{"id":"financial-sector-reform-northern-territory-act-1999","name":"Financial Sector Reform (Northern Territory) Act 1999","slug":"financial-sector-reform-northern-territory-act-1999","collection":"act","jurisdiction":"nt","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":30049,"registerId":"nt-financial-sector-reform-northern-territory-act-1999-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Sector Reform (Northern Territory) Act 1999","content":"NORTHERN TERRITORY OF AUSTRALIA\nFINANCIAL SECTOR REFORM (NORTHERN TERRITORY) ACT 1999\nAs in force at 20 June 2018\nTable of provisions\nPart 1 Preliminary\n1 Short title ......................................................................................... 1\n2 Purpose ........................................................................................... 1\n3 Commencement .............................................................................. 1\n4 Definitions ........................................................................................ 2\n5 Crown is bound................................................................................ 4\n6 Repeals ........................................................................................... 4\nPart 2 Registration of certain entities as\ncompanies\n7 Transferring financial institutions ..................................................... 4\nPart 3 ADIs and life insurance companies:\ntransfer of business\n8 Words defined in FS(BTGR) Act...................................................... 5\n9 Authorised APRA officer .................................................................. 5\n10 Voluntary transfers .......................................................................... 5\n11 Compulsory transfers ...................................................................... 6\n12 Certificates evidencing operation of Part ......................................... 7\n13 Interests in land ............................................................................... 7\n14 Certificates in relation to other assets.............................................. 8\n15 Documents purporting to be certificates .......................................... 8\n16 Relationship of Part with other laws................................................. 8\nPart 4 Conferral of functions and powers o APRA\nand ASIC\n17 Conferral of functions and powers on APRA ................................... 9\n18 Conferral of functions and powers on ASIC ..................................... 9\nPart 5 Provisions relating to AFIC\nDivision 1 AFIC to continue\n19 Continuation of AFIC for certain purposes ..................................... 10\n20 Delegation of AFIC's powers ......................................................... 10\n\nFinancial Sector Reform (Northern Territory) Act 1999 ii\nDivision 2 Provisions about AFIC's staff\n21 Definition........................................................................................ 10\n22 Transfer of staff to APRA under transfer agreement ..................... 10\n23 Effect of transfer under section 22 or of employees of AFIC\nbecoming appointed to the Australian Public Service .................... 11\n24 Statement of accrued benefits etc. ................................................ 11\nDivision 3 Information may be given to APRA or ASIC\n25 Giving of information ...................................................................... 11\nDivision 4 Transfer of AFIC's assets and liabilities\n26 Transfer of assets and liabilities .................................................... 12\nDivision 5 Proceedings involving AFIC\n27 Continuation and preservation of certain civil proceedings\ninvolving AFIC ............................................................................... 12\n28 Continuation of certain offence proceedings.................................. 13\nPart 6 Provisions relating to TSA\nDivision 1 TSA to continue\n29 Continuation of TSA for certain purposes ...................................... 13\n30 Contracts and agreements with TSA continue............................... 14\n31 Dissolution of TSA ......................................................................... 14\nDivision 2 Information may be given to APRA and ASIC\n32 Giving of information ...................................................................... 14\nDivision 3 Proceedings involving TSA\n33 Continuation and preservation of civil proceedings involving\nTSA ............................................................................................... 15\n34 Continuation of certain offence proceedings.................................. 15\nDivision 4 Winding up of certain funds\n35 Supervision Fund........................................................................... 15\n36 Credit Unions Contingency Fund ................................................... 16\nPart 7 Enforcement by APRA and ASIC of\nrepealed Codes\n37 Conferral of functions and powers relating to financial\ninstitutions and friendly societies ................................................... 17\n\nFinancial Sector Reform (Northern Territory) Act 1999 iii\n38 AFIC Code provisions .................................................................... 17\n39 Financial Institutions Code provisions ........................................... 18\n40 Friendly Societies Code provisions................................................ 19\n41 Conferral of functions and powers ................................................. 21\nPart 8 Other transitional\n42 Dormant accounts ......................................................................... 21\n43 Withdrawable shares in building societies ..................................... 21\n44 Mergers and transfers of engagements commenced under\nFinancial Institutions (NT) Code .................................................... 22\n45 Mergers and transfers of engagements commenced under\nFriendly Societies (NT) Code......................................................... 24\n46 Australian Financial Institutions Appeals Tribunal ......................... 26\nPart 9 Miscellaneous\n47 Building societies and credit unions............................................... 26\n48 Friendly societies ........................................................................... 26\n49 Exemption from taxes .................................................................... 27\n50 Regulations.................................................................................... 27\nENDNOTES\n\n\n\nNORTHERN TERRITORY OF AUSTRALIA\n____________________\nAs in force at 20 June 2018\n____________________\nFINANCIAL SECTOR REFORM (NORTHERN TERRITORY) ACT 1999\nAn Act to make provision for the reform of the financial sector, to repeal\nthe Financial Institutions (NT) Act 1992, the Friendly Societies (NT)\nAct 1997 and the Financial Institutions (Territory Supervisory Authority)\nAct 1992 and for other purposes\nPart 1 Preliminary\n1 Short title\nThis Act may be cited as the Financial Sector Reform (Northern\nTerritory) Act 1999.\n2 Purpose\nThe main purposes of this Act are:\n(a) to facilitate the registration of building societies, credit unions\nand friendly societies and related bodies as companies under\nthe Corporations Law in accordance with amendments made\nby the Financial Sector Reform (Amendments and Transitional\nProvisions) Act (No. 1) 1999 of the Commonwealth; and\n(b) to enact transitional and ancillary provisions.\n3 Commencement\n(1) Subject to subsection (2), this Act comes into operation on the day\non which the Administrator's assent to the Act is declared.\n(2) The following provisions come into operation on the transfer date:\n(a) section 6;\n(b) Parts 2, 3 and 4;\n(c) Divisions 1 and 5 of Part 5;\n(d) Divisions 1 and 3 of Part 6;\n(e) Parts 7 and 8.\n\nPart 1 Preliminary\nFinancial Sector Reform (Northern Territory) Act 1999 2\n4 Definitions\nIn this Act:\nAFIC means the Australian Financial Institutions Commission\nestablished by the AFIC Act.\nAFIC Act means the Australian Financial Institutions Commission\nAct 1992 of Queensland.\nAFIC Code means the AFIC (NT) Code.\nAFIC (NT) Code means the provisions applying before the transfer\ndate because of section 5 of the Financial Institutions (NT) Act 1992\nand includes the AFIC (NT) Regulations.\nAFIC (NT) Regulations means the provisions applying before the\ntransfer date because of section 6 of the Financial Institutions (NT)\nAct 1992.\nAFIC Regulations means the AFIC (NT) Regulations.\nAPRA means the Australian Prudential Regulation Authority.