Financial Sector Reform (Tasmania) Act 1999
17AFIC continues to have certain powers
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17 AFIC continues to have certain powers
(1) This section applies despