This Act shifts Queensland’s financial supervision into the Commonwealth framework: state financial institutions are treated as companies under the Corporations Law and APRA and ASIC receive powers to act and certify transfers so assets, liabilities and legal rights move automatically to receiving bodies (secs 5–7, 10–16). It dissolves AFIC and QOFS while preserving their winding‑up, transferring staff, assets, liabilities and certain fund balances to APRA/ASIC or the consolidated fund as arranged by the Minister, and allows continuation of civil and offence proceedings (secs 17–31, 24–29, 37–40, 49–51).
This Act transplants Queensland’s existing state-level financial supervision architecture into the new national framework and implements the administrative and property transfers that follow. Mechanically, it does four classes of things.
First, it converts pre-existing regulated entities into companies under the Corporations Law of Queensland on the transfer date (s 5). The statutory fiction is that each “transferring financial institution” is “taken… to become registered as a company” under the Corporations Law, using the name previously held under the former governing code, and the conversion “does not create a new legal entity” (s 5(1)-(3)).
Second, the Act confers and preserves supervisory and enforcement functions for the Commonwealth regulators. APRA and ASIC are given the functions and powers conferred by the Act and by corresponding laws of other jurisdictions (ss 6-7, s 58). The Act also provides that specified enforcement powers and certain code provisions continue to apply after the transfer date to acts or omissions that occurred before it (ss 52-56, 53-56, 55).
Third, it provides statutory mechanisms for transfers of business under the Financial Sector (Transfers of Business) Act 1999 (Cwlth): voluntary transfers (s 10) and compulsory transfers (s 11). Those provisions treat the receiving body as the legal successor in law to the transferring body for the assets, liabilities, duties, immunities, rights and privileges that are included in the transfer, and permit certificates (signed by an authorised APRA officer) to be evidence that particular assets or liabilities have transferred (ss 10-12, 14).
Fourth, the Act manages the transition and winding-up of state bodies and funds. It repeals a package of state Acts (s 17), keeps AFIC and QOFS in limited existence to implement transfers and wind up (ss 18, 31) and prescribes the distribution or abolition of existing state funds (ss 36-41). It also preserves continuation or substitution of civil and (limited) criminal proceedings involving AFIC or QOFS and transfers staff, assets and liabilities via transfer agreements (ss 24-30, 45-51).
Current sections
Direct links to the current provisions in Financial Sector Reform (Queensland) Act 1999.
88
pt.1
Preliminary
Preliminary
sec.1
Short title
sec.1 Short title
This Act may be cited as the Financial Sector Reform (Queensland) Act 1999 .
sec.2
Commencement
sec.2 Commencement
The following provisions commence on the transfer date—
For the definition transfer date —see schedule 2 (Dictionary).
parts 3 and 4
part 5 , division 1 , division 2 , subdivisions 1 and 5 , division 3 , subdivisions 1 , 2 (other than section 38 ) and 6 , divisions 4 to 7 (other than sections 70 and 73 )
schedule 1 , parts 2 and 3, except to the extent part 3 amends the Trusts Act 1973 .
Schedule 1 , part 3 , to the extent it amends the Trusts Act 1973 , commences on a day to be fixed by proclamation.
The provisions that do not commence under subsection (1) or (2) commence on assent.
For commencement purposes, part 7 is to be considered separately from schedule 1 .
(sec.2-ssec.1) The following provisions commence on the transfer date— For the definition transfer date —see schedule 2 (Dictionary). parts 3 and 4 part 5 , division 1 , division 2 , subdivisions 1 and 5 , division 3 , subdivisions 1 , 2 (other than section 38 ) and 6 , divisions 4 to 7 (other than sections 70 and 73 ) schedule 1 , parts 2 and 3, except to the extent part 3 amends the Trusts Act 1973 .
(sec.2-ssec.2) Schedule 1 , part 3 , to the extent it amends the Trusts Act 1973 , commences on a day to be fixed by proclamation.
(sec.2-ssec.3) The provisions that do not commence under subsection (1) or (2) commence on assent.
(sec.2-ssec.4) For commencement purposes, part 7 is to be considered separately from schedule 1 .
• parts 3 and 4
• part 5 , division 1 , division 2 , subdivisions 1 and 5 , division 3 , subdivisions 1 , 2 (other than section 38 ) and 6 , divisions 4 to 7 (other than sections 70 and 73 )
• schedule 1 , parts 2 and 3, except to the extent part 3 amends the Trusts Act 1973 .
sec.3
Definitions
sec.3 Definitions
The dictionary in schedule 2 defines particular words used in this Act.
sec.4
Act binds all persons
sec.4 Act binds all persons
This Act binds all persons, including the State and, so far as the legislative power of the Parliament permits, the Commonwealth and the other States.
Nothing in this section makes the State, the Commonwealth or another State liable to be prosecuted for an offence.
(sec.4-ssec.1) This Act binds all persons, including the State and, so far as the legislative power of the Parliament permits, the Commonwealth and the other States.
(sec.4-ssec.2) Nothing in this section makes the State, the Commonwealth or another State liable to be prosecuted for an offence.
pt.2
Registration of certain entities as companies
Registration of certain entities as companies
sec.5
Transferring financial institutions
sec.5 Transferring financial institutions
On the transfer date, each transferring financial institution of this jurisdiction is taken, in accordance with schedule 4 of the Corporations Law of Queensland, to become registered as a company under that law under the name under which the institution was registered under the previous governing code immediately before the transfer date.
Subsection (1) applies even if the institution is an externally-administered body corporate immediately before the transfer date.
Registration under the Corporations Law of Queensland of a transferring financial institution of this jurisdiction as a company does not create a new legal entity.
In this section—
previous governing code see schedule 4 , part 1 , of the Corporations Law .
transferring financial institution of this jurisdiction see schedule 4 , part 1 , of the Corporations Law .
The attachment contains extracts of the relevant provisions of the Corporations Law and the Corporations (Queensland) Act 1990 .
(sec.5-ssec.1) On the transfer date, each transferring financial institution of this jurisdiction is taken, in accordance with schedule 4 of the Corporations Law of Queensland, to become registered as a company under that law under the name under which the institution was registered under the previous governing code immediately before the transfer date.
(sec.5-ssec.2) Subsection (1) applies even if the institution is an externally-administered body corporate immediately before the transfer date.
(sec.5-ssec.3) Registration under the Corporations Law of Queensland of a transferring financial institution of this jurisdiction as a company does not create a new legal entity.
(sec.5-ssec.4) In this section— previous governing code see schedule 4 , part 1 , of the Corporations Law . transferring financial institution of this jurisdiction see schedule 4 , part 1 , of the Corporations Law . The attachment contains extracts of the relevant provisions of the Corporations Law and the Corporations (Queensland) Act 1990 .
pt.3
Conferral of functions and powers on APRA and ASIC
Conferral of functions and powers on APRA and ASIC
sec.6
Conferral of functions and powers on APRA
sec.6 Conferral of functions and powers on APRA
APRA has the functions and powers conferred or expressed to be conferred on it under this Act.
APRA has power to do acts in Queensland in the performance or exercise of a function or power conferred or expressed to be conferred on APRA by or under a law of another jurisdiction corresponding to this Act.
(sec.6-ssec.1) APRA has the functions and powers conferred or expressed to be conferred on it under this Act.
(sec.6-ssec.2) APRA has power to do acts in Queensland in the performance or exercise of a function or power conferred or expressed to be conferred on APRA by or under a law of another jurisdiction corresponding to this Act.
sec.7
Conferral of functions and powers on ASIC
sec.7 Conferral of functions and powers on ASIC
ASIC has the functions and powers conferred or expressed to be conferred on it under this Act.
ASIC has power to do acts in Queensland in the performance or exercise of a function or power conferred or expressed to be conferred on ASIC by or under a law of another jurisdiction corresponding to this Act.
(sec.7-ssec.1) ASIC has the functions and powers conferred or expressed to be conferred on it under this Act.
(sec.7-ssec.2) ASIC has power to do acts in Queensland in the performance or exercise of a function or power conferred or expressed to be conferred on ASIC by or under a law of another jurisdiction corresponding to this Act.
pt.4
Authorised deposit-taking institutions and life insurance companies—transfer of business
Authorised deposit-taking institutions and life insurance companies—transfer of business
sec.8
Words defined in FS(TB) Act
sec.8 Words defined in FS(TB) Act
Unless the contrary intention appears, words defined in the FS(TB) Act have the same respective meanings in this part.
The attachment contains extracts of the relevant provisions of the Financial Sector (Transfers of Business) Act 1999 (Cwlth) .
sec.9
Authorised APRA officer
sec.9 Authorised APRA officer
APRA may, in writing, authorise a person who is an APRA board member, or an APRA staff member, to perform or exercise the functions or powers of an authorised APRA officer under a particular provision of this part.
The functions and powers necessary for the purposes of this section are conferred on APRA.
(sec.9-ssec.1) APRA may, in writing, authorise a person who is an APRA board member, or an APRA staff member, to perform or exercise the functions or powers of an authorised APRA officer under a particular provision of this part.
(sec.9-ssec.2) The functions and powers necessary for the purposes of this section are conferred on APRA.
sec.10
Voluntary transfers
sec.10 Voluntary transfers
The purpose of this section is to facilitate voluntary transfers of business under part 3 of the FS(TB) Act for regulated bodies.
This section applies when a certificate of transfer issued under section 18 of the FS(TB) Act comes into force under part 3 , division 3 of that Act.
The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.
In particular—
if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
if the transfer is a partial transfer, all the assets and liabilities of the transferring body included in the list of assets and liabilities specified in the statement of detail become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.
If there is an approved section 20 statement in relation to the transfer that specifies—
that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or
a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
(sec.10-ssec.1) The purpose of this section is to facilitate voluntary transfers of business under part 3 of the FS(TB) Act for regulated bodies.
(sec.10-ssec.2) This section applies when a certificate of transfer issued under section 18 of the FS(TB) Act comes into force under part 3 , division 3 of that Act.
(sec.10-ssec.3) The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.
(sec.10-ssec.4) In particular— if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and if the transfer is a partial transfer, all the assets and liabilities of the transferring body included in the list of assets and liabilities specified in the statement of detail become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.
(sec.10-ssec.5) If there is an approved section 20 statement in relation to the transfer that specifies— that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
(a) if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
(b) if the transfer is a partial transfer, all the assets and liabilities of the transferring body included in the list of assets and liabilities specified in the statement of detail become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
(c) to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.
(a) that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or
(b) a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
sec.11
Compulsory transfers
sec.11 Compulsory transfers
The purpose of this section is to facilitate compulsory transfers of business under part 4 of the FS(TB) Act for regulated bodies.
This section applies when a certificate of transfer issued under section 33 of the FS(TB) Act comes into force under part 4 , division 3 of that Act.
The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.
In particular—
if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
if the transfer is a partial transfer, all the assets and liabilities of the transferring body that are included in the list, referred to in section 33 (2) (c) of the FS(TB) Act , included in, or attached to, the certificate of transfer become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.
If the certificate of transfer includes provisions of a kind referred to in section 33 (3) of the FS(TB) Act specifying—
that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with those provisions; or
a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
If there is an approved section 30 statement in relation to the transfer that specifies—
that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or
a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
(sec.11-ssec.1) The purpose of this section is to facilitate compulsory transfers of business under part 4 of the FS(TB) Act for regulated bodies.
(sec.11-ssec.2) This section applies when a certificate of transfer issued under section 33 of the FS(TB) Act comes into force under part 4 , division 3 of that Act.
(sec.11-ssec.3) The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.
(sec.11-ssec.4) In particular— if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and if the transfer is a partial transfer, all the assets and liabilities of the transferring body that are included in the list, referred to in section 33 (2) (c) of the FS(TB) Act , included in, or attached to, the certificate of transfer become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.
(sec.11-ssec.5) If the certificate of transfer includes provisions of a kind referred to in section 33 (3) of the FS(TB) Act specifying— that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with those provisions; or a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
(sec.11-ssec.6) If there is an approved section 30 statement in relation to the transfer that specifies— that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
(a) if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
(b) if the transfer is a partial transfer, all the assets and liabilities of the transferring body that are included in the list, referred to in section 33 (2) (c) of the FS(TB) Act , included in, or attached to, the certificate of transfer become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
(c) to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.
(a) that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with those provisions; or
(b) a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
(a) that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or
(b) a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
sec.12
Certificates evidencing operation of pt 4
sec.12 Certificates evidencing operation of pt 4
An authorised APRA officer may, by a certificate in writing signed by the officer, certify anything relating to the effect of this part, and, in particular may certify that—
a particular asset of a transferring body has become a transferred asset of a receiving body; or
a particular liability of a transferring body has become a transferred liability of a receiving body.
For all purposes and in all proceedings, a certificate under subsection (1) is evidence of the matters certified.
(sec.12-ssec.1) An authorised APRA officer may, by a certificate in writing signed by the officer, certify anything relating to the effect of this part, and, in particular may certify that— a particular asset of a transferring body has become a transferred asset of a receiving body; or a particular liability of a transferring body has become a transferred liability of a receiving body.
(sec.12-ssec.2) For all purposes and in all proceedings, a certificate under subsection (1) is evidence of the matters certified.
(a) a particular asset of a transferring body has become a transferred asset of a receiving body; or
(b) a particular liability of a transferring body has become a transferred liability of a receiving body.
sec.13
Certificates about land and interests in land
sec.13 Certificates about land and interests in land
This section applies if—
a receiving body becomes, under this part, the owner of land, or of an interest in land, situated in the State; and
there is lodged with the registrar of titles a certificate that—
is signed by an authorised APRA officer; and
identifies the land or interest; and
states the receiving body has, under this part, become the owner of that land or interest.
The registrar of titles may—
register or record the matter in the same way as dealings in land or interests in land of that kind are registered or recorded; and
deal with, and give effect to, the certificate.
(sec.13-ssec.1) This section applies if— a receiving body becomes, under this part, the owner of land, or of an interest in land, situated in the State; and there is lodged with the registrar of titles a certificate that— is signed by an authorised APRA officer; and identifies the land or interest; and states the receiving body has, under this part, become the owner of that land or interest.
(sec.13-ssec.2) The registrar of titles may— register or record the matter in the same way as dealings in land or interests in land of that kind are registered or recorded; and deal with, and give effect to, the certificate.
(a) a receiving body becomes, under this part, the owner of land, or of an interest in land, situated in the State; and
(b) there is lodged with the registrar of titles a certificate that— (i) is signed by an authorised APRA officer; and (ii) identifies the land or interest; and (iii) states the receiving body has, under this part, become the owner of that land or interest.
(i) is signed by an authorised APRA officer; and
(ii) identifies the land or interest; and
(iii) states the receiving body has, under this part, become the owner of that land or interest.
(i) is signed by an authorised APRA officer; and
(ii) identifies the land or interest; and
(iii) states the receiving body has, under this part, become the owner of that land or interest.
(a) register or record the matter in the same way as dealings in land or interests in land of that kind are registered or recorded; and
(b) deal with, and give effect to, the certificate.
sec.14
Certificates about other assets
sec.14 Certificates about other assets
This section applies if—
an asset, other than land or an interest in land, becomes, under this part, an asset of a receiving body; and
there is lodged with the entity who has, under the law, responsibility for keeping a register or record relating to assets of that kind a certificate that—
is signed by an authorised APRA officer; and
identifies the asset; and
states the asset has, under this part, become an asset of the receiving body.
The entity may—
register or record the matter in the same way as transactions relating to assets of that kind are registered or recorded; and
deal with, and give effect to, the certificate.
This section does not affect the operation of the Corporations Law .
(sec.14-ssec.1) This section applies if— an asset, other than land or an interest in land, becomes, under this part, an asset of a receiving body; and there is lodged with the entity who has, under the law, responsibility for keeping a register or record relating to assets of that kind a certificate that— is signed by an authorised APRA officer; and identifies the asset; and states the asset has, under this part, become an asset of the receiving body.
(sec.14-ssec.2) The entity may— register or record the matter in the same way as transactions relating to assets of that kind are registered or recorded; and deal with, and give effect to, the certificate.
(sec.14-ssec.3) This section does not affect the operation of the Corporations Law .
(a) an asset, other than land or an interest in land, becomes, under this part, an asset of a receiving body; and
(b) there is lodged with the entity who has, under the law, responsibility for keeping a register or record relating to assets of that kind a certificate that— (i) is signed by an authorised APRA officer; and (ii) identifies the asset; and (iii) states the asset has, under this part, become an asset of the receiving body.
(i) is signed by an authorised APRA officer; and
(ii) identifies the asset; and
(iii) states the asset has, under this part, become an asset of the receiving body.
