{"id":"financial-sector-reform-south-australia-act-1999","name":"Financial Sector Reform (South Australia) Act 1999","slug":"financial-sector-reform-south-australia-act-1999","collection":"act","jurisdiction":"sa","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":32061,"registerId":"sa-financial-sector-reform-south-australia-act-1999-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Sector Reform (South Australia) Act 1999","content":"South Australia\nFinancial Sector Reform (South Australia) Act 1999\nAn Act to facilitate the transfer to the Commonwealth of responsibility for regulating building societies, credit unions and friendly societies as companies under the Corporations Law; to provide for transitional matters; and for other purposes.\n\nContents\nPart 1—Preliminary\n1\tShort title\n4\tInterpretation\nPart 2—Conferral of functions and powers on APRA and ASIC\n5\tConferral of functions and powers on APRA\n6\tConferral of functions and powers on ASIC\n6A\tAdministrative functions and powers conferred on relevant Commonwealth bodies\nPart 3—Provisions relating to AFIC\nDivision 1—AFIC to continue\n7\tContinuation of AFIC for certain purposes\n8\tDelegation of AFIC's powers\nDivision 2—Provisions about AFIC's staff\n9\tInterpretation\n10\tTransfer of staff to APRA under transfer agreement\n11\tEffect of transfer under section 10 or of employees of AFIC becoming appointed to the Australian Public Service\n12\tStatement of accrued benefits etc\nDivision 3—Information may be given to APRA or ASIC\n13\tGiving of information\nDivision 4—Transfer of AFIC's assets and liabilities\n14\tTransfer of assets and liabilities\nDivision 5—Proceedings involving AFIC\n15\tContinuation and preservation of certain civil proceedings involving AFIC\n16\tContinuation of certain offence proceedings\nPart 4—Provisions relating to SAOFS\nDivision 1—Transfer of SAOFS' assets and liabilities\n17\tTransfer of assets and liabilities\nDivision 2—Provisions about SAOFS' staff\n18\tTransfer of staff to APRA under transfer agreement\n19\tEffect of transfer to APRA or APS\n20\tStatement of accrued benefits etc\nDivision 3—Winding up of Funds\n21\tSupervision Fund\n22\tCredit Unions Contingency Fund\nDivision 4—Proceedings involving SAOFS\n23\tContinuation and preservation of civil proceedings involving SAOFS\n24\tContinuation of certain offence proceedings\nDivision 5—Information may be given by SAOFS\n25\tGiving of information\nPart 5—Enforcement by APRA and ASIC of repealed Codes\n26\tConferral of enforcement powers on APRA and ASIC\n27\tAFIC Code provisions\n28\tFinancial Institutions Code provisions\n29\tFriendly Societies Code provisions\n30\tConferral of functions and powers\nPart 6—Other transitional provisions\n31\tDormant accounts\n32\tWithdrawable shares in building societies\n33\tMatters in relation to deregistered financial bodies and societies\n34\tMergers and transfers of engagements commenced under Financial Institutions (South Australia) Code\n35\tMergers and transfers of engagements commenced under Friendly Societies (South Australia) Code\n36\tAustralian Financial Institutions Appeals Tribunal\nPart 7—Miscellaneous\n37\tRegistration or record of transfer\n38\tExemption from State taxes\n39\tRelationship of Act with other laws\n40\tRegulations\nLegislative history\n\nThe Parliament of South Australia enacts as follows:\nPart 1—Preliminary\n1—Short title\nThis Act may be cited as the Financial Sector Reform (South Australia) Act 1999.\n4—Interpretation\n\t(1)\tIn this Act—\nAFIC means the Australian Financial Institutions Commission established by the AFIC Act;\nAFIC Act means the Australian Financial Institutions Commission Act 1992 of Queensland;\nAFIC Code means—\n\t(a)\tthe AFIC (South Australia) Code; and\n\t(b)\tthe AFIC (South Australia) Regulations,\nas in force immediately before the transfer date;\nAPRA means the Australian Prudential Regulation Authority;\nAPRA Act means the Australian Prudential Regulation Authority Act 1998 of the Commonwealth;\nAPRA employee means a person appointed under section 45 of the APRA Act;\nASIC means the Australian Securities and Investments Commission;\nCommonwealth Reform Act means the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 of the Commonwealth;\nCredit Unions Contingency Fund means the fund of that name established under the Financial Institutions Code;\nemployee, in relation to AFIC, includes a person engaged by AFIC on a contract for services;\nenforcement power means a function or power relating to—\n\t(a)\tthe investigation of an offence; or\n\t(b)\tthe institution and carrying on of a prosecution of an offence; or\n\t(c)\tmatters relating to an investigation or prosecution of an offence;\nFinancial Institutions Code or Financial Institutions (South Australia) Code means—\n\t(a)\tthe Financial Institutions (South Australia) Code; and\n\t(b)\tthe Financial Institutions (South Australia) Regulations,\nas in force immediately before the transfer date;\nfinancial institutions legislation has the same meaning as in section 8 of the AFIC Code;\nfiscal bodies legislation has the same meaning as in section 3 of the AFIC Code;\nFriendly Societies Code or Friendly Societies (South Australia) Code means—\n\t(a)\tthe Friendly Societies (South Australia) Code; and\n\t(b)\tthe Friendly Societies (South Australia) Regulations,\nas in force immediately before the transfer date;\nrelevant Commonwealth body means APRA or ASIC;\nSAOFS means the South Australian Office of Financial Supervision;\nSSA means State Supervisory Authority;\nSupervision Fund means the fund of that name established under the Financial Institutions Code;\ntransfer date means the date that, under section 3(16) of the Commonwealth Reform Act, is specified as the transfer date for the purposes of that Act.\n\t(2)\tIn this Act, a reference to a Commonwealth Act includes a reference to—\n\t(a)\tthat Commonwealth Act as amended and in force for the time being; and\n\t(b)\tan Act enacted in substitution for that Act.\nPart 2—Conferral of functions and powers on APRA and ASIC\n5—Conferral of functions and powers on APRA\n\t(1)\tAPRA has the functions and powers conferred or expressed to be conferred on it by or under this Act.\n\t(2)\tAPRA has power to do acts in South Australia in the performance or exercise of any function or power conferred or expressed to be conferred on APRA by or under a law of another jurisdiction corresponding to this Act.\n6—Conferral of functions and powers on ASIC\n\t(1)\tASIC has the functions and powers conferred or expressed to be conferred on it by or under this Act.\n\t(2)\tASIC has power to do acts in South Australia in the performance or exercise of any function or power conferred or expressed to be conferred on ASIC by or under a law of another jurisdiction corresponding to this Act.\n6A—Administrative functions and powers conferred on relevant Commonwealth bodies\n\t(1)\tIn this section—\nadministrative action has the same meaning as it has in the Corporations (Administrative Actions) Act 2001;\nAPRA or ASIC action means an administrative action taken, or purportedly taken, by APRA or ASIC pursuant to a function or power conferred, or purportedly conferred, by or under this Act;\nconfer includes impose.