, division 2, subdivision 1A (other than 4 sections 75, 79 and 82), part 10 and sections 392, 397, 398 and 404 of 5 the Financial Institutions Code. 6 Societies Code provisions 7 Friendly 56.(1) The following provisions of the Friendly Societies Code continue 8 to apply on and after the transfer date in relation to anything done or omitted 9 to be done before the date as if section 1742 had not commenced-- 10 (a) part 2, division 2, subdivision 2 (other than sections 31, 35 and 11 38), part 10 and sections 460, 465, 466 and 471;43 12 (b) the other provisions of the code relevant to the provisions 13 mentioned in paragraph (a). 14 (2) Despite subsection (1), a provision, or part of a provision, applying 15 under the subsection that creates an offence is not limited in its application 16 to anything done or omitted to be done before the transfer date. 17 (3) For the application mentioned in subsection (1)-- 18 (a) a reference in the code to the SSA is taken to be reference to either 19 relevant Commonwealth body; and 20 (b) a reference in the code to a society is taken to be reference to an 21 entity that on the transfer date is a company under the 22 Corporations Law and that, immediately before that date, was a 23 society under the code; and 24 (c) in section 32(1) of the code, the words `the friendly societies 25 42 Section 17 (Repeals) 43 Friendly Societies Code, part 2 (Functions and powers of SSA), division 2 (Specific Powers), subdivision 2 (Enforcement powers), sections 31 (Obtaining information), 35 (Entry and search--monitoring compliance) and 38 (Monitoring warrants), part 10 (Special investigations) and sections 460 (Powers of Court), 465 (Power to examine defaulting officers), 466 (Power of Court to assess damages against certain persons) and 471 (Proceedings for offences)

 


 

s 57 38 s 57 Financial Sector Reform (Queensland) legislation' are taken to be omitted and the words `investigating 1 whether an offence against the friendly societies legislation has 2 been committed' are taken to be substituted; and 3 (d) a reference in section 32(1)(a) or (b) of the code to an employee 4 of the SSA is taken to be a reference to an employee of either 5 relevant Commonwealth body; and 6 (e) section 32(4) of the code is taken to be omitted; and 7 (f) in the definition "society to which this section applies" in 8 section 465(1) of the code, paragraphs (a), (b), (d), (e) and (f) are 9 taken to be omitted; and 10 (g) section 465(2) of the code is taken to be omitted; and 11 (h) in the definition "society to which this section applies" in 12 section 466(1) of the code, paragraphs (a), (b), (d), (e) and (f) are 13 taken to be omitted; and 14 (i) in the definition "prescribed person" in section 466(1) of the 15 code, paragraphs (a) and (b) are taken to be omitted; and 16 (j) section 466(2) of the code is taken to be omitted; and 17 (k) a reference in section 471(2) of the code to the Minister is taken to 18 be a reference to the Minister administering this Act; and 19 (l) the code applies with all other necessary changes. 20 (4) This section does not limit section 52. 21 appropriately qualified person may be authorised etc. 22 Only 57.(1) The power to authorise a person, or to delegate a power to a 23 person, under an applied provision is a power only to authorise, or delegate 24 the power to, an appropriately qualified person. 25 (2) In this section-- 26 "applied provision" means any of the following provisions applied under 27 this division-- 28 (a) section 53(1) of the AFIC Code; 29

 


 

s 58 39 s 61 Financial Sector Reform (Queensland) (b) sections 77(1) and 356(1) of the Financial Institutions Code; 1 (c) sections 33(1) and 419(1) of the Friendly Societies Code. 2 of functions and powers 3 Conferral 58. The functions and powers necessary for the purposes of this division 4 are conferred on APRA and ASIC. 5 5--Chief executive's functions and powers for Friendly 6 Division Societies Act 1991 7 8 Definition 59. In this division-- 9 "repealed Act" means the Friendly Societies Act 1991, repealed under the 10 Friendly Societies (Queensland) Act 1997, section 39. 11 of functions and powers relating to matters under repealed 12 Conferral Act 13 60.(1) The chief executive has the same enforcement powers relating to 14 anything done or omitted to be done under the repealed Act before its repeal 15 as the Registrar under that Act had immediately before the repeal. 16 (2) For subsection (1), the repealed Act applies with all necessary 17 changes. 18 of certain provisions of repealed Act 19 Application 61.(1) The following provisions of the repealed Act continue to apply on 20 and after the commencement of this section in relation to anything done or 21 omitted to be done before its repeal as if the Act had not been repealed-- 22 (a) part 8, divisions 3 and 4 (other than sections 8.27 and 8.30) and 23

 


 

s 62 40 s 62 Financial Sector Reform (Queensland) section 12.11;44 1 (b) the other provisions of the Act relevant to the provisions 2 mentioned in paragraph (a). 3 (2) For the application mentioned in subsection (1)-- 4 (a) a reference in the Act to a friendly society is taken to be a 5 reference to an entity that, before the repeal of the Act, was a 6 friendly society under the Act; and 7 (b) a reference in the Act to the Registrar is taken to be a reference to 8 the chief executive; and 9 (c) a reference in the Act to the Minister is taken to be a reference to 10 the Minister administering this Act; and 11 (d) a reference in the definition "friendly society" in sections 8.14 12 and 8.26 of the Act to a foreign society registered under Part 11 is 13 taken to be reference to an entity that, before the repeal of the Act, 14 was a foreign society under the Act and registered under part 11 15 of the Act; and 16 (e) the chief executive may appoint only an appropriately qualified 17 person under section 8.15(1) or 8.33(1) of the Act. 18 (3) This section does not limit section 60. 19 of certain offence proceedings 20 Continuation 62.(1) This section applies to a proceeding for an offence against the 21 repealed Act brought by QOFS that started before the transfer date but was 22 not completed before the date. 23 (2) On and after the transfer date, the proceeding may continue to be 24 prosecuted by the chief executive, or a person authorised by the chief 25 executive, in place of QOFS and the chief executive or person may be 26 substituted in the proceeding for QOFS. 27 44 Friendly Societies Act 1991, part 8 (Administration), divisions 3 (Investigations) and 4 (Entry and search), sections 8.27 (Entry and search--monitoring compliance), section 8.30 (Monitoring warrants) and 12.11 (Proceedings how and when taken)

 


 

s 63 41 s 65 Financial Sector Reform (Queensland) of powers 1 Delegation 63. The chief executive may delegate the chief executive's powers under 2 the repealed Act as applied under this division to an appropriately qualified 3 officer of the department. 4 6--Matters relating to deregistered societies 5 Division for div 6 6 Definition 64. In this division-- 7 "society" means an entity that, before the transfer date, was-- 8 (a) a society under the Financial Institutions Code or the Friendly 9 Societies Code; or 10 (b) a building society under the Building Societies Act 1985 or a 11 corresponding previous enactment; or 12 (c) a credit society under the Credit Societies Act 1986 or a 13 corresponding previous enactment; or 14 (d) a friendly society under the Friendly Societies Act 1991 or a 15 corresponding previous enactment. 16 of div 6 17 Application 65. This division applies to a society whose registration has been 18 cancelled, before the transfer date, under-- 19 (a) the Financial Institutions Code; or 20 (b) the Friendly Societies Code; or 21 (c) the Building Societies Act 1985 or a corresponding previous 22 enactment; or 23 (d) the Credit Societies Act 1986 or a corresponding previous 24 enactment; or 25 (e) the Friendly Societies Act 1991 or a corresponding previous 26 enactment. 27

 


 

s 66 42 s 66 Financial Sector Reform (Queensland) property vested in ASIC under s 49 1 Society's 66.(1) This section applies to property vested in ASIC under section 4945 2 that was held by the society. 3 (2) If the property was held by the society on trust, ASIC may-- 4 (a) continue to act as trustee; or 5 (b) apply to a court for the appointment of a new trustee. 6 (3) If the property was not held by the society on trust, ASIC-- 7 (a) may-- 8 (i) dispose of or deal with the property as it sees fit; and 9 (ii) apply any money it receives to defray expenses incurred by 10 ASIC in exercising its powers in relation to the society and 11 to make payments authorised by subsection (4); and 12 (b) must deal with the balance of the property remaining after acting 13 under paragraph (a) (if any) under part 9.746 of the Corporations 14 Law which is taken to apply as if the society had been a company. 15 (4) The property remains subject to all liabilities imposed on the property 16 under a law and does not have the benefit of any exemption that the 17 property might otherwise have because it is vested in ASIC. 18 (5) ASIC's obligation under subsection (4) is limited to satisfying the 19 liabilities out of the society's property to the extent that the property is 20 properly available to satisfy those liabilities. 21 (6) ASIC must keep-- 22 (a) a record of the property that it knows this section applies to; and 23 (b) a record of its dealings with that property; and 24 (c) accounts of all money received from those dealings; and 25 (d) all accounts, vouchers, receipts and papers relating to the property 26 and that money. 27 45 Section 49 (Transfer of assets and liabilities) 46 Corporations Law, part 9.7 (Unclaimed property)

