sec.72Mergers 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.