\n\t(2)\tThe Corporations (Administrative Actions) Act 2001 applies in relation to an APRA or ASIC action as if this Act were a relevant State Act within the meaning of that Act.\n\t(3)\tThis Act does not purport to confer any duty on APRA or ASIC to perform a function, or to exercise a power, conferred, or purportedly conferred, by or under this Act if the conferral of the duty would be beyond the legislative power of the Parliament of the State.\n\t(4)\tSubsection (3) does not limit the operation of section 22A of the Acts Interpretation Act 1915.\nPart 3—Provisions relating to AFIC\nDivision 1—AFIC to continue\n7—Continuation of AFIC for certain purposes\n\t(1)\tThis section applies despite—\n\t(a)\tthe repeal of the AFIC Act by the Financial Sector Reform (Queensland) Act 1999 of Queensland; and\n\t(b)\tthe repeal of the Financial Institutions (Applications of Laws) Act 1992 by this Act.\n\t(2)\tAFIC and its board continue in existence, but only for the following purposes:\n\t(a)\tto give effect to matters relating to the transfer, under a law of the Commonwealth or of another State or a Territory or this Act, of any of its functions under the fiscal bodies legislation to APRA or ASIC;\n\t(b)\tto prepare reports and financial statements.\n8—Delegation of AFIC's powers\n\t(1)\tAFIC's board may delegate AFIC's powers to an appropriately qualified employee of AFIC.\n\t(2)\tIn subsection (1)—\nappropriately qualified includes having the qualifications, experience or standing appropriate to exercise the power.\nDivision 2—Provisions about AFIC's staff\n9—Interpretation\nIn this Division—\nemployee of AFIC includes the executive director of AFIC.\n10—Transfer of staff to APRA under transfer agreement\n\t(1)\tThe Queensland Minister administering the Financial Sector Reform (Queensland) Act 1999 of Queensland may enter into a transfer agreement under Division 2 of Part 1 of Schedule 8 of the Commonwealth Reform Act, that determines, or provides for determining, that particular employees of AFIC become APRA employees on a particular date, not being a date before the transfer date.\n\t(2)\tThe transfer agreement has effect according to its terms.\n11—Effect of transfer under section 10 or of employees of AFIC becoming appointed to the Australian Public Service\n\t(1)\tThis section applies if a person becomes an APRA employee under section 10.\n\t(2)\tThis section also applies if—\n\t(a)\ta person is appointed to the Australian Public Service under section 81B(1) of the Public Service Act 1922 of the Commonwealth on or after the transfer date; and\n\t(b)\timmediately before the appointment, the person was an employee of AFIC.\n\t(3)\tIf the person is the executive director of AFIC, the executive director's appointment under the AFIC Code immediately ends.\n\t(4)\tIf the person is another employee of AFIC, the employee's employment with AFIC immediately ends.\n\t(5)\tA person is not entitled to receive any payment or other benefit, whether under a contract or otherwise, because the person's appointment or employment ends under this section.\n12—Statement of accrued benefits etc\nBefore an employee of AFIC becomes an APRA employee under section 10 or is appointed to the Australian Public Service as mentioned in section 11(2), AFIC must give the person, and APRA or the Commonwealth Public Service Commissioner, a written statement stating particulars of the benefits to which the person has an accrued entitlement, the person's remuneration and the person's length of service with AFIC.\nDivision 3—Information may be given to APRA or ASIC\n13—Giving of information\n\t(1)\tThis section applies to—\n\t(a)\ta director of AFIC's board; and\n\t(b)\tan employee of AFIC; and\n\t(c)\ta person appointed by AFIC to carry out duties under the fiscal bodies legislation; and\n\t(d)\ta person who has been a person mentioned in paragraph (a), (b) or (c).\n\t(2)\tA person to whom this section applies may disclose to APRA or ASIC information the person acquired while engaged in the administration of the fiscal bodies legislation.\n\t(3)\tThis section applies despite section 155 of the AFIC Code and section 477 of the Friendly Societies Code.\nDivision 4—Transfer of AFIC's assets and liabilities\n14—Transfer of assets and liabilities\n\t(1)\tThe Queensland Minister administering the Financial Sector Reform (Queensland) Act 1999 of Queensland may enter into a transfer agreement under Division 3 of Part 1 of Schedule 8 of the Commonwealth Reform Act connected with the transfer of AFIC's assets or liabilities to APRA or ASIC.\n\t(2)\tThe transfer agreement has effect according to its terms.\nDivision 5—Proceedings involving AFIC\n15—Continuation and preservation of certain civil proceedings involving AFIC\n\t(1)\tThis section applies to a proceeding—\n\t(a)\twhether or not it arose or arises under the fiscal bodies legislation; and\n\t(b)\tregardless of where it arose or arises.\n\t(2)\tFor the purposes of a proceeding commenced before the transfer date to which AFIC was a party immediately before that date, the State of Queensland is substituted for AFIC as a party to the proceeding.\n\t(3)\tFor the purposes of a proceeding not commenced before the transfer date and which—\n\t(a)\tcould, if commenced after that date, be brought against AFIC; or\n\t(b)\tcould have, but for the repeal of the Financial Institutions (Application of Laws) Act 1992 by this Act and the dissolution of AFIC, been brought against AFIC,\nthe proceeding may instead be brought against the State of Queensland.\n\t(4)\tFor the purposes of this section, evidence that would have been admissible for or against AFIC is admissible for or against the State of Queensland.\n\t(5)\tThis section does not apply to a proceeding for an offence.\n16—Continuation of certain offence proceedings\n\t(1)\tThis section applies to a proceeding for an offence brought under section 63 of the AFIC Code by AFIC, or a person authorised in writing by AFIC, that commenced before the transfer date but was not completed before that date.\n\t(2)\tOn and after the transfer date, the proceeding may continue to be prosecuted by either APRA or ASIC in place of AFIC, or the person authorised by AFIC, and APRA or ASIC may be substituted in the proceeding for AFIC or the person.\n\t(3)\tThe functions and powers necessary for this section are conferred on APRA and ASIC.\nNote—\nSee Part 5 for proceedings commencing after the transfer date.\nPart 4—Provisions relating to SAOFS\nDivision 1—Transfer of SAOFS' assets and liabilities\n17—Transfer of assets and liabilities\n\t(1)\tThe Minister may enter into a transfer agreement under Division 3 of Part 1 of Schedule 8 of the Commonwealth Reform Act connected with the transfer of SAOFS's assets or liabilities to APRA or ASIC.\n\t(2)\tThe transfer agreement has effect according to its terms.\nDivision 2—Provisions about SAOFS' staff\n18—Transfer of staff to APRA under transfer agreement\n\t(1)\tThe Minister may enter into a transfer agreement under Division 2 of Part 1 of Schedule 8 of the Commonwealth Reform Act that determines, or provides for determining, that particular employees of SAOFS become APRA employees on a particular date, not being a date before the transfer date.