 


 

s 67 43 s 70 Financial Sector Reform (Queensland) may act for society 1 ASIC 67. ASIC may do an act on behalf of the society or the society's 2 liquidator if ASIC is satisfied the society or liquidator would be bound to do 3 the act if the society still existed. 4 from society's insurer 5 Recovery 68. A person may recover from an insurer of the society an amount that 6 was payable to the society under the insurance contract if-- 7 (a) the society had a liability to the person; and 8 (b) the insurance contract covered the liability immediately before the 9 cancellation of the registration. 10 of functions and powers 11 Conferral 69. The functions and powers necessary for the purposes of this division 12 are conferred on ASIC. 13 Division 7--Miscellaneous 14 accounts 15 Dormant 70.(1) This section applies, if-- 16 (a) before the transfer date a society transferred an amount from a 17 person's deposit account with the society to another account 18 under section 138A(4)(c)47 of the Financial Institutions Code; and 19 (b) immediately before the transfer date the amount has not been 20 lawfully totally paid out as mentioned in section 138A(6)(b) of 21 that code. 22 (2) Immediately before the transfer date the amount remaining in the 23 other account for the person is taken to have been transferred back to the 24 person's deposit account as if it had never been classified as a dormant 25 account or closed under section 138A of the Financial Institutions Code. 26 47 Financial Institutions Code, section 138A (Dormant accounts)

 


 

s 71 44 s 71 Financial Sector Reform (Queensland) and transfers of engagements started under Financial 1 Mergers Institutions (Queensland) Code 2 71.(1) This section applies if a transfer of engagements or merger started 3 before the transfer date under part 7 of the Financial Institutions 4 (Queensland) Code and immediately before the date has not been 5 completed, or been given effect. 6 (2) The transfer of engagements or merger may be completed, or be 7 given effect, under part 7 of the Financial Institutions (Queensland) Code on 8 or after the transfer date and, for that purpose, the part, and other provisions 9 of the code relevant to the part, continue to apply as if section 17 48 had not 10 commenced. 11 (3) For the application mentioned in subsection (2)-- 12 (a) a reference in the Financial Institutions (Queensland) Code to the 13 SSA is taken to be a reference to either relevant Commonwealth 14 body; and 15 (b) a reference in the Financial Institutions (Queensland) Code to the 16 SSA of a participating State is taken to be a reference to either 17 relevant Commonwealth body; and 18 (c) the Financial Institutions (Queensland) Code applies with all other 19 necessary changes. 20 (4) For this section a transfer of engagements was started before the 21 transfer date under part 7 of the Financial Institutions (Queensland) Code if, 22 before that date-- 23 (a) 1 of the following conditions was satisfied in relation to each 24 society or foreign society involved-- 25 (i) the transfer was approved by a special resolution of the 26 society or foreign society, as required by the relevant 27 Financial Institutions Code; 28 (ii) the relevant SSA made a determination, under the relevant 29 Financial Institutions Code, that the transfer may be 30 approved by the board of the society or foreign society; or 31 (b) in a case where each entity involved in the transfer is a society, 32 48 Section 17 (Repeals)

 


 

s 71 45 s 71 Financial Sector Reform (Queensland) QOFS gave a direction, under the Financial Institutions 1 (Queensland) Code, requiring the transfer. 2 (5) For this section, a merger was started before the transfer date if, 3 before that date, 1 of the following conditions was satisfied in relation to 4 each society or foreign society involved-- 5 (a) the merger was approved by a special resolution of the society or 6 foreign society, as required by the relevant Financial Institutions 7 Code; 8 (b) the relevant SSA made a determination, under the relevant 9 Financial Institutions Code, that the merger may be approved by 10 the board of the society or foreign society. 11 (6) The functions and powers of the SSA that are necessary for the 12 purposes of this section are conferred on each relevant Commonwealth 13 body. 14 (7) In this section-- 15 "financial institutions agreement" see section 3 of the AFIC Code.49 16 "foreign society" means a body corporate that, before the transfer date, was 17 a society under the financial institutions legislation of another 18 participating State, whether or not it was registered as a foreign society 19 under part 11 of the Financial Institutions (Queensland) Code. 20 "participating State" means a State that, immediately before the transfer 21 date, was a party to the financial institutions agreement and in which, 22 immediately before that date, the foreign society was incorporated. 23 "relevant Financial Institutions Code" means-- 24 (a) in relation to a society, the Financial Institutions (Queensland) 25 Code; or 26 (b) in relation to a foreign society, the law of another participating 27 State corresponding to the Financial Institutions (Queensland) 28 Code. 29 "relevant SSA" means-- 30 (a) in relation to a society, QOFS; or 31 49 The attachment contains extracts of the relevant provisions of the AFIC Code.

 


 

s 72 46 s 72 Financial Sector Reform (Queensland) (b) in relation to a foreign society, the State supervisory authority 1 under the financial institutions legislation of the other participating 2 State. 3 "society" means an entity that, immediately before the transfer date, was a 4 society under the Financial Institutions (Queensland) Code. 5 and transfers of engagements started under Friendly 6 Mergers Societies (Queensland) Code 7 72.(1) This section applies if a transfer of engagements or merger started 8 before the transfer date under part 7 of the Friendly Societies (Queensland) 9 Code and immediately before the date has not been completed, or been 10 given effect. 11 (2) The transfer of engagements or merger may be completed, or be 12 given effect, under part 7 of the Friendly Societies (Queensland) Code on or 13 after the transfer date and, for that purpose, the part, and other provisions of 14 the code relevant to the part, continue to apply as if section 1750 had not 15 commenced. 16 (3) For the application mentioned in subsection (2)-- 17 (a) a reference in the Friendly Societies (Queensland) Code to the 18 SSA is taken to be a reference to either relevant Commonwealth 19 body; and 20 (b) a reference in the Friendly Societies (Queensland) Code to the 21 SSA of a participating State is taken to be a reference to either 22 relevant Commonwealth body; and 23 (c) the Friendly Societies (Queensland) Code applies with all other 24 necessary changes. 25 (4) For this section a transfer of engagements was started before the 26 transfer date under part 7 of the Friendly Societies (Queensland) Code if, 27 before that date-- 28 (a) 1 of the following conditions was satisfied in relation to each 29 society or foreign society involved-- 30 (i) the transfer was approved by a special resolution of the 31 50 Section 17 (Repeals)

 


 

s 72 47 s 72 Financial Sector Reform (Queensland) society or foreign society, as required by the relevant 1 Friendly Societies Code; 2 (ii) the relevant SSA made a determination, under the relevant 3 Friendly Societies Code, that the transfer may be approved 4 by the board of the society or foreign society; or 5 (b) in a case where each entity involved in the transfer is a society, 6 QOFS gave a direction, under the Friendly Societies 7 (Queensland) Code, requiring the transfer. 8 (5) For this section, a merger was started before the transfer date if, 9 before that date, 1 of the following conditions was satisfied in relation to 10 each society or foreign society involved-- 11 (a) the merger was approved by a special resolution of the society or 12 foreign society, as required by the relevant Friendly Societies 13 Code; 14 (b) the relevant SSA made a determination, under the relevant 15 Friendly Societies Code, that the merger may be approved by the 16 board of the society or foreign society. 17 (6) The functions and powers of the SSA that are necessary for the 18 purposes of this section are conferred on each relevant Commonwealth 19 body. 20 (7) In this section-- 21 "financial institutions agreement" see section 3 of the AFIC Code. 22 "foreign society" means a body corporate that, before the transfer date, was 23 a society under the friendly societies legislation of another participating 24 State, whether or not it was registered as a foreign society under 25 part 11 of the Friendly Societies (Queensland) Code. 26 "friendly societies legislation" see section 8A of the AFIC Code.51 27 "participating State" means a State that, immediately before the transfer 28 date, was a party to the financial institutions agreement and in which, 29 immediately before that date, the foreign society was incorporated. 30 "relevant Friendly Societies Code" means-- 31 51 The attachment contains extracts of the relevant provisions of the AFIC Code.

