sec.53AFIC 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.