\n\t(2)\tThe transfer agreement has effect according to its terms.\n19—Effect of transfer to APRA or APS\n\t(1)\tThis section applies—\n\t(a)\tif a person becomes an APRA employee under section 18; or\n\t(b)\tif—\n\t(i)\ta person is appointed to the Australian Public Service under section 81B(1) of the Public Service Act 1922 of the Commonwealth on or after the transfer date; and\n\t(ii)\timmediately before the appointment, the person was an employee of SAOFS.\n\t(2)\tThe person's employment with SAOFS immediately ends.\n\t(3)\tA person is not entitled to receive any payment or other benefit because the person's employment ends under this section.\n20—Statement of accrued benefits etc\nBefore an employee of SAOFS becomes an APRA employee under section 18 or is appointed to the Australian Public Service as mentioned in section 19(1)(b)(i), SAOFS must give the person, and APRA or the Commonwealth Public Service Commissioner, a written statement stating particulars of—\n\t(a)\tthe person's remuneration; and\n\t(b)\tthe person's accrued benefits and entitlements in respect of service with SAOFS and prior service recognised by SAOFS; and\n\t(c)\tthe person's length of service with SAOFS and the length of prior service recognised by SAOFS.\nDivision 3—Winding up of Funds\n21—Supervision Fund\n\t(1)\tDespite the repeal of the Financial Institutions (Application of Laws) Act 1992, the Supervision Fund continues in existence until SAOFS has fulfilled its obligations under this section.\n\t(2)\tSAOFS must pay out of the Supervision Fund at such time or times as SAOFS determines—\n\t(a)\tto APRA—\n\t(i)\tsuch amount in respect of liabilities relating to leave or other entitlements of employees of SAOFS who become employees of APRA, being liabilities existing immediately before the date on which the relevant employees become employees of APRA, as is determined by SAOFS; and\n\t(ii)\tsuch amount in respect of any other liabilities of SAOFS that, by reason of this Act, become liabilities of APRA, as is determined by SAOFS; and\n\t(b)\tto ASIC—\n\t(i)\tsuch amount in respect of liabilities relating to leave or other entitlements of employees of SAOFS who become employees of ASIC, being liabilities existing immediately before the date on which the relevant employees become employees of ASIC, as is determined by SAOFS; and\n\t(ii)\tsuch amount in respect of any other liabilities of SAOFS that, by reason of this Act, become liabilities of ASIC, as is determined by SAOFS.\n\t(3)\tSAOFS must also pay out of the Supervision Fund—\n\t(a)\tany expenses incurred by SAOFS before the transfer date (see section 94(3) of the repealed Financial Institutions Code); and\n\t(b)\tany other expenses incurred by SAOFS before it is wound up under Part 5 of the South Australian Office of Financial Supervision Act 1992.\n\t(4)\tSAOFS must pay into the Supervision Fund all amounts that would be payable into the Fund were it not for the repeal of the Financial Institutions (Application of Laws) Act 1992.1\n\t(5)\tThe amount remaining (if any) in the Supervision Fund after compliance with subsections (2) and (3) must be distributed by SAOFS to each building society, credit union and friendly society that is a transferring financial institution under the Corporations Law, in such proportions as the Minister considers fair.\nNote—\n1\tProceeds from the realisation of surplus SAOFS assets are also to be paid into the Supervision Fund: see Part 5 of the South Australian Office of Financial Supervision Act 1992.\n22—Credit Unions Contingency Fund\n\t(1)\tOn the day before the transfer date, SAOFS must, under section 99A of the Financial Institutions Code, distribute the whole of retained earnings to the contribution accounts of credit unions.\n\t(2)\tFor the purposes of subsection (1), section 99A(3) of the Financial Institutions Code does not apply.\n\t(3)\tImmediately after SAOFS complies with subsection (1) it must pay from the Credit Unions Contingency Fund to each credit union the amount standing to the credit union's credit in the fund.\n\t(4)\tSubsection (3) applies despite section 103 of the Financial Institutions Code.\n\t(5)\tIn this section—\ncontribution accounts, of credit unions, means the parts of the Credit Unions Contingency Fund that, under section 98(10) of the Financial Institutions Code, are treated as a deferred asset in the accounts of the credit unions;\nretained earnings has the same meaning as in section 99A of the Financial Institutions Code.\nDivision 4—Proceedings involving SAOFS\n23—Continuation and preservation of civil proceedings involving SAOFS\n\t(1)\tFor the purposes of a proceeding commenced before the transfer date to which SAOFS was a party immediately before that date, the State is substituted for SAOFS as a party to the proceeding.\n\t(2)\tFor the purposes of a proceeding not commenced before the transfer date and which—\n\t(a)\tcould, if commenced after that date, be brought against SAOFS; or\n\t(b)\tcould have, but for the dissolution of SAOFS, been brought against SAOFS,\nthe proceeding may instead be brought against the State.\n\t(3)\tFor the purposes of this section, evidence that would have been admissible for or against SAOFS is admissible for or against the State.\n\t(4)\tThis section does not apply to a proceeding for an offence.\n24—Continuation of certain offence proceedings\n\t(1)\tThis section applies to a proceeding for an offence brought under section 404 of the Financial Institutions Code or section 471 of the Friendly Societies Code by SAOFS, or a person authorised in writing by SAOFS, that commenced before the transfer date but was not completed by that date.\n\t(2)\tOn and after the transfer date, the proceeding may continue to be prosecuted by either APRA or ASIC in place of SAOFS, or the person authorised by SAOFS, and APRA or ASIC may be substituted for SAOFS or the person.\n\t(3)\tThe functions and powers necessary for this section are conferred on APRA and ASIC.\nNote—\nSee Part 5 for proceedings commencing after the transfer date.\nDivision 5—Information may be given by SAOFS\n25—Giving of information\n\t(1)\tThis section applies to—\n\t(a)\ta member of SAOFS; and\n\t(b)\tan employee of SAOFS; and\n\t(c)\ta person appointed by SAOFS for the purpose of carrying out duties under the fiscal bodies legislation; and\n\t(d)\ta person who has been a person mentioned in paragraph (a), (b) or (c).\n\t(2)\tA person to whom this section applies may disclose to APRA or ASIC or the Minister information the person acquired while engaged in the administration of the fiscal bodies legislation.\n\t(3)\tThis section applies despite section 410 of the Financial Institutions Code and section 477 of the Friendly Societies Code.\nPart 5—Enforcement by APRA and ASIC of repealed Codes\n26—Conferral of enforcement powers on APRA and ASIC\n\t(1)\tAPRA and ASIC have the same enforcement powers relating to anything done or omitted to be done under a Code before the transfer date as AFIC or SAOFS had immediately before that date.