 


 

s 73 48 s 74 Financial Sector Reform (Queensland) (a) in relation to a society, the Friendly Societies (Queensland) Code; 1 or 2 (b) in relation to a foreign society, the law of another participating 3 State corresponding to the Friendly Societies (Queensland) Code. 4 "relevant SSA" means-- 5 (a) in relation to a society, QOFS; or 6 (b) in relation to a foreign society, the State supervisory authority 7 under the friendly societies legislation of the other participating 8 State. 9 "society" means an entity that, immediately before the transfer date, was a 10 society under the Friendly Societies (Queensland) Code. 11 Financial Institutions Appeals Tribunal 12 Australian 73.(1) This section applies on the transfer date. 13 (2) The Australian Financial Institutions Appeals Tribunal established 14 under section 8 of the AFIC Act ceases to exist and its members go out of 15 office. 16 (3) All applications made to the tribunal under a code for review of a 17 decision that have not been decided are taken to have been withdrawn. 18 (4) In this section-- 19 "code" means the AFIC Code, Financial Institutions Code or Friendly 20 Societies Code. 21 ART 6--MISCELLANEOUS 22 P power 23 Regulation-making 74. The Governor in Council may make regulations under this Act. 24

 


 

s 75 49 s 76 Financial Sector Reform (Queensland) defined in other legislation referred to in this Act 1 Attachment--words 75.(1) Attached to this Act is an attachment containing relevant 2 provisions from other legislation referred to in this Act.52 3 (2) The attachment is not part of this Act. 4 (3) The attachment must be revised so that it is an accurate copy of the 5 provisions as amended from time to time. 6 (4) The revision under subsection (3) must happen in the first reprint of 7 the Act after the amendment of the provision. 8 PART 7--AMENDMENT OF ACTS 9 amended in sch 1 10 Acts 76. Schedule 1 amends the Acts mentioned in it. 11 12 52 The attachment appears immediately after the dictionary.

 


 

50 Financial Sector Reform (Queensland) CHEDULE 1 1 S MENDMENTS 2 A section 76 3 ART 1--AMENDMENT OF THE FAMILY 4 P SECURITY FRIENDLY SOCIETY (DISTRIBUTION 5 OF MONEYS) ACT 1991 6 1. Section 2, definition "Registrar"-- 7 omit. 8 2. Section 2-- 9 insert-- 10 ` "registrar" means-- 11 (a) before the transfer date--QOFS; and 12 (b) on and after the transfer date--the chief executive. 13 "reporting period" means the period starting on 15 January 1991 and 14 ending at the end of the day section 30 starts to apply. 15 "transfer date" means the date that, under the Financial Sector Reform 16 (Amendments and Transitional Provisions) Act (No. 1) 1999 (Cwlth), 17 section 3(16), is specified as the transfer date for the purposes of that 18 Act.'. 19 3. Section 4A(3)-- 20 omit. 21

 


 

51 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 4. Section 28(2), from `including' to `Society'-- 1 omit. 2 5. Section 28-- 3 insert-- 4 `(3) Despite subsection (2), the provisions of the Friendly Societies 5 Act 1991 about winding-up and dissolution do not apply. 6 `(4) For the application mentioned in subsection (2), on and after the 7 transfer date, a reference in the Friendly Societies Act 1991 and the 8 regulations to the registrar is taken to be a reference to the chief executive.'. 9 6. After section 29-- 10 insert-- 11 `Administrator must give Minister a report about the administration 12 of the society 13 `30.(1) This section applies if the society's administrator-- 14 (a) has performed the administrator's duty under section 5;53 and 15 (b) has paid administration expenses and creditors under section 19; 16 and 17 (c) has made a final distribution to investors under section 20. 18 `(2) The administrator must give the Minister a report about the 19 administration within 30 days after this section applies. 20 `(3) The report must-- 21 (a) be in writing and signed by the administrator; and 22 (b) contain a final account of-- 23 (i) the property collected and converted into money by the 24 administrator under section 5 during the reporting period; 25 53 Section 5 (Administrator to collect property of Society)

 


 

52 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) and 1 (ii) the money paid under section 19, and distributed under 2 section 20, during the reporting period; and 3 (c) contain a statement by the administrator that-- 4 (i) on the day the administrator signs the report, the information 5 in it is, to the best of the administrator's knowledge and 6 belief, true; and 7 (ii) the administrator has performed the administrator's duty 8 under section 5; and 9 (iii) the administrator has paid administration expenses and 10 creditors under section 19; and 11 (iv) the administrator has made a final distribution to investors 12 under section 20; and 13 (v) the final account mentioned in paragraph (b) contains a full 14 and true account of the property collected and converted into 15 money, and the money paid and distributed, during the 16 reporting period; and 17 (d) contain the further information, or be accompanied by the 18 documents, directed by the Minister. 19 `Dissolution of society 20 `31.(1) As soon as practicable after receiving the report, the Minister 21 must, by gazette notice, dissolve the society. 22 `(2) The society is dissolved on the day stated in the notice. 23 `Ending of society's administration and cancellation of society's 24 registration 25 `32. On the dissolution of the society-- 26 (a) the administrator's appointment under section 4A ends; and 27 (b) the administration of the society ends; and 28

 


 

53 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) (c) the society's registration is taken to have been cancelled under the 1 Friendly Societies Act 1991, section 10.5.'. 2 PART 2--AMENDMENT OF THE FINANCIAL 3 INTERMEDIARIES ACT 1996 4 1. Section 3, `schedule 4'-- 5 omit, insert-- 6 `the schedule'. 7 2. Part 2, heading-- 8 omit, insert-- 9 `PART 2--PRUDENTIAL AND ADVISORY 10 FUNCTIONS OF REGISTRAR'. 11 3. Section 8, heading-- 12 omit, insert-- 13 `Registrar's prudential and advisory functions'. 14 4. Section 8, `functions of QOFS's board'-- 15 omit, insert-- 16 `registrar's prudential and advisory functions'. 17 5. Section 8, paragraph (c)-- 18 omit, insert-- 19 `(c) act under part 3.'. 20

 


 

54 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 6. Section 9, `this Act'-- 1 omit, insert-- 2 `this part'. 3 7. Sections 9, 12(1), 13(2), 14(2), 16(1), `QOFS's board'-- 4 omit, insert-- 5 `the registrar'. 6 8. Sections 11(4), 12(2), 16(1), 19(2), 22(1)(b), 24, 47(5)(c), (6) and (9), 7 48(3), 61(4), 62(1) and (6), 67(6), 154(2), 164(4) and (7), 168(6), 170(2), 8 173(3)(b), 198(4)(a), (b) and (6), 201(1) and (2), 204(4), `it'-- 9 omit, insert-- 10 `the registrar'. 11 9. Sections 9, 19(1), 25(1), 47(1), 61(3)(a), 116(2), 154(5)(b), 164(11), 12 183(2), 198(4)(c), `its'-- 13 omit, insert-- 14 `the registrar's'. 15 10. Sections 10(1), 11(2), 16(3), `QOFS's board'-- 16 omit, insert-- 17 `The registrar'. 18 11. Sections 10(1), 16(1), `, by resolution,'-- 19 omit. 20

 


 

55 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 12. Sections 10(1)(b), 13(1), 19(2), 20(1), 22(2), 23, heading, 23(1), 1 25(2), 27, 28(2)(c), 29(3), 43(1) and (3), 47(2) to (4), (10) and (12), 2 48, heading, 48(3) to (5), 49(3), 50(1), 51, 54(3), 55(1), 58, heading, 3 58(1), (2) and (4), 59, 60, 62(2), (3), (6), (9) and (10), 63, 67(1), 4 definition "approved financial contracts", 73(1), (2)(b)(vi) and (4), 5 74(1), 80(3), 82, heading, 82(1), (3) and (6), 83, heading, 83(1) and (5), 6 91(3) and (4), 97(3) and (4), 111(2)(a) and (3), 122(2), 127(1)(b)(iii), 7 128(1), 130(3), 131(2) and (5), 132(4)(b), 135(3), 146(4), 147(3), 8 149(1)(e), 151(3), (13) to (15), 153(1)(b), (2) and (4), 154(1)(a) and (b), 9 (3) to (5), 155(3), 156(c), 158(8), 159(4) to (8), 160(4) and (6), 162(1)(b) 10 and (2)(a), 163(1), 164(1), 165(2)(b), 166, definition "certificate of 11 confirmation", 168(2), (3), (7) to (9), 169(1) and (3), 171(3), 173(3), 12 180(2)(a), 181(2), 182(1), 183, heading, 183(1) and (3), 184(2)(b) and 13 (d), 187, 188, 198(1) to (3), (5), (6) and (8), 199(1) and (4), 200(1), 14 201(1), (2), (4), (5), (7), (9) and (10), 203(1), 204(1), 205(1), 207(4), 15 209(1)(a) and (2)(d), 210(1), (3) and (4), 215(1), 217(1), definition 16 "appropriate officer", paragraphs (c) and (e) and (2)(a), 220(1) and 17 (2)(b), 225(1), 226(1) and (2), 227(1), definition "prescribed person", 18 paragraph (c) and (3), 237(2), (3) and (9), 240(9)(f), 241(3)(b), 243, 19 246, 247, `QOFS'-- 20 omit, insert-- 21 `the registrar'. 22 13. Section 10(2)-- 23 omit, insert-- 24 `(2) A standard takes effect from-- 25 (a) the day a copy of the standard is published in the gazette; or 26 (b) a later day stated in the standard.'. 27 14. Section 11(1), from `for' to `made'-- 28 omit. 29

