Financial Sector Reform (New South Wales) Act 1999
30Credit Unions Contingency Fund
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30 Credit Unions Contingency Fund
30 Credit Unions Contingency Fund
(1) On the day before the transfer date, FINCOM must, under section 99A of the Financial Institutions Code, distribute the whole of retained earnings to the contribution accounts of credit unions.
(2) For the purposes of subsection (1), section 99A (3) of the Financial Institutions Code does not apply.
(3) On or as soon as practicable after the transfer date, FINCOM must pay to each credit union the amount standing to the credit union’s credit in the Credit Unions Contingency Fund immediately before the transfer date, subject to any necessary adjustments.
(4) Subsection (3) applies despite section 103 of the Financial Institutions Code.
(5) In this section:
contribution 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.
credit union means a credit union under the Financial Institutions Code.
retained earnings has the same meaning as in section 99A of the Financial Institutions Code.