\n\t(2)\tFor the purposes of subsection (1), a Code applies with all necessary changes.\n\t(3)\tIn this section—\nCode means—\n\t(a)\tthe AFIC Code; or\n\t(b)\tthe Financial Institutions Code; or\n\t(c)\tthe Friendly Societies Code.\n27—AFIC Code provisions\n\t(1)\tThe following provisions continue to apply on and after the transfer date in relation to anything done or omitted to be done before that date:\n\t(a)\tPart 8 of the AFIC Code (except for sections 50, 51, 55 and 58); and\n\t(b)\tthe other provisions of the Code relevant to that Part.\n\t(2)\tDespite subsection (1), a provision, or part of a provision, applying under that subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.\n\t(3)\tFor the purposes of subsection (1)—\n\t(a)\ta reference in the Code to AFIC is taken to be a reference to the relevant Commonwealth body; and\n\t(b)\ta reference in the Code to a financial institution is taken to be a reference to an entity that on the transfer date is a company under the Corporations Law and that, immediately before that date, was a financial institution under the Code; and\n\t(c)\tin section 52(1) of the Code, the words \"the financial institutions scheme\" are taken to be omitted and the words \"investigating whether an offence against the fiscal bodies legislation has been committed\" are taken to be substituted; and\n\t(d)\ta reference in section 52(1)(a) or (b) of the Code to an employee of AFIC or of a State supervisory authority is taken to be a reference to an employee of the relevant Commonwealth body; and\n\t(e)\tsection 52(5) of the Code is taken to be omitted; and\n\t(f)\ta reference in section 53(1) or (2) of the Code to the executive director is taken to be a reference to the relevant Commonwealth body; and\n\t(g)\ta reference in section 53(5) of the Code to officers and employees of the State supervisory authorities is taken to be a reference to officers and employees of the relevant Commonwealth body; and\n\t(h)\tsection 63(1A) and (1B) of the Code are taken to be omitted; and\n\t(i)\ta reference in section 63(2) of the Code to the Ministerial Council is taken to be a reference to the Minister administering this Act; and\n\t(j)\tthe Code applies with all other necessary changes.\n\t(4)\tThis section does not limit section 26.\n28—Financial Institutions Code provisions\n\t(1)\tThe following provisions continue to apply on and after the transfer date in relation to anything done or omitted to be done before that date:\n\t(a)\tSubdivision 1A of Division 2 of Part 2 (except for sections 75, 79 and 82), Part 10 and sections 392, 397, 398 and 404 of the Financial Institutions Code; and\n\t(b)\tthe other provisions of the Code relevant to the provisions mentioned in paragraph (a).\n\t(2)\tDespite subsection (1), a provision, or part of a provision, applying under that subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.\n\t(3)\tFor the purposes of subsection (1)—\n\t(a)\ta reference in the Code to the SSA is taken to be a reference to the relevant Commonwealth body; and\n\t(b)\ta reference in the Code to a financial body is taken to be a reference to an entity that on the transfer date is a company under the Corporations Law and that, immediately before that date, was a financial body under the Code; and\n\t(c)\ta reference in the Code to a society is taken to be reference to an entity that on the transfer date is a company under the Corporations Law and that, immediately before that date, was a society under the Code; and\n\t(d)\tin section 76(1) of the Code, the words \"the financial institutions legislation\" are taken to be omitted and the words \"investigating whether an offence against the financial institutions legislation has been committed\" are taken to be substituted; and\n\t(e)\ta reference in section 76(1)(a) or (b) of the Code to an employee of the SSA is taken to be a reference to an employee of the relevant Commonwealth body; and\n\t(f)\tsection 76(5) of the Code is taken to be omitted; and\n\t(g)\tin the definition of financial body to which this section applies in section 397(1) of the Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and\n\t(h)\tsection 397(2) of the Code is taken to be omitted; and\n\t(i)\tin the definition of financial body to which this section applies in section 398(1) of the Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and\n\t(j)\tin the definition of prescribed person in section 398(1) of the Code, paragraphs (a) and (b) are taken to be omitted; and\n\t(k)\tsection 398(2) of the Code is taken to be omitted; and\n\t(l)\ta reference in section 404(2) of the Code to the Minister is taken to be a reference to the Minister administering this Act; and\n\t(m)\tthe Code applies with all other necessary changes.\n\t(4)\tThis section does not limit section 26.\n29—Friendly Societies Code provisions\n\t(1)\tThe following provisions continue to apply on and after the transfer date in relation to anything done or omitted to be done before that date:\n\t(a)\tSubdivision 2 of Division 2 of Part 2 (except for sections 31, 35 and 38), Divisions 3 and 4 of Part 4A, Part 10 and sections 460, 465, 466 and 471 of the Friendly Societies Code; and\n\t(b)\tthe other provisions of the Code relevant to the provisions mentioned in paragraph (a).\n\t(2)\tDespite subsection (1), a provision, or part of a provision, applying under that subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.\n\t(3)\tFor the purposes of subsection (1)—\n\t(a)\ta reference in the Code to the SSA is taken to be a reference to the relevant Commonwealth body; and\n\t(b)\ta reference in the Code to a society is taken to be a reference to an entity that on the transfer date is a company under the Corporations Law and that, immediately before that date, was a society under the Code; and\n\t(c)\tin section 32(1) of the Code, the words \"the friendly societies legislation\" are taken to be omitted and the words \"investigating whether an offence against the friendly societies legislation has been committed\" are taken to be substituted; and\n\t(d)\ta reference in section 32(1)(a) or (b) of the Code to an employee of the SSA is taken to be a reference to an employee of the relevant Commonwealth body; and\n\t(e)\tsection 32(4) of the Code is taken to be omitted; and\n\t(f)\tin the definition of society to which this section applies in section 465(1) of the Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and\n\t(g)\tsection 465(2) of the Code is taken to be omitted; and\n\t(h)\tin the definition of society to which this section applies in section 466(1) of the Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and\n\t(i)\tin the definition of prescribed person in section 466(1) of the Code, paragraphs (a) and (b) are taken to be omitted; and\n\t(j)\tsection 466(2) of the Code is taken to be omitted; and\n\t(k)\ta reference in section 471(2) of the Code to the Minister is taken to be a reference to the Minister administering this Act; and\n\t(l)\tthe Code applies with all other necessary changes.\n\t(4)\tThis section does not limit section 26.\n30—Conferral of functions and powers\nThe functions and powers necessary for the purposes of this Part are conferred on APRA and ASIC.