 


 

56 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 15. Section 11(2), `the passing of the resolution,'-- 1 omit, insert-- 2 `the making of the standard,'. 3 16. Section 11(2), `, of the resolution.'-- 4 omit, insert-- 5 `, of the standard.'. 6 17. Sections 11(3)(a) and (7), 12(3), 16(1)(a) and (c) and (4), 7 `resolution'-- 8 omit, insert-- 9 `standard'. 10 18. Sections 11(3) to (6) and 12(2), `board'-- 11 omit, insert-- 12 `registrar'. 13 19. Section 11(4)(a) and (b), `QOFS's public office'-- 14 omit, insert-- 15 `the registrar's public office'. 16 20. Section 11(5), `to it'-- 17 omit. 18 21. Section 11(6), `passing the resolution'-- 19 omit, insert-- 20 `making the standard'. 21

 


 

57 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 22. Section 11(6), `proposed resolution'-- 1 omit, insert-- 2 `proposed standard'. 3 23. Section 12(1), from `for a'-- 4 omit, insert-- 5 `for a standard to be made without complying with section 11, the 6 registrar may make the standard.'. 7 24. Sections 16(2), 19(1), 21, 22(1), 23(2) and (3), 24, heading, 25(1), 8 26(1), 29(1), 43(2), 44(1), 47(1), (5), (6) and (9), 48(2), 49(1), (2) and 9 (4), 50(2), 54(1), 58(3), 61, 62(1), (4), (5), (7) and (8), 67(6), 73(3), 82(4), 10 83(2) and (3), 94, heading, 116(2), 128(3), 142(2) and (3), 154(2), 11 163(4), 164(4), (6), (7) and (11), 168(5) and (6), 169, heading, 169(2), 12 171, heading, 171(1) and (2), 174, 176, 183(2), 186(2), 190(2) to (5), 13 198(4) and (7), 199(2), 204(3) and (4), 205(2), 244, `QOFS'-- 14 omit, insert-- 15 `The registrar'. 16 25. Section 16(3), from `the resolution'-- 17 omit, insert-- 18 `all standards are available for inspection and purchase at the registrar's 19 public office.'. 20 26. Part 4, heading-- 21 omit, insert-- 22 `PART 4--OTHER FUNCTIONS AND POWERS OF 23 REGISTRAR'. 24

 


 

58 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 27. Section 18, heading-- 1 omit, insert-- 2 `Other functions'. 3 28. Section 18, `The functions of QOFS'-- 4 omit, insert-- 5 `The other functions of the registrar'. 6 29. Section 18(j)-- 7 omit, insert-- 8 `(j) carry out the functions conferred on the registrar by another 9 provision of this Act, other than part 2.'. 10 30. After section 19-- 11 insert-- 12 `Delegations 13 `19A.(1) The registrar may delegate the registrar's powers under this Act 14 to an appropriately qualified person. 15 `(2) However, the registrar may delegate a power under part 3 only to 16 APRA under an agreement mentioned in section 64A.54 17 `(3) A power, other than a power under part 3, may be subdelegated to 18 an appropriately qualified person if the delegation expressly allows the 19 subdelegation of the power. 20 `(4) In this section-- 21 "appropriately qualified" includes having the qualifications, experience or 22 standing appropriate to the exercise of the power. 23 54 Section 64A (State may enter into agreements with APRA)

 


 

59 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 1 Example of `standing'-- 2 If the person is an employee of the department, the person's classification level 3 in the department. `Registrar's seal 4 `19B. The registrar must have a seal of office. 5 `Registrar's public office 6 `19C. The registrar must have a public office for this Act.'. 7 31. Sections 20(2), 48(6)(b), 49(6), 55(2), 116(1), 154(1)(c), 190(2), 8 198(4)(e), 199(2) and (3), 209(3), 210(2) and (3), `QOFS's'-- 9 omit, insert-- 10 `the registrar's'. 11 32. Section 22, heading, `QOFS's public office'-- 12 omit, insert-- 13 `the registrar's public office'. 14 33. Section 22(1), `its public office'-- 15 omit, insert-- 16 `the registrar's public office'. 17 34. Section 22(2)(a), from `QOFS's public' to `hours--'-- 18 omit, insert-- 19 `the registrar's public office during ordinary business hours--'. 20

 


 

60 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 35. Section 23(1), `it', first mention-- 1 omit, insert-- 2 `the registrar'. 3 36. Section 24, `QOFS may'-- 4 omit, insert-- 5 `The registrar may'. 6 37. Section 24, `QOFS considers'-- 7 omit, insert-- 8 `the registrar considers'. 9 38. Section 26(2), `QOFS', first mention-- 10 omit, insert-- 11 `The registrar'. 12 39. Section 26(2)(a) and (b), `QOFS'-- 13 omit, insert-- 14 `the registrar'. 15 40. Section 48(1), `QOFS', first mention-- 16 omit, insert-- 17 `The registrar'. 18 41. Section 48(1), `QOFS', second mention-- 19 omit, insert-- 20 `the registrar'. 21

 


 

61 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 42. Section 48(1)(a), `QOFS'-- 1 omit, insert-- 2 `the registrar'. 3 43. Section 49(1), `it', first mention-- 4 omit, insert-- 5 `the registrar'. 6 44. Section 56(2) and (3)-- 7 omit, insert-- 8 `(2) The expenses include the administrator's remuneration at a rate 9 approved by the registrar.'. 10 45. Section 56(4)-- 11 renumber as section 56(3). 12 46. Part 4, after section 64-- 13 insert-- 14 `Division 3--Prudential regulation or advice service agreements with 15 APRA 16 `State may enter into agreements with APRA 17 `64A.(1) The registrar may with the approval of the Minister, enter into 18 an agreement with APRA on behalf of the State under which APRA is, for 19 a fee, to provide prudential regulation or advice services. 20 `(2) The agreement may-- 21 (a) provide for APRA to act on behalf of the registrar; and 22 (b) make provision about the circumstances in which, and the extent 23

 


 

62 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) to which, one party to the agreement is liable to the other party to 1 the agreement for matters arising under the agreement. 2 `(3) In this section-- 3 "prudential regulation or advice services" means services of either or 4 both of the following kinds-- 5 (a) services consisting of APRA performing a role in the prudential 6 regulation or supervision of societies; 7 (b) services consisting of APRA providing advice relating to the 8 prudential regulation or supervision of societies.'. 9 47. Section 81(1), `QOFS', first mention-- 10 omit, insert-- 11 `The registrar'. 12 48. Section 81(1), `QOFS', second mention-- 13 omit, insert-- 14 `the registrar'. 15 49. Section 82(2), `QOFS', first mention-- 16 omit, insert-- 17 `The registrar'. 18 50. Section 82(2), `QOFS', second mention-- 19 omit, insert-- 20 `the registrar'. 21

 


 

63 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 51. Section 91(2), `QOFS', first mention-- 1 omit, insert-- 2 `The registrar'. 3 52. Section 91(2), `QOFS', second mention-- 4 omit, insert-- 5 `the registrar'. 6 53. Section 94, `QOFS may'-- 7 omit, insert-- 8 `The registrar may'. 9 54. Section 94, `QOFS is'-- 10 omit, insert-- 11 `the registrar is'. 12 55. Section 142(4)-- 13 omit. 14 56. Section 142(5)-- 15 renumber as section 142(4). 16 57. Section 163(2), `QOFS', first mention-- 17 omit, insert-- 18 `The registrar'. 19

 


 

