Financial Sector Reform (Savings and Transitional) Regulation 1999
5Construction of references in Acts
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5 Construction of references in Acts
5 Construction of references in Acts
Unless otherwise provided in this Regulation, in any Act (other than the Financial Sector Reform (New South Wales) Act 1999) or statutory instrument, a reference (however expressed) to:
(a) a society, building society or a credit union under, or registered under, or incorporated under, or within the meaning of the Financial Institutions (NSW) Code, the Financial Institutions (New South Wales) Act 1992 or a corresponding law or Code of another jurisdiction is to be construed as a reference to an ADI, and
(b) a society or a friendly society under, or registered under, or incorporated under, or within the meaning of the Friendly Societies (NSW) Code, the Friendly Societies Act 1989 or the Friendly Societies (New South Wales) Act 1997 or a corresponding law or Code of another jurisdiction is to be construed as a reference to:
(i) a body that, immediately before the transfer date, was a society within the meaning of the Friendly Societies (NSW) Code, or
(ii) a body that is a friendly society for the purposes of the Life Insurance Act 1995 of the Commonwealth, and
(c) an “institution registered under the Financial Institutions (New South Wales) Act 1992” is to be construed as a reference to an ADI, and
(d) a financial institution referred to as having “the same meaning as in the Financial Institutions (NSW) Code” is to be construed as a reference to an authorised building society or an authorised credit union, and
(e) a “non-bank financial institution which is governed by the Financial Corporations Act 1974 of the Commonwealth or the Financial Institutions Code 1992” is to be construed as a reference to an ADI.
Note—
The terms “Financial Institutions (NSW) Code”, “Friendly Societies (NSW) Code” and “transfer date” are defined in the Financial Sector Reform (New South Wales) Act 1999. The term “ADI”, which stands for “authorised deposit-taking institution”, is defined in the Interpretation Act 1987, as amended by that Act.