\nPart 6—Other transitional provisions\n31—Dormant accounts\n\t(1)\tThis section applies if—\n\t(a)\tbefore the transfer date a society transferred an amount from a person's deposit account with the society to another account under section 138A(4)(c) of the Financial Institutions Code; and\n\t(b)\timmediately before the transfer date the amount has not been lawfully totally paid out as mentioned in section 138A(6)(b) of that Code.\n\t(2)\tImmediately before the transfer date the amount remaining in that other account for the person is taken to have been transferred back to the person's deposit account as if the deposit account had never been classified as a dormant account or closed under section 138A of the Financial Institutions Code.\n\t(3)\tIn this section—\nsociety means an entity that, immediately before the transfer date, was a society under the Financial Institutions (South Australia) Code.\n32—Withdrawable shares in building societies\n\t(1)\tA person who, immediately before the transfer date, was entitled to a withdrawable share of a building society, is taken to have become on that date the holder of a deposit with the building society of an amount equal to the amount paid up on the share.\n\t(2)\tAny withdrawable shares of a building society on issue immediately before the transfer date and converted to deposits under subsection (1) are taken to have been cancelled.\n\t(3)\tDespite the cancellation of a person's withdrawable shares under subsection (2), the person continues as a member of the building society but is otherwise subject to the rules of the society.\n\t(4)\tIn this section—\nbuilding society means a transferring financial institution of this jurisdiction (within the meaning of Part 1 of Schedule 4 to the Corporations Law) authorised under the Financial Institutions Code to operate as a building society immediately before the transfer date;\nwithdrawable share means a withdrawable share within the meaning of the Financial Institutions Code.\n33—Matters in relation to deregistered financial bodies and societies\n\t(1)\tThis section applies to an entity that was, at some time before the transfer date—\n\t(a)\ta society under the Financial Institutions Code or the Friendly Societies Code; or\n\t(b)\ta building society under the Building Societies Act 1990 or a corresponding previous enactment; or\n\t(c)\ta credit union under the Credit Unions Act 1989 or a corresponding previous enactment; or\n\t(d)\ta friendly society under the Friendly Societies Act 1919,\nand the registration of which had been cancelled under an applicable law before that date.\n\t(2)\tIf property formerly vested in an entity to which this section applies vests in ASIC under section 17 and was held by that entity on trust, ASIC may—\n\t(a)\tcontinue to act as trustee; or\n\t(b)\tapply to a court for the appointment of a new trustee.\n\t(3)\tIf any property formerly so vested was not held by the entity on trust, ASIC—\n\t(a)\tmay dispose of or deal with the property as it sees fit; and\n\t(b)\tmay apply any money it receives to—\n\t(i)\tdefray expenses incurred by ASIC in exercising its powers in relation to the entity; and\n\t(ii)\tmake payments authorised by subsection (4); and\n\t(c)\tmust deal with the balance (if any) of that money under Part 9.7 of the Corporations Act 2001 of the Commonwealth as applying under this section.\n\t(3a)\tMoney received by ASIC on a disposal of, or dealing with, property of an entity under subsection (3)(a) that is not applied under subsection (3)(b) is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of Part 9.7 of the Corporations Act 2001 of the Commonwealth as if the entity had been a company.\n\t(3b)\tFor the purposes of subsection (3a), Part 3 of the Corporations (Ancillary Provisions) Act 2001 has effect as if that Part did not contain sections 16(1)(b) and 17.\n\t(4)\tThe property remains subject to all liabilities imposed on the property under a law and does not have the benefit of any exemption that the property might otherwise have because it is vested in ASIC.\n\t(5)\tASIC's obligation under subsection (4) is limited to satisfying the liabilities out of the entity's property to the extent that the property is properly available to satisfy those liabilities.\n\t(6)\tASIC must keep—\n\t(a)\ta record of the property to which this section applies; and\n\t(b)\ta record of its dealings with that property; and\n\t(c)\taccounts of all money received from those dealings; and\n\t(d)\tall accounts, vouchers, receipts and papers relating to the property and that money.\n\t(7)\tASIC may do an act on behalf of the entity or the entity's liquidator if ASIC is satisfied that the entity or liquidator would be bound to do the act if the entity still existed.\n\t(8)\tA person may recover from an insurer of the entity an amount that was payable to the entity under the insurance contract if—\n\t(a)\tthe entity had a liability to the person; and\n\t(b)\tthe insurance contract covered the liability immediately before the cancellation of the registration.\n\t(9)\tThe functions and powers that are necessary for the purposes of this section are conferred on ASIC.\n34—Mergers and transfers of engagements commenced under Financial Institutions (South Australia) Code\n\t(1)\tThis section applies if a transfer of engagements or merger commenced before the transfer date under Part 7 of the Financial Institutions (South Australia) Code and immediately before that date has not been completed, or been given effect.\n\t(2)\tThe transfer of engagements or merger may be completed, or be given effect, under Part 7 of the Financial Institutions (South Australia) Code on or after the transfer date and, for that purpose, that Part and other provisions of the Code relevant to that Part continue to apply.\n\t(3)\tFor the purposes of subsection (2)—\n\t(a)\ta reference in the Financial Institutions (South Australia) Code to the SSA is taken to be a reference to the relevant Commonwealth body; and\n\t(b)\ta reference in the Financial Institutions (South Australia) Code to the SSA of a participating State is taken to be a reference to the relevant Commonwealth body; and\n\t(c)\tthe Financial Institutions (South Australia) Code applies with all other necessary changes.\n\t(4)\tFor the purposes of this section, a transfer of engagements was commenced before the transfer date under Part 7 of the Financial Institutions (South Australia) Code if, before that date—\n\t(a)\tone of the following conditions was satisfied in relation to each society or foreign society involved:\n\t(i)\tthe transfer was approved by a special resolution of the society or foreign society, in accordance with the relevant Financial Institutions Code; or\n\t(ii)\tthe relevant SSA made a determination, under the relevant Financial Institutions Code, that the transfer may be approved by the board of the society or foreign society; or\n\t(b)\tin a case where each entity involved in the transfer is a society, SAOFS gave a direction, under the Financial Institutions (South Australia) Code, requiring the transfer.\n\t(5)\tFor the purposes of this section, a merger was commenced before the transfer date if, before that date, one of the following conditions was satisfied in relation to each society or foreign society involved:\n\t(a)\tthe merger was approved by a special resolution of the society or foreign society, in accordance with the relevant Financial Institutions Code; or\n\t(b)\tthe relevant SSA made a determination, under the relevant Financial Institutions Code, that the merger may be approved by the board of the society or foreign society.\n\t(6)\tThe functions and powers of SAOFS that are necessary for the purposes of this section are conferred on the relevant Commonwealth body.\n\t(7)\tIn this section—\nfinancial institutions agreement has the same meaning as in section 3 of the AFIC Code;\nforeign society means a body corporate that, before the transfer date, was a society under the financial institutions legislation of another participating State, whether or not it was registered as a foreign society under Part 11 of the Financial Institutions (South Australia) Code;\nparticipating State means a State or Territory that, immediately before the transfer date, was a party to the financial institutions agreement and in which, immediately before that date, the foreign society was incorporated;\nrelevant Financial Institutions Code means—\n\t(a)\tin relation to a society, the Financial Institutions (South Australia) Code; or\n\t(b)\tin relation to a foreign society, the law of another participating State corresponding to the Financial Institutions (South Australia) Code;\nrelevant SSA means—\n\t(a)\tin relation to a society, SAOFS; or\n\t(b)\tin relation to a foreign society, the State Supervisory Authority under the financial institutions legislation of the other participating State;\nsociety means an entity that, immediately before the transfer date, was a society under the Financial Institutions (South Australia) Code.\n35—Mergers and transfers of engagements commenced under Friendly Societies (South Australia) Code\n\t(1)\tThis section applies if a transfer of engagements or merger commenced before the transfer date under Part 7 of the Friendly Societies (South Australia) Code and immediately before that date has not been completed, or been given effect.\n\t(2)\tThe transfer of engagements or merger may be completed, or be given effect, under Part 7 of the Friendly Societies (South Australia) Code on or after the transfer date and, for that purpose, that Part and other provisions of the Code relevant to that Part continue to apply.\n\t(3)\tFor the purposes of subsection (2)—\n\t(a)\ta reference in the Friendly Societies (South Australia) Code to the SSA is taken to be a reference to the relevant Commonwealth body; and\n\t(b)\ta reference in the Friendly Societies (South Australia) Code to the SSA of a participating State is taken to be a reference to the relevant Commonwealth body; and\n\t(c)\tthe Friendly Societies (South Australia) Code applies with all other necessary changes.\n\t(4)\tFor the purposes of this section, a transfer of engagements was commenced before the transfer date under Part 7 of the Friendly Societies (South Australia) Code if, before that date—\n\t(a)\tone of the following conditions was satisfied in relation to each society or foreign society involved:\n\t(i)\tthe transfer was approved by a special resolution of the society or foreign society, in accordance with the relevant Friendly Societies Code; or\n\t(ii)\tthe relevant SSA made a determination, under the relevant Friendly Societies Code, that the transfer may be approved by the board of the society or foreign society; or\n\t(b)\tin a case where each entity involved in the transfer is a society, SAOFS gave a direction, under the Friendly Societies (South Australia) Code, requiring the transfer.\n\t(5)\tFor the purposes of this section, a merger was commenced before the transfer date if, before that date, one of the following conditions was satisfied in relation to each society or foreign society involved:\n\t(a)\tthe merger was approved by a special resolution of the society or foreign society in accordance with the relevant Friendly Societies Code; or\n\t(b)\tthe relevant SSA made a determination, under the relevant Friendly Societies Code, that the merger may be approved by the board of the society or foreign society.\n\t(6)\tThe functions and powers of SAOFS that are necessary for the purposes of this section are conferred on the relevant Commonwealth body.\n\t(7)\tIn this section—\nfinancial institutions agreement has the same meaning as in section 3 of the AFIC Code;\nforeign society means a body corporate that, before the transfer date, was a society under the friendly societies legislation of another participating State, whether or not it was registered as a foreign society under Part 11 of the Friendly Societies (South Australia) Code;\nfriendly societies legislation has the same meaning as in section 8A of the AFIC Code;\nparticipating State means a State or Territory which, immediately before the transfer date, was a party to the financial institutions agreement and in which, immediately before that date, the foreign society was incorporated;\nrelevant Friendly Societies Code means—\n\t(a)\tin relation to a society, the Friendly Societies (South Australia) Code; or\n\t(b)\tin relation to a foreign society, the law of another participating State corresponding to the Friendly Societies (South Australia) Code;\nrelevant SSA means—\n\t(a)\tin relation to a society, SAOFS; or\n\t(b)\tin relation to a foreign society, the State Supervisory Authority under the friendly societies legislation of the other participating State;\nsociety means an entity that, immediately before the transfer date, was a society under the Friendly Societies (South Australia) Code.\n36—Australian Financial Institutions Appeals Tribunal\n\t(1)\tAll applications made to the Australian Financial Institutions Appeal Tribunal under a Code for review of a decision that have not been decided are taken to have been withdrawn on the transfer date.\n\t(2)\tIn this section—\nCode means—\n\t(a)\tthe AFIC Code; or\n\t(b)\tthe Financial Institutions Code; or\n\t(c)\tthe Friendly Societies Code.\nPart 7—Miscellaneous\n37—Registration or record of transfer\n\t(1)\tThe Registrar-General or any other authority required or authorised under a law of the State to register or record transactions affecting assets or liabilities, or documents relating to such transactions, must, on application under this section accompanied by such documents evidencing a transaction under a transfer agreement given effect to by this Act as the Registrar-General or other authority may require, register or record in an appropriate manner the transfer or transfers to which the application relates.\n\t(2)\tNo fee is payable in respect of an application under subsection (1).\n38—Exemption from State taxes\n\t(1)\tNo stamp duty or other duty or tax is chargeable under any Act in respect of anything effected by or done under a transfer agreement given effect to by this Act.\n\t(2)\tNo obligation arises under an Act for the assessment or imposition of any such duty or tax—\n\t(a)\tto lodge a statement or return relating to the vesting of an asset under such a transfer agreement; or\n\t(b)\tto include information about such vesting in a statement or return.