sec.54Financial 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.