sec.18Continuation of AFIC for certain purposes

sec.18 Continuation of AFIC for certain purposes

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;