\n39—Relationship of Act with other laws\n\t(1)\tThis Act has effect despite anything in a contract, deed, undertaking, agreement or other instrument.\n\t(2)\tNothing effected by or done under this Act—\n\t(a)\tplaces a receiving body, a transferring body or another person in breach of contract or confidence or otherwise makes any of them guilty of a civil wrong; or\n\t(b)\tplaces a receiving body, a transferring body or another person in breach of—\n\t(i)\ta law of the State; or\n\t(ii)\ta contractual provision prohibiting, restricting or regulating the assignment or transfer of an asset or liability or the disclosure of information; or\n\t(c)\treleases a surety, wholly or partly, from all or any of the surety's obligations.\n\t(3)\tWithout limiting subsection (1), if, apart from this section, the advice or consent of a person would be necessary in a particular respect, the advice is taken to have been obtained or the consent is taken to have been given.\n40—Regulations\nThe Governor may make such regulations as are necessary or expedient for the purposes of this Act.\nLegislative history\nNotes\n\t•\tFor further information relating to the Act and subordinate legislation made under the Act see the Index of South Australian Statutes or www.legislation.sa.gov.au.\nLegislation repealed by principal Act\nThe Financial Sector Reform (South Australia) Act 1999 repealed the following:\nFinancial Institutions (Application of Laws) Act 1992\nFriendly Societies (South Australia) Act 1997\nLegislation amended by principal Act\nThe Financial Sector Reform (South Australia) Act 1999 amended the following:\nAboriginal Lands Trust Act 1966\nActs Interpretation Act 1915\nAdelaide Festival Theatre Act 1964\nAdministration and Probate Act 1919\nAssociations Incorporation Act 1985\nBank Mergers (South Australia) Act 1997\nBenefit Associations Act 1958\nBotanic Gardens and State Herbarium Act 1978\nBusiness Names Act 1996\nCarrick Hill Trust Act 1985\nCommunity Titles Act 1996\nConveyancers Act 1994\nCo-operatives Act 1997\nCorporations (South Australia) Act 1990\nCriminal Assets Confiscation Act 1996\nCriminal Law Consolidation Act 1935\nDa Costa Samaritan Fund (Incorporation of Trustees) Act 1953\nEconomic Development Act 1993\nEnfield General Cemetery Act 1944\nEnforcement of Judgments Act 1991\nEvidence Act 1929\nFair Trading Act 1987\nFamily and Community Services Act 1972\nFirearms Act 1977\nThe Flinders University of South Australia Act 1966\nGovernment Financing Authority Act 1982\nHistory Trust of South Australia Act 1981\nHolidays Act 1910\nHousing and Urban Development (Administrative Arrangements) Act 1995\nIndustrial and Employee Relations Act 1994\nLand Agents Act 1994\nLandlord and Tenant Act 1936\nLegal Practitioners Act 1981\nLocal Government Finance Authority Act 1983\nMotor Accident Commission Act 1992\nOaths Act 1936\nOutback Areas Community Development Trust Act 1978\nPay-roll Tax Act 1971\nPharmacists Act 1991\nPrimary Industry Funding Schemes Act 1998\nPublic Charities Funds Act 1935\nPublic Finance and Audit Act 1987\nPublic Trustee Act 1995\nRenmark Irrigation Trust Act 1936\nResidential Tenancies Act 1995\nRetail and Commercial Leases Act 1995\nRetirement Villages Act 1987\nSecurity and Investigation Agents Act 1995\nSouth Australian Co-operative and Community Housing Act 1991\nSouth Australian Housing Trust Act 1995\nSouth Australian Motor Sport Act 1984\nSouth Australian Multicultural and Ethnic Affairs Commission Act 1980\nSouth Australian Office of Financial Supervision Act 1992\nSouth Australian Tourism Commission Act 1993\nState Lotteries Act 1966\nStrata Titles Act 1988\nSupreme Court Act 1935\nTaxation Administration Act 1996\nTrustee Act 1936\nUnclaimed Moneys Act 1891\nWest Beach Recreation Reserve Act 1987\nWheat Marketing Act 1989\nWorkCover Corporation Act 1994\nWrongs Act 1936\nPrincipal Act and amendments\nNew entries appear in bold.\nYear\nNo\nTitle\nAssent\nCommencement\n1999\n33\nFinancial Sector Reform (South Australia) Act 1999\n17.6.1999\n17.6.1999: s 2(1) except ss 3, 5—8, 15, 16, 21, 23, 24, 26—30, 32—36 and Sch (item 53(a), (c)—(j) & (n))—1.7.1999 being the date specified under section 3(16) of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 of the Commonwealth as the transfer date for the purposes of that Act: s 2(2)\n2001\n23\nStatutes Amendment (Corporations) Act 2001\n14.6.2001\nPt 15 (ss 74 & 75)—15.7.2001 being the day on which the Corporations Act 2001 of the Commonwealth came into operation: Commonwealth of Australia Gazette No. S 285, 13 July 2001 (Gazette 21.6.2001 p2270)\nProvisions amended\nNew entries appear in bold.\nEntries that relate to provisions that have been deleted appear in italics.\nProvision\nHow varied\nCommencement\nLong title\namended under Legislation Revision and Publication Act 2002\n\nPt 1\n\n\nss 2 and 3\nomitted under Legislation Revision and Publication Act 2002\n\nPt 2\n\n\ns 6A\ninserted by 23/2001 s 74\n15.7.2001\nPt 6\n\n\ns 33\n\n\ns 33(3)\namended by 23/2001 s 75(a)\n15.7.2001\ns 33(3a) and (3b)\ninserted by 23/2001 s 75(b)\n15.7.2001\nSch\nomitted under Legislation Revision and Publication Act 2002\n\n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"The legislation remains focused on its original purpose: facilitating the transfer of financial institution regulation from state to Commonwealth control and managing the transitional arrangements. While it contains detailed provisions for staff, assets, proceedings, and specific financial products, these are all directly related to the core transitional function. The amendments in 2001 (updating references to the new Corporations Act 2001) were technical updates to maintain consistency with Commonwealth law changes, not an expansion of scope."},"complexity_factors":["Heavy cross-referencing to multiple external statutes including Commonwealth Acts (APRA Act, Corporations Act 2001, Public Service Act 1922), Queensland legislation (AFIC Act), and repealed South Australian Codes","Extensive use of defined terms (15+ defined terms in section 4 alone, including nested definitions like 'AFIC Code' which itself references other legislation)","Complex transitional machinery with multiple 'transfer dates' and conditional application based on timing (before/after transfer date)","Nested exceptions and savings provisions—old laws are repealed but specific sections continue to apply with 'necessary modifications' that are spelled out in detail (sections 27-29 contain 10+ specific textual substitutions each)","Dual regulatory framework involving two Commonwealth bodies (APRA and ASIC) with overlapping but distinct functions","Intergovernmental coordination requiring Queensland Ministerial involvement in South Australian legislation (sections 10, 14)","Multiple parallel structures for AFIC (Queensland-based) and SAOFS (South Australia-based) requiring nearly identical but separate provisions","Complex property law mechanisms for dealing with deregistered entities including trust property, insurance recoveries, and unclaimed money (section 33)"],"plain_english_summary":"This South Australian law from 1999 was part of a major national reform to transfer regulation of financial institutions from state governments to the Commonwealth (federal government).