\nAPRA Act means the Australian Prudential Regulation Authority\nAct 1998 of the Commonwealth.\nAPRA employee means a person appointed under section 45 of\nthe APRA Act.\nASIC means the Australian Securities and Investments\nCommission.\nauthorised APRA officer, in a provision of Part 3, means a person\nauthorised under section 9 to perform or exercise the functions or\npowers of an authorised APRA officer under that provision.\nemployee, in relation to AFIC, includes a person engaged by AFIC\non a contract for services.\nenforcement power means a function or power relating to:\n(a) the investigation of an offence;\n(b) the institution and carrying on of a prosecution of an offence;\nor\n(c) matters relating to an investigation or prosecution of an\noffence.\n\nPart 1 Preliminary\nFinancial Sector Reform (Northern Territory) Act 1999 3\nFinancial Institutions Code means the Financial Institutions (NT)\nCode.\nfinancial institutions legislation has the same meaning as in\nsection 8 of the AFIC Code.\nFinancial Institutions (NT) Code means the provisions applying\nbefore the transfer date because of section 8 of the Financial\nInstitutions (NT) Act 1992 and includes the Financial Institutions\n(NT) Regulations.\nFinancial Institutions (NT) Regulations means the provisions\napplying before the transfer date because of section 9 of the\nFinancial Institutions (NT) Act 1992.\nFinancial Institutions Regulations means the Financial\nInstitutions (NT) Regulations.\nfiscal bodies legislation has the same meaning as in section 3 of\nthe AFIC Code.\nFriendly Societies Code means the Friendly Societies (NT) Code.\nFriendly Societies (NT) Code means the provisions applying\nbefore the transfer date because of section 5 of the Friendly\nSocieties (NT) Act 1997 and includes the Friendly Societies (NT)\nRegulations.\nFriendly Societies (NT) Regulations means the provisions\napplying before the transfer date because of section 6 of the\nFriendly Societies (NT) Act 1997.\nFS(BTGR) Act means the Financial Sector (Business Transfer and\nGroup Restructure) Act 1999 (Cth).\nFSR Act means the Financial Sector Reform (Amendments and\nTransitional Provisions) Act (No. 1) 1999 of the Commonwealth.\nrelevant Commonwealth body means APRA or ASIC.\nsociety means an entity that, before the transfer date, was a\nsociety under the Financial Institutions Code.\nState Supervisory Authority has the same meaning as in the\nfinancial institutions legislation.\nSSA means State Supervisory Authority.\nTSA means the Territory Supervisory Authority established under\nthe Financial Institutions (Territory Supervisory Authority) Act 1992.\n\nPart 2 Registration of certain entities as companies\nFinancial Sector Reform (Northern Territory) Act 1999 4\ntransfer date means the date that, under section 3(16) of the FSR\nAct, is specified as the transfer date for the purposes of that Act.\nNote for section 4\nThe Interpretation Act 1978 contains definitions and other provisions that may be\nrelevant to this Act.\n5 Crown is bound\n(1) This Act binds the Crown in right of the Territory and, so far as the\nlegislative power of the Legislative Assembly permits, the Crown in\nall its other capacities.\n(2) Nothing in this section permits the Crown in any of its capacities to\nbe prosecuted for an offence.\n6 Repeals\n(1) The Financial Institutions (NT) Act 1992 is repealed.\n(2) The Friendly Societies (NT) Act 1997 is repealed.\n(3) The Financial Institutions (Territory Supervisory Authority) Act 1992\nis repealed.\nPart 2 Registration of certain entities as companies\n7 Transferring financial institutions\n(1) On the transfer date, each transferring financial institution of this\njurisdiction is taken, in accordance with Schedule 4 to the\nCorporations Law, to become registered as a company under that\nLaw under the name under which the institution was registered\nunder the previous governing Code immediately before the transfer\ndate.\n(2) Subsection (1) applies even if the institution is an externally-\nadministered body corporate immediately before the transfer date.\n(3) Registration under the Corporations Law of a transferring financial\ninstitution of this jurisdiction as a company does not create a new\nlegal entity.\n(4) In this section, previous governing code and transferring\nfinancial institution of this jurisdiction have the same respective\nmeanings as they have in Schedule 4 of the Corporations Law.\n\nPart 3 ADIs and life insurance companies: transfer of business\nFinancial Sector Reform (Northern Territory) Act 1999 5\nPart 3 ADIs and life insurance companies: transfer of\nbusiness\n8 Words defined in FS(BTGR) Act\nWords defined in the FS(BTGR) Act have the same respective\nmeanings in this Part.\n9 Authorised APRA officer\n(1) APRA may, in writing, authorise a person who is an APRA board\nmember, or an APRA staff member, to perform or exercise the\nfunctions or powers of an authorised APRA officer under a\nparticular provision of this Part.\n(2) The functions and powers necessary for the purposes of this\nsection are conferred on APRA.\n10 Voluntary transfers\n(1) The purpose of this section is to facilitate voluntary transfers of\nbusiness under Part 3 of the FS(BTGR) Act for regulated bodies.\n(2) This section applies when a certificate of transfer issued under\nsection 18 of the FS(BTGR) Act comes into force under Division 3\nof Part 3 of that Act.\n(3) The receiving body is taken to be the successor in law of the\ntransferring body, to the extent of the transfer.\n(4) In particular:\n(a) if the transfer is a total transfer, all the assets and liabilities of\nthe transferring body become respectively the assets and\nliabilities of the receiving body without any transfer,\nconveyance or assignment;\n(b) if the transfer is a partial transfer, all the assets and liabilities\nof the transferring body included in the list of assets and\nliabilities specified in the statement of detail become\nrespectively assets and liabilities of the receiving body without\nany transfer, conveyance or assignment; and\n(c) to the extent of the transfer, the duties, obligations,\nimmunities, rights and privileges applying to the transferring\nbody apply to the receiving body.\n\nPart 3 ADIs and life insurance companies: transfer of business\nFinancial Sector Reform (Northern Territory) Act 1999 6\n(5) If there is an approved section 20 statement in relation to the\ntransfer that specifies:\n(a) that particular things are to happen or are taken to be the\ncase, those things are taken to happen, or to be the case, in\naccordance with the statement; or\n(b) a mechanism for determining things that are to happen or are\ntaken to be the case, things determined in accordance with\nthat mechanism are taken to happen, or to be the case, as\ndetermined in accordance with that mechanism.\n11 Compulsory transfers\n(1) The purpose of this section is to facilitate compulsory transfers of\nbusiness under Part 4 of the FS(BTGR) Act for regulated bodies.\n(2) This section applies when a certificate of transfer issued under\nsection 33 of the FS(BTGR) Act comes into force under Division 3\nof Part 4 of that Act.\n(3) The receiving body is taken to be the successor in law of the\ntransferring body, to the extent of the transfer.\n(4) In particular:\n(a) if the transfer is a total transfer – all the assets and liabilities of\nthe transferring body become respectively the assets and\nliabilities of the receiving body without any transfer,\nconveyance or assignment;\n(b) if the transfer is a partial transfer – all the assets and liabilities\nof the transferring body that are included in the list, mentioned\nin section 33(2)(c) of the FS(BTGR) Act, included in, or\nattached to, the certificate of transfer become respectively\nassets and liabilities of the receiving body without any transfer,\nconveyance or assignment; and\n(c) to the extent of the transfer – the duties, obligations,\nimmunities, rights and privileges applying to the transferring\nbody apply to the receiving body.\n(5) If the certificate of transfer includes provisions of a kind mentioned\nin section 33(3) of the FS(BTGR) Act specifying:\n(a) that particular things are to happen or are taken to be the\ncase, those things are taken to happen or to be the case, in\naccordance with those provisions; or\n\nPart 3 ADIs and life insurance companies: transfer of business\nFinancial Sector Reform (Northern Territory) Act 1999 7\n(b) a mechanism for determining things that are to happen or are\ntaken to be the case, things determined in accordance with\nthat mechanism are taken to happen, or to be the case, as\ndetermined in accordance with that mechanism.