1Name of Act and purposes

1 Name of Act and purposes

1 Name of Act and purposes

(1) This Act is the Financial Sector Reform (New South Wales) Act 1999.

(2) The main purposes of this Act are:

(a) to facilitate the registration of building societies, credit unions and friendly societies and related bodies as companies under the Corporations Law in accordance with amendments made by the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 of the Commonwealth, and

(b) to facilitate the transfer of businesses under the Financial Sector (Transfers of Business) Act 1999 of the Commonwealth, and

(c) to wind up the New South Wales Financial Institutions Commission, and

(d) to enact transitional and ancillary provisions.