\n\n**What it does:**\n- **Transfers power to federal regulators**: It gives two Commonwealth bodies—APRA (Australian Prudential Regulation Authority) and ASIC (Australian Securities and Investments Commission)—the authority to regulate building societies, credit unions, and friendly societies in South Australia. Previously, these were regulated by state bodies.\n- **Winds up state regulators**: It deals with the closure of two South Australian regulatory bodies:\n  - **AFIC** (Australian Financial Institutions Commission—a Queensland-based body that had South Australian functions)\n  - **SAOFS** (South Australian Office of Financial Supervision)\n- **Handles staff transfers**: Employees of these state bodies can be transferred to APRA or the Australian Public Service, with protections for their accrued benefits (like leave entitlements).\n- **Manages assets and liabilities**: Allows assets and debts of the old state regulators to be transferred to the Commonwealth bodies.\n- **Preserves legal proceedings**: Ensures that court cases involving the old regulators can continue, with the State of Queensland or South Australia substituted as the party where necessary, or with APRA/ASIC taking over prosecutions.\n- **Deals with transitional matters**: Covers practical issues like:\n  - What happens to dormant bank accounts\n  - Converting \"withdrawable shares\" in building societies into regular deposits\n  - Completing mergers that started under old state laws\n  - Winding up special funds (like the Credit Unions Contingency Fund)\n- **Enforces old laws**: Allows APRA and ASIC to enforce offences committed under the old state codes even after the transfer date.\n\n**Who it affects:**\n- Building societies, credit unions, and friendly societies (which became companies under Commonwealth corporations law)\n- Employees of the old state regulatory bodies\n- People with dormant accounts or shares in these financial institutions\n- The States of Queensland and South Australia (which remain liable for certain legal proceedings)\n\n**Why it matters:**\nThis Act was a crucial piece of the \"Wallis Inquiry\" reforms that created a national system for regulating financial institutions. Before this, financial regulation was a patchwork of state laws. This Act ensured a smooth handover so that when these institutions became companies regulated under Commonwealth law, there was no regulatory gap—and people's money and legal rights remained protected."},"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"},"flash_summary":{"complexity_score":8,"scope_assessment":{"changed":true,"description":"The Act's core purpose—shifting regulation to Commonwealth bodies—remains, but subsequent amendments altered scope. Notably, s 6A (inserted by Statutes Amendment (Corporations) Act 2001, s 74) applied the Corporations (Administrative Actions) Act to APRA/ASIC actions, and s 33 was amended (Statutes Amendment 2001, s 75) with new subsections (33(3a),(3b)) addressing treatment of property under Corporations transitional provisions. The legislative history also records omission of the Schedule under later revision, reflecting modest post‑enactment narrowing and technical changes."},"complexity_factors":["Conferral of powers to two separate Commonwealth regulators with concurrent roles creates coordination and boundary questions (ss 5–6, 30).","Numerous transitional mechanisms for transferring assets and liabilities via transfer agreements referencing the Commonwealth Reform Act require multi-party contracts and detailed vesting (ss 14, 17; Interpretation).","Detailed staff-transfer rules, accrued-benefit statements and termination effects impose operational and payroll reconciliation burdens (ss 10–12, 18–20).","Continuation and adaptation of multiple pre-existing Codes (AFIC, Financial Institutions, Friendly Societies) for pre-transfer conduct plus preservation of offences extends enforcement reach and legal complexity (ss 26–29).","Substitution of State or Commonwealth bodies into existing civil and some criminal proceedings requires recordkeeping and legal substitution mechanisms (ss 15–16, 23–24).","Winding-up and distribution rules for supervision and contingency funds allocate residual assets and create discretionary ministerial determinations (ss 21–22).","Cross-references and application of Commonwealth legislation (Corporations Law, Corporations (Administrative Actions) Act) create layered legal interactions and potential conflicts (s 6A; Interpretation).","Specific exemptions (no stamp duty; registration/recording processes) and mandatory registration steps complicate transactional compliance (ss 37–38).","Legislative amendments and omitted schedule entries in the history indicate the Act has been adjusted post-enactment, affecting interpretation and application (Legislative history)."],"plain_english_summary":"This Act moves responsibility for supervising South Australian building societies, credit unions and friendly societies to Commonwealth regulators (APRA and ASIC) and lays out step-by-step transitional rules. It sets how staff, assets, liabilities, enforcement powers and unfinished legal matters are transferred, how certain member holdings (like withdrawable shares) are converted, and who becomes responsible for ongoing costs and prosecutions."},"summary":{"complexity_score":1,"scope_assessment":{"changed":false,"description":"Scope cannot be assessed — the legislative text was not available for review. No determination can be made as to whether the Act's final form differed from its original intent."},"complexity_factors":["No legislative text was retrievable — the source URL returned a 404 Page Not Found error","Analysis is based solely on the Act's title and historical context, not actual provisions","Complexity of the underlying Act cannot be assessed without access to its content","Financial sector reform legislation from this era was typically highly complex, but this cannot be confirmed here"],"plain_english_summary":"The Financial Sector Reform (South Australia) Act 1999 is a state law from 1999 addressing financial-sector reform in South Australia—likely changing how banks, building societies or credit unions are regulated and possibly transferring some regulatory responsibility to Commonwealth bodies (e.g. APRA/ASIC). It would affect anyone dealing with financial institutions in SA.\n\nWarning: the bill text wasn’t retrieved, so no reliable legal conclusions can be drawn from this summary."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-reform-south-australia-act-1999","history":"/api/acts/financial-sector-reform-south-australia-act-1999/history","analysis":"/api/acts/financial-sector-reform-south-australia-act-1999/analysis","conflicts":"/api/acts/financial-sector-reform-south-australia-act-1999/conflicts","importantCases":"/api/acts/financial-sector-reform-south-australia-act-1999/important-cases","documents":"/api/acts/financial-sector-reform-south-australia-act-1999/documents"}}