\n(6) If there is an approved section 30 statement in relation to the\ntransfer that specifies:\n(a) that particular things are to happen or are taken to be the\ncase, those things are taken to happen, or to be the case, in\naccordance with the statement; or\n(b) a mechanism for determining things that are to happen or are\ntaken to be the case, things determined in accordance with\nthat mechanism are taken to happen, or to be the case, as\ndetermined in accordance with that mechanism.\n12 Certificates evidencing operation of Part\n(1) An authorised APRA officer may, by a certificate in writing signed\nby the officer, certify anything in relation to the effect of this Part,\nand, in particular may certify that:\n(a) a particular asset of a transferring body has become a\ntransferred asset of a receiving body; or\n(b) a particular liability of a transferring body has become a\ntransferred liability of a receiving body.\n(2) For all purposes and in all proceedings, a certificate under\nsubsection (1) is evidence of the matters certified.\n13 Interests in land\nWithout prejudice to the generality of this Part and despite anything\nto the contrary in any other Act or law, if, immediately before the\ndate on which an asset of a transferring body becomes a\ntransferred asset of a receiving body, the transferring body is the\nregistered proprietor of an interest in land under the Land Title\nAct 2000, then on and after that date:\n(a) the receiving body is to be taken to be the registered\nproprietor of that interest in land; and\n(b) the receiving body has the same rights and remedies in\nrespect of that interest as the transferring body had.\n\nPart 3 ADIs and life insurance companies: transfer of business\nFinancial Sector Reform (Northern Territory) Act 1999 8\n(2) The Registrar-General, on being requested to do so and on delivery\nof any relevant certificate of title or instrument and certificate of an\nauthorised APRA officer, must make any amendments in the\nRegister that are necessary because of the operation of this Part.\n14 Certificates in relation to other assets\n(1) This section applies if:\n(a) an asset, other than land or an interest in land, becomes,\nunder this Part, an asset of a receiving body; and\n(b) there is lodged with the entity who has, under the law,\nresponsibility for keeping a register or record relating to assets\nof that kind a certificate that:\n(i) is signed by an authorised APRA officer;\n(ii) identifies the asset; and\n(iii) states the asset has, under this Part, become an asset\nof the receiving body.\n(2) The entity may:\n(a) register or record the matter in the same manner as\ntransactions in relation to assets of that kind are registered or\nrecorded; and\n(b) deal with, and give effect to, the certificate.\n(3) This section does not affect the operation of the Corporations Law.\n15 Documents purporting to be certificates\nA document purporting to be a certificate mentioned in section 13\nor 14 is taken to be a certificate of that type unless the contrary is\nestablished.\n16 Relationship of Part with other laws\n(1) This Part has effect despite anything in a contract, deed,\nundertaking, agreement or other instrument.\n(2) Nothing done under this Part:\n(a) places a receiving body, a transferring body or another person\nin breach of contract or confidence or otherwise makes any of\nthem guilty of a civil wrong;\n\nPart 4 Conferral of functions and powers o APRA and ASIC\nFinancial Sector Reform (Northern Territory) Act 1999 9\n(b) places a receiving body, a transferring body or another person\nin breach of:\n(i) a law of the Territory; or\n(ii) a contractual provision prohibiting, restricting or\nregulating the assignment or transfer of an asset or\nliability or the disclosure of information; or\n(c) releases a surety, wholly or partly, from all or any of the\nsurety's obligations.\n(3) Without limiting subsection (1), if, apart from this section, the advice\nor consent of a person would be necessary in a particular respect,\nthe advice is taken to have been obtained or the consent is taken to\nhave been given.\nPart 4 Conferral of functions and powers o APRA and\nASIC\n17 Conferral of functions and powers on APRA\n(1) APRA has the functions and powers conferred or expressed to be\nconferred on it by or under this Act.\n(2) APRA has power to do acts in the Territory in the performance or\nexercise of any function or power conferred or expressed to be\nconferred on APRA by or under a law of another jurisdiction\ncorresponding to this Act.\n18 Conferral of functions and powers on ASIC\n(1) ASIC has the functions and powers conferred or expressed to be\nconferred on it by or under this Act.\n(2) ASIC has power to do acts in the Territory in the performance or\nexercise of any function or power conferred or expressed to be\nconferred on ASIC by or under a law of another jurisdiction\ncorresponding to this Act.\n\nPart 5 Provisions relating to AFIC\nDivision 2 Provisions about AFIC's staff\nFinancial Sector Reform (Northern Territory) Act 1999 10\nPart 5 Provisions relating to AFIC\nDivision 1 AFIC to continue\n19 Continuation of AFIC for certain purposes\n(1) This section applies despite:\n(a) the repeal of the AFIC Act by the Financial Sector Reform\n(Queensland) Act 1999 of Queensland; and\n(b) the repeal of the Financial Institutions (NT) Act 1992.\n(2) AFIC and its board continue in existence, but only for the following\npurposes:\n(a) to give effect to matters relating to the transfer, under a law of\nthe Commonwealth or of a State or another Territory or this\nAct, of any of its functions under the fiscal bodies legislation to\nAPRA or ASIC;\n(b) to prepare reports and financial statements.\n20 Delegation of AFIC's powers\n(1) AFIC's board may delegate AFIC's powers to an appropriately\nqualified employee of AFIC.\n(2) In subsection (1), appropriately qualified includes having the\nqualifications, experience or standing appropriate to exercise the\npower.\nDivision 2 Provisions about AFIC's staff\n21 Definition\nIn this Subdivision, employees, of AFIC, includes the executive\ndirector of AFIC.\n22 Transfer of staff to APRA under transfer agreement\n(1) The Queensland Minister administering the Financial Sector\nReform (Queensland) Act 1999 of Queensland may enter into a\ntransfer agreement under Division 2 of Part 1 of Schedule 8 of the\nFSR Act, that determines, or provides for determining, that\nparticular employees of AFIC become APRA employees on a\nparticular date, not being a date before the transfer date.\n(2) The transfer agreement has effect according to its terms.\n\nPart 5 Provisions relating to AFIC\nDivision 3 Information may be given to APRA or ASIC\nFinancial Sector Reform (Northern Territory) Act 1999 11\n23 Effect of transfer under section 22 or of employees of AFIC\nbecoming appointed to the Australian Public Service\n(1) This section applies if a person becomes an APRA employee under\nsection 22.\n(2) This section also applies if:\n(a) a person is appointed to the Australian Public Service under\nsection 81B(1) of the Public Service Act 1922 of the\nCommonwealth on or after the transfer date; and\n(b) immediately before the appointment, the person was an\nemployee of AFIC.\n(3) If the person is the executive director of AFIC, the executive\ndirector's appointment under the AFIC Code immediately ends.\n(4) If the person is another employee of AFIC, the employee's\nemployment with AFIC immediately ends.\n(5) A person is not entitled to receive any payment or other benefit,\nwhether under a contract or otherwise, because the person's\nappointment or employment ends under this section.\n24 Statement of accrued benefits etc.\nBefore an employee of AFIC becomes an APRA employee under\nsection 22 or is appointed to the Australian Public Service as\nmentioned in section 23(2), AFIC must give the person, and APRA\nor the Commonwealth Public Service Commissioner, a written\nstatement stating particulars of the benefits to which the person has\nan accrued entitlement, the person's remuneration and the person's\nlength of service with AFIC.\nDivision 3 Information may be given to APRA or ASIC\n25 Giving of information\n(1) This section applies to:\n(a) a director of AFIC's board;\n(b) an employee of AFIC;\n(c) a person appointed by AFIC to carry out duties under the\nfiscal bodies legislation; and\n(d) a person who has been a person mentioned in paragraph (a),\n(b) or (c).\n\nPart 5 Provisions relating to AFIC\nDivision 5 Proceedings involving AFIC\nFinancial Sector Reform (Northern Territory) Act 1999 12\n(2) A person to whom this section applies may disclose to APRA or\nASIC information the person acquired while engaged in the\nadministration of the fiscal bodies legislation.\n(3) This section applies despite section 155 of the AFIC Code and\nsection 477 of the Friendly Societies Code.\nDivision 4 Transfer of AFIC's assets and liabilities\n26 Transfer of assets and liabilities\n(1) The Queensland Minister administering the Financial Sector\nReform (Queensland) Act 1999 of Queensland may enter into a\ntransfer agreement under Division 3 of Part 1 of Schedule 8 of the\nFSR Act connected with the transfer of AFIC's assets or liabilities to\nAPRA or ASIC.\n(2) The transfer agreement has effect according to its terms.\nDivision 5 Proceedings involving AFIC\n27 Continuation and preservation of certain civil proceedings\ninvolving AFIC\n(1) This section applies to a proceeding:\n(a) whether or not it arose or arises under the fiscal bodies\nlegislation; and\n(b) regardless of where it arose or arises.\n(2) For the purposes of a proceeding commenced before the transfer\ndate to which AFIC was a party immediately before that date, the\nState of Queensland is substituted for AFIC as a party to the\nproceeding.\n(3) For the purposes of a proceeding not commenced before the\ntransfer date and which could if commenced after the date be\nbrought against AFIC, or but for the commencement of section 6\nand the dissolution of AFIC, could have been brought against AFIC,\nthe proceeding may instead be brought against the State of\nQueensland.\n(4) For the purposes of this section, evidence that would have been\nadmissible for or against AFIC is admissible for or against the State\nof Queensland.\n(5) This section does not apply to a proceeding for an offence.\n\nPart 6 Provisions relating to TSA\nDivision 1 TSA to continue\nFinancial Sector Reform (Northern Territory) Act 1999 13\n28 Continuation of certain offence proceedings\n(1) This section applies to a proceeding for an offence brought under\nsection 63 of the AFIC Code by AFIC, or a person authorised in\nwriting by AFIC, that commenced before the transfer date but was\nnot completed before the date.\n(2) On and after the transfer date, the proceeding may continue to be\nprosecuted by either APRA or ASIC in place of AFIC or the person\nauthorised by AFIC and APRA or ASIC may be substituted in the\nproceeding for AFIC or the person.\n(3) The functions and powers necessary for this section are conferred\non APRA and ASIC.\nPart 6 Provisions relating to TSA\nDivision 1 TSA to continue\n29 Continuation of TSA for certain purposes\n(1) This section applies despite the repeal of the Financial Institutions\n(Territory Supervisory Authority) Act.\n(2) TSA continues in existence and the appointment of the Registrar of\nFinancial Institutions as the person constituting the TSA continues\nin force, but only for the following purposes:\n(a) to give effect to anything relating to the transfer, under a law of\nthe Commonwealth or this Act, of any of its functions as an\nSSA under the fiscal bodies legislation to APRA or ASIC.\n(b) to prepare a final winding up report and final financial\nstatements;\n(c) to do other things under this Part;\n(d) winding-up itself as soon as practicable but, in any case,\nwithin 12 months after the transfer date.\n(3) Without limiting subsection (2)(a), TSA must comply with\nSchedule 4, clause 4 of the Corporations Law.\n(4) TSA has the powers necessary or desirable for it to act under\nsubsection (2) or (3) including the powers:\n(a) to engage employees; and\n\nPart 6 Provisions relating to TSA\nDivision 2 Information may be given to APRA and ASIC\nFinancial Sector Reform (Northern Territory) Act 1999 14\n(b) to execute a contract, deed or other document necessary for\nits winding-up.\n(5) Also, to the extent it is necessary or desirable to allow TSA to act\nunder subsection (2), the provisions of the fiscal bodies legislation\nand the TSA Act continue to apply despite the repeal of all or any of\nthe legislation or of the Act.\n(6) In this section, winding-up, in relation to TSA, includes TSA\nrealising its assets and discharging its liabilities.\n30 Contracts and agreements with TSA continue\nThe repeal of the TSA Act does not of itself terminate a contract or\nother agreement between TSA and another person.\n31 Dissolution of TSA\n(1) TSA is dissolved on the earlier of the following:\n(a) 12 months after the transfer date;\n(b) the day stated in a notice published in the Gazette by the\nMinister.\n(2) TSA must, before TSA is dissolved, prepare and give to the\nMinister a written final winding-up report and final financial\nstatements on TSA's operations since the transfer date.\nDivision 2 Information may be given to APRA and ASIC\n32 Giving of information\n(1) This section applies to:\n(a) the Registrar of Financial Institutions as the person\nconstituting TSA;\n(b) an employee of TSA;\n(c) a person appointed by TSA for the purpose of carrying out\nduties under the fiscal bodies legislation; and\n(d) a person who has been a person mentioned in paragraph (a),\n(b) or (c).\n(2) A person to whom this section applies may disclose to APRA or\nASIC information the person acquired while engaged in the\nadministration of the fiscal bodies legislation.\n\nPart 6 Provisions relating to TSA\nDivision 4 Winding up of certain funds\nFinancial Sector Reform (Northern Territory) Act 1999 15\n(3) This section applies despite section 410 of the Financial Institutions\nCode or section 477 of the Friendly Societies Code.\nDivision 3 Proceedings involving TSA\n33 Continuation and preservation of civil proceedings involving\nTSA\n(1) For the purposes of a proceeding commenced before the transfer\ndate to which TSA was a party immediately before that date, the\nTerritory is substituted for TSA as a party to the proceeding.\n(2) For the purposes of a proceeding not commenced before the\ntransfer date and which could, if commenced after the date, be\nbrought against TSA, or but for the commencement of section 6,\ncould have been brought against TSA, the proceeding may instead\nbe brought against the Territory.\n(3) For the purposes of this section, evidence that would have been\nadmissible for or against TSA is admissible for or against the\nTerritory.\n(4) This section does not apply to a proceeding for an offence.\n34 Continuation of certain offence proceedings\n(1) This section applies to a proceeding for an offence brought under\nsection 404 of the Financial Institutions Code or section 471 of the\nFriendly Societies Code by TSA, or a person authorised in writing\nby TSA, that commenced before the transfer date but that was not\ncompleted before the date.\n(2) On and after the transfer date, the proceeding may continue to be\nprosecuted by either APRA or ASIC in place of TSA or the person\nauthorised by TSA and APRA or ASIC may be substituted for TSA\nor the person.\n(3) The functions and powers necessary for this section are conferred\non APRA and ASIC.\nDivision 4 Winding up of certain funds\n35 Supervision Fund\n(1) Despite the repeal of the Financial Institutions (NT) Act 1992, the\nSupervision fund continues in existence until TSA fulfils its\nobligations under this section.\n\nPart 6 Provisions relating to TSA\nDivision 4 Winding up of certain funds\nFinancial Sector Reform (Northern Territory) Act 1999 16\n(2) TSA must pay out of the Supervision Fund at such time or times as\nTSA determines:\n(a) to APRA – such amount in respect of any other liabilities of\nTSA that, by reason of this Act, become liabilities of APRA, as\nis determined by TSA;\n(b) to ASIC – such amount in respect of any other liabilities of\nTSA that, by reason of this Act, become liabilities of ASIC, as\nis determined by TSA; and\n(c) to each building society, credit union and friendly society – an\namount determined by TSA as representing the amount of\nsupervision levy paid by the building society, credit union or\nfriendly society into the supervision fund and unexpended.\n36 Credit Unions Contingency Fund\n(1) On the day before the transfer date, TSA must, under section 99A\nof the Financial Institutions Code, distribute the whole of retained\nearnings to the contribution accounts of credit unions.\n(2) For the purposes of subsection (1), section 99A(3) of the Financial\nInstitutions Code does not apply.\n(3) Immediately after TSA complies with subsection (1) it must pay\nfrom the Credit Unions Contingency Fund to each credit union the\namount standing to the credit union's credit in the fund.\n(4) Subsection (3) applies despite section 103 of the Financial\nInstitutions Code.