64 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 58. Section 163(2), `QOFS', second mention-- 1 omit, insert-- 2 `the registrar'. 3 59. Section 164(3) and (9), `QOFS', first mention-- 4 omit, insert-- 5 `The registrar'. 6 60. Section 164(3) and (9), `QOFS', second mention-- 7 omit, insert-- 8 `the registrar'. 9 61. Section 164(6), `it', first mention-- 10 omit, insert-- 11 `the registrar'. 12 62. Section 170(2), `QOFS', first mention-- 13 omit, insert-- 14 `The registrar'. 15 63. Section 170(2)(c)(i), `QOFS'-- 16 omit, insert-- 17 `the registrar'. 18 64. Section 171(4), `QOFS', first mention-- 19 omit, insert-- 20 `The registrar'. 21

 


 

65 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 65. Section 171(4)(a) to (c), `QOFS'-- 1 omit, insert-- 2 `the registrar'. 3 66. Section 183(4)-- 4 omit. 5 67. Section 183(5), `, unless employed in the office of QOFS,'-- 6 omit. 7 68. Section 183(5), `QOFS considers'-- 8 omit, insert-- 9 `the registrar considers'. 10 69. Section 183(6) and (7), `QOFS'-- 11 omit, insert-- 12 `the registrar'. 13 70. Section 183(5) to (8)-- 14 renumber as section 183(4) to (7). 15 71. Section 185-- 16 omit. 17 72. Section 186(1)(b)-- 18 omit. 19

 


 

66 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 73. Section 186(1)(c), `QOFS's'-- 1 omit, insert-- 2 `the registrar's'. 3 74. Section 186(1)(c)-- 4 renumber as section 186(1)(b). 5 75. Section 190(1), `QOFS', first mention-- 6 omit, insert-- 7 `The registrar'. 8 76. Section 190(1), `QOFS', second mention-- 9 omit, insert-- 10 `the registrar'. 11 77. Section 196(5), `QOFS', first mention-- 12 omit, insert-- 13 `The registrar'. 14 78. Section 196(5), `QOFS', second mention-- 15 omit, insert-- 16 `the registrar'. 17 79. Section 198(7), `it', first mention-- 18 omit, insert-- 19 `the registrar'. 20

 


 

67 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 80. Section 239(1), definition "person to whom this section applies"-- 1 omit, insert-- 2 ` "person to whom this section applies" means a person who is, or was 3 at any time, involved in the administration of this Act.'. 4 81. Section 247-- 5 insert-- 6 `(3) Also, for information purposes only, a regulation may identify the 7 functions of the registrar under this Act conferred on APRA under an 8 agreement between the State and APRA under part 4, division 3.'. 9 82. Part 14, heading-- 10 omit, insert-- 11 `PART 14--TRANSITIONAL PROVISIONS'. 12 83. Part 14, before section 248-- 13 insert-- 14 `Division 1--Transitional provisions for Act No. 23 of 1996'. 15 84. Sections 249, 252 and 255 to 262-- 16 omit. 17

 


 

68 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 85. Part 14, at the end-- 1 insert-- 2 `Division 2--Transitional provisions for Financial Sector Reform 3 (Queensland) Act 1999 4 `Definition for div 2 5 `255. In this division-- 6 "transfer date" means the date that, under the Financial Sector Reform 7 (Amendments and Transitional Provisions) Act (No. 1) 1999 (Cwlth), 8 section 3(16) is specified as the transfer date for the purposes of that 9 Act. 10 `State is successor of QOFS 11 `256.(1) The State is the successor in law of QOFS to the extent that the 12 registrar succeeds QOFS in the performance of functions under this Act. 13 `(2) The following provisions of this division do not limit subsection (1). 14 `Particular assets of QOFS vest in State 15 `257. The following assets become the assets of the State-- 16 (a) assets that immediately before the transfer date vested in QOFS 17 under a winding-up of a society under part 10, division 3; 18 (b) all documents relating to the performance by QOFS of functions 19 under this Act. 20 `Continuation and preservation of civil proceedings involving QOFS 21 `258.(1) For a proceeding under this Act, other than a proceeding for an 22 offence, started before the transfer date to which QOFS was a party 23 immediately before the date, the registrar is substituted for QOFS as a party 24 to the proceeding. 25

 


 

69 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) `(2) For this section evidence that would have been admissible for or 1 against QOFS is admissible for or against the registrar. 2 `Continuation of offence proceedings 3 `259.(1) This section applies to a proceeding for an offence brought 4 under this Act by QOFS that started before the transfer date but which is 5 not completed immediately before the date. 6 `(2) On and after the transfer date, the proceeding may continue to be 7 prosecuted by the registrar in place of QOFS and the registrar may be 8 substituted for QOFS. 9 `Continuation of things done, and started, by QOFS 10 `260.(1) Anything done by QOFS under this Act before the transfer 11 date-- 12 (a) continues to have affect; and 13 (b) is taken to have been done by the registrar. 14 `(2) Anything started by QOFS under this Act before the transfer date 15 and not finished before the date-- 16 (a) is taken to have been started by the registrar; and 17 (b) may be finalised by the registrar. 18 `Instruments 19 `261.(1) An instrument, other than a statutory instrument, in existence 20 immediately before the transfer date and given by QOFS under this Act-- 21 (a) continues in force; and 22 (b) is taken to have been given by the registrar. 23 `(2) A reference in the instrument to QOFS may, if the context permits, 24 be taken to be a reference to the registrar. 25

 


 

70 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) `(3) This section does not apply to an instrument of appointment of an 1 inspector. 2 `Inspectors cease to hold office 3 `262. All inspectors holding office immediately before the transfer date 4 stop holding the office and all instruments of appointment of the inspectors 5 stop having effect. 6 `Standards 7 `263.(1) A standard in force immediately before the transfer date-- 8 (a) continues in force; and 9 (b) is taken to have been made by the registrar. 10 `(2) A reference in the standard to QOFS may, if the context permits, be 11 taken to be a reference to the registrar. 12 `Application for certificate of incorporation 13 `264.(1) On application by a continuing society, the registrar must issue 14 to the society a certificate of incorporation stating that the society is 15 incorporated under this Act. 16 `(2) The registrar must not issue a certificate of incorporation to a 17 continuing society under subsection (1) unless the society-- 18 (a) surrenders to the registrar its certificate of incorporation under the 19 previous law; or 20 (b) satisfies the registrar that the certificate has been lost or 21 destroyed.'. 22 86. Part 15-- 23 omit. 24

 


 

71 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 87. Schedules 1 and 2-- 1 omit. 2 88. Schedule 4, definitions "employee", "QOFS" and "QOFS's 3 board"-- 4 omit. 5 89. Schedule 4-- 6 insert-- 7 ` "APRA" means the Australian Prudential Regulation Authority. 8 "employee", for part 7, division 1, see section 98. 9 "registrar" means the chief executive. 10 "registrar's public office" means the public office established under 11 section 19C.'. 12 90. Schedule 4, heading-- 13 omit, insert-- 14 `SCHEDULE 15 `DICTIONARY'. 16

 


 

72 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) PART 3--AMENDMENT OF OTHER ACTS 1 CTS INTERPRETATION ACT 1954 2 A 1. Section 36, definitions "AFIC (Queensland) Code", "AFIC 3 (Queensland) Regulations", "bank", "building society", "credit 4 union", "financial institution", "Financial Institutions (Queensland) 5 Code", "Financial Institutions (Queensland) Regulations", "Friendly 6 Societies (Queensland) Code" and "Friendly Societies (Queensland) 7 Regulations"-- 8 omit. 9 2. Section 36-- 10 insert-- 11 ` "bank" means a financial institution that has a consent under the Banking 12 Act 1959 (Cwlth), section 66,55 to assume or use-- 13 (a) the word `bank', `banker' or `banking'; or 14 (b) any other word (whether or not in English) that is of like import 15 to a word covered by paragraph (a). 16 "financial institution" means an authorised deposit-taking institution 17 within the meaning of the Banking Act 1959 (Cwlth), section 5.56'. 18 55 Banking Act 1959 (Cwlth), section 66 (Restriction on use of certain words and expressions) 56 Banking Act 1959 (Cwlth), section 5-- ` "authorised deposit-taking institution" means a body corporate in relation to which an authority under subsection 9(3) is in force.'.

 


 

73 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) ASSOCIATIONS INCORPORATION ACT 1981 1 1. Section 5(1)(b)(iii)-- 2 omit. 3 2. Section 5(1)(b)(iv) and (v)-- 4 renumber as section 5(1)(b)(iii) and (iv). 5 3. Section 96, definition "eligible friendly society"-- 6 omit. 7 4. Section 96, definition "former society", `or an eligible friendly 8 society'-- 9 omit. 10 5. Section 96, definition "registrar"-- 11 omit, insert-- 12 ` "registrar" means the registrar under the Cooperatives Act.'. 13 6. Section 96, definition "transfer day", `or friendly society'-- 14 omit. 15 7. Part 11, division 2-- 16 omit. 17 8. Part 11, divisions 3 to 5-- 18 renumber as part 11, divisions 2 to 4. 19

 


 

74 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) OLLECTIONS ACT 1966 1 C 1. Section 47(3)(t), `banks or building societies'-- 2 omit, insert-- 3 `financial institutions'. 4 OOPERATIVES ACT 1997 5 C 1. Sections 245(6)(b)-- 6 omit. 7 2. Section 245(6)(c)-- 8 renumber as section 245(6)(b). 9 3. Section 300(c), (d) and (e)-- 10 omit. 11 4. Section 300(f) and (g)-- 12 renumber as section 300(c) and (d). 13 CORPORATIONS (QUEENSLAND) ACT 1990 14 1. Section 93(b), (f) and (g)-- 15 omit. 16

 


 

75 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) 2. Section 93(c) and (e)-- 1 renumber as section 93(b) and (c). 2 CRIMES (CONFISCATION) ACT 1989 3 1. Section 4, definition "financial institution", paragraphs (b) 4 and (c)-- 5 omit, insert-- 6 `(b) an authorised deposit-taking institution within the meaning of the 7 Banking Act 1959 (Cwlth), section 5;57 or'. 8 2. Section 4, definition "financial institution", paragraphs (d) 9 and (e)-- 10 renumber as paragraphs (c) and (d). 11 FARM PRODUCE MARKETING ACT 1964 12 1. Section 5, definition "insurer", paragraph (c)-- 13 omit. 14 57 Banking Act 1959 (Cwlth), section 5-- ` "authorised deposit-taking institution" means a body corporate in relation to which an authority under subsection 9(3) is in force.'.

 


 

76 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) FINANCIAL ADMINISTRATION AND AUDIT 1 ACT 1977 2 1. Schedule 3, definition "financial institution"-- 3 omit.58 4 UNERAL BENEFIT BUSINESS ACT 1982 5 F 1. Section 5, heading-- 6 omit, insert-- 7 `Definitions'. 8 2. Section 40(1)(b)-- 9 omit, insert-- 10 `(b) by depositing it with, or using it to purchase shares in, a former 11 building society; or'. 12 3. Section 40-- 13 insert-- 14 `(7) In this section-- 15 "Financial Institutions (Queensland) Code" means the provisions 16 applying before the transfer date because of the Financial Institutions 17 58 Schedule 3 is inserted in the Financial Administration and Audit Act 1977 by the Financial Administration Legislation Amendment Act 1999, section 49.

 


 

77 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) (Queensland) Act 1992, section 4.59 1 "former building society" means a financial institution that was a building 2 society under the Financial Institutions (Queensland) Code 3 immediately before the transfer date. 4 "transfer date" means the date that, under the Financial Sector Reform 5 (Amendments and Transitional Provisions) Act (No. 1) 1999 (Cwlth), 6 section 3(16), is specified as the transfer date for the purposes of that 7 Act.'. 8 4. Section 55(a)-- 9 omit, insert-- 10 `(a) a corporation that is a friendly society within the meaning of the 11 Life Insurance Act 1995 (Cwlth), section 16C;60 or'. 12 5. Section 65(1), definition "the account", from "or a"-- 13 omit, insert-- 14 `and an account with a former building society in which moneys are 15 invested under section 40(1)(b).'. 16 6. Section 80-- 17 insert-- 18 `(3) Also, for information purposes only, a regulation may identify 19 entities that are former building societies for section 40(7), definition 20 "former building society".'. 21 59 Financial Institutions (Queensland) Act 1992, section 4 (Application in Queensland of the Financial Institutions Code) 60 Life Insurance Act 1995 (Cwlth), section 16C (What is a friendly society?)

 


 

78 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) AMING MACHINE ACT 1991 1 G 1. Section 3, definition "financial institution", paragraphs (b) to (d)-- 2 omit, insert-- 3 `(b) an authorised deposit-taking institution within the meaning of the 4 Banking Act 1959 (Cwlth), section 5;61 or'. 5 2. Section 3, definition "financial institution", paragraphs (e) to (g)-- 6 renumber as paragraphs (c) to (e). 7 NTERACTIVE GAMBLING (PLAYER 8 I PROTECTION) ACT 1998 9 1. Schedule 3, definition "financial institution"-- 10 omit. 11 PHARMACY ACT 1976 12 1. Section 5-- 13 insert-- 14 ` "Friendly Societies (Queensland) Code" means the provisions applying 15 before the transfer date because of the Friendly Societies (Queensland) 16 61 Banking Act 1959 (Cwlth), section 5-- ` "authorised deposit-taking institution" means a body corporate in relation to which an authority under subsection 9(3) is in force.'.

 


 

79 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) Act 1997, section 5.62 1 "friendly society" means-- 2 (a) a corporation that was a society or a foreign society under the 3 Friendly Societies (Queensland) Code immediately before the 4 transfer date; or 5 (b) a corporation-- 6 (i) registered as a company under the Corporations Law under a 7 name that includes the words `friendly society'; and 8 (ii) declared under a regulation to be a friendly society for this 9 Act. 10 "transfer date" means the date that, under the Financial Sector Reform 11 (Amendments and Transitional Provisions) Act (No. 1) 1999 (Cwlth), 12 section 3(16), is specified as the transfer date for the purposes of that 13 Act'. 14 2. Sections 30(3) and (7) and 40(1A)(n), `duly registered'-- 15 omit. 16 3. Section 41A-- 17 insert-- 18 `(2) A regulation may, for information purposes only, identify 19 corporations that are friendly societies under section 5, definition "friendly 20 society", paragraph (a).'. 21 62 Friendly Societies (Queensland) Act 1997, section 5 (Application in Queensland of the Friendly Societies Code)

 


 

80 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) STAMP ACT 1894 1 1. Section 35(1), definition "bank"-- 2 omit. 3 2. Section 35(1), definition "credit business", paragraph (c)-- 4 omit, insert-- 5 `(c) the business, carried on by a credit union, of making loans to its 6 members.'. 7 3. Section 35(1)-- 8 insert-- 9 ` "credit union" means---- 10 (a) a financial institution that was, immediately before the transfer 11 date, a credit union under-- 12 (i) the Financial Institutions (Queensland) Code; or 13 (ii) the law of another State corresponding to the Financial 14 Institutions (Queensland) Code; or 15 (b) a financial institution-- 16 (i) that operates on the principle that membership in the 17 institution should be open to all within the accepted common 18 bond of association; and 19 (ii) whose objects include-- 20 (A) raising funds by subscription or deposit; and 21 (B) applying the funds in the provision of financial 22 accommodation to its members; and 23 (C) encouraging savings among its members; and 24 (D) promoting co-operative enterprise, and providing 25

 


 

81 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) programs and services to its members, to assist its 1 members to meet their financial needs; and 2 (iii) that is declared under a regulation to be a credit union for this 3 section. 4 "Financial Institutions (Queensland) Code" means the provisions 5 applying before the transfer date because of the Financial Institutions 6 (Queensland) Act 1992, section 4.63 7 "transfer date" means the date that, under the Financial Sector Reform 8 (Amendments and Transitional Provisions) Act (No. 1) 1999 (Cwlth), 9 section 3(16), is specified as the transfer date for the purposes of that 10 Act.'. 11 4. Section 83, at the end-- 12 insert-- 13 `(4) Also, for information purposes only, a regulation may identify 14 entities that are credit unions for section 35(1), definition "credit union", 15 paragraph (a).'. 16 STATUTORY BODIES FINANCIAL 17 ARRANGEMENTS ACT 1982 18 1. Schedule, definition "financial institution"-- 19 omit. 20 63 Financial Institutions (Queensland) Act 1992, section 4 (Application in Queensland of the Financial Institutions Code)

 


 

82 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) SUPERANNUATION (STATE PUBLIC SECTOR) 1 ACT 1990 2 1. Section 2(3), from `definition' to `paragraph (n)'-- 3 omit, insert-- 4 `definition "unit of the State public sector", paragraph (n),'. 5 2. After section 31-- 6 insert-- 7 `PART 5--TRANSITIONAL PROVISION FOR 8 FINANCIAL SECTOR REFORM (QUEENSLAND) 9 ACT 1999 10 `APRA or ASIC may be declared to be a unit of the State public 11 sector 12 `32.(1) Subsection (2) applies if, on or after the transfer date, a person 13 who was an employee of QOFS immediately before the transfer date 14 becomes-- 15 (a) an employee of APRA under a transfer agreement; or 16 (b) an employee of ASIC under the Public Service Act 1922 (Cwlth), 17 section 81B(1).64 18 `(2) A regulation may, under section 2(1), definition "unit of the State 19 public sector", paragraph (n), declare-- 20 (a) APRA to be a unit of the State public sector, if the person 21 becomes an employee of APRA under a transfer agreement; or 22 (b) ASIC to be a unit of the State public sector, if the person becomes 23 64 Public Service Act 1922 (Cwlth), section 81B (Appointment or employment of persons where functions to be performed by Commonwealth etc.)