(i) is signed by an authorised APRA officer; and
(ii) identifies the asset; and
(iii) states the asset has, under this part, become an asset of the receiving body.
(a) register or record the matter in the same way as transactions relating to assets of that kind are registered or recorded; and
(b) deal with, and give effect to, the certificate.
sec.15
Documents purporting to be certificates
sec.15 Documents purporting to be certificates
A document purporting to be a certificate mentioned in section 13 or 14 is taken to be a certificate of that type unless the contrary is established.
sec.16
Relationship of pt 4 with other laws
sec.16 Relationship of pt 4 with other laws
This part has effect despite anything in a contract, deed, undertaking, agreement or other instrument.
Nothing done under this part—
places 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
places a receiving body, a transferring body or another person in breach of—
a law of the State; or
a contractual provision prohibiting, restricting or regulating the assignment or transfer of an asset or liability or the disclosure of information; or
releases a surety, wholly or partly, from all or any of the surety’s obligations.
Without limiting subsection (1) , if, apart from this section, the advice or consent of a person would be necessary for a particular purpose, the advice is taken to have been obtained or the consent is taken to have been given.
(sec.16-ssec.1) This part has effect despite anything in a contract, deed, undertaking, agreement or other instrument.
(sec.16-ssec.2) Nothing done under this part— places 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 places a receiving body, a transferring body or another person in breach of— a law of the State; or a contractual provision prohibiting, restricting or regulating the assignment or transfer of an asset or liability or the disclosure of information; or releases a surety, wholly or partly, from all or any of the surety’s obligations.
(sec.16-ssec.3) Without limiting subsection (1) , if, apart from this section, the advice or consent of a person would be necessary for a particular purpose, the advice is taken to have been obtained or the consent is taken to have been given.
(a) places 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
(b) places a receiving body, a transferring body or another person in breach of— (i) a law of the State; or (ii) a contractual provision prohibiting, restricting or regulating the assignment or transfer of an asset or liability or the disclosure of information; or
(i) a law of the State; or
(ii) a contractual provision prohibiting, restricting or regulating the assignment or transfer of an asset or liability or the disclosure of information; or
(c) releases a surety, wholly or partly, from all or any of the surety’s obligations.
(i) a law of the State; or
(ii) a contractual provision prohibiting, restricting or regulating the assignment or transfer of an asset or liability or the disclosure of information; or
pt.5
Repeals and transitional
Repeals and transitional
pt.5-div.1
Repeals
Repeals
sec.17
Repeals
sec.17 Repeals
The following Acts are repealed—
Australian Financial Institutions Commission Act 1992 No. 8
Building Societies Fund Act 1993 No. 26
Financial Institutions (Queensland) Act 1992 No. 7
Friendly Societies (Queensland) Act 1997 No. 35
Queensland Office of Financial Supervision Act 1992 No. 12 .
• Australian Financial Institutions Commission Act 1992 No. 8
This section applies despite the repeal of the AFIC Act .
AFIC and its board continue in existence, but only for the following purposes—
to give effect to anything relating to the transfer, under a law of the Commonwealth or of another State or this Act, of any of its functions under the fiscal bodies legislation to APRA or ASIC;
to prepare its final report and financial statements under section 116 of the AFIC Code ;
winding-up itself as soon as practicable but, in any case, within 12 months after the transfer date.
AFIC has the powers necessary or desirable for it to act under subsection (2) including the powers—
to engage employees; and
to execute a contract, deed or other document necessary for its winding-up.
Also, to the extent it is necessary or desirable to allow AFIC to act under subsection (2), the provisions of the fiscal bodies legislation, including the provisions about AFIC’s board, the board’s directors and AFIC’s employees, continue to apply despite the repeal of all or any of the legislation.
For the purpose of AFIC exercising a power under this section, section 158 of the AFIC Code applies to an honest act or omission of a director of AFIC as if a reference in that section to the code were a reference to this section.
In this section—
winding-up , in relation to AFIC, includes AFIC realising its assets and discharging its liabilities.
(sec.18-ssec.1) This section applies despite the repeal of the AFIC Act .
(sec.18-ssec.2) AFIC and its board continue in existence, but only for the following purposes— to give effect to anything relating to the transfer, under a law of the Commonwealth or of another State or this Act, of any of its functions under the fiscal bodies legislation to APRA or ASIC; to prepare its final report and financial statements under section 116 of the AFIC Code ; winding-up itself as soon as practicable but, in any case, within 12 months after the transfer date.
(sec.18-ssec.3) AFIC has the powers necessary or desirable for it to act under subsection (2) including the powers— to engage employees; and to execute a contract, deed or other document necessary for its winding-up.
(sec.18-ssec.4) Also, to the extent it is necessary or desirable to allow AFIC to act under subsection (2), the provisions of the fiscal bodies legislation, including the provisions about AFIC’s board, the board’s directors and AFIC’s employees, continue to apply despite the repeal of all or any of the legislation.
(sec.18-ssec.5) For the purpose of AFIC exercising a power under this section, section 158 of the AFIC Code applies to an honest act or omission of a director of AFIC as if a reference in that section to the code were a reference to this section.
(sec.18-ssec.6) In this section— winding-up , in relation to AFIC, includes AFIC realising its assets and discharging its liabilities.
(a) to give effect to anything relating to the transfer, under a law of the Commonwealth or of another State or this Act, of any of its functions under the fiscal bodies legislation to APRA or ASIC;
(b) to prepare its final report and financial statements under section 116 of the AFIC Code ;
(c) winding-up itself as soon as practicable but, in any case, within 12 months after the transfer date.
(a) to engage employees; and
(b) to execute a contract, deed or other document necessary for its winding-up.
sec.19
Contracts and agreements with AFIC continue
sec.19 Contracts and agreements with AFIC continue
The repeal of the AFIC Act does not of itself terminate a contract or other agreement between AFIC and another person.
sec.20
AFIC’s final report and financial statements
sec.20 AFIC’s final report and financial statements
Despite the repeal of the AFIC Act , sections 116 and 165 of the AFIC Code and the other provisions of the code relevant to the sections continue to apply in relation to AFIC’s final report and financial statements.
For the application mentioned in subsection (1)—
a reference in section 116 , other than subsection (3), of the code to the Ministerial Council is taken to be a reference to the Minister in each participating State responsible, immediately before the transfer date, for administering the fiscal bodies legislation of that State; and
section 116 (2) of the code is taken to require AFIC’s board to prepare and give the report mentioned in the subsection before AFIC is dissolved; and
section 116 (3) of the code is taken to require the financial statements to be in the form last approved by the Ministerial Council before the transfer date; and
AFIC’s financial year is taken to be the period from the end of the period for which AFIC’s board last prepared a report under section 116 of the code until the day specified by the Minister after consulting with the auditor-general; and
section 116 of the code is taken to require AFIC’s board to also include in the report the information the Minister administering this Act directs.
(sec.20-ssec.1) Despite the repeal of the AFIC Act , sections 116 and 165 of the AFIC Code and the other provisions of the code relevant to the sections continue to apply in relation to AFIC’s final report and financial statements.
(sec.20-ssec.2) For the application mentioned in subsection (1)— a reference in section 116 , other than subsection (3), of the code to the Ministerial Council is taken to be a reference to the Minister in each participating State responsible, immediately before the transfer date, for administering the fiscal bodies legislation of that State; and section 116 (2) of the code is taken to require AFIC’s board to prepare and give the report mentioned in the subsection before AFIC is dissolved; and section 116 (3) of the code is taken to require the financial statements to be in the form last approved by the Ministerial Council before the transfer date; and AFIC’s financial year is taken to be the period from the end of the period for which AFIC’s board last prepared a report under section 116 of the code until the day specified by the Minister after consulting with the auditor-general; and section 116 of the code is taken to require AFIC’s board to also include in the report the information the Minister administering this Act directs.
(a) a reference in section 116 , other than subsection (3), of the code to the Ministerial Council is taken to be a reference to the Minister in each participating State responsible, immediately before the transfer date, for administering the fiscal bodies legislation of that State; and
(b) section 116 (2) of the code is taken to require AFIC’s board to prepare and give the report mentioned in the subsection before AFIC is dissolved; and
(c) section 116 (3) of the code is taken to require the financial statements to be in the form last approved by the Ministerial Council before the transfer date; and
(d) AFIC’s financial year is taken to be the period from the end of the period for which AFIC’s board last prepared a report under section 116 of the code until the day specified by the Minister after consulting with the auditor-general; and
(e) section 116 of the code is taken to require AFIC’s board to also include in the report the information the Minister administering this Act directs.
sec.21
Delegation of AFIC’s powers
sec.21 Delegation of AFIC’s powers
AFIC’s board may delegate AFIC’s powers to an appropriately qualified employee of AFIC.
sec.22
Dissolution of AFIC
sec.22 Dissolution of AFIC
AFIC is dissolved, and the members of AFIC’s board go out of office, on the earlier of the following—
12 months after the transfer date;
the day stated in a gazette notice published by the Minister.
(a) 12 months after the transfer date;
(b) the day stated in a gazette notice published by the Minister.
sec.23
Definition for sdiv 2
sec.23 Definition for sdiv 2
In this subdivision—
employees , of AFIC, includes the executive director of AFIC.
sec.24
Transfer of staff to APRA under transfer agreement
sec.24 Transfer of staff to APRA under transfer agreement
The Minister may enter into a transfer agreement under schedule 8 , part 1 , division 2 of the FSR 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.
The transfer agreement has effect according to its terms.
(sec.24-ssec.1) The Minister may enter into a transfer agreement under schedule 8 , part 1 , division 2 of the FSR 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.
(sec.24-ssec.2) The transfer agreement has effect according to its terms.
sec.25
Effect of transfer under s 24 or of employees of AFIC becoming appointed to the Australian Public Service
sec.25 Effect of transfer under s 24 or of employees of AFIC becoming appointed to the Australian Public Service
This section applies if a person becomes an APRA employee under section 24.
This section also applies if—
a person is appointed to the Australian Public Service under the Public Service Act 1922 (Cwlth) , section 81B (1) , on or after the transfer date; and
immediately before the appointment, the person was an employee of AFIC.
If the person is the executive director of AFIC, the executive director’s appointment under the AFIC Code immediately ends.
If the person is another employee of AFIC, the employee’s employment with AFIC immediately ends.
A 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.
(sec.25-ssec.1) This section applies if a person becomes an APRA employee under section 24.
(sec.25-ssec.2) This section also applies if— a person is appointed to the Australian Public Service under the Public Service Act 1922 (Cwlth) , section 81B (1) , on or after the transfer date; and immediately before the appointment, the person was an employee of AFIC.
(sec.25-ssec.3) If the person is the executive director of AFIC, the executive director’s appointment under the AFIC Code immediately ends.
(sec.25-ssec.4) If the person is another employee of AFIC, the employee’s employment with AFIC immediately ends.
(sec.25-ssec.5) A 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.
(a) a person is appointed to the Australian Public Service under the Public Service Act 1922 (Cwlth) , section 81B (1) , on or after the transfer date; and
(b) immediately before the appointment, the person was an employee of AFIC.
sec.26
Statement of accrued benefits etc.
sec.26 Statement of accrued benefits etc.
Before an employee of AFIC becomes an APRA employee under section 24 or is appointed to the Australian Public Service as mentioned in section 25(2), AFIC must give the person, and APRA or the Commonwealth Public Service Commissioner, a written statement.
The statement must state 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.
(sec.26-ssec.1) Before an employee of AFIC becomes an APRA employee under section 24 or is appointed to the Australian Public Service as mentioned in section 25(2), AFIC must give the person, and APRA or the Commonwealth Public Service Commissioner, a written statement.
(sec.26-ssec.2) The statement must state 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.
sec.27
Giving of information
sec.27 Giving of information
This section applies to—
a director of AFIC’s board; and
an employee of AFIC; and
a person appointed by AFIC to carry out duties under the fiscal bodies legislation; and
a person who has been a person mentioned in paragraph (a), (b) or (c).
A 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.
This section applies despite section 155 of the AFIC Code and section 477 of the Friendly Societies Code .
(sec.27-ssec.1) This section applies to— a director of AFIC’s board; and an employee of AFIC; and a person appointed by AFIC to carry out duties under the fiscal bodies legislation; and a person who has been a person mentioned in paragraph (a), (b) or (c).
(sec.27-ssec.2) A 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.
(sec.27-ssec.3) This section applies despite section 155 of the AFIC Code and section 477 of the Friendly Societies Code .
(a) a director of AFIC’s board; and
(b) an employee of AFIC; and
(c) a person appointed by AFIC to carry out duties under the fiscal bodies legislation; and
(d) a person who has been a person mentioned in paragraph (a), (b) or (c).
sec.28
Transfer of assets and liabilities
sec.28 Transfer of assets and liabilities
The Minister may enter into a transfer agreement under schedule 8 , part 1 , division 3 of the FSR Act connected with the transfer of AFIC’s assets or liabilities to APRA or ASIC.
The transfer agreement has effect according to its terms.
(sec.28-ssec.1) The Minister may enter into a transfer agreement under schedule 8 , part 1 , division 3 of the FSR Act connected with the transfer of AFIC’s assets or liabilities to APRA or ASIC.
(sec.28-ssec.2) The transfer agreement has effect according to its terms.
sec.29
Continuation and preservation of civil proceedings involving AFIC
sec.29 Continuation and preservation of civil proceedings involving AFIC
This section applies to a proceeding—
whether or not it arose or arises under the fiscal bodies legislation; and
regardless of where it arose or arises.
For a proceeding started before the transfer date to which AFIC was a party immediately before the date—
if the proceeding is in Queensland—the State is substituted for AFIC as a party to the proceeding; or
if the proceeding is in another State—the State of Queensland may be substituted for AFIC under a law of the other State.
For a proceeding not started before the transfer date and that could if started after the date be brought against AFIC, or apart from the repeal of the fiscal bodies legislation and the dissolution of AFIC could have been brought against AFIC—
if the proceeding is brought in Queensland—the proceeding may instead be brought against the State; or
if the proceeding is brought in another State—the proceeding may instead be brought against the State of Queensland under a law of the other State.
For this section, evidence that would have been admissible for or against AFIC is admissible for or against the State.
This section does not apply to a proceeding for an offence.
(sec.29-ssec.1) This section applies to a proceeding— whether or not it arose or arises under the fiscal bodies legislation; and regardless of where it arose or arises.
(sec.29-ssec.2) For a proceeding started before the transfer date to which AFIC was a party immediately before the date— if the proceeding is in Queensland—the State is substituted for AFIC as a party to the proceeding; or if the proceeding is in another State—the State of Queensland may be substituted for AFIC under a law of the other State.
(sec.29-ssec.3) For a proceeding not started before the transfer date and that could if started after the date be brought against AFIC, or apart from the repeal of the fiscal bodies legislation and the dissolution of AFIC could have been brought against AFIC— if the proceeding is brought in Queensland—the proceeding may instead be brought against the State; or if the proceeding is brought in another State—the proceeding may instead be brought against the State of Queensland under a law of the other State.
(sec.29-ssec.4) For this section, evidence that would have been admissible for or against AFIC is admissible for or against the State.
(sec.29-ssec.5) This section does not apply to a proceeding for an offence.
(a) whether or not it arose or arises under the fiscal bodies legislation; and
(b) regardless of where it arose or arises.
(a) if the proceeding is in Queensland—the State is substituted for AFIC as a party to the proceeding; or
(b) if the proceeding is in another State—the State of Queensland may be substituted for AFIC under a law of the other State.
(a) if the proceeding is brought in Queensland—the proceeding may instead be brought against the State; or
(b) if the proceeding is brought in another State—the proceeding may instead be brought against the State of Queensland under a law of the other State.
sec.30
Continuation of offence proceedings
sec.30 Continuation of offence proceedings
This 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 started before the transfer date but was not completed before the date.
On 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.
The functions and powers necessary for this section are conferred on APRA and ASIC.
(sec.30-ssec.1) This 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 started before the transfer date but was not completed before the date.
(sec.30-ssec.2) On 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.
(sec.30-ssec.3) The functions and powers necessary for this section are conferred on APRA and ASIC.
pt.5-div.3
Provisions relating to QOFS
Provisions relating to QOFS
sec.31
Continuation of QOFS for certain purposes
sec.31 Continuation of QOFS for certain purposes
This section applies despite the repeal of the QOFS Act .