\n(5) In this section:\ncontribution accounts, of credit unions, means the parts of the\nCredit Unions Contingency Fund that, under section 98(10) of the\nFinancial Institutions Code, are treated as a deferred asset in the\naccounts of the credit unions.\ncredit union means a credit union under the Financial Institutions\nCode.\nretained earnings has the same meaning as in section 99A of the\nFinancial Institutions Code.\n\nPart 7 Enforcement by APRA and ASIC of repealed Codes\nFinancial Sector Reform (Northern Territory) Act 1999 17\nPart 7 Enforcement by APRA and ASIC of repealed\nCodes\n37 Conferral of functions and powers relating to financial\ninstitutions and friendly societies\n(1) Either relevant Commonwealth body has the same enforcement\npowers relating to anything done or omitted to be done under a\nCode before the transfer date as AFIC or TSA had immediately\nbefore that date.\n(2) For the purposes of subsection (1), a Code applies with all\nnecessary changes.\n(3) In this section, Code means:\n(a) the AFIC Code;\n(b) the Financial Institutions Code; or\n(c) the Friendly Societies Code.\n38 AFIC Code provisions\n(1) Part 8 of the AFIC Code, other than sections 50, 51, 55 and 58, and\nthe other provisions of the Code relevant to the Part, continue to\napply on and after the transfer date in relation to anything done or\nomitted to be done before that date as if section 6 had not\ncommenced.\n(2) Despite subsection (1), a provision, or part of a provision, applying\nunder that subsection that creates an offence is not limited in its\napplication to anything done or omitted to be done before the\ntransfer date.\n(3) For the purposes of the application mentioned in subsection (1):\n(a) a reference in the Code to AFIC is taken to be a reference to\neither relevant Commonwealth body;\n(b) a reference in the Code to a financial institution is taken to be\na reference to an entity that on the transfer date is a company\nunder the Corporations Law and that, immediately before that\ndate, was a financial institution under the Code;\n(c) in section 52(1) of the Code, the words \"the financial\ninstitutions scheme\" are taken to be omitted and the words\n\"investigating whether an offence against the fiscal bodies\nlegislation has been committed\" are taken to be substituted;\nand (d) a reference in section 52(1)(a) or (b) of the Code to an\n\nPart 7 Enforcement by APRA and ASIC of repealed Codes\nFinancial Sector Reform (Northern Territory) Act 1999 18\nemployee of AFIC or of a State supervisory authority is taken\nto be a reference to an employee of either relevant\nCommonwealth body;\n(e) section 52(5) of the Code is taken to be omitted;\n(f) a reference in section 53(1) or (2) of the Code to the executive\ndirector is taken to be a reference to either relevant\nCommonwealth body;\n(g) a reference in section 53(5) of the Code to officers and\nemployees of the State supervisory authorities is taken to be a\nreference to officers and employees of either relevant\nCommonwealth body;\n(h) section 63(1A) and (1B) of the Code are taken to be omitted;\n(i) a reference in section 63(2) of the Code to the Ministerial\nCouncil is taken to be a reference to the Minister administering\nthis Act; and\n(j) the Code applies with all other necessary changes.\n(4) This section does not limit section 37.\n39 Financial Institutions Code provisions\n(1) Subdivision 1A of Division 2 of Part 2 (other than sections 75, 79\nand 82), Part 10 and sections 392, 397, 398 and 404 of the\nFinancial Institutions Code, and the other provisions of the Code\nrelevant for that Subdivision and those Parts and sections, continue\nto apply on and after the transfer date in relation to anything done\nor omitted to be done before that date as if section 6 had not\ncommenced.\n(2) Despite subsection (1), a provision, or part of a provision, applying\nunder that subsection that creates an offence is not limited in its\napplication to anything done or omitted to be done before the\ntransfer date.\n(3) For the purposes of the application mentioned in subsection (1):\n(a) a reference in the Code to the SSA is taken to be a reference\nto either relevant Commonwealth body;\n(b) a reference in the Code to a financial body is taken to be a\nreference to an entity that on the transfer date is a company\nunder the Corporations Law and that, immediately before that\ndate, was a financial body under the Code;\n\nPart 7 Enforcement by APRA and ASIC of repealed Codes\nFinancial Sector Reform (Northern Territory) Act 1999 19\n(c) a reference in the Code to a society is taken to be reference to\nan entity that on the transfer date is a company under the\nCorporations Law and that, immediately before that date, was\na society under the Code;\n(d) in section 76(1) of the Code, the words \"the financial\ninstitutions legislation\" are taken to be omitted and the words\n\"investigating whether an offence against the financial\ninstitutions legislation has been committed\" are taken to be\nsubstituted; and\n(e) a reference in section 76(1)(a) or (b) of the Code to an\nemployee of the SSA is taken to be a reference to an\nemployee of either relevant Commonwealth body;\n(f) section 76(5) of the Code is taken to be omitted;\n(g) in the definition of \"financial body to which this section applies\"\nin section 397(1) of the Code, paragraphs (a), (b), (d), (e)\nand (f) are taken to be omitted;\n(h) section 397(2) of the Code is taken to be omitted;\n(i) in the definition of \"financial body to which this section applies\"\nin section 398(1) of the Code, paragraphs (a), (b), (d), (e)\nand (f) are taken to be omitted;\n(j) in the definition of \"prescribed person\" in section 398(1) of the\nCode, paragraphs (a) and (b) are taken to be omitted;\n(k) section 398(2) of the Code is taken to be omitted;\n(l) a reference in section 404(2) of the Code to the Minister is\ntaken to be a reference to the Minister administering this Act;\nand\n(m) the Code applies with all other necessary changes.\n(4) This section does not limit section 37.\n40 Friendly Societies Code provisions\n(1) Subdivision 2 of Division 2 of Part 2 (other than sections 31, 35\nand 38), Divisions 3 and 4 of Part 4A, Part 10 and sections 460,\n465, 466 and 471 of the Friendly Societies Code, and the other\nprovisions of the Code relevant to that Subdivision, Division or Part\nor those sections, continue to apply on and after the transfer date in\nrelation to anything done or omitted to be done before that date as\nif section 6 had not commenced.\n\nPart 7 Enforcement by APRA and ASIC of repealed Codes\nFinancial Sector Reform (Northern Territory) Act 1999 20\n(2) Despite subsection (1), a provision, or part of a provision, applying\nunder that subsection that creates an offence is not limited in its\napplication to anything done or omitted to be done before the\ntransfer date.\n(3) For the purposes of the application mentioned in subsection (1):\n(a) a reference in the Code to the SSA is taken to be a reference\nto either relevant Commonwealth body;\n(b) a reference in the Code to a society is taken to be a reference\nto an entity that on the transfer date is a company under the\nCorporations Law and that, immediately before that date, was\na society under the Code;\n(c) in section 32(1) of the Code, the words \"the friendly societies\nlegislation\" are taken to be omitted and the words\n\"investigating whether an offence against the friendly societies\nlegislation has been committed\" are taken to be substituted;\n(d) a reference in section 32(1)(a) or (b) of the Code to an\nemployee of the SSA is taken to be a reference to an\nemployee of either relevant Commonwealth body;\n(e) section 32(4) of the Code is taken to be omitted;\n(f) in the definition of \"society to which this section applies\" in\nsection 465(1) of the Code, paragraphs (a), (b), (d), (e) and (f)\nare taken to be omitted;\n(g) section 465(2) of the Code is taken to be omitted; and (h) in\nthe definition of \"society to which this section applies\" in\nsection 466(1) of the Code, paragraphs (a), (b), (d), (e) and (f)\nare taken to be omitted;\n(i) in the definition of \"prescribed person\" in section 466(1) of the\nCode, paragraphs (a) and (b) are taken to be omitted;\n(j) section 466(2) of the Code is taken to be omitted;\n(k) a reference in section 471(2) of the Code to the Minister is\ntaken to be a reference to the Minister administering this Act;\nand\n(l) the Code applies with all other necessary changes.\n(4) This section does not limit section 37.\n\nPart 8 Other transitional\nFinancial Sector Reform (Northern Territory) Act 1999 21\n41 Conferral of functions and powers\nThe functions and powers necessary for the purposes of this\nDivision are conferred on APRA and ASIC.\nPart 8 Other transitional\n42 Dormant accounts\n(1) This section applies if:\n(a) before the transfer date a society transferred an amount from\na person's deposit account with a society to another account\nunder section 138A(4)(c) of the Financial Institutions Code;\nand\n(b) immediately before the transfer date the amount has not been\nlawfully totally paid out as mentioned in section 138A(6)(b) of\nthat Code.\n(2) Immediately before the transfer date the amount remaining in the\nother account for the person is taken to have been transferred back\nto the person's deposit account as if it had never been classified as\na dormant account or closed under section 138A of the Financial\nInstitutions Code.\n43 Withdrawable shares in building societies\n(1) A person who, immediately before the transfer date, was entitled to\na withdrawable share of a building society, is deemed to have\nbecome on that date the holder of a deposit with the building\nsociety of an amount equal to the amount paid up on the share.\n(2) The holder of the deposit continues to have the same voting or\nother rights (if any) as the holder of the withdrawable share had.\n(3) Any withdrawable shares of a building society on issue immediately\nbefore the transfer date and converted to deposits under\nsubsection (1) are deemed to have been cancelled.\n(4) This section applies subject to such standards or rules about the\nconversion of withdrawable shares to deposits as are determined\nby TSA.\n\nPart 8 Other transitional\nFinancial Sector Reform (Northern Territory) Act 1999 22\n(5) In this section:\nbuilding society means a transferring financial institution of this\njurisdiction (within the meaning of Part 1 of Schedule 4 to the\nCorporations Law) authorised under the Financial Institutions Code\nto operate as a building society immediately before the transfer\ndate.\nwithdrawable share means a withdrawable share within the\nmeaning of the Financial Institutions Code.\n44 Mergers and transfers of engagements commenced under\nFinancial Institutions (NT) Code\n(1) This section applies if a transfer of engagements or merger\ncommenced before the transfer date under Part 7 of the Financial\nInstitutions (NT) Code and immediately before that date has not\nbeen completed, or been given effect.\n(2) The transfer of engagements or merger may be completed, or be\ngiven effect, under Part 7 of the Financial Institutions (NT) Code on\nor after the transfer date and, for that purpose, that Part, and other\nprovisions of the Code relevant to that Part, continue to apply as if\nsection 6 had not commenced.\n(3) For the purpose of the application mentioned in subsection (2):\n(a) a reference in the Financial Institutions (NT) Code to the TSA\nis taken to be a reference to either relevant Commonwealth\nbody; and\n(b) a reference in the Financial Institutions (NT) Code to the SSA\nof a participating State is taken to be a reference to either\nrelevant Commonwealth body; and\n(c) the Financial Institutions (NT) Code applies with all other\nnecessary changes.\n(4) For the purposes of this section a transfer of engagements was\ncommenced before the transfer date under Part 7 of the Financial\nInstitutions (NT) Code if, before that date:\n(a) one of the following conditions was satisfied in relation to each\nsociety or foreign society involved:\n(i) the transfer was approved by a special resolution of the\nsociety or foreign society, in accordance with the\nrelevant Financial Institutions Code;\n\nPart 8 Other transitional\nFinancial Sector Reform (Northern Territory) Act 1999 23\n(ii) the relevant SSA made a determination, under the\nrelevant Financial Institutions Code, that the transfer\nmay be approved by the board of the society or foreign\nsociety; or\n(b) in a case where each entity involved in the transfer is a\nsociety, TSA gave a direction, under the Financial Institutions\n(NT) Code, requiring the transfer.\n(5) For the purposes of this section, a merger was commenced before\nthe transfer date if, before that date, one of the following conditions\nwas satisfied in relation to each society or foreign society involved:\n(a) the merger was approved by a special resolution of the society\nor foreign society, in accordance with the relevant Financial\nInstitutions Code;\n(b) the relevant SSA made a determination, under the relevant\nFinancial Institutions Code, that the merger may be approved\nby the board of the society or foreign society.\n(6) The functions and powers of the SSA that are necessary for the\npurposes of this section are conferred on each relevant\nCommonwealth body.\n(7) In this section:\nfinancial institutions agreement has the same meaning as in\nsection 3 of the AFIC Code.\nforeign society means a body corporate that, before the transfer\ndate, was a society under the financial institutions legislation of\nanother participating State, whether or not it was registered as a\nforeign society under Part 11 of the Financial Institutions (NT)\nCode.\nparticipating State means a State that, immediately before the\ntransfer date, was a party to the financial institutions agreement and\nin which, immediately before that date, the foreign society was\nincorporated.\nrelevant Financial Institutions Code means:\n(a) in relation to a society, the Financial Institutions (NT) Code; or\n(b) in relation to a foreign society, the law of another participating\nState corresponding to the Financial Institutions (NT) Code.\n\nPart 8 Other transitional\nFinancial Sector Reform (Northern Territory) Act 1999 24\nrelevant SSA means:\n(a) in relation to a society, TSA; or\n(b) in relation to a foreign society, the State supervisory authority\nunder the financial institutions legislation of the other\nparticipating State.\nsociety means an entity that, immediately before the transfer date,\nwas a society under the Financial Institutions (NT) Code.\n45 Mergers and transfers of engagements commenced under\nFriendly Societies (NT) Code\n(1) This section applies if a transfer of engagements or merger\ncommenced before the transfer date under Part 7 of the Friendly\nSocieties (NT) Code and immediately before that date has not been\ncompleted, or been given effect.\n(2) The transfer of engagements or merger may be completed, or be\ngiven effect, under Part 7 of the Friendly Societies (NT) Code on or\nafter the transfer date and, for that purpose, that Part, and other\nprovisions of the Code relevant to that Part, continue to apply as if\nsection 6 had not commenced.\n(3) For the purposes of the application mentioned in subsection (2):\n(a) a reference in the Friendly Societies (NT) Code to the SSA is\ntaken to be a reference to either relevant Commonwealth\nbody; and\n(b) a reference in the Friendly Societies (NT) Code to the SSA of\na participating State is taken to be a reference to either\nrelevant Commonwealth body; and\n(c) the Friendly Societies (NT) Code applies with all other\nnecessary changes.\n(4) For the purposes of this section a transfer of engagements was\ncommenced before the transfer date under Part 7 of the Friendly\nSocieties (NT) Code if, before that date:\n(a) one of the following conditions was satisfied in relation to each\nsociety or foreign society involved:\n(i) the transfer was approved by a special resolution of the\nsociety or foreign society, in accordance with the\nrelevant Friendly Societies Code;\n\nPart 8 Other transitional\nFinancial Sector Reform (Northern Territory) Act 1999 25\n(ii) the relevant SSA made a determination, under the\nrelevant Friendly Societies Code, that the transfer may\nbe approved by the board of the society or foreign\nsociety; or\n(b) in a case where each entity involved in the transfer is a\nsociety, TSA gave a direction, under the Friendly Societies\n(NT) Code, requiring the transfer.\n(5) For the purposes of this section, a merger was commenced before\nthe transfer date if, before that date, one of the following conditions\nwas satisfied in relation to each society or foreign society involved:\n(a) the merger was approved by a special resolution of the society\nor foreign society in accordance with the relevant Friendly\nSocieties Code;\n(b) the relevant SSA made a determination, under the relevant\nFriendly Societies Code, that the merger may be approved by\nthe board of the society or foreign society.\n(6) The functions and powers of the SSA that are necessary for the\npurposes of this section are conferred on each relevant\nCommonwealth body.\n(7) In this section:\nfinancial institutions agreement has the same meaning as in\nsection 3 of the AFIC Code.\nforeign society means a body corporate that, before the transfer\ndate, was a society under the friendly societies legislation of\nanother participating State, whether or not it was registered as a\nforeign society under Part 11 of the Friendly Societies (NT) Code.\nfriendly societies legislation has the same meaning as in\nsection 8A of the AFIC Code.\nparticipating State means a State which, immediately before the\ntransfer date, was a party to the financial institutions agreement and\nin which, immediately before that date, the foreign society was\nincorporated.\nrelevant Friendly Societies Code means:\n(a) in relation to a society, the Friendly Societies (NT) Code; or\n(b) in relation to a foreign society, the law of another participating\nState corresponding to the Friendly Societies (NT) Code.\n\nPart 9 Miscellaneous\nFinancial Sector Reform (Northern Territory) Act 1999 26\nrelevant SSA means:\n(a) in relation to a society, TSA; or\n(b) in relation to a foreign society, the State supervisory authority\nunder the friendly societies legislation of the other participating\nState.\nsociety means an entity that, immediately before the transfer date,\nwas a society under the Friendly Societies (NT) Code.\n46 Australian Financial Institutions Appeals Tribunal\n(1) This section applies on the transfer date.\n(2) The Australian Financial Institutions Appeals Tribunal established\nunder section 8 of the AFIC Act ceases to exist by reason of the\nFinancial Sector Reform (Queensland) Act 1999 of Queensland.\n(3) All applications made to the Australian Financial Institutions Appeal\nTribunal under a Code for review of a decision that have not been\ndecided are taken to have been withdrawn.\n(4) In this section, Code means the AFIC Code, Financial Institutions\nCode or Friendly Societies Code.\nPart 9 Miscellaneous\n47 Building societies and credit unions\nUnless the contrary intention appears, a reference in an Act (other\nthan this Act) or an instrument of a legislative or administrative\ncharacter to a building society or credit union has effect on and\nafter the transfer date as a reference to an ADI.\n48 Friendly societies\nUnless the contrary intention appears, a reference in an Act (other\nthan this Act) or an instrument of a legislative or administrative\ncharacter to a friendly society has effect on and after the transfer\ndate as a reference to a body:\n(a) that, immediately before the transfer date, was a society within\nthe meaning of the Friendly Societies Code; or\n(b) a body that is a friendly society for the purposes of the Life\nInsurance Act 1995 of the Commonwealth.\n\nPart 9 Miscellaneous\nFinancial Sector Reform (Northern Territory) Act 1999 27\n49 Exemption from taxes\n(1) No stamp duty or any other duty or tax is chargeable under any Act\nin respect of anything effected by or done under this Act.\n(2) Subsection (1) does not apply to Part 3.\n50 Regulations\nThe Administrator may make regulations, not inconsistent with this\nAct, prescribing matters:\n(a) required or permitted by this Act to be prescribed; or\n(b) necessary or convenient to be prescribed for carrying out or\ngiving effect to this Act.\n\nENDNOTES\nFinancial Sector Reform (Northern Territory) Act 1999 28\nENDNOTES\n1 KEY\nKey to abbreviations\namd = amended od = order\napp = appendix om = omitted\nbl = by-law pt = Part\nch = Chapter r = regulation/rule\ncl = clause rem = remainder\ndiv = Division renum = renumbered\nexp = expires/expired rep = repealed\nf = forms s = section\nGaz = Gazette sch = Schedule\nhdg = heading sdiv = Subdivision\nins = inserted SL = Subordinate Legislation\nlt = long title sub = substituted\nnc = not commenced\n2 LIST OF LEGISLATION\nFinancial Sector Reform (Northern Territory) Act 1999 (Act No. 35, 1999)\nAssent date 18 June 1999\nCommenced 1 July 1999 (s 2)\nLand Title (Consequential Amendments) Act 2000 (Act No. 45, 2000)\nAssent date 12 September 2000\nCommenced 1 December 2000 (s 2, s 2 Land Title Act 2000 (Act No. 2,\n2000) and Gaz G38, 27 September 2000, p 2)\nStatute Law Revision Act 2017 (Act No. 4, 2017)\nAssent date 10 March 2017\nCommenced 12 April 2017 (Gaz G15, 12 April 2017, p 3)\nStatute Law Revision Act 2018 (Act No. 10, 2018)\nAssent date 23 May 2018\nCommenced 20 June 2018 (Gaz S41, 20 June 2018)\n3 GENERAL AMENDMENTS\nGeneral amendments of a formal nature (which are not referred to in the table\nof amendments to this reprint) are made by the Interpretation Legislation\nAmendment Act 2018 (Act No. 22, 2018) to: ss 1, 4, 6, 13 and 35 and lt.\n4 LIST OF AMENDMENTS\ns 4 amd No. 10, 2018, s 6\npt 3 hdg amd No. 4, 2017, s 34\ns 8 amd No. 10, 2018, s 6\nss 10 – 11 amd No. 10, 2018, s 6\ns 13 amd No. 45, 2000, s 11\ns 47 amd No. 4, 2017, s 34","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":8,"scope_assessment":{"changed":false,"description":"The Act implements transitional and consequential measures necessary to move Territory financial-sector supervision into the Commonwealth framework. Its provisions are focused on re-registration of Territory societies as companies, transfer of supervisory functions to APRA/ASIC, preservation of ongoing proceedings and winding-up of Territory supervisory bodies. These measures are within the Act’s stated purpose (s 2) and do not materially expand the scope beyond facilitating and completing the transfer and associated transitional tasks; they are detailed and broad in coverage but remain ancillary and implementational rather than a substantive policy enlargement."},"complexity_factors":["Extensive cross-references to Commonwealth laws (FS(BTGR) Act, FSR Act) and Corporations Law Schedule 4 (see ss 8, 3, 7)","Large number of defined terms in s 4 used across the Act (AFIC, TSA, FS(BTGR) Act, FSR Act, financial institutions legislation, etc.)","Numerous transitional provisions preserving parts of repealed Codes with textual substitutions and omissions (ss 37–40)","Multiple, separate mechanisms for voluntary and compulsory transfers with parallel but slightly different rules and cross-references (ss 10–11)","Certificates and evidentiary presumptions for land and other registers creating administrative dependencies (ss 12–15, 13(2))","Staff, assets and liabilities transfer rules that rely on external transfer agreements and ministerial action (ss 22, 26)","Continuation and substitution rules for civil and criminal proceedings (ss 27–28, 33–34)","Special winding-up and fund distribution rules with exceptions (Supervision Fund, Credit Unions Contingency Fund) (ss 35–36)","Multiple commencement and repeal timings and ‘despite’/‘without prejudice’ clauses that override other laws and contracts (ss 3, 6, 16)","Delegations and discretion: APRA authorised officers, ministerial regulation‑making and dissolution notices introduce administrative discretion (ss 9, 20, 31, 50)"],"plain_english_summary":"**What this law does, mechanically**\n\n- Converts Northern Territory-registered building societies, credit unions and friendly societies into companies under the Corporations Law on the specified \"transfer date\" without creating new legal entities (section 7).  This is a legal re-registration: the same organisation continues, but its corporate form and the law that primarily regulates it change.\n\n- Implements and preserves a range of transitional steps needed for Commonwealth financial-sector reform:\n  - Facilitates transfer of ADI (authorised deposit-taking institution) and life-insurer businesses from one regulated body to another for both voluntary and compulsory transfers (sections 10–11).  The receiving body is treated as the legal successor for transferred assets, liabilities and rights (ss 10(3)–(4), 11(3)–(4)).\n  - Authorises APRA (Australian Prudential Regulation Authority) and ASIC (Australian Securities and Investments Commission) to exercise functions and enforcement powers in the Territory that were previously exercised by Territory bodies (ss 17–18, 37).\n  - Preserves and adapts provisions of the Territory supervisory Codes (AFIC, Financial Institutions, Friendly Societies) for the purpose of investigating or prosecuting pre-transfer conduct and finishing transitional matters (ss 37–40).\n\n- Provides detailed transitional arrangements for Territory supervisory bodies and commissions that are being wound up or whose responsibilities transfer:\n  - AFIC (Australian Financial Institutions Commission) and TSA (Territory Supervisory Authority) continue for limited winding-up and transfer tasks and to prepare final reports (ss 19, 29–31).