sec.31Continuation 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.