QOFS and its board continue in existence, but only for the following purposes—
to give effect to anything relating to the transfer, under a law of the Commonwealth or this Act, of any of its functions as an SSA under the fiscal bodies legislation to APRA or ASIC;
to prepare its final report and financial statements under section 33;
to do other things under this division;
winding-up itself as soon as practicable but, in any case, within 12 months after the transfer date.
Without limiting subsection (2)(a), QOFS must comply with schedule 4, clause 4 of the Corporations Law .
The provision of the Corporations Law requires QOFS to lodge certain documents about transferring institutions with ASIC.
QOFS has the powers necessary or desirable for it to act under subsection (2) or (3) including the powers—
to engage employees; and
to execute a contract, deed or other document necessary for its winding-up.
Also, to the extent it is necessary or desirable to allow QOFS to act under subsection (2), the provisions of the fiscal bodies legislation and the QOFS Act , including the provisions of the Act about QOFS’s board, the board’s directors and QOFS’s chief executive officer and employees, continue to apply despite the repeal of all or any of the legislation or of the Act .
For the purpose of QOFS exercising a power under this section, section 54 of the QOFS Act applies to an honest act or omission of a director of QOFS as if a reference in that section to the QOFS Act were a reference to this section.
In this section—
winding-up , in relation to QOFS, includes QOFS realising its assets and discharging its liabilities.
(sec.31-ssec.1) This section applies despite the repeal of the QOFS Act .
(sec.31-ssec.2) QOFS and its board continue in existence, but only for the following purposes— to give effect to anything relating to the transfer, under a law of the Commonwealth or this Act, of any of its functions as an SSA under the fiscal bodies legislation to APRA or ASIC; to prepare its final report and financial statements under section 33; to do other things under this division; winding-up itself as soon as practicable but, in any case, within 12 months after the transfer date.
(sec.31-ssec.3) Without limiting subsection (2)(a), QOFS must comply with schedule 4, clause 4 of the Corporations Law . The provision of the Corporations Law requires QOFS to lodge certain documents about transferring institutions with ASIC.
(sec.31-ssec.4) QOFS has the powers necessary or desirable for it to act under subsection (2) or (3) including the powers— to engage employees; and to execute a contract, deed or other document necessary for its winding-up.
(sec.31-ssec.5) Also, to the extent it is necessary or desirable to allow QOFS to act under subsection (2), the provisions of the fiscal bodies legislation and the QOFS Act , including the provisions of the Act about QOFS’s board, the board’s directors and QOFS’s chief executive officer and employees, continue to apply despite the repeal of all or any of the legislation or of the Act .
(sec.31-ssec.6) For the purpose of QOFS exercising a power under this section, section 54 of the QOFS Act applies to an honest act or omission of a director of QOFS as if a reference in that section to the QOFS Act were a reference to this section.
(sec.31-ssec.7) In this section— winding-up , in relation to QOFS, includes QOFS realising its assets and discharging its liabilities.
(a) to give effect to anything relating to the transfer, under a law of the Commonwealth or this Act, of any of its functions as an SSA under the fiscal bodies legislation to APRA or ASIC;
(b) to prepare its final report and financial statements under section 33;
(c) to do other things under this division;
(d) winding-up itself as soon as practicable but, in any case, within 12 months after the transfer date.
(a) to engage employees; and
(b) to execute a contract, deed or other document necessary for its winding-up.
sec.32
Contracts and agreements with QOFS continue
sec.32 Contracts and agreements with QOFS continue
The repeal of the QOFS Act does not of itself terminate a contract or other agreement between QOFS and another person.
sec.33
QOFS’s final report and financial statements
sec.33 QOFS’s final report and financial statements
QOFS’s board must, before QOFS is dissolved, prepare and give to the Minister a written report on QOFS’s operations for its financial year together with financial statements for the year.
Before giving the financial statements to the Minister, the board must have them audited by the auditor-general.
The Financial Administration and Audit Act 1977 applies to QOFS.
For the Act ’s application—
the report and financial statements are taken to be QOFS’s annual report and annual financial statements; and
the Act applies with all other changes necessary because of subsection (1).
For the definition financial year in subsection (6), the Minister may, after consulting with the auditor-general, specify a day as the last day of the financial year
In this section—
financial year , for QOFS, means the period from the end of the period for which QOFS last prepared an annual report under the Financial Administration and Audit Act 1977 until the day specified by the Minister under subsection (5).
(sec.33-ssec.1) QOFS’s board must, before QOFS is dissolved, prepare and give to the Minister a written report on QOFS’s operations for its financial year together with financial statements for the year.
(sec.33-ssec.2) Before giving the financial statements to the Minister, the board must have them audited by the auditor-general.
(sec.33-ssec.3) The Financial Administration and Audit Act 1977 applies to QOFS.
(sec.33-ssec.4) For the Act ’s application— the report and financial statements are taken to be QOFS’s annual report and annual financial statements; and the Act applies with all other changes necessary because of subsection (1).
(sec.33-ssec.5) For the definition financial year in subsection (6), the Minister may, after consulting with the auditor-general, specify a day as the last day of the financial year
(sec.33-ssec.6) In this section— financial year , for QOFS, means the period from the end of the period for which QOFS last prepared an annual report under the Financial Administration and Audit Act 1977 until the day specified by the Minister under subsection (5).
(a) the report and financial statements are taken to be QOFS’s annual report and annual financial statements; and
(b) the Act applies with all other changes necessary because of subsection (1).
sec.34
Delegation of QOFS’s powers
sec.34 Delegation of QOFS’s powers
QOFS’s board may delegate QOFS’s powers to an appropriately qualified employee of QOFS.
sec.35
Dissolution of QOFS
sec.35 Dissolution of QOFS
QOFS is dissolved, and the members of QOFS’s board go out of office, on the earlier of the following—
12 months after the transfer date;
the day stated in a gazette notice published by the Minister.
(a) 12 months after the transfer date;
(b) the day stated in a gazette notice published by the Minister.
sec.36
Continuation and abolition of particular funds
sec.36 Continuation and abolition of particular funds
The following funds continue in existence on and after the transfer date despite the commencement of section 17—
Building Societies Fund
Credit Unions Contingency Fund
Supervision Fund.
However—
when the payment mentioned in section 37 has been made, the Building Societies Fund is abolished; and
when the payments mentioned in section 38(3) have been received by each credit union, the Credit Unions Contingency Fund is abolished; and
when the payment mentioned in section 40 has been made, the Supervision Fund is abolished.
(sec.36-ssec.1) The following funds continue in existence on and after the transfer date despite the commencement of section 17— Building Societies Fund Credit Unions Contingency Fund Supervision Fund.
(sec.36-ssec.2) However— when the payment mentioned in section 37 has been made, the Building Societies Fund is abolished; and when the payments mentioned in section 38(3) have been received by each credit union, the Credit Unions Contingency Fund is abolished; and when the payment mentioned in section 40 has been made, the Supervision Fund is abolished.
• Building Societies Fund
• Credit Unions Contingency Fund
• Supervision Fund.
(a) when the payment mentioned in section 37 has been made, the Building Societies Fund is abolished; and
(b) when the payments mentioned in section 38(3) have been received by each credit union, the Credit Unions Contingency Fund is abolished; and
(c) when the payment mentioned in section 40 has been made, the Supervision Fund is abolished.
sec.37
Payment of amount in Building Societies Fund to consolidated fund
sec.37 Payment of amount in Building Societies Fund to consolidated fund
On the transfer date, QOFS must pay the amount standing to the credit of the Building Societies Fund into the consolidated fund.
sec.38
Payments out of Credit Unions Contingency Fund
sec.38 Payments out of Credit Unions Contingency Fund
On the day before the transfer date QOFS must, under section 99A of the Financial Institutions Code , distribute the whole of retained earnings to the contribution accounts of credit unions.
For subsection (1) , section 99A (3) of the Financial Institutions Code does not apply.
Immediately after QOFS 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.
Subsection (3) applies despite section 103 of the Financial Institutions Code .
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 means all amounts standing to the credit of the Credit Unions Contingency Fund, other than amounts in the contribution accounts of credit unions.
(sec.38-ssec.1) On the day before the transfer date QOFS must, under section 99A of the Financial Institutions Code , distribute the whole of retained earnings to the contribution accounts of credit unions.
(sec.38-ssec.2) For subsection (1) , section 99A (3) of the Financial Institutions Code does not apply.
(sec.38-ssec.3) Immediately after QOFS 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.
(sec.38-ssec.4) Subsection (3) applies despite section 103 of the Financial Institutions Code .
(sec.38-ssec.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 means all amounts standing to the credit of the Credit Unions Contingency Fund, other than amounts in the contribution accounts of credit unions.
sec.39
Payments out of and into Supervision Fund
sec.39 Payments out of and into Supervision Fund
QOFS may pay out of the Supervision Fund—
to APRA—
amounts for liabilities relating to leave and other entitlements of employees of QOFS who become APRA employees under section 45, being liabilities existing immediately before the employees become APRA employees; and
amounts for other liabilities of QOFS that become liabilities of APRA under section 49; and
to ASIC—
amounts for liabilities relating to leave and other entitlements of employees of QOFS mentioned in section 46(2), being liabilities existing immediately before the employees are appointed to the Australian Public Service; and
amounts for other liabilities of QOFS that become liabilities of ASIC under section 49.
Also QOFS may pay into or out of the Supervision Fund amounts relating to QOFS performing its functions and exercising its powers under this division.
This section applies despite section 94 (2) and (3) of the Financial Institutions Code .
In this section—
employees , of QOFS, includes the chief executive officer of QOFS.
(sec.39-ssec.1) QOFS may pay out of the Supervision Fund— to APRA— amounts for liabilities relating to leave and other entitlements of employees of QOFS who become APRA employees under section 45, being liabilities existing immediately before the employees become APRA employees; and amounts for other liabilities of QOFS that become liabilities of APRA under section 49; and to ASIC— amounts for liabilities relating to leave and other entitlements of employees of QOFS mentioned in section 46(2), being liabilities existing immediately before the employees are appointed to the Australian Public Service; and amounts for other liabilities of QOFS that become liabilities of ASIC under section 49.
(sec.39-ssec.2) Also QOFS may pay into or out of the Supervision Fund amounts relating to QOFS performing its functions and exercising its powers under this division.
(sec.39-ssec.3) This section applies despite section 94 (2) and (3) of the Financial Institutions Code .
(sec.39-ssec.4) In this section— employees , of QOFS, includes the chief executive officer of QOFS.
(a) to APRA— (i) amounts for liabilities relating to leave and other entitlements of employees of QOFS who become APRA employees under section 45, being liabilities existing immediately before the employees become APRA employees; and (ii) amounts for other liabilities of QOFS that become liabilities of APRA under section 49; and
(i) amounts for liabilities relating to leave and other entitlements of employees of QOFS who become APRA employees under section 45, being liabilities existing immediately before the employees become APRA employees; and
(ii) amounts for other liabilities of QOFS that become liabilities of APRA under section 49; and
(b) to ASIC— (i) amounts for liabilities relating to leave and other entitlements of employees of QOFS mentioned in section 46(2), being liabilities existing immediately before the employees are appointed to the Australian Public Service; and (ii) amounts for other liabilities of QOFS that become liabilities of ASIC under section 49.
(i) amounts for liabilities relating to leave and other entitlements of employees of QOFS mentioned in section 46(2), being liabilities existing immediately before the employees are appointed to the Australian Public Service; and
(ii) amounts for other liabilities of QOFS that become liabilities of ASIC under section 49.
(i) amounts for liabilities relating to leave and other entitlements of employees of QOFS who become APRA employees under section 45, being liabilities existing immediately before the employees become APRA employees; and
(ii) amounts for other liabilities of QOFS that become liabilities of APRA under section 49; and
(i) amounts for liabilities relating to leave and other entitlements of employees of QOFS mentioned in section 46(2), being liabilities existing immediately before the employees are appointed to the Australian Public Service; and
(ii) amounts for other liabilities of QOFS that become liabilities of ASIC under section 49.
sec.40
Payment of amount in Supervision Fund to consolidated fund
sec.40 Payment of amount in Supervision Fund to consolidated fund
When QOFS is satisfied it has made all necessary payments under section 39 and in any case before it is dissolved, QOFS must pay the amount standing to the credit of the Supervision Fund into the consolidated fund.
sec.41
Financial statements for Credit Unions Contingency Fund and Building Societies Fund
sec.41 Financial statements for Credit Unions Contingency Fund and Building Societies Fund
As soon as practicable after the transfer date, QOFS must prepare financial statements for the Building Societies Fund and the Credit Unions Contingency Fund.
The financial statements must cover the period from the end of the period for which financial statements audited by the auditor-general were last prepared by QOFS for the fund until the day the fund is abolished.
The financial statements must be audited by the auditor-general.
For the audit, the Financial Administration and Audit Act 1977 applies as though the financial statements formed part of the financial statements of QOFS.
(sec.41-ssec.1) As soon as practicable after the transfer date, QOFS must prepare financial statements for the Building Societies Fund and the Credit Unions Contingency Fund.
(sec.41-ssec.2) The financial statements must cover the period from the end of the period for which financial statements audited by the auditor-general were last prepared by QOFS for the fund until the day the fund is abolished.
(sec.41-ssec.3) The financial statements must be audited by the auditor-general.
(sec.41-ssec.4) For the audit, the Financial Administration and Audit Act 1977 applies as though the financial statements formed part of the financial statements of QOFS.
sec.42
Auditor-general to report on funds
sec.42 Auditor-general to report on funds
This section applies when the audit of the final financial statements of QOFS, including the financial statements for the Credit Unions Contingency Fund, under the Financial Administration and Audit Act 1977 is completed.
The auditor-general must give the Minister a written report about whether the Credit Unions Contingency Fund and the Supervision Fund were applied for the purposes for which they were established and under sections 38 and 39.
(sec.42-ssec.1) This section applies when the audit of the final financial statements of QOFS, including the financial statements for the Credit Unions Contingency Fund, under the Financial Administration and Audit Act 1977 is completed.
(sec.42-ssec.2) The auditor-general must give the Minister a written report about whether the Credit Unions Contingency Fund and the Supervision Fund were applied for the purposes for which they were established and under sections 38 and 39.
sec.43
QOFS must report to Minister on Building Societies Fund
sec.43 QOFS must report to Minister on Building Societies Fund
QOFS must, as soon as practicable, but within 4 months after the transfer date, give to the Minister a report on the operations of the Building Societies Fund for the period from the end of the period covered by the last report given under the Building Societies Fund Act 1993 , section 10 , until the transfer date.
The Minister must table the report in the Legislative Assembly within 14 sitting days after the Minister receives the report.
(sec.43-ssec.1) QOFS must, as soon as practicable, but within 4 months after the transfer date, give to the Minister a report on the operations of the Building Societies Fund for the period from the end of the period covered by the last report given under the Building Societies Fund Act 1993 , section 10 , until the transfer date.
(sec.43-ssec.2) The Minister must table the report in the Legislative Assembly within 14 sitting days after the Minister receives the report.
sec.44
Definition for sdiv 3
sec.44 Definition for sdiv 3
In this subdivision—
employees , of QOFS, includes the chief executive officer of QOFS.
sec.45
Transfer of staff to APRA under transfer agreement
sec.45 Transfer of staff to APRA under transfer agreement
The Minister may enter into a transfer agreement under schedule 8 , part 1 , division 2 of the FSR Act , that determines, or provides for determining, that particular employees of QOFS become APRA employees on a particular date, not being a date before the transfer date.
The transfer agreement has effect according to its terms.
(sec.45-ssec.1) The Minister may enter into a transfer agreement under schedule 8 , part 1 , division 2 of the FSR Act , that determines, or provides for determining, that particular employees of QOFS become APRA employees on a particular date, not being a date before the transfer date.
(sec.45-ssec.2) The transfer agreement has effect according to its terms.
sec.46
Effect of transfer under s 45 or of employees of QOFS becoming appointed to the Australian Public Service
sec.46 Effect of transfer under s 45 or of employees of QOFS becoming appointed to the Australian Public Service
This section applies if a person becomes an APRA employee under section 45.
This section also applies if—
a person is appointed to the Australian Public Service under the Public Service Act 1922 (Cwlth) , section 81B (1) , on or after the transfer date; and
immediately before the appointment, the person was an employee of QOFS.
If the person is the chief executive officer of QOFS, the officer’s appointment under the QOFS Act immediately ends.
If the person is another employee of QOFS, the employee’s employment with QOFS immediately ends.
A 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.
(sec.46-ssec.1) This section applies if a person becomes an APRA employee under section 45.
(sec.46-ssec.2) This section also applies if— a person is appointed to the Australian Public Service under the Public Service Act 1922 (Cwlth) , section 81B (1) , on or after the transfer date; and immediately before the appointment, the person was an employee of QOFS.