\n  - Staff, assets, liabilities and proceedings connected with AFIC and TSA may be transferred to APRA, ASIC or the State/Territory, with rules about substitution of parties in litigation and continuation of prosecutions (ss 22–28, 33–34, 26–27).\n\n- Supplies practical instruments to implement transfers:\n  - Authorised APRA officers may issue certificates confirming that particular assets/liabilities have become transferred assets/liabilities, and land registers must be amended on production of those certificates (ss 12–15, 13(2)).\n  - Certain account conversions (dormant accounts, withdrawable shares) are handled automatically by the Act on the transfer date, subject to specified rules (ss 42–44).\n\n- Miscellaneous provisions\n  - Repeals the Territory’s Financial Institutions (NT) Act 1992, Friendly Societies (NT) Act 1997 and TSA Act (s 6).\n  - Exempts instruments done under the Act from stamp duty and similar taxes, except Part 3 (s 49).\n  - Allows the Administrator to make regulations required to implement the Act (s 50).\n\n**Who is affected**\n\n- Primary: building societies, credit unions, friendly societies and related bodies that, immediately before the transfer date, were regulated under Territory Codes — they become companies under Corporations Law and come under APRA/ASIC prudential and enforcement regimes (s 7; ss 17–18).\n\n- Secondary: AFIC and TSA staff, whose employment, accrued entitlements and possible transfer to APRA or the Commonwealth Public Service are governed by the Act (ss 22–24).\n\n- Third parties: land title registrars, counterparties to contracts with TSA or AFIC, and courts and prosecutors dealing with ongoing civil or criminal proceedings (ss 13(2), 30, 27, 33–34).\n\n**Why it matters (stated purpose and operational implications)**\n\n- The Act’s stated purpose is to facilitate registration of former Territory financial institutions as companies under Commonwealth Corporations Law and to provide transitional and ancillary measures (s 2).  Mechanically, it shifts the legal framework from Territory-specific supervision to the Commonwealth prudential and corporate regime.\n\n- Costs and incentives: the primary compliance cost shifts to entities that will now operate under Corporations Law and Commonwealth prudential rules (ss 7, 17–18).  That typically means compliance with APRA prudential standards and ASIC conduct/ disclosure rules.  The Act reduces certain transactional frictions (automatic transfer of assets and liabilities under ss 10–11, certificates under s 12) but introduces new regulatory relationships and possibly higher ongoing compliance costs.\n\n- Decision‑making and discretion: APRA and ASIC gain decision-making and enforcement authority in place of Territory supervisory bodies (ss 17–18, 37).  The Minister or Administrator retains limited powers (regulations, dissolution notices for TSA) (s 50, s 31(1)(b)).\n\n- Who pays: supervision levies, winding-up distributions from funds (Supervision Fund and Credit Unions Contingency Fund) are handled by TSA/APRA as specified (ss 35–36).  Regulated entities may bear higher administrative and prudential compliance costs going forward; the Act expressly prevents stamp duty on things done under the Act (s 49(1)), limiting transfer costs.\n\n**Trade‑offs, implementation risks and practical effects**\n\n- Trade-offs: the Act simplifies continuity (no need for individual transfers, automatic succession of rights and liabilities) at the cost of moving entities into a new national regulatory regime.  That centralises enforcement (APRA/ASIC) and replaces Territory supervisory discretion with Commonwealth regulatory standards (ss 17–18, 37–40).\n\n- Implementation risks: complex cross-jurisdictional transfers depend on certificates, transfer agreements and cooperation with State/Queensland ministers for AFIC assets (ss 12, 26).  There are many cross-references to Commonwealth FS(BTGR) Act and Corporations Law Schedule 4, which could raise legal interpretation issues in edge cases (ss 8, 7).\n\n- Effects on private rights and contracts: the Act states that the transfers operate despite anything to the contrary in contracts and does not create a breach of confidence or contract by operation of the transfer (s 16).  However, practical effects on voting rights and member entitlements (e.g. conversion of withdrawable shares to deposits) are governed by transitional rules and TSA-determined standards (s 43), so some member rights may change in form even if the underlying economic interest continues.\n\n**Key sections to look at quickly**\n- Registration as companies: section 7\n- Transfers of business (voluntary/compulsory): sections 10–11\n- APRA/ASIC powers and enforcement: sections 17–18, 37–40\n- Certificates and land title adjustments: sections 12–15, 13(2)\n- AFIC/TSA staff, assets, winding-up: sections 19–36\n- Tax/stamp duty exemption: section 49\n- Regulation-making power: section 50\n\n(Official rationale: the Act is presented as implementing Commonwealth financial-sector reform so Territory entities can continue under Corporations Law. The practical trade-offs described above are drawn from the Act’s mechanics — changed regulator, automatic legal succession, preserved prosecutions and adapted code provisions — and from the concrete cost and operational consequences set out in the specified sections.)"},"issue_detection":{"absurdities":[],"contradictions":[]},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: facilitating the transfer of Northern Territory financial institutions from state-based regulation to national regulation under the Corporations Law and APRA/ASIC supervision. While the Act is lengthy and complex, this complexity serves the original transitional purpose rather than expanding into new policy areas. The various Parts (dealing with AFIC, TSA, enforcement of repealed codes, and transitional matters) all directly support the core objective of regulatory handover."},"complexity_factors":["Heavy cross-referencing to external legislation: The Act constantly refers to the 'FSR Act', 'FS(BTGR) Act', 'AFIC Act', 'APRA Act', 'Corporations Law', and repealed Codes (Financial Institutions Code, Friendly Societies Code), requiring readers to track multiple external documents","Extensive defined terms: Section 4 contains 25+ defined terms, many of which are circular or refer to other defined terms (e.g., 'AFIC Code' means 'AFIC (NT) Code' which means provisions applying under a repealed Act)","Nested transitional provisions: The Act preserves and modifies repealed legislation (Parts 7-8), creating a 'legislation within legislation' effect where old Codes continue to apply but with specific words substituted (e.g., 'TSA' becomes 'APRA or ASIC')","Conditional commencement: Different parts of the Act commence at different times — some immediately, others on the 'transfer date' (Section 3), creating temporal complexity","Multiple interacting regulatory bodies: The Act coordinates between AFIC (Queensland-based), TSA (Territory-based), APRA, ASIC, and the State of Queensland, with different rules for which body takes over which function","Preservation of proceedings with substitution of parties: Complex rules about which entity (Queensland, Territory, APRA, or ASIC) takes over civil and criminal proceedings from the old regulators (Sections 27-28, 33-34)","Mechanism-based provisions: Sections 10-11 allow 'approved statements' and 'mechanisms' to determine legal outcomes, creating delegated legislative complexity"],"plain_english_summary":"This transitional 1999 law moved Northern Territory building societies, credit unions and friendly societies from Territory rules into national Corporations Law, automatically converting them to companies and shifting supervision to APRA and ASIC. It transferred staff, records and customer rights to the federal regulators and preserved unfinished transactions and enforcement powers during the switchover.\n\nIts effect: harmonising NT financial regulation with the national system while protecting customers and avoiding regulatory gaps."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-reform-northern-territory-act-1999","history":"/api/acts/financial-sector-reform-northern-territory-act-1999/history","analysis":"/api/acts/financial-sector-reform-northern-territory-act-1999/analysis","conflicts":"/api/acts/financial-sector-reform-northern-territory-act-1999/conflicts","importantCases":"/api/acts/financial-sector-reform-northern-territory-act-1999/important-cases","documents":"/api/acts/financial-sector-reform-northern-territory-act-1999/documents"}}