 


 

83 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) an employee of ASIC under the Public Service Act 1922 (Cwlth), 1 section 81B(1). 2 `(3) In this section-- 3 "APRA" means the Australian Prudential Regulation Authority established 4 under the Australian Prudential Regulation Authority Act 1998 5 (Cwlth). 6 "ASIC" means the Australian Securities and Investments Commission 7 established under the Australian Securities and Investments 8 Commission Act 1989 (Cwlth). 9 "QOFS" means the Queensland Office of Financial Supervision 10 established under the Queensland Office of Financial Supervision 11 Act 1992. 12 "transfer agreement" means a transfer agreement under the Financial 13 Sector Reform (Amendments and Transitional Provisions) Act 14 (No. 1) 1999 (Cwlth), schedule 8, part 1, division 2.65 15 "transfer date" means the date that, under the Financial Sector Reform 16 (Amendments and Transitional Provisions) Act (No. 1) 1999 (Cwlth), 17 section 3(16), is specified as the transfer date for the purposes of that 18 Act.'. 19 RUSTS ACT 1973 20 T 1. Section 21(1)(k)-- 21 omit, insert-- 22 `(k) in the purchase of shares in, or the deposit of money with, a 23 financial institution that, immediately before the transfer date-- 24 65 Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (Cwlth), schedule 8 (Transitional, saving and application provisions), part 1 (Transitional provisions relating to transfer from State and Territory regimes), division 2 (Transitional provisions relating to staff)

 


 

84 Financial Sector Reform (Queensland) SCHEDULE 1 (continued) (i) was a building society under the Financial Institutions 1 (Queensland) Code; and 2 (ii) was approved for the purposes of this paragraph, as in force 3 before the transfer date, under the Financial Institutions 4 (Queensland) Act 1992, section 27;66'. 5 2. Section 21-- 6 insert-- 7 `(3) In this section-- 8 "Financial Institutions (Queensland) Code" means the provisions 9 applying before the transfer date because of the Financial Institutions 10 (Queensland) Act 1992, section 4.67 11 "transfer date" means the date that, under the Financial Sector Reform 12 (Amendments and Transitional Provisions) Act (No. 1) 1999 (Cwlth), 13 section 3(16), is specified as the transfer date for the purposes of that 14 Act.'. 15 16 66 Financial Institutions (Queensland) Act 1992, section 27 (Investment of trust funds) 67 Financial Institutions (Queensland) Act 1992, section 4 (Application in Queensland of the Financial Institutions Code)

 


 

85 Financial Sector Reform (Queensland) CHEDULE 2 1 S ICTIONARY 2 D section 3 3 "AFIC" means the Australian Financial Institutions Commission. 4 "AFIC Act" means the Australian Financial Institutions Commission Act 5 1992. 6 "AFIC Code" means the AFIC (Queensland) Code. 7 "AFIC (Queensland) Code" means the provisions applying before the 8 transfer date because of section 9 68 of the AFIC Act and includes the 9 AFIC (Queensland) Regulations. 10 "AFIC (Queensland) Regulations" means the provisions applying 11 before the transfer date because of section 10 of the AFIC Act.69 12 "AFIC Regulations" means the AFIC (Queensland) Regulations. 13 "appropriately qualified" for the authorisation of, or the delegation of a 14 power to, a person includes having the qualifications, experience or 15 standing appropriate having regard to the reason for the authorisation 16 or to the power to be delegated. 17 18 Example of `standing'-- 19 The seniority of a person's position in an entity. "APRA" means the Australian Prudential Regulation Authority. 20 "APRA Act" means the Australian Prudential Regulation Authority 21 Act 1998 (Cwlth). 22 "APRA employee" means a person appointed under section 45 of the 23 APRA Act. 24 "ASIC" means the Australian Securities and Investments Commission. 25 68 AFIC Act, section 9 (Application in Queensland of the AFIC Code) 69 AFIC Act, section 10 (Application of regulations in force under Part 5)

 


 

86 Financial Sector Reform (Queensland) SCHEDULE 2 (continued) "authorised APRA officer", in a provision of part 4, means a person 1 authorised under section 9 to perform or exercise the functions or 2 powers of an authorised APRA officer under the provision. 3 "Building Societies Fund" means the Building Societies Fund established 4 under the Building Societies Fund Act 1993, section 5. 5 "Credit Unions Contingency Fund" means the Credit Unions 6 Contingency Fund established under section 97(1) of the Financial 7 Institutions Code. 8 "employee", of AFIC or QOFS, includes a person engaged by the entity on 9 a contract for services. 10 "enforcement power" means a function or power relating to-- 11 (a) the investigation of an offence; or 12 (b) the institution and carrying on of a prosecution of an offence; or 13 (c) matters relating to an investigation or prosecution of an offence. 14 "Financial Institutions Code" means the Financial Institutions 15 (Queensland) Code. 16 "financial institutions legislation" see section 3 of the AFIC Code.70 17 "Financial Institutions (Queensland) Code" means the provisions 18 applying before the transfer date because of the Financial Institutions 19 (Queensland) Act 1992, section 4, 71 and includes the Financial 20 Institutions (Queensland) Regulations. 21 "Financial Institutions (Queensland) Regulations" means the 22 provisions applying before the transfer date because of the Financial 23 Institutions (Queensland) Act 1992, section 5.72 24 70 The attachment contains extracts of the relevant provisions of the AFIC Code. 71 Financial Institutions (Queensland) Act 1992, section 4 (Application in Queensland of the Financial Institutions Code) 72 Financial Institutions (Queensland) Act 1992, section 5 (Application of regulations in force under Pt 3)

 


 

87 Financial Sector Reform (Queensland) SCHEDULE 2 (continued) "fiscal bodies legislation" see section 3 of the AFIC Code.73 1 "Friendly Societies Code" means the Friendly Societies (Queensland) 2 Code. 3 "Friendly Societies (Queensland) Code" means the provisions applying 4 before the transfer date because of the Friendly Societies (Queensland) 5 Act 1997, section 5,74 and includes the Friendly Societies (Queensland) 6 Regulations. 7 "Friendly Societies (Queensland) Regulations" means the provisions 8 applying before the transfer date because of the Friendly Societies 9 (Queensland) Act 1997, section 6.75 10 "FSR Act" means the Financial Sector Reform (Amendments and 11 Transitional Provisions) Act (No. 1) 1999 (Cwlth). 12 "FS(TB) Act" means the Financial Sector (Transfers of Business) 13 Act 1999 (Cwlth). 14 "QOFS" means the Queensland Office of Financial Supervision. 15 "QOFS Act" means the Queensland Office of Financial Supervision 16 Act 1992. 17 "relevant Commonwealth body" means APRA or ASIC. 18 "SSA" means State supervisory authority. 19 "Supervision Fund" means the Supervision Fund established under 20 section 94(1) of the Financial Institutions Code. 21 "transfer date" means the date that, under section 3(16) of the FSR Act, is 22 specified as the transfer date for the purposes of that Act. 23 73 The attachment contains extracts of the relevant provisions of the AFIC Code. 74 Friendly Societies (Queensland) Act 1997, section 5 (Application in Queensland of the Friendly Societies Code) 75 Friendly Societies (Queensland) Act 1997, section 6 (Application of regulations)

 


 

88 Financial Sector Reform (Queensland) ATTACHMENT 1 XTRACTS FROM OTHER LEGISLATION 2 E REFERRED TO IN THE ACT 3 section 75 4 AFIC (QUEENSLAND) CODE 5 Definitions 6 3. In this Code-- 7 "financial institutions agreement" means the initial financial institutions 8 agreement or, if that agreement is amended or affected by another 9 agreement, that agreement as so amended or affected. 10 "financial institutions legislation" has the meaning given by section 8. 11 "fiscal bodies legislation" means-- 12 (a) the financial institutions legislation; and 13 (b) the friendly societies legislation. 14 "friendly societies legislation" has the meaning given by section 8A. 15 "initial financial institutions agreement" has the meaning given by 16 section 7. 17 Initial financial institutions agreement 18 7.(1) The initial financial institutions agreement is the financial 19 institutions agreement made on 22 November 1991 between the States and 20 Territories. 21 (2) A copy of the provisions of the initial financial institutions agreement 22 is set out in the schedule. 23