(sec.46-ssec.3) If the person is the chief executive officer of QOFS, the officer’s appointment under the QOFS Act immediately ends.
(sec.46-ssec.4) If the person is another employee of QOFS, the employee’s employment with QOFS immediately ends.
(sec.46-ssec.5) A 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.
(a) a person is appointed to the Australian Public Service under the Public Service Act 1922 (Cwlth) , section 81B (1) , on or after the transfer date; and
(b) immediately before the appointment, the person was an employee of QOFS.
sec.47
Statement of accrued benefits etc.
sec.47 Statement of accrued benefits etc.
Before an employee of QOFS becomes an APRA employee under section 45 or is appointed to the Australian Public Service as mentioned in section 46(2), QOFS must give the person, and APRA or the Commonwealth Public Service Commissioner, a written statement.
The statement must state particulars of the benefits to which the person has an accrued entitlement, the person’s remuneration and the person’s length of service with QOFS.
(sec.47-ssec.1) Before an employee of QOFS becomes an APRA employee under section 45 or is appointed to the Australian Public Service as mentioned in section 46(2), QOFS must give the person, and APRA or the Commonwealth Public Service Commissioner, a written statement.
(sec.47-ssec.2) The statement must state particulars of the benefits to which the person has an accrued entitlement, the person’s remuneration and the person’s length of service with QOFS.
sec.48
Giving of information
sec.48 Giving of information
This section applies to—
a director of QOFS’s board; and
an employee of QOFS, including QOFS chief executive officer; and
a person appointed by QOFS to carry out duties under the fiscal bodies legislation; and
a person who has been a person mentioned in paragraph (a), (b) or (c).
A 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.
This section applies despite section 410 of the Financial Institutions Code or section 477 of the Friendly Societies Code .
(sec.48-ssec.1) This section applies to— a director of QOFS’s board; and an employee of QOFS, including QOFS chief executive officer; and a person appointed by QOFS to carry out duties under the fiscal bodies legislation; and a person who has been a person mentioned in paragraph (a), (b) or (c).
(sec.48-ssec.2) A 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.
(sec.48-ssec.3) This section applies despite section 410 of the Financial Institutions Code or section 477 of the Friendly Societies Code .
(a) a director of QOFS’s board; and
(b) an employee of QOFS, including QOFS chief executive officer; and
(c) a person appointed by QOFS to carry out duties under the fiscal bodies legislation; and
(d) a person who has been a person mentioned in paragraph (a), (b) or (c).
sec.49
Transfer of assets and liabilities
sec.49 Transfer of assets and liabilities
The Minister may enter into a transfer agreement under schedule 8 , part 1 , division 3 of the FSR Act connected with the transfer of QOFS’s assets or liabilities to APRA or ASIC.
The transfer agreement has effect according to its terms.
(sec.49-ssec.1) The Minister may enter into a transfer agreement under schedule 8 , part 1 , division 3 of the FSR Act connected with the transfer of QOFS’s assets or liabilities to APRA or ASIC.
(sec.49-ssec.2) The transfer agreement has effect according to its terms.
sec.50
Continuation and preservation of civil proceedings involving QOFS
sec.50 Continuation and preservation of civil proceedings involving QOFS
For a proceeding started before the transfer date to which QOFS was a party immediately before the date, the State is substituted for QOFS as a party to the proceeding.
For a proceeding not started before the transfer date and that could if started after the date be brought against QOFS, or apart from the commencement of section 17 and the dissolution of QOFS could have been brought against QOFS, the proceeding may instead be brought against the State.
For this section evidence that would have been admissible for or against QOFS is admissible for or against the State.
This section does not apply to a proceeding for an offence or a proceeding under the Financial Intermediaries Act 1996 .
(sec.50-ssec.1) For a proceeding started before the transfer date to which QOFS was a party immediately before the date, the State is substituted for QOFS as a party to the proceeding.
(sec.50-ssec.2) For a proceeding not started before the transfer date and that could if started after the date be brought against QOFS, or apart from the commencement of section 17 and the dissolution of QOFS could have been brought against QOFS, the proceeding may instead be brought against the State.
(sec.50-ssec.3) For this section evidence that would have been admissible for or against QOFS is admissible for or against the State.
(sec.50-ssec.4) This section does not apply to a proceeding for an offence or a proceeding under the Financial Intermediaries Act 1996 .
sec.51
Continuation of offence proceedings
sec.51 Continuation of offence proceedings
This 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 QOFS, or a person authorised in writing by QOFS, that started before the transfer date but was not completed before the date.
On and after the transfer date, the proceeding may continue to be prosecuted by either APRA or ASIC in place of QOFS or the person authorised by QOFS, and APRA or ASIC may be substituted for QOFS or the person.
The functions and powers necessary for this section are conferred on APRA and ASIC
(sec.51-ssec.1) This 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 QOFS, or a person authorised in writing by QOFS, that started before the transfer date but was not completed before the date.
(sec.51-ssec.2) On and after the transfer date, the proceeding may continue to be prosecuted by either APRA or ASIC in place of QOFS or the person authorised by QOFS, and APRA or ASIC may be substituted for QOFS or the person.
(sec.51-ssec.3) The functions and powers necessary for this section are conferred on APRA and ASIC
pt.5-div.4
APRA’s and ASIC’s functions and powers under codes
APRA’s and ASIC’s functions and powers under codes
sec.52
Conferral of functions and powers relating to financial institutions and friendly societies
sec.52 Conferral of functions and powers relating to financial institutions and friendly societies
Either relevant Commonwealth body has the same enforcement powers relating to anything done or omitted to be done under a code before the transfer date as AFIC or QOFS had immediately before that date.
For subsection (1), a code applies with all necessary changes.
In this section—
code means the AFIC Code, Financial Institutions Code or Friendly Societies Code.
(sec.52-ssec.1) Either relevant Commonwealth body has the same enforcement powers relating to anything done or omitted to be done under a code before the transfer date as AFIC or QOFS had immediately before that date.
(sec.52-ssec.2) For subsection (1), a code applies with all necessary changes.
(sec.52-ssec.3) In this section— code means the AFIC Code, Financial Institutions Code or Friendly Societies Code.
sec.53
AFIC Code provisions
sec.53 AFIC Code provisions
The following provisions of the AFIC Code continue to apply on and after the transfer date in relation to anything done or omitted to be done before the date as if section 17 had not commenced—
part 8, other than sections 50, 51 55 and 58;
the other provisions of the code relevant to the part.
Despite subsection (1), a provision, or part of a provision, applying under the subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.
For the application mentioned in subsection (1)—
a reference in the code to AFIC is taken to be a reference to either relevant Commonwealth body; and
a 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
in 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
a 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 either relevant Commonwealth body; and
section 52(5) of the code is taken to be omitted; and
a reference in section 53(1) or (2) of the code to the executive director is taken to be a reference to either relevant Commonwealth body; and
a 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 either relevant Commonwealth body; and
section 63(1A) and (1B) of the code are taken to be omitted; and
a 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
the code applies with all other necessary changes.
This section does not limit section 52.
(sec.53-ssec.1) The following provisions of the AFIC Code continue to apply on and after the transfer date in relation to anything done or omitted to be done before the date as if section 17 had not commenced— part 8, other than sections 50, 51 55 and 58; the other provisions of the code relevant to the part.
(sec.53-ssec.2) Despite subsection (1), a provision, or part of a provision, applying under the subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.
(sec.53-ssec.3) For the application mentioned in subsection (1)— a reference in the code to AFIC is taken to be a reference to either relevant Commonwealth body; and a 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 in 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 a 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 either relevant Commonwealth body; and section 52(5) of the code is taken to be omitted; and a reference in section 53(1) or (2) of the code to the executive director is taken to be a reference to either relevant Commonwealth body; and a 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 either relevant Commonwealth body; and section 63(1A) and (1B) of the code are taken to be omitted; and a 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 the code applies with all other necessary changes.
(sec.53-ssec.4) This section does not limit section 52.
(a) part 8, other than sections 50, 51 55 and 58;
(b) the other provisions of the code relevant to the part.
(a) a reference in the code to AFIC is taken to be a reference to either relevant Commonwealth body; and
(b) a 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
(c) in 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
(d) a 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 either relevant Commonwealth body; and
(e) section 52(5) of the code is taken to be omitted; and
(f) a reference in section 53(1) or (2) of the code to the executive director is taken to be a reference to either relevant Commonwealth body; and
(g) a 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 either relevant Commonwealth body; and
(h) section 63(1A) and (1B) of the code are taken to be omitted; and
(i) a 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
(j) the code applies with all other necessary changes.
sec.54
Financial Institutions Code provisions
sec.54 Financial Institutions Code provisions
The following provisions of the Financial Institutions Code continue to apply on and after the transfer date in relation to anything done or omitted to be done before the date as if section 17 had not commenced—
part 2, division 2, subdivision 1A (other than sections 75, 79 and 82), part 10 and sections 392, 397, 398 and 404;
the other provisions of the code relevant to the provisions mentioned in paragraph (a).
Despite subsection (1), a provision, or part of a provision, applying under the subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.
For the application mentioned in subsection (1)—
a reference in the code to the SSA is taken to be a reference to either relevant Commonwealth body; and
a 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
a 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
in 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
a 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 either relevant Commonwealth body; and
section 76(5) of the code is taken to be omitted; and
in the definition 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
section 397(2) of the code is taken to be omitted; and
in the definition 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
in the definition prescribed person in section 398(1) of the code, paragraphs (a) and (b), are taken to be omitted; and
section 398(2) of the code is taken to be omitted; and
a reference in section 404(2) of the code to the Minister is taken to be a reference to the Minister administering this Act; and
the code applies with all other necessary changes.
This section does not limit section 52.
(sec.54-ssec.1) The following provisions of the Financial Institutions Code continue to apply on and after the transfer date in relation to anything done or omitted to be done before the date as if section 17 had not commenced— part 2, division 2, subdivision 1A (other than sections 75, 79 and 82), part 10 and sections 392, 397, 398 and 404; the other provisions of the code relevant to the provisions mentioned in paragraph (a).
(sec.54-ssec.2) Despite subsection (1), a provision, or part of a provision, applying under the subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.
(sec.54-ssec.3) For the application mentioned in subsection (1)— a reference in the code to the SSA is taken to be a reference to either relevant Commonwealth body; and a 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 a 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 in 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 a 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 either relevant Commonwealth body; and section 76(5) of the code is taken to be omitted; and in the definition 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 section 397(2) of the code is taken to be omitted; and in the definition 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 in the definition prescribed person in section 398(1) of the code, paragraphs (a) and (b), are taken to be omitted; and section 398(2) of the code is taken to be omitted; and a reference in section 404(2) of the code to the Minister is taken to be a reference to the Minister administering this Act; and the code applies with all other necessary changes.
(sec.54-ssec.4) This section does not limit section 52.
(a) part 2, division 2, subdivision 1A (other than sections 75, 79 and 82), part 10 and sections 392, 397, 398 and 404;
(b) the other provisions of the code relevant to the provisions mentioned in paragraph (a).
(a) a reference in the code to the SSA is taken to be a reference to either relevant Commonwealth body; and
(b) a 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
(c) a 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
(d) in 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
(e) a 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 either relevant Commonwealth body; and
(f) section 76(5) of the code is taken to be omitted; and
(g) in the definition 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
(h) section 397(2) of the code is taken to be omitted; and
(i) in the definition 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
(j) in the definition prescribed person in section 398(1) of the code, paragraphs (a) and (b), are taken to be omitted; and
(k) section 398(2) of the code is taken to be omitted; and
(l) a reference in section 404(2) of the code to the Minister is taken to be a reference to the Minister administering this Act; and
(m) the code applies with all other necessary changes.
sec.55
Provisions for Financial Institutions Code as applied under s 40 of AFIC Code
sec.55 Provisions for Financial Institutions Code as applied under s 40 of AFIC Code
The following provisions continue to apply on and after the transfer date in relation to anything done or omitted to be done before the date as if section 17 had not commenced—
section 40 of the AFIC Code to the extent it applies the relevant provisions;
the relevant provisions as applied under section 40 of the AFIC Code;
the other provisions of the AFIC Code and the Financial Institutions Code relevant to section 40 of the AFIC Code and the relevant provisions.
Despite subsection (1), a provision, or part of a provision, applying under the subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.
For the application mentioned in subsection (1)—
a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to a special services provider 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 special services provider under that code; and
a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to AFIC is taken to be a reference to either relevant Commonwealth body; and
in section 76(1) of the Financial Institutions 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
section 76(5) of the Financial Institutions Code is taken to be omitted; and
in the definition financial body to which this section applies in section 397(1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and
section 397(2) of the Financial Institutions Code is taken to be omitted; and
in the definition financial body to which this section applies in section 398(1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and
in the definition prescribed person in section 398(1) of the Financial Institutions Code, paragraphs (a) and (b), are taken to be omitted; and
section 398(2) of the Financial Institutions Code is taken to be omitted; and
a reference in section 404(2) of the Financial Institutions Code to the Minister is taken to be a reference to the Minister administering this Act; and
the AFIC Code and the Financial Institutions Code apply with all other necessary changes.
This section does not limit section 52.
In this section—
relevant provisions means part 2, division 2, subdivision 1A (other than sections 75, 79 and 82), part 10 and sections 392, 397, 398 and 404 of the Financial Institutions Code.
(sec.55-ssec.1) The following provisions continue to apply on and after the transfer date in relation to anything done or omitted to be done before the date as if section 17 had not commenced— section 40 of the AFIC Code to the extent it applies the relevant provisions; the relevant provisions as applied under section 40 of the AFIC Code; the other provisions of the AFIC Code and the Financial Institutions Code relevant to section 40 of the AFIC Code and the relevant provisions.
(sec.55-ssec.2) Despite subsection (1), a provision, or part of a provision, applying under the subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.
(sec.55-ssec.3) For the application mentioned in subsection (1)— a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to a special services provider 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 special services provider under that code; and a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to AFIC is taken to be a reference to either relevant Commonwealth body; and in section 76(1) of the Financial Institutions 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 section 76(5) of the Financial Institutions Code is taken to be omitted; and in the definition financial body to which this section applies in section 397(1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and section 397(2) of the Financial Institutions Code is taken to be omitted; and in the definition financial body to which this section applies in section 398(1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and in the definition prescribed person in section 398(1) of the Financial Institutions Code, paragraphs (a) and (b), are taken to be omitted; and section 398(2) of the Financial Institutions Code is taken to be omitted; and a reference in section 404(2) of the Financial Institutions Code to the Minister is taken to be a reference to the Minister administering this Act; and the AFIC Code and the Financial Institutions Code apply with all other necessary changes.
(sec.55-ssec.4) This section does not limit section 52.
(sec.55-ssec.5) In this section— relevant provisions means part 2, division 2, subdivision 1A (other than sections 75, 79 and 82), part 10 and sections 392, 397, 398 and 404 of the Financial Institutions Code.
(a) section 40 of the AFIC Code to the extent it applies the relevant provisions;
(b) the relevant provisions as applied under section 40 of the AFIC Code;
(c) the other provisions of the AFIC Code and the Financial Institutions Code relevant to section 40 of the AFIC Code and the relevant provisions.
(a) a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to a special services provider 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 special services provider under that code; and
(b) a reference in section 40 of the AFIC Code or in section 5 of the AFIC Regulations to AFIC is taken to be a reference to either relevant Commonwealth body; and
(c) in section 76(1) of the Financial Institutions 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
(d) section 76(5) of the Financial Institutions Code is taken to be omitted; and
(e) in the definition financial body to which this section applies in section 397(1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and
(f) section 397(2) of the Financial Institutions Code is taken to be omitted; and
(g) in the definition financial body to which this section applies in section 398(1) of the Financial Institutions Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and
(h) in the definition prescribed person in section 398(1) of the Financial Institutions Code, paragraphs (a) and (b), are taken to be omitted; and
(i) section 398(2) of the Financial Institutions Code is taken to be omitted; and
(j) a reference in section 404(2) of the Financial Institutions Code to the Minister is taken to be a reference to the Minister administering this Act; and
(k) the AFIC Code and the Financial Institutions Code apply with all other necessary changes.
sec.56
Friendly Societies Code provisions
sec.56 Friendly Societies Code provisions
The following provisions of the Friendly Societies Code continue to apply on and after the transfer date in relation to anything done or omitted to be done before the date as if section 17 had not commenced—
part 2, division 2, subdivision 2 (other than sections 31, 35 and 38), part 10 and sections 460, 465, 466 and 471;
the other provisions of the code relevant to the provisions mentioned in paragraph (a).
