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Financial Sector Reform (New South Wales) Act 1999
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Turn the raw legal text into a practical explanation grounded in Financial Sector Reform (New South Wales) Act 1999.
48 Mergers and transfers of engagements commenced under Financial Institutions (NSW) Code
(1) This section applies if a transfer of engagements or merger commenced before the transfer date under Part 7 of the Financial Institutions (NSW) Code and immediately before that date has not been completed, or been given effect.
(2) The transfer of engagements or merger may be completed, or be given effect, under Part 7 of the Financial Institutions (NSW) 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 as if section 17 (1) had not commenced.
(3) For the purpose of the application mentioned in subsection (2):
(a) a reference in the Financial Institutions (NSW) Code to the SSA is taken to be a reference to either relevant Commonwealth body, and
(b) a reference in the Financial Institutions (NSW) Code to the SSA of a participating State is taken to be a reference to either relevant Commonwealth body, and
(c) the Financial Institutions (NSW) Code applies with all other necessary changes.
(4) For the purposes of this section, a transfer of engagements was commenced before the transfer date under Part 7 of the Financial Institutions (NSW) Code if, before that date:
(a) one of the following conditions was satisfied in relation to each society or foreign society involved:
(i) the transfer was approved by a special resolution of the society or foreign society, in accordance with the relevant Financial Institutions Code,
(ii) the 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
(b) in a case where each entity involved in the transfer is a society, FINCOM gave a direction, under the Financial Institutions (NSW) Code, requiring the transfer.
(5) For 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:
(a) the merger was approved by a special resolution of the society or foreign society, in accordance with the relevant Financial Institutions Code,
(b) the 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.
(6) The functions and powers of the SSA that are necessary for the purposes of this section are conferred on each relevant Commonwealth body.
(7) In this section:
financial institutions agreement has the same meaning as in section 3 of the AFIC Code.
foreign 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 (NSW) Code.
participating State means a State 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.
relevant Financial Institutions Code means:
(a) in relation to a society, the Financial Institutions (NSW) Code, or
(b) in relation to a foreign society, the law of another participating State corresponding to the Financial Institutions (NSW) Code.
relevant SSA means:
(a) in relation to a society, FINCOM, or
(b) in relation to a foreign society, the State supervisory authority under the financial institutions legislation of the other participating State.
society means an entity that, immediately before the transfer date, was a society under the Financial Institutions (NSW) Code.