 


 

89 Financial Sector Reform (Queensland) ATTACHMENT (continued) Financial institutions legislation 1 8. The financial institutions legislation consists of-- 2 (a) the financial institutions legislation of Queensland, namely-- 3 (i) the AFIC Act, and the AFIC Code set out in section 21 of 4 the Act; and 5 (ii) the Financial Institutions (Queensland) Act 1992 of 6 Queensland, and the Financial Institutions Code set out in 7 section 30 of the Act; and 8 (iii) regulations made under either of those Acts; and 9 (b) the financial institutions legislation of the other participating 10 States, namely-- 11 (i) the Acts and regulations of the other participating States that 12 apply, complement or otherwise give effect to any part of the 13 financial institutions legislation of Queensland; and 14 (ii) the financial institutions legislation of Queensland as 15 applying in those States. 16 Friendly societies legislation 17 8A. The friendly societies legislation consists of-- 18 (a) the friendly societies legislation of Victoria, namely-- 19 (i) the Friendly Societies (Victoria) Act 1996 of Victoria and the 20 Friendly Societies Code set out in schedule 1 of the Act; and 21 (ii) regulations made under the Act; and 22 (b) the friendly societies legislation of the other participating States, 23 namely-- 24 (i) the Acts and regulations of the other participating States that 25 apply, complement or otherwise give effect to any part of the 26 friendly societies legislation of Victoria; and 27 (ii) the friendly societies legislation of Victoria as applying in 28 those States; and 29

 


 

90 Financial Sector Reform (Queensland) ATTACHMENT (continued) (c) the financial institutions legislation in so far as it applies or is 1 otherwise relevant to the legislation mentioned in paragraph (a) 2 or (b). 3 ORPORATIONS LAW 4 C SCHEDULE 4--TRANSFER OF FINANCIAL 5 INSTITUTIONS AND FRIENDLY SOCIETIES 6 PART 1--PRELIMINARY 7 1 Definitions 8 In this Schedule, except so far as the contrary intention appears: 9 AFIC Code of this jurisdiction means the Australian Financial Institutions 10 Commission Code as set out in the Australian Financial Institutions 11 Commission Act 1992 of Queensland as in force immediately before 12 the transfer date and as applied as a law of this jurisdiction. 13 Financial Institutions Code of this jurisdiction means the Financial 14 Institutions Code set out in the Financial Institutions (Queensland) Act 15 1992 as in force immediately before the transfer date and as applied as 16 a law of this jurisdiction. 17 Friendly Societies Code means the Friendly Societies Code set out in 18 Schedule 1 to the Friendly Societies (Victoria) Act 1996 as in force 19 immediately before the transfer date. 20 Friendly Societies Code of this jurisdiction means: 21 (a) the Friendly Societies Code as applied as a law of this 22 jurisdiction; or 23 (b) if this Law is being applied as a law of Western Australia--the 24 Friendly Societies (Western Australia) Code set out in the 25

 


 

91 Financial Sector Reform (Queensland) ATTACHMENT (continued) Friendly Societies (Western Australia) Act 1999. 1 previous governing Code for a transferring financial institution means the 2 Code or law under which the institution is registered immediately 3 before the transfer date. 4 transfer date means the date that is the transfer date for the purposes of the 5 Financial Sector Reform (Amendments and Transitional Provisions) 6 Act (No. 1) 1999. 7 transferring financial institution of this jurisdiction means: 8 (a) a building society of this jurisdiction (that is, a society that is 9 registered under the Financial Institutions Code of this 10 jurisdiction, and authorised to operate as a building society, 11 immediately before the transfer date); or 12 (b) a credit union of this jurisdiction (that is, a society that is 13 registered under the Financial Institutions Code of this 14 jurisdiction, and authorised to operate as a credit union, 15 immediately before the transfer date); or 16 (c) a friendly society of this jurisdiction (that is, a body that is 17 registered as a friendly society under the Friendly Societies Code 18 of this jurisdiction immediately before the transfer date); or 19 (d) a body registered as an association under Part 12 of the Financial 20 Institutions Code of this jurisdiction immediately before the 21 transfer date; or 22 (e) a body registered as a Special Services Provider under the AFIC 23 Code of this jurisdiction immediately before the transfer date; or 24 (f) a body registered as an association under Part 12 of the Friendly 25 Societies Code of this jurisdiction immediately before the transfer 26 date; or 27 (g) The Cairns Cooperative Weekly Penny Savings Bank Limited 28 referred to in section 263 of the Financial Intermediaries Act 29 1996 of Queensland if: 30 (i) this definition is being applied as a law of Queensland; and 31 (ii) a determination by APRA under subitem 7(2) of the 32

 


 

92 Financial Sector Reform (Queensland) ATTACHMENT (continued) Financial Sector Reform (Amendments and Transitional 1 Provisions) Act (No. 1) 1999 is in force immediately before 2 the transfer date. 3 CORPORATIONS (QUEENSLAND) ACT 1990 4 Interpretation of some expressions in the Corporations Law, and the 5 Corporations Regulations, of Queensland 6 9. In the Corporations Law, and the Corporations Regulations, of 7 Queensland-- 8 "this jurisdiction" means Queensland. 9 INANCIAL SECTOR (TRANSFERS OF BUSINESS) 10 F ACT 1999 (CWLTH) 11 4 Definitions 12 (1) In this Act, the following words and expressions have the meanings 13 set out below: 14 ADI (authorised deposit-taking institution) means a body corporate that is 15 an ADI for the purposes of the Banking Act 1959. 16 approved section 20 statement means a statement given to APRA under 17 subsection 20(1) in relation to which an approval under 18 subsection 20(2) is in force. 19 approved section 30 statement means a statement given to APRA under 20 subsection 30(1) in relation to which an approval under 21 subsection 30(2) is in force. 22 APRA means the Australian Prudential Regulation Authority. 23

 


 

93 Financial Sector Reform (Queensland) ATTACHMENT (continued) APRA board member means a member of APRA's board of 1 management, including APRA's Chair and Chief Executive Officer. 2 APRA staff member has the same meaning as in the Australian Prudential 3 Regulation Authority Act 1998. 4 asset means property, or a right, of any kind, and includes: 5 (a) any legal or equitable estate or interest (whether present or future, 6 vested or contingent, tangible or intangible, in real or personal 7 property) of any kind; and 8 (b) any chose in action; and 9 (c) any right, interest or claim of any kind including rights, interests 10 or claims in or in relation to property (whether arising under an 11 instrument or otherwise, and whether liquidated or unliquidated, 12 certain or contingent, accrued or accruing); and 13 (d) any asset within the meaning of Part IIIA of the Income Tax 14 Assessment Act 1936. 15 liability includes a duty or obligation of any kind (whether arising under an 16 instrument or otherwise, and whether actual, contingent or 17 prospective). 18 life insurance company means a body corporate that is registered under the 19 Life Insurance Act 1995. 20 partial transfer has the meaning given by subsection 8(2). 21 receiving body means a body to which another body is to transfer, or has 22 transferred, business under this Act. 23 regulated body means a body corporate that is: 24 (a) an ADI; or 25 (b) a life insurance company. 26 regulated business, in relation to a regulated body, means: 27 (a) for a body that is an ADI--the body's banking business (within 28 the meaning of the Banking Act 1959); or 29 (b) for a body that is a life insurance company--the body's life 30

 


 

94 Financial Sector Reform (Queensland) ATTACHMENT (continued) insurance business (within the meaning of the Life Insurance Act 1 1995). 2 statement of detail, in relation to a partial transfer, means a statement that 3 satisfies the requirements of section 19. 4 total transfer has the meaning given by subsection 8(3). 5 transferring body means a body that is to transfer, or has transferred, 6 business under this Act. 7 8 Overview of Act 8 (1) This Act provides for 2 kinds of transfers of business of regulated 9 bodies: 10 (a) voluntary transfers (these are transfers under Part 3); and 11 (b) compulsory transfers (these are transfers under Part 4). 12 Either kind of transfer may be a partial transfer or a total transfer. 13 (2) A transfer of business of a regulated body is a partial transfer if it 14 relates to some, but not all, of the transferring body's business (including 15 any business that is not regulated business). It cannot however relate only to 16 business that is not regulated business. 17 (3) A transfer of business of a regulated body is a total transfer if it 18 relates to all of the transferring body's business (including any business that 19 is not regulated business). 20 21 State of Queensland 1999

 


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