Despite subsection (1), a provision, or part of a provision, applying under the subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.
For the application mentioned in subsection (1)—
a reference in the code to the SSA is taken to be reference to either relevant Commonwealth body; and
a 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
in 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
a 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 either relevant Commonwealth body; and
section 32(4) of the code is taken to be omitted; and
in the definition 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
section 465(2) of the code is taken to be omitted; and
in the definition 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
in the definition prescribed person in section 466(1) of the code, paragraphs (a) and (b) are taken to be omitted; and
section 466(2) of the code is taken to be omitted; and
a reference in section 471(2) of the code to the Minister is taken to be a reference to the Minister administering this Act; and
the code applies with all other necessary changes.
This section does not limit section 52.
(sec.56-ssec.1) The following provisions of the Friendly Societies Code continue to apply on and after the transfer date in relation to anything done or omitted to be done before the date as if section 17 had not commenced— part 2, division 2, subdivision 2 (other than sections 31, 35 and 38), part 10 and sections 460, 465, 466 and 471; the other provisions of the code relevant to the provisions mentioned in paragraph (a).
(sec.56-ssec.2) Despite subsection (1), a provision, or part of a provision, applying under the subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.
(sec.56-ssec.3) For the application mentioned in subsection (1)— a reference in the code to the SSA is taken to be reference to either relevant Commonwealth body; and a 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 in 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 a 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 either relevant Commonwealth body; and section 32(4) of the code is taken to be omitted; and in the definition 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 section 465(2) of the code is taken to be omitted; and in the definition 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 in the definition prescribed person in section 466(1) of the code, paragraphs (a) and (b) are taken to be omitted; and section 466(2) of the code is taken to be omitted; and a reference in section 471(2) of the code to the Minister is taken to be a reference to the Minister administering this Act; and the code applies with all other necessary changes.
(sec.56-ssec.4) This section does not limit section 52.
(a) part 2, division 2, subdivision 2 (other than sections 31, 35 and 38), part 10 and sections 460, 465, 466 and 471;
(b) the other provisions of the code relevant to the provisions mentioned in paragraph (a).
(a) a reference in the code to the SSA is taken to be reference to either relevant Commonwealth body; and
(b) a 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
(c) in 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
(d) a 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 either relevant Commonwealth body; and
(e) section 32(4) of the code is taken to be omitted; and
(f) in the definition 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
(g) section 465(2) of the code is taken to be omitted; and
(h) in the definition 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
(i) in the definition prescribed person in section 466(1) of the code, paragraphs (a) and (b) are taken to be omitted; and
(j) section 466(2) of the code is taken to be omitted; and
(k) a reference in section 471(2) of the code to the Minister is taken to be a reference to the Minister administering this Act; and
(l) the code applies with all other necessary changes.
sec.57
Only appropriately qualified person may be authorised etc.
sec.57 Only appropriately qualified person may be authorised etc.
The power to authorise a person, or to delegate a power to a person, under an applied provision is a power only to authorise, or delegate the power to, an appropriately qualified person.
In this section—
applied provision means any of the following provisions applied under this division—
section 53(1) of the AFIC Code;
sections 77(1) and 356(1) of the Financial Institutions Code;
sections 33(1) and 419(1) of the Friendly Societies Code.
(sec.57-ssec.1) The power to authorise a person, or to delegate a power to a person, under an applied provision is a power only to authorise, or delegate the power to, an appropriately qualified person.
(sec.57-ssec.2) In this section— applied provision means any of the following provisions applied under this division— section 53(1) of the AFIC Code; sections 77(1) and 356(1) of the Financial Institutions Code; sections 33(1) and 419(1) of the Friendly Societies Code.
(a) section 53(1) of the AFIC Code;
(b) sections 77(1) and 356(1) of the Financial Institutions Code;
(c) sections 33(1) and 419(1) of the Friendly Societies Code.
sec.58
Conferral of functions and powers
sec.58 Conferral of functions and powers
The functions and powers necessary for the purposes of this division are conferred on APRA and ASIC.
pt.5-div.5
Chief executive’s functions and powers for Friendly Societies Act 1991
Chief executive’s functions and powers for Friendly Societies Act 1991
sec.59
Definition
sec.59 Definition
In this division—
repealed Act means the Friendly Societies Act 1991 , repealed under the Friendly Societies (Queensland) Act 1997 , section 39 .
sec.60
Conferral of functions and powers relating to matters under repealed Act
sec.60 Conferral of functions and powers relating to matters under repealed Act
The chief executive has the same enforcement powers relating to anything done or omitted to be done under the repealed Act before its repeal as the Registrar under that Act had immediately before the repeal.
For subsection (1), the repealed Act applies with all necessary changes.
(sec.60-ssec.1) The chief executive has the same enforcement powers relating to anything done or omitted to be done under the repealed Act before its repeal as the Registrar under that Act had immediately before the repeal.
(sec.60-ssec.2) For subsection (1), the repealed Act applies with all necessary changes.
sec.61
Application of certain provisions of repealed Act
sec.61 Application of certain provisions of repealed Act
The following provisions of the repealed Act continue to apply on and after the commencement of this section in relation to anything done or omitted to be done before its repeal as if the Act had not been repealed—
part 8, divisions 3 and 4 (other than sections 8.27 and 8.30) and section 12.11;
the other provisions of the Act relevant to the provisions mentioned in paragraph (a).
For the application mentioned in subsection (1)—
a reference in the Act to a friendly society is taken to be a reference to an entity that, before the repeal of the Act , was a friendly society under the Act ; and
a reference in the Act to the Registrar is taken to be a reference to the chief executive; and
a reference in the Act to the Minister is taken to be a reference to the Minister administering this Act; and
a reference in the definition friendly society in sections 8.14 and 8.26 of the Act to a foreign society registered under Part 11 is taken to be reference to an entity that, before the repeal of the Act , was a foreign society under the Act and registered under part 11 of the Act ; and
the chief executive may appoint only an appropriately qualified person under section 8.15(1) or 8.33(1) of the Act .
This section does not limit section 60.
(sec.61-ssec.1) The following provisions of the repealed Act continue to apply on and after the commencement of this section in relation to anything done or omitted to be done before its repeal as if the Act had not been repealed— part 8, divisions 3 and 4 (other than sections 8.27 and 8.30) and section 12.11; the other provisions of the Act relevant to the provisions mentioned in paragraph (a).
(sec.61-ssec.2) For the application mentioned in subsection (1)— a reference in the Act to a friendly society is taken to be a reference to an entity that, before the repeal of the Act , was a friendly society under the Act ; and a reference in the Act to the Registrar is taken to be a reference to the chief executive; and a reference in the Act to the Minister is taken to be a reference to the Minister administering this Act; and a reference in the definition friendly society in sections 8.14 and 8.26 of the Act to a foreign society registered under Part 11 is taken to be reference to an entity that, before the repeal of the Act , was a foreign society under the Act and registered under part 11 of the Act ; and the chief executive may appoint only an appropriately qualified person under section 8.15(1) or 8.33(1) of the Act .
(sec.61-ssec.3) This section does not limit section 60.
(a) part 8, divisions 3 and 4 (other than sections 8.27 and 8.30) and section 12.11;
(b) the other provisions of the Act relevant to the provisions mentioned in paragraph (a).
(a) a reference in the Act to a friendly society is taken to be a reference to an entity that, before the repeal of the Act , was a friendly society under the Act ; and
(b) a reference in the Act to the Registrar is taken to be a reference to the chief executive; and
(c) a reference in the Act to the Minister is taken to be a reference to the Minister administering this Act; and
(d) a reference in the definition friendly society in sections 8.14 and 8.26 of the Act to a foreign society registered under Part 11 is taken to be reference to an entity that, before the repeal of the Act , was a foreign society under the Act and registered under part 11 of the Act ; and
(e) the chief executive may appoint only an appropriately qualified person under section 8.15(1) or 8.33(1) of the Act .
sec.62
Continuation of certain offence proceedings
sec.62 Continuation of certain offence proceedings
This section applies to a proceeding for an offence against the repealed Act brought by QOFS that started before the transfer date but was not completed before the date.
On and after the transfer date, the proceeding may continue to be prosecuted by the chief executive, or a person authorised by the chief executive, in place of QOFS and the chief executive or person may be substituted in the proceeding for QOFS.
(sec.62-ssec.1) This section applies to a proceeding for an offence against the repealed Act brought by QOFS that started before the transfer date but was not completed before the date.
(sec.62-ssec.2) On and after the transfer date, the proceeding may continue to be prosecuted by the chief executive, or a person authorised by the chief executive, in place of QOFS and the chief executive or person may be substituted in the proceeding for QOFS.
sec.63
Delegation of powers
sec.63 Delegation of powers
The chief executive may delegate the chief executive’s powers under the repealed Act as applied under this division to an appropriately qualified officer of the department.
pt.5-div.6
Matters relating to deregistered societies
Matters relating to deregistered societies
sec.64
Definition for div 6
sec.64 Definition for div 6
In this division—
society means an entity that, before the transfer date, was—
a society under the Financial Institutions Code or the Friendly Societies Code; or
a building society under the Building Societies Act 1985 or a corresponding previous enactment; or
a credit society under the Credit Societies Act 1986 or a corresponding previous enactment; or
a friendly society under the Friendly Societies Act 1991 or a corresponding previous enactment.
(a) a society under the Financial Institutions Code or the Friendly Societies Code; or
(b) a building society under the Building Societies Act 1985 or a corresponding previous enactment; or
(c) a credit society under the Credit Societies Act 1986 or a corresponding previous enactment; or
(d) a friendly society under the Friendly Societies Act 1991 or a corresponding previous enactment.
sec.65
Application of div 6
sec.65 Application of div 6
This division applies to a society whose registration has been cancelled, before the transfer date, under—
the Financial Institutions Code; or
the Friendly Societies Code; or
the Building Societies Act 1985 or a corresponding previous enactment; or
the Credit Societies Act 1986 or a corresponding previous enactment; or
the Friendly Societies Act 1991 or a corresponding previous enactment.
(a) the Financial Institutions Code; or
(b) the Friendly Societies Code; or
(c) the Building Societies Act 1985 or a corresponding previous enactment; or
(d) the Credit Societies Act 1986 or a corresponding previous enactment; or
(e) the Friendly Societies Act 1991 or a corresponding previous enactment.
sec.66
Society’s property vested in ASIC under s 49
sec.66 Society’s property vested in ASIC under s 49
This section applies to property vested in ASIC under section 49 that was held by the society.
If the property was held by the society on trust, ASIC may—
continue to act as trustee; or
apply to a court for the appointment of a new trustee.
If the property was not held by the society on trust, ASIC—
may—
dispose of or deal with the property as it sees fit; and
apply any money it receives to defray expenses incurred by ASIC in exercising its powers in relation to the society and to make payments authorised by subsection (4); and
must deal with the balance of the property remaining after acting under paragraph (a) (if any) under part 9.7 of the Corporations Law which is taken to apply as if the society had been a company.
The 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.
ASIC’s obligation under subsection (4) is limited to satisfying the liabilities out of the society’s property to the extent that the property is properly available to satisfy those liabilities.
ASIC must keep—
a record of the property that it knows this section applies to; and
a record of its dealings with that property; and
accounts of all money received from those dealings; and
all accounts, vouchers, receipts and papers relating to the property and that money.
(sec.66-ssec.1) This section applies to property vested in ASIC under section 49 that was held by the society.
(sec.66-ssec.2) If the property was held by the society on trust, ASIC may— continue to act as trustee; or apply to a court for the appointment of a new trustee.
(sec.66-ssec.3) If the property was not held by the society on trust, ASIC— may— dispose of or deal with the property as it sees fit; and apply any money it receives to defray expenses incurred by ASIC in exercising its powers in relation to the society and to make payments authorised by subsection (4); and must deal with the balance of the property remaining after acting under paragraph (a) (if any) under part 9.7 of the Corporations Law which is taken to apply as if the society had been a company.
(sec.66-ssec.4) The 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.
(sec.66-ssec.5) ASIC’s obligation under subsection (4) is limited to satisfying the liabilities out of the society’s property to the extent that the property is properly available to satisfy those liabilities.
(sec.66-ssec.6) ASIC must keep— a record of the property that it knows this section applies to; and a record of its dealings with that property; and accounts of all money received from those dealings; and all accounts, vouchers, receipts and papers relating to the property and that money.
(a) continue to act as trustee; or
(b) apply to a court for the appointment of a new trustee.
(a) may— (i) dispose of or deal with the property as it sees fit; and (ii) apply any money it receives to defray expenses incurred by ASIC in exercising its powers in relation to the society and to make payments authorised by subsection (4); and
(i) dispose of or deal with the property as it sees fit; and
(ii) apply any money it receives to defray expenses incurred by ASIC in exercising its powers in relation to the society and to make payments authorised by subsection (4); and
(b) must deal with the balance of the property remaining after acting under paragraph (a) (if any) under part 9.7 of the Corporations Law which is taken to apply as if the society had been a company.
(i) dispose of or deal with the property as it sees fit; and
(ii) apply any money it receives to defray expenses incurred by ASIC in exercising its powers in relation to the society and to make payments authorised by subsection (4); and
(a) a record of the property that it knows this section applies to; and
(b) a record of its dealings with that property; and
(c) accounts of all money received from those dealings; and
(d) all accounts, vouchers, receipts and papers relating to the property and that money.
sec.67
ASIC may act for society
sec.67 ASIC may act for society
ASIC may do an act on behalf of the society or the society’s liquidator if ASIC is satisfied the society or liquidator would be bound to do the act if the society still existed.
sec.68
Recovery from society’s insurer
sec.68 Recovery from society’s insurer
A person may recover from an insurer of the society an amount that was payable to the society under the insurance contract if—
the society had a liability to the person; and
the insurance contract covered the liability immediately before the cancellation of the registration.
(a) the society had a liability to the person; and
(b) the insurance contract covered the liability immediately before the cancellation of the registration.
sec.69
Conferral of functions and powers
sec.69 Conferral of functions and powers
The functions and powers necessary for the purposes of this division are conferred on ASIC.
pt.5-div.7
Miscellaneous
Miscellaneous
sec.70
Dormant accounts
sec.70 Dormant accounts
This section applies, if—
before 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
immediately before the transfer date the amount has not been lawfully totally paid out as mentioned in section 138A(6)(b) of that code.
Immediately before the transfer date the amount remaining in the other account for the person is taken to have been transferred back to the person’s deposit account as if it had never been classified as a dormant account or closed under section 138A of the Financial Institutions Code.
(sec.70-ssec.1) This section applies, if— before 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 immediately before the transfer date the amount has not been lawfully totally paid out as mentioned in section 138A(6)(b) of that code.
(sec.70-ssec.2) Immediately before the transfer date the amount remaining in the other account for the person is taken to have been transferred back to the person’s deposit account as if it had never been classified as a dormant account or closed under section 138A of the Financial Institutions Code.
(a) before 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
(b) immediately before the transfer date the amount has not been lawfully totally paid out as mentioned in section 138A(6)(b) of that code.
sec.71
Mergers and transfers of engagements started under Financial Institutions (Queensland) Code
sec.71 Mergers and transfers of engagements started under Financial Institutions (Queensland) Code
This section applies if a transfer of engagements or merger started before the transfer date under part 7 of the Financial Institutions (Queensland) Code and immediately before the date has not been completed, or been given effect.
The transfer of engagements or merger may be completed, or be given effect, under part 7 of the Financial Institutions (Queensland) Code on or after the transfer date and, for that purpose, the part, and other provisions of the code relevant to the part, continue to apply as if section 17 had not commenced.
For the application mentioned in subsection (2)—
a reference in the Financial Institutions (Queensland) Code to the SSA is taken to be a reference to either relevant Commonwealth body; and
a reference in the Financial Institutions (Queensland) Code to the SSA of a participating State is taken to be a reference to either relevant Commonwealth body; and
the Financial Institutions (Queensland) Code applies with all other necessary changes.
For this section a transfer of engagements was started before the transfer date under part 7 of the Financial Institutions (Queensland) Code if, before that date—
1 of the following conditions was satisfied in relation to each society or foreign society involved—
the transfer was approved by a special resolution of the society or foreign society, as required by the relevant Financial Institutions Code;
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
in a case where each entity involved in the transfer is a society, QOFS gave a direction, under the Financial Institutions (Queensland) Code, requiring the transfer.
For this section, a merger was started before the transfer date if, before that date, 1 of the following conditions was satisfied in relation to each society or foreign society involved—
the merger was approved by a special resolution of the society or foreign society, as required by the relevant Financial Institutions Code;
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.
The functions and powers of the SSA that are necessary for the purposes of this section are conferred on each relevant Commonwealth body.
In this section—
financial institutions agreement see section 3 of the AFIC Code.
The attachment contains extracts of the relevant provisions 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 (Queensland) 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—
in relation to a society, the Financial Institutions (Queensland) Code; or
in relation to a foreign society, the law of another participating State corresponding to the Financial Institutions (Queensland) Code.
relevant SSA means—
in relation to a society, QOFS; or
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 (Queensland) Code.
(sec.71-ssec.1) This section applies if a transfer of engagements or merger started before the transfer date under part 7 of the Financial Institutions (Queensland) Code and immediately before the date has not been completed, or been given effect.
(sec.71-ssec.2) The transfer of engagements or merger may be completed, or be given effect, under part 7 of the Financial Institutions (Queensland) Code on or after the transfer date and, for that purpose, the part, and other provisions of the code relevant to the part, continue to apply as if section 17 had not commenced.
(sec.71-ssec.3) For the application mentioned in subsection (2)— a reference in the Financial Institutions (Queensland) Code to the SSA is taken to be a reference to either relevant Commonwealth body; and a reference in the Financial Institutions (Queensland) Code to the SSA of a participating State is taken to be a reference to either relevant Commonwealth body; and the Financial Institutions (Queensland) Code applies with all other necessary changes.
(sec.71-ssec.4) For this section a transfer of engagements was started before the transfer date under part 7 of the Financial Institutions (Queensland) Code if, before that date— 1 of the following conditions was satisfied in relation to each society or foreign society involved— the transfer was approved by a special resolution of the society or foreign society, as required by the relevant Financial Institutions Code; 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 in a case where each entity involved in the transfer is a society, QOFS gave a direction, under the Financial Institutions (Queensland) Code, requiring the transfer.
(sec.71-ssec.5) For this section, a merger was started before the transfer date if, before that date, 1 of the following conditions was satisfied in relation to each society or foreign society involved— the merger was approved by a special resolution of the society or foreign society, as required by the relevant Financial Institutions Code; 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.
(sec.71-ssec.6) The functions and powers of the SSA that are necessary for the purposes of this section are conferred on each relevant Commonwealth body.
(sec.71-ssec.7) In this section— financial institutions agreement see section 3 of the AFIC Code. The attachment contains extracts of the relevant provisions 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 (Queensland) 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— in relation to a society, the Financial Institutions (Queensland) Code; or in relation to a foreign society, the law of another participating State corresponding to the Financial Institutions (Queensland) Code. relevant SSA means— in relation to a society, QOFS; or 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 (Queensland) Code.
(a) a reference in the Financial Institutions (Queensland) Code to the SSA is taken to be a reference to either relevant Commonwealth body; and
(b) a reference in the Financial Institutions (Queensland) Code to the SSA of a participating State is taken to be a reference to either relevant Commonwealth body; and
(c) the Financial Institutions (Queensland) Code applies with all other necessary changes.
(a) 1 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, as required by 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
(i) the transfer was approved by a special resolution of the society or foreign society, as required by 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, QOFS gave a direction, under the Financial Institutions (Queensland) Code, requiring the transfer.
(i) the transfer was approved by a special resolution of the society or foreign society, as required by 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
(a) the merger was approved by a special resolution of the society or foreign society, as required by 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.
(a) in relation to a society, the Financial Institutions (Queensland) Code; or
(b) in relation to a foreign society, the law of another participating State corresponding to the Financial Institutions (Queensland) Code.
(a) in relation to a society, QOFS; or
(b) in relation to a foreign society, the State supervisory authority under the financial institutions legislation of the other participating State.
sec.72
Mergers and transfers of engagements started under Friendly Societies (Queensland) Code
sec.72 Mergers and transfers of engagements started under Friendly Societies (Queensland) Code
This section applies if a transfer of engagements or merger started before the transfer date under part 7 of the Friendly Societies (Queensland) Code and immediately before the date has not been completed, or been given effect.
The transfer of engagements or merger may be completed, or be given effect, under part 7 of the Friendly Societies (Queensland) Code on or after the transfer date and, for that purpose, the part, and other provisions of the code relevant to the part, continue to apply as if section 17 had not commenced.
For the application mentioned in subsection (2)—
a reference in the Friendly Societies (Queensland) Code to the SSA is taken to be a reference to either relevant Commonwealth body; and
a reference in the Friendly Societies (Queensland) Code to the SSA of a participating State is taken to be a reference to either relevant Commonwealth body; and
the Friendly Societies (Queensland) Code applies with all other necessary changes.
For this section a transfer of engagements was started before the transfer date under part 7 of the Friendly Societies (Queensland) Code if, before that date—
1 of the following conditions was satisfied in relation to each society or foreign society involved—
the transfer was approved by a special resolution of the society or foreign society, as required by the relevant Friendly Societies Code;
the 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
in a case where each entity involved in the transfer is a society, QOFS gave a direction, under the Friendly Societies (Queensland) Code, requiring the transfer.
For this section, a merger was started before the transfer date if, before that date, 1 of the following conditions was satisfied in relation to each society or foreign society involved—
the merger was approved by a special resolution of the society or foreign society, as required by the relevant Friendly Societies Code;
the 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.
The functions and powers of the SSA that are necessary for the purposes of this section are conferred on each relevant Commonwealth body.
In this section—
financial institutions agreement see section 3 of the AFIC Code.
foreign 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 (Queensland) Code.
friendly societies legislation see section 8A of the AFIC Code.
The attachment contains extracts of the relevant provisions of the AFIC 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 Friendly Societies Code means—
in relation to a society, the Friendly Societies (Queensland) Code; or
in relation to a foreign society, the law of another participating State corresponding to the Friendly Societies (Queensland) Code.
relevant SSA means—
in relation to a society, QOFS; or
in relation to a foreign society, the State supervisory authority under the friendly societies legislation of the other participating State.
society means an entity that, immediately before the transfer date, was a society under the Friendly Societies (Queensland) Code.
(sec.72-ssec.1) This section applies if a transfer of engagements or merger started before the transfer date under part 7 of the Friendly Societies (Queensland) Code and immediately before the date has not been completed, or been given effect.
(sec.72-ssec.2) The transfer of engagements or merger may be completed, or be given effect, under part 7 of the Friendly Societies (Queensland) Code on or after the transfer date and, for that purpose, the part, and other provisions of the code relevant to the part, continue to apply as if section 17 had not commenced.
(sec.72-ssec.3) For the application mentioned in subsection (2)— a reference in the Friendly Societies (Queensland) Code to the SSA is taken to be a reference to either relevant Commonwealth body; and a reference in the Friendly Societies (Queensland) Code to the SSA of a participating State is taken to be a reference to either relevant Commonwealth body; and the Friendly Societies (Queensland) Code applies with all other necessary changes.
(sec.72-ssec.4) For this section a transfer of engagements was started before the transfer date under part 7 of the Friendly Societies (Queensland) Code if, before that date— 1 of the following conditions was satisfied in relation to each society or foreign society involved— the transfer was approved by a special resolution of the society or foreign society, as required by the relevant Friendly Societies Code; the 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 in a case where each entity involved in the transfer is a society, QOFS gave a direction, under the Friendly Societies (Queensland) Code, requiring the transfer.
(sec.72-ssec.5) For this section, a merger was started before the transfer date if, before that date, 1 of the following conditions was satisfied in relation to each society or foreign society involved— the merger was approved by a special resolution of the society or foreign society, as required by the relevant Friendly Societies Code; the 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.
(sec.72-ssec.6) The functions and powers of the SSA that are necessary for the purposes of this section are conferred on each relevant Commonwealth body.
(sec.72-ssec.7) In this section— financial institutions agreement see section 3 of the AFIC Code. foreign 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 (Queensland) Code. friendly societies legislation see section 8A of the AFIC Code. The attachment contains extracts of the relevant provisions of the AFIC 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 Friendly Societies Code means— in relation to a society, the Friendly Societies (Queensland) Code; or in relation to a foreign society, the law of another participating State corresponding to the Friendly Societies (Queensland) Code. relevant SSA means— in relation to a society, QOFS; or in relation to a foreign society, the State supervisory authority under the friendly societies legislation of the other participating State. society means an entity that, immediately before the transfer date, was a society under the Friendly Societies (Queensland) Code.
(a) a reference in the Friendly Societies (Queensland) Code to the SSA is taken to be a reference to either relevant Commonwealth body; and
(b) a reference in the Friendly Societies (Queensland) Code to the SSA of a participating State is taken to be a reference to either relevant Commonwealth body; and
(c) the Friendly Societies (Queensland) Code applies with all other necessary changes.
(a) 1 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, as required by the relevant Friendly Societies Code; (ii) the 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
(i) the transfer was approved by a special resolution of the society or foreign society, as required by the relevant Friendly Societies Code;
(ii) the 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
(b) in a case where each entity involved in the transfer is a society, QOFS gave a direction, under the Friendly Societies (Queensland) Code, requiring the transfer.
(i) the transfer was approved by a special resolution of the society or foreign society, as required by the relevant Friendly Societies Code;
(ii) the 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
(a) the merger was approved by a special resolution of the society or foreign society, as required by the relevant Friendly Societies Code;
(b) the 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.
(a) in relation to a society, the Friendly Societies (Queensland) Code; or
(b) in relation to a foreign society, the law of another participating State corresponding to the Friendly Societies (Queensland) Code.
(a) in relation to a society, QOFS; or
(b) in relation to a foreign society, the State supervisory authority under the friendly societies legislation of the other participating State.
sec.73
Australian Financial Institutions Appeals Tribunal
sec.73 Australian Financial Institutions Appeals Tribunal
This section applies on the transfer date.
The Australian Financial Institutions Appeals Tribunal established under section 8 of the AFIC Act ceases to exist and its members go out of office.
All applications made to the tribunal under a code for review of a decision that have not been decided are taken to have been withdrawn.
In this section—
code means the AFIC Code, Financial Institutions Code or Friendly Societies Code.
(sec.73-ssec.1) This section applies on the transfer date.
(sec.73-ssec.2) The Australian Financial Institutions Appeals Tribunal established under section 8 of the AFIC Act ceases to exist and its members go out of office.
(sec.73-ssec.3) All applications made to the tribunal under a code for review of a decision that have not been decided are taken to have been withdrawn.
(sec.73-ssec.4) In this section— code means the AFIC Code, Financial Institutions Code or Friendly Societies Code.
pt.6
Miscellaneous
Miscellaneous
sec.74
Regulation-making power
sec.74 Regulation-making power
The Governor in Council may make regulations under this Act.
sec.75
Attachment—words defined in other legislation referred to in this Act
sec.75 Attachment—words defined in other legislation referred to in this Act
Attached to this Act is an attachment containing relevant provisions from other legislation referred to in this Act.
The attachment is not part of this Act.
The attachment must be revised so that it is an accurate copy of the provisions as amended from time to time.
The revision under subsection (3) must happen in the first reprint of the Act after the amendment of the provision.
The attachment has been omitted from this reprint. For up-to-date versions of the Commonwealth legislation, see the Federal Register of Legislation (ComLaw) website. For up-to-date versions of the Queensland legislation, see the Queensland legislation website.
(sec.75-ssec.1) Attached to this Act is an attachment containing relevant provisions from other legislation referred to in this Act.
(sec.75-ssec.2) The attachment is not part of this Act.
(sec.75-ssec.3) The attachment must be revised so that it is an accurate copy of the provisions as amended from time to time.
(sec.75-ssec.4) The revision under subsection (3) must happen in the first reprint of the Act after the amendment of the provision.
Source text: opening excerpt
Sourced from Queensland Legislation (legislation.qld.gov.au), CC BY 4.0.
pt.1 Preliminary
Preliminary
sec.1 Short title
sec.1 Short title
This Act may be cited as the Financial Sector Reform (Queensland) Act 1999 .
sec.2 Commencement
sec.2 Commencement
The following provisions commence on the transfer date—
For the definition transfer date —see schedule 2 (Dictionary).
parts 3 and 4
part 5 , division 1 , division 2 , subdivisions 1 and 5 , division 3 , subdivisions 1 , 2 (other than section 38 ) and 6 , divisions 4 to 7 (other than sections 70 and 73 )
schedule 1 , parts 2 and 3, except to the extent part 3 amends the Trusts Act 1973 .
Schedule 1 , part 3 , to the extent it amends the Trusts Act 1973 , commences on a day to be fixed by proclamation.
The provisions that do not commence under subsection (1) or (2) commence on assent.
For commencement purposes, part 7 is to be considered separately from schedule 1 .
(sec.2-ssec.1) The following provisions commence on the transfer date— For the definition transfer date —see schedule 2 (Dictionary). parts 3 and 4 part 5 , division 1 , division 2 , subdivisions 1 and 5 , division 3 , subdivisions 1 , 2 (other than section 38 ) and 6 , divisions 4 to 7 (other than sections 70 and 73 ) schedule 1 , parts 2 and 3, except to the extent part 3 amends the Trusts Act 1973 .
(sec.2-ssec.2) Schedule 1 , part 3 , to the extent it amends the Trusts Act 1973 , commences on a day to be fixed by proclamation.
(sec.2-ssec.3) The provisions that do not commence under subsection (1) or (2) commence on assent.
(sec.2-ssec.4) For commencement purposes, part 7 is to be considered separately from schedule 1 .
• parts 3 and 4
• part 5 , division 1 , division 2 , subdivisions 1 and 5 , division 3 , subdivisions 1 , 2 (other than section 38 ) and 6 , divisions 4 to 7 (other than sections 70 and 73 )
• schedule 1 , parts 2 and 3, except to the extent part 3 amends the Trusts Act 1973 .
sec.3 Definitions
sec.3 Definitions
The dictionary in schedule 2 defines particular words used in this Act.
sec.4 Act binds all persons
sec.4 Act binds all persons
This Act binds all persons, including the State and, so far as the legislative power of the Parliament permits, the Commonwealth and the other States.
Nothing in this section makes the State, the Commonwealth or another State liable to be prosecuted for an offence.
(sec.4-ssec.1) This Act binds all persons, including the State and, so far as the legislative power of the Parliament permits, the Commonwealth and the other States.
(sec.4-ssec.2) Nothing in this section makes the State, the Commonwealth or another State liable to be prosecuted for an offence.
The Act therefore changes legal status, reallocates regulatory powers to APRA and ASIC, creates certificate-based evidentiary shortcuts for transfers (ss 12-15), overrides contract-based restrictions to give effect to transfers (s 16), and prescribes the operational steps for winding-up the abolished state agencies and funds (Part 5). Several provisions explicitly state their purpose (for example ss 10 and 11 state their purpose is to facilitate voluntary and compulsory transfers), and many transitional arrangements are implemented by statutory deeming and substitution rather than requiring fresh private-law transactions.
Main concepts
The Act rests on a small set of recurring legal mechanisms and definitions. Key concepts to track are:
Transfer date and transfer mechanics: The transfer date is the pivotal temporal point for conversion of entities, commencement of particular provisions, distributions and winding-up steps (s 2; schedule 2 dictionary referenced by s 3). Several provisions specify their effect "on the transfer date" or "immediately before the transfer date" (eg ss 5, 36-38, 70-72).
Transferring financial institution and registration as companies: Section 5 takes transferring financial institutions and, by operation of schedule 4 of the Corporations Law of Queensland, treats them as registered companies under the Corporations Law, in the same corporate identity as before. The Act explicitly provides that this registration "does not create a new legal entity" (s 5(3)).
Conferral and continuation of regulatory functions: APRA and ASIC are given the functions and powers expressly conferred by the Act (ss 6-7). Additionally, the Act carries forward enforcement powers and particular code provisions so that either relevant Commonwealth body may exercise powers in relation to acts or omissions before the transfer date (ss 52-56). Section 58 confirms that functions and powers necessary for the division are conferred on APRA and ASIC.
Transfer of business certificates: For transfers under the Commonwealth Financial Sector (Transfers of Business) Act (the FS(TB) Act), the receiving body is statutorily treated as the successor in law of the transferring body (ss 10-11). Authorised APRA officers may certify facts about transferred assets or liabilities and those certificates are admissible as evidence (ss 12-15). Certificates relating to land must be accepted by registrars of titles (s 13) and certificates for other registries are similarly effective (s 14).
Continuity and substitution: The Act substitutes the State for dissolved entities in civil proceedings (ss 29, 50), preserves offence prosecutions by APRA or ASIC for matters started earlier (ss 30, 51, 62), and continues certain code provisions to apply to pre-transfer conduct (ss 53-56, 61).
Winding-up and fund management: AFIC and QOFS continue for limited functions to effect transfers and prepare final financial statements and then must wind up within 12 months of the transfer date unless earlier dissolved by Gazette notice (ss 18(2)(c), 22; ss 31(2)(d), 35). Several funds are continued then abolished once specified payments are made (s 36 and ss 37-41).
Delegations, authorisations and qualification requirements: APRA may authorise board members or staff as authorised APRA officers (s 9). Powers delegated under applied provisions must be delegated only to "appropriately qualified" persons (s 57). AFIC/QOFS boards may delegate to appropriately qualified employees (ss 21, 34).
These concepts function together: statutory conversion of entities reduces procedural friction for asset and liability transfers, certificates and registrar obligations reduce administrative delays (ss 12-14), and conferral and continuation provisions ensure that enforcement and remedy mechanisms are available for both historical and future conduct (ss 52-56). The Act therefore foregrounds legal continuity and administrative facilitation as its operational logic.
Who it affects
This Act affects specific classes of actors; the distribution of rights and obligations is explicit.
Transferring financial institutions and related entities: Entities defined as "transferring financial institution of this jurisdiction" under schedule 4 of the Corporations Law are directly affected by automatic registration as companies under the Corporations Law (s 5). Societies, building societies, credit societies and friendly societies that were registered under former Queensland codes are affected across multiple provisions, including vesting of property, merger procedures in progress and capital/fund distributions (eg ss 36, 66-71, 72).
Receiving bodies under FS(TB): Entities that receive business under the FS(TB) Act become successor in law to transferring bodies to the extent of a transfer, with the corresponding assets, liabilities, duties and rights (ss 10-11). This affects balance sheet composition and legal exposures of receiving entities.
APRA and ASIC: Both Commonwealth regulators receive explicit conferral of functions and powers (ss 6-7, 58). They obtain authority to act in Queensland for corresponding Commonwealth or State laws (ss 6(2), 7(2)). They also gain enforcement powers in relation to historical conduct under state codes (ss 52-56).
AFIC and QOFS staff and boards: AFIC and QOFS continue in limited form for winding-up and transfer purposes (ss 18, 31), and their boards have residual powers including delegation and engagement of necessary employees (ss 21, 31(4)). The Act contemplates staff transfers to APRA or appointment to the Australian Public Service, and sets out mechanics for statements of accrued benefits, immediate termination of prior AFIC/QOFS appointments on transfer, and expressly negates entitlement to additional payments as a result of termination (ss 24-27, 45-47).
The State of Queensland: The State is placed in the position of being substituted for AFIC or QOFS in civil proceedings that were against those bodies immediately before the transfer date, where proceedings are in Queensland or under other States' laws (ss 29, 50). The State thus inherits exposure to some claims and evidence admissibility (ss 29(2)-(4), 50(1)-(3)).
Private third parties: Registrars of titles and other entities that maintain registers are directed to accept certificates lodged by authorised APRA officers to record transfers of land or other assets as if they were ordinary dealings (ss 13-14). Insurers and claimants dealing with deregistered societies are affected: section 68 allows recovery from a society’s insurer for liabilities the society had to a person immediately before cancellation.
Members and depositors of former societies: Several provisions alter treatment of accounts and funds , dormant account transfers are reversed in certain circumstances (s 70), Credit Unions Contingency Fund retained earnings are distributed (s 38), and balances in the Building Societies Fund and Supervision Fund are to be paid to consolidated revenue when specified payments have been made (ss 37, 40).
Parties to in-progress mergers or transfers: Transfers or mergers under parts 7 of either the Financial Institutions (Queensland) Code or the Friendly Societies (Queensland) Code that had been started but not finalised before the transfer date may be completed as if the repeals had not occurred; for that purpose the State supervisory authority role is treated as performed by APRA/ASIC (ss 71-72).
In short, regulated entities are converted into corporations; Commonwealth regulators receive powers and enforcement continuity; AFIC and QOFS are wound up but continue temporarily to effect transfers; the State takes over some procedural roles and liabilities; and private parties encounter administrative and substantive effects on property, registers, funds and ongoing proceedings. The Act specifies who pays certain fund balances into the consolidated fund (ss 37, 40) and who decides on trusteeship, registry entries and transfer certificates (APRA-authorised officers, registrars, the Minister in specified reporting and dissolution steps).
Key duties and rights
The Act creates duties for public bodies and rights and consequences for private parties. Key duties and rights are:
Duty to effect registration and conversion: On the transfer date, transferring institutions are taken to be companies under the Corporations Law (s 5). That duty is not a private action requirement; it is automatic but has the legal consequence of changing the applicable corporate regime.
APRA and ASIC functions and duties: APRA and ASIC have the functions and powers conferred by this Act, and they may act in Queensland to perform functions conferred under corresponding laws of other jurisdictions (ss 6-7, s 58). The Act imposes no specific substantive regulatory duty in these sections, but confers capacity to exercise enforcement and administrative functions under applied provisions (ss 52-56).
Certificate-making and evidentiary duty: An authorised APRA officer may sign certificates that certain assets or liabilities have become transferred assets or liabilities, and those certificates are evidence in all proceedings (s 12). Registrars and register-keeping entities must register or record matters identified by authorised certificates and "deal with, and give effect to, the certificate" (ss 13-14). Conversely, recipients of certificates must accept them as prima facie valid unless rebutted (s 15).
Duty to give effect to transfers despite existing instruments: Part 4 is given effect despite anything in contracts, deeds, undertakings or other instruments (s 16(1)). The section also expressly provides that nothing done under this part places parties in breach of contract, confidence, makes them guilty of a civil wrong, or releases a surety (s 16(2)). The duty here is one-sided: the statutory effect overrides contrary private-law arrangements; the Act also deems that required advice or consent has been obtained if it would otherwise have been necessary (s 16(3)).
AFIC and QOFS reporting and winding-up duties: AFIC and QOFS must prepare final reports and financial statements and wind up within 12 months of the transfer date (ss 18(2)(b)-(c), 31(2)(b)-(d), 22, 35). QOFS specifically must lodge financial statements for funds and have them audited (ss 33, 41). The auditor-general must report on application of certain funds (s 42).
Staff transfer and disclosure duties: The Minister may enter transfer agreements under schedule 8 to transfer AFIC or QOFS employees to APRA; before transfer staff must receive written statements of accrued benefits, remuneration and length of service (ss 24-26, 45-47). AFIC/QOFS and their personnel are permitted to disclose information to APRA or ASIC that they acquired in administering fiscal bodies legislation (ss 27, 48), notwithstanding prior confidentiality provisions.
Rights arising from transfer: The receiving body is "taken to be the successor in law" of the transferring body to the extent of the transfer and thereby succeeds to assets, liabilities, duties and privileges without the need for a transfer, conveyance or assignment (ss 10(3), 11(3)). Parties with rights in pre-existing liabilities or insurance claims retain avenues: for deregistered societies, ASIC may act as trustee or apply for appointment of a new trustee, dispose of property and apply proceeds under Corporations Law processes (s 66), and persons may recover from insurers for liabilities covered immediately before cancellation (s 68).
State substitution in proceedings: For civil proceedings to which AFIC or QOFS were parties immediately before the transfer date, the State may be substituted and evidence admissible for or against the State as it would have been for AFIC/QOFS (ss 29(2)-(4), 50(1), 50(3)). For offence proceedings started before the transfer date, APRA, ASIC or the chief executive (as appropriate) may continue prosecutions in place of AFIC or QOFS (ss 30, 51, 62).
Ministerial reporting duty: QOFS must report on the Building Societies Fund within four months after the transfer date and the Minister must table that report (s 43).
These duties and rights change administrative burden and legal posture for regulators, agencies and private parties. For example, registrars and registering entities must accept authorised APRA certificates (ss 13-14) and APRA/ASIC gain both enforcement continuity and corporate regulatory jurisdiction over entities converted under s 5. The Act also gives recipients of transferred assets the legal right to be treated as successors in law without additional deeds or assignments (ss 10-11).
Penalties and enforcement
The Act’s enforcement architecture is implemented mainly by conferral and continuation of enforcement powers rather than by creating new offences in the text provided. Enforcement and penalties manifest through several mechanisms:
Continuation of enforcement powers under codes: The Act expressly provides that either relevant Commonwealth body (APRA or ASIC) has the same enforcement powers relating to anything done or omitted under the AFIC Code, Financial Institutions Code or Friendly Societies Code before the transfer date as AFIC or QOFS had immediately before the date (s 52). Sections 53-56 continue specified parts of those Codes and allow offences created there to be applied to pre-transfer conduct without limitation to prior-dated acts (ss 53(2), 54(2), 55(2), 56(2)).
Prosecution substitution: For specified criminal proceedings that started before the transfer date, the Act allows APRA or ASIC (or the chief executive where provided) to continue prosecution in place of AFIC or QOFS and to be substituted in the proceeding (ss 30, 51, 62). Those sections also stipulate that the functions and powers necessary are conferred on APRA, ASIC or the chief executive (ss 30(3), 51(3), 62(2)).
Applied provisions that create offences: The Act’s divisions apply existing code provisions that include offences (for example, parts of the AFIC Code, Financial Institutions Code and Friendly Societies Code listed in ss 53-56). The Act expressly notes that an applied provision that creates an offence is not limited in application to pre-transfer conduct (ss 53(2), 54(2), 55(2), 56(2)). Practitioners must therefore consult the original codes to identify the specific offences and penalties continued by the Act; the text before you does not recreate the penalty tariffs but preserves them by application.
Authorisation and qualification for investigators and delegates: Section 57 requires that powers to authorise or delegate under applied provisions be exercised only in favour of an "appropriately qualified person." This restricts who may exercise enforcement powers and imposes an implicit control on the delegation of prosecutorial or investigatory authority.
Certificates and registries as de facto enforcement tools: Certificates made by authorised APRA officers (s 12) are evidence in proceedings and registrars are able to register matters based on certificates (ss 13-14). Those mechanisms alter the evidentiary and administrative pathway by which entitlements and title are proved and give APRA procedural leverage.
Preservation and substitution of civil liabilities: The substitution of the State in civil proceedings (ss 29, 50) preserves private parties’ ability to pursue remedies and shifts enforcement exposure to the State. The Act also sets limits: it does not make the State, Commonwealth or other State liable to be prosecuted for an offence by reason only of the Act (s 4(2)).
There are therefore no novel penalty regimes in the statutory text supplied; rather, enforcement works by continuing, applying and transferring existing code offences and powers to APRA, ASIC and the chief executive, and by enabling substitution in proceedings. The practical enforcement instruments are prosecutorial continuations, application of pre-existing code sanctions, certificate evidence and the registration processes that give legal effect to transfers (ss 12-15, 29-30, 51-56).
How it interacts with other laws
This Act is primarily a transitional and conferral statute that operates by applying or preserving other laws. Its interaction with other laws is explicit in many sections.
Corporations Law interaction: Section 5 takes transferring financial institutions to be registered as companies under the Corporations Law of Queensland in accordance with schedule 4 of the Corporations Law, and expressly states such registration does not create a new legal entity (s 5(1)-(3)). This means the Corporations Law becomes the ongoing corporate statutory framework for these entities from the transfer date.
Federal FS(TB) Act interaction: Parts 3 and 4 of this Act operate to give effect to transfers under the Commonwealth Financial Sector (Transfers of Business) Act 1999 (the FS(TB) Act). Sections 10 and 11 expressly apply when certificates of transfer under sections 18 and 33 of the FS(TB) Act come into force and then treat receiving bodies as successors in law (ss 10-11).
Continuation and application of state codes: The Act carries forward specified provisions of the AFIC Code, the Financial Institutions Code and the Friendly Societies Code for the purpose of dealing with acts and omissions before the transfer date (ss 52-56). Each such section states that the code applies with necessary changes and provides textual substitutions (for example, references to AFIC are taken to be references to either relevant Commonwealth body, see s 53(3)(a)).
Prior state legislation repeal and savings: Section 17 repeals multiple Queensland Acts. But the Act contains extensive savings and transitional provisions that preserve rights, continuing duties and proceedings. For example, despite repeal of AFIC and QOFS Acts, AFIC and QOFS continue for limited purposes such as transfer implementation and final reporting (ss 18(2), 31(2)). The Act also ensures that existing contracts are not automatically breached by operation of Part 4 (s 16(1)-(3)).
Registrar duties and land law: Where land or interests in land transfer under Part 4, a certificate signed by an authorised APRA officer may be lodged with the registrar of titles and the registrar "may register or record the matter" and "deal with, and give effect to, the certificate" (s 13). That places a statutory duty on land registries to treat transfer certificates as if they were ordinary dealings.
Corporations Law and Part 9.7 application for deregistered societies: For property of deregistered societies vested in ASIC, the Act requires ASIC to deal with the balance under part 9.7 of the Corporations Law "as if the society had been a company" (s 66(3)(b)(iii)). That imports Corporations Law insolvency/disposal processes into the state-deregistration context.
Public sector law and audit: QOFS’s financial statements and reports are to be treated as QOFS’s annual reports for application of the Financial Administration and Audit Act 1977 (s 33(3)-(4)), and the auditor-general is given reporting duties (s 42). This secures standard audit oversight within state financial administration law.
Employee transfer and Commonwealth Public Service law: Transfers of employees to APRA are via transfer agreements under schedule 8 of the FSR Act and appointments to the Australian Public Service are governed by the Public Service Act 1922 s 81B(1); the Act treats these transitions and terminates prior AFIC/QOFS appointments on transfer (ss 24-26, 45-47).
Offences and prosecutorial substitution across jurisdictions: For civil or criminal proceedings occurring in other States, the Act contemplates substitution under laws of other States and that evidence admissible for or against AFIC/QOFS is admissible against the State (ss 29, 50). The applied code provisions are also adjusted so that references to State supervisory authorities or Ministerial Councils are replaced with references appropriate to the post-transfer enforcement architecture (eg ss 53(3)(a), 53(3)(i), 54(3)(d), 55(3)).
Overall, the Act functions as a connective statute: it amends the web of state and Commonwealth statutes by saving particular provisions, deeming substitutions, and delegating/continuing powers so that enforcement, title, asset management and proceedings continue to operate coherently after the transfer date. When using the Act, practitioners must read it alongside the Corporations Law, the FS(TB) Act, the AFIC/Financial Institutions/Friendly Societies Codes and the Financial Administration and Audit Act to understand complete legal effects.
Amendment history
The text supplied does not include a formal amendment schedule or legislative history beyond stating commencement arrangements (s 2) and a requirement for the attachment to be revised on reprint (s 75). The Act contains its own internal commencement sequencing:
Commencement scheduling: Section 2 lists provisions that commence on the transfer date (parts 3 and 4; parts of part 5; schedule 1 parts 2 and 3, except amendments to the Trusts Act 1973) and states that parts not commencing on the transfer date commence on assent (s 2(1)-(3)). It also notes that part 7 is to be considered separately for commencement purposes (s 2(4)).
Attachment revision duty: Section 75 requires an attached compilation of provisions from other legislation to be revised in the first reprint after amendments to the original provisions to ensure accuracy, though the attachment is not part of the Act and has been omitted from the reprint the user supplied (s 75(1)-(4)).
Transitional dissolution timelines: AFIC and QOFS are dissolved either on a Gazette-notified day or within 12 months after the transfer date (ss 22, 35). These time-limited continuations are effectively internal transitional "expiry" rules.
No later amendments, repeals or replacement instruments are included in the supplied text. The Act’s own sections that repeal prior statutes (s 17) are internal changes effected by the Act at commencement. Any further amendment history,subsequent statutory changes, court decisions, or delegated instruments,are not present in the provided text and must be checked against the official reprint and consolidation history maintained by the Queensland legislation website or parliamentary records. The Act also contemplates regulation-making power under s 74, which could produce subordinate legislation later; those regulations (if made) are not included here.
Practitioners should therefore treat the supplied text as the base statute with internal commencement staging and transitional deadlines; for authoritative amendment history consult the state reprint and official gazettes because this Act requires the attachment to be updated (s 75) and contemplates Gazette notices for dissolution dates (ss 22, 35).
Litigation history
The supplied Act text contains no judicial decisions, case citations, or references to litigation outcomes. The Act preserves and continues offences, proceedings and code provisions that may have been the subject of litigation, and specifically makes provision for continuation and substitution in civil and offence proceedings (ss 29-30, 50-51, 62). Those sections set out who may be substituted as parties and who may continue prosecutions, but they do not themselves record or summarise any court rulings.
