18AFIC continues to have certain powers

18 AFIC continues to have certain powers

18 AFIC continues to have certain powers

(1) This section applies despite:

(a) the repeal of the AFIC Act by the Financial Sector Reform (Queensland) Act 1999 of Queensland, and

(b) the repeal of the Financial Institutions (New South Wales) Act 1992 and of the Friendly Societies (New South Wales) Act 1997 by section 17 (1) of this Act.

(2) While AFIC continues in existence under the Financial Sector Reform (Queensland) Act 1999 of Queensland, AFIC has power:

(a) to do any act in New South Wales that AFIC considers necessary or expedient to do for any of the purposes for which it continues in existence, and

(b) to do any act in respect of a society that is or was registered under the Financial Institutions Code or the Friendly Societies Code that AFIC considers necessary or expedient to do for any of the purposes for which it continues in existence, and

(c) to do any act that it is authorised to do by or under this Act.