Where litigation history will be relevant:
Pre-transfer litigation against AFIC/QOFS: The Act substitutes the State for AFIC and QOFS in many civil matters and allows prosecutions begun by AFIC/QOFS to be continued by APRA/ASIC (ss 29-30, 50-51). Any existing case law interpreting the scope of AFIC/QOFS functions or code provisions would remain relevant because the Act keeps parts of the codes in force for pre-transfer conduct (ss 52-56).
Disputes about certificates, registrars and title: The Act makes APRA officer certificates evidence and directs registrars to register based on such certificates (ss 12-14). Litigation could arise over the scope of that evidentiary rule or whether a certificate was validly issued; the Act preserves admissibility but leaves scope for challenge on other grounds (see s 15: document purporting to be a certificate is taken to be one unless contrary is established).
Insolvency and asset distribution of deregistered societies: The Act prescribes that ASIC handle vested property and apply part 9.7 of the Corporations Law "as if the society had been a company" (s 66(3)(b)(iii)). Courts might be asked to interpret that application in particular asset recovery or creditor priority disputes.
To obtain litigation history, practitioners must consult judicial databases and repositories for cases decided under the AFIC Code, Financial Institutions Code, Friendly Societies Code or related state statutes and then map which pre-transfer decisions remain relevant because the Act preserves the applicable code provisions. The supplied Act provides procedural mechanisms that preserve causes of action and prosecutorial continuations but does not set penalties or adjudicate disputes itself.
Gotchas
The Act contains several provisions where straightforward reading can lead to operational surprises. Key gotchas to check in practice follow, with section references.
Automatic corporate registration without new entity creation (s 5): Transferring financial institutions become companies "taken… to become registered" under the Corporations Law and "registration… does not create a new legal entity" (s 5(1),(3)). Practitioners must not assume a fresh incorporation or the need for new deeds; however, corporate governance, disclosure and solvency regimes under the Corporations Law will now apply. Check corporate governance rules, director obligations and disclosure duties under Corporations Law from the transfer date.
Certificates are presumptive evidence but rebuttable (ss 12, 15): An authorised APRA officer’s certificate is "evidence of the matters certified" (s 12(2)), and a document purporting to be such a certificate is taken to be one "unless the contrary is established" (s 15). The evidentiary weight is strong but not immutable; parties should preserve original records and consider legal challenges to certificates in contentious cases.
Part 4 operates "despite" contractual obligations but includes savings for confidentiality and sureties (s 16): The Act expressly declares Part 4 has effect despite anything in contracts, deeds or other instruments (s 16(1)), and deems necessary consents obtained (s 16(3)). But subsection 16(2) also states that nothing done under the part "places 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" and does not release sureties. That combination can be counterintuitive: the Act overrides the need for assignment/formal consent while simultaneously declaring it does not create civil wrongs. Read these provisions together and assess particular contractual wording to determine whether secondary consequences (eg covenants triggered by assignment) could still be pressed.
State substitution of AFIC/QOFS in proceedings affects litigant strategy and enforcement risk (ss 29, 50): For proceedings to which AFIC/QOFS were parties immediately before the transfer date, the State may be substituted (s 29(2)/s 50(1)). That means plaintiffs will be litigating against the State rather than a body corporate; check procedural rules for suing the State, notice requirements and available remedies.
Employee transfer consequences , no termination benefits on transfer (ss 25, 46): If an AFIC or QOFS employee becomes APRA staff or a Commonwealth Public Service appointee, the employee’s prior appointment ends and "a person is not entitled to receive any payment or other benefit… because the person’s appointment or employment ends under this section" (ss 25(5), 46(5)). Practitioners advising staff should ensure statements of accrued benefits (ss 26, 47) are accurate and manage expectations about entitlements on transfer.
Funds distribution and abolition timelines (ss 36-41): The Act keeps certain funds (Building Societies Fund, Credit Unions Contingency Fund, Supervision Fund) alive only until specified payments are made, after which they are abolished and balances paid to consolidated revenue (ss 36, 37, 40). Timing and accuracy of distributions, audit completion (s 41), and the auditor-general’s reporting (s 42) are necessary steps before funds are finally accounted for. Errors in distribution may create downstream claims.
Mergers and transfers in progress continue under old codes but supervisory authority role is shifted (ss 71-72): Where a merger or transfer of engagements under state codes had been started but not completed before the transfer date, the transaction may be completed as if the repeals had not occurred, but references to the SSA are to be read as references to either relevant Commonwealth body (s 71(3)). That change can create dissonance in approval pathways and regulatory expectations; confirm which regulator is to perform outstanding supervisory functions.
Abolition of the Australian Financial Institutions Appeals Tribunal and withdrawal of pending applications (s 73): On the transfer date the Tribunal "ceases to exist" and all undecided review applications are "taken to have been withdrawn" (s 73(2)-(3)). Parties with pending reviews need to have alternative avenues for review or appeal assessed immediately.
Applied provisions include offences without temporal limit (e.g. s 53(2)): Applied code provisions that create offences are "not limited in its application to anything done or omitted to be done before the transfer date" (ss 53(2), 54(2), 55(2), 56(2)). This may extend criminal exposure beyond the transfer date for pre-transfer conduct. Identify which code offences survive and their effective dates.
These points require targeted attention in transactions, litigation, HR transitions and regulatory compliance. The Act favours statutory continuity and administrative efficiency, but that approach can shift procedural and substantive positions in ways not obvious unless the specific sections are checked.
How to comply
Compliance under this Act chiefly concerns regulators, AFIC/QOFS former personnel, registrars, transferring/receiving bodies and entities affected by fund distributions or mergers. Steps to practical compliance, mapped to statutory obligations, follow.
Identify relevance to your entity and the transfer date
Determine whether the entity is a "transferring financial institution of this jurisdiction" as defined by schedule 4 of the Corporations Law (s 5). Confirm the transfer date and which provisions commence on that date (s 2).
For entities in mid-merger or transfer processes under state codes, check whether those processes were "started" before the transfer date so they may be completed under ss 71-72.
For transferring and receiving bodies: recording and title work
If you are a receiving body under a FS(TB) transfer, apply the legal consequence in ss 10-11: you are "taken to be the successor in law" and the assets and liabilities included in the transfer become yours without separate conveyance. Prepare internal accounting, update registers and notify stakeholders.
If land or interests transfer to a receiving body, obtain an authorised APRA officer’s certificate and lodge it with the registrar of titles so the registrar can register the change (s 13). For other registered assets, lodge certificates with the relevant register-keeper (s 14).
Registrars and register-keepers
Be prepared to accept certificates signed by an authorised APRA officer and register or record matters identified in such certificates "in the same way" as ordinary dealings and to "deal with, and give effect to, the certificate" (ss 13-14). Put processes in place to validate the identity of authorised APRA officers, while noting s 15 treats documents purporting to be certificates as such unless the contrary is established.
APRA/ASIC operational readiness
Ensure APRA/ASIC have documented delegations and authorised officer lists (s 9). Any delegation under applied provisions must be to an "appropriately qualified person" (s 57). Prepare internal guidance to exercise code-based enforcement powers preserved by ss 52-56.
For prosecutions or continuation of investigations, ensure prosecutorial authority is transferred and records from AFIC/QOFS are accessible via s 27/48 which allow disclosure of information to APRA or ASIC.
AFIC/QOFS winding-up and reporting
If you are part of AFIC or QOFS, comply with the continuing obligations: prepare final reports and audited financial statements (ss 18(2)(b), 20; ss 31(2)(b), 33). QOFS must prepare fund financial statements and have them audited by the auditor-general (s 41). Observe the 12-month winding-up timeline (ss 22, 35) unless an earlier Gazette date is published.
Employee transfers: documentation and benefits
Before staff transfer to APRA or the Commonwealth Public Service, provide the written statement of accrued benefits, remuneration and length of service to the employee and APRA/Commissioner (ss 26, 47). Note that employment with AFIC/QOFS ends immediately upon transfer and there is no entitlement to additional payment because of that ending (ss 25(3)-(5), 46(3)-(5)). Maintain accurate payroll and entitlements records to support the statements.
Funds and distributions
For QOFS: obey the distribution step under s 38 for the Credit Unions Contingency Fund and the obligation to pay Building Societies Fund and Supervision Fund balances into consolidated revenue after permitted payments are made (ss 36-40). Coordinate with the auditor-general and the Minister for audit timing and tabling requirements (ss 41-43).
Litigation and procedural steps
If involved in proceedings that name AFIC/QOFS or are otherwise affected, verify whether the State has been or should be substituted (ss 29, 50). For prosecutorial continuations, confirm whether APRA/ASIC or the chief executive have been substituted and that they have assumed appropriate prosecutorial functions (ss 30, 51, 62).
Contractual and confidentiality effects
Note s 16 operates despite contractual prohibition of assignment or requirement of consent; however s 16(2) states nothing done under Part 4 makes the parties guilty of a civil wrong or releases sureties. If your contract contains assignment-triggered covenants, confirm whether those covenants are engaged practically and manage counterparties accordingly.
Maintain documentary evidence and audit trails
For all parties: retain contemporaneous records of certificates, transfer agreements entered under schedule 8, statements issued to staff, auditor-general communications and any notices in the Gazette to support compliance and to meet evidentiary expectations where s 12 certificates and s 15 presumption may be challenged.
In summary, compliance is an administrative and documentary exercise as much as a substantive legal one. The Act relies on certificates, register updates, audit reports, staff statements and substitution mechanics. Entities should ensure process owners are assigned for registry work, HR transitions, fund distributions and coordination with APRA/ASIC and the auditor-general.
Part pt.2Registration of certain entities as companies
pt.2 Registration of certain entities as companies
Registration of certain entities as companies
sec.5 Transferring financial institutions
sec.5 Transferring financial institutions
On the transfer date, each transferring financial institution of this jurisdiction is taken, in accordance with schedule 4 of the Corporations Law of Queensland, to become registered as a company under that law under the name under which the institution was registered under the previous governing code immediately before the transfer date.
Subsection (1) applies even if the institution is an externally-administered body corporate immediately before the transfer date.
Registration under the Corporations Law of Queensland of a transferring financial institution of this jurisdiction as a company does not create a new legal entity.
In this section—
previous governing code see schedule 4 , part 1 , of the Corporations Law .
transferring financial institution of this jurisdiction see schedule 4 , part 1 , of the Corporations Law .
The attachment contains extracts of the relevant provisions of the Corporations Law and the Corporations (Queensland) Act 1990 .
(sec.5-ssec.1) On the transfer date, each transferring financial institution of this jurisdiction is taken, in accordance with schedule 4 of the Corporations Law of Queensland, to become registered as a company under that law under the name under which the institution was registered under the previous governing code immediately before the transfer date.
(sec.5-ssec.2) Subsection (1) applies even if the institution is an externally-administered body corporate immediately before the transfer date.
(sec.5-ssec.3) Registration under the Corporations Law of Queensland of a transferring financial institution of this jurisdiction as a company does not create a new legal entity.
(sec.5-ssec.4) In this section— previous governing code see schedule 4 , part 1 , of the Corporations Law . transferring financial institution of this jurisdiction see schedule 4 , part 1 , of the Corporations Law . The attachment contains extracts of the relevant provisions of the Corporations Law and the Corporations (Queensland) Act 1990 .
pt.3 Conferral of functions and powers on APRA and ASIC
Conferral of functions and powers on APRA and ASIC
sec.6 Conferral of functions and powers on APRA
sec.6 Conferral of functions and powers on APRA
APRA has the functions and powers conferred or expressed to be conferred on it under this Act.
APRA has power to do acts in Queensland in the performance or exercise of a function or power conferred or expressed to be conferred on APRA by or under a law of another jurisdiction corresponding to this Act.
(sec.6-ssec.1) APRA has the functions and powers conferred or expressed to be conferred on it under this Act.
(sec.6-ssec.2) APRA has power to do acts in Queensland in the performance or exercise of a function or power conferred or expressed to be conferred on APRA by or under a law of another jurisdiction corresponding to this Act.
sec.7 Conferral of functions and powers on ASIC
sec.7 Conferral of functions and powers on ASIC
ASIC has the functions and powers conferred or expressed to be conferred on it under this Act.
ASIC has power to do acts in Queensland in the performance or exercise of a function or power conferred or expressed to be conferred on ASIC by or under a law of another jurisdiction corresponding to this Act.
(sec.7-ssec.1) ASIC has the functions and powers conferred or expressed to be conferred on it under this Act.
(sec.7-ssec.2) ASIC has power to do acts in Queensland in the performance or exercise of a function or power conferred or expressed to be conferred on ASIC by or under a law of another jurisdiction corresponding to this Act.
pt.4 Authorised deposit-taking institutions and life insurance companies—transfer of business
Authorised deposit-taking institutions and life insurance companies—transfer of business
sec.8 Words defined in FS(TB) Act
sec.8 Words defined in FS(TB) Act
Unless the contrary intention appears, words defined in the FS(TB) Act have the same respective meanings in this part.
The attachment contains extracts of the relevant provisions of the Financial Sector (Transfers of Business) Act 1999 (Cwlth) .
sec.9 Authorised APRA officer
sec.9 Authorised APRA officer
APRA may, in writing, authorise a person who is an APRA board member, or an APRA staff member, to perform or exercise the functions or powers of an authorised APRA officer under a particular provision of this part.
The functions and powers necessary for the purposes of this section are conferred on APRA.
(sec.9-ssec.1) APRA may, in writing, authorise a person who is an APRA board member, or an APRA staff member, to perform or exercise the functions or powers of an authorised APRA officer under a particular provision of this part.
(sec.9-ssec.2) The functions and powers necessary for the purposes of this section are conferred on APRA.
sec.10 Voluntary transfers
sec.10 Voluntary transfers
The purpose of this section is to facilitate voluntary transfers of business under part 3 of the FS(TB) Act for regulated bodies.
This section applies when a certificate of transfer issued under section 18 of the FS(TB) Act comes into force under part 3 , division 3 of that Act.
The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.
In particular—
if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
if the transfer is a partial transfer, all the assets and liabilities of the transferring body included in the list of assets and liabilities specified in the statement of detail become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.
If there is an approved section 20 statement in relation to the transfer that specifies—
that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or
a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
(sec.10-ssec.1) The purpose of this section is to facilitate voluntary transfers of business under part 3 of the FS(TB) Act for regulated bodies.
(sec.10-ssec.2) This section applies when a certificate of transfer issued under section 18 of the FS(TB) Act comes into force under part 3 , division 3 of that Act.
(sec.10-ssec.3) The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.
(sec.10-ssec.4) In particular— if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and if the transfer is a partial transfer, all the assets and liabilities of the transferring body included in the list of assets and liabilities specified in the statement of detail become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.
(sec.10-ssec.5) If there is an approved section 20 statement in relation to the transfer that specifies— that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
(a) if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
(b) if the transfer is a partial transfer, all the assets and liabilities of the transferring body included in the list of assets and liabilities specified in the statement of detail become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
(c) to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.
(a) that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or
(b) a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
sec.11 Compulsory transfers
sec.11 Compulsory transfers
The purpose of this section is to facilitate compulsory transfers of business under part 4 of the FS(TB) Act for regulated bodies.
This section applies when a certificate of transfer issued under section 33 of the FS(TB) Act comes into force under part 4 , division 3 of that Act.
The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.
In particular—
if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
if the transfer is a partial transfer, all the assets and liabilities of the transferring body that are included in the list, referred to in section 33 (2) (c) of the FS(TB) Act , included in, or attached to, the certificate of transfer become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and
to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.
If the certificate of transfer includes provisions of a kind referred to in section 33 (3) of the FS(TB) Act specifying—
that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with those provisions; or
a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
If there is an approved section 30 statement in relation to the transfer that specifies—
that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or
a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.
(sec.11-ssec.1) The purpose of this section is to facilitate compulsory transfers of business under part 4 of the FS(TB) Act for regulated bodies.
(sec.11-ssec.2) This section applies when a certificate of transfer issued under section 33 of the FS(TB) Act comes into force under part 4 , division 3 of that Act.
(sec.11-ssec.3) The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.
(sec.11-ssec.4) In particular— if the transfer is a total transfer, all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and if the transfer is a partial transfer, all the assets and liabilities of the transferring body that are included in the list, referred to in section 33 (2) (c) of the FS(TB) Act , included in, or attached to, the certificate of transfer become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.
(sec.11-ssec.5) If the certificate of transfer includes provisions of a kind referred to in section 33 (3) of the FS(TB) Act specifying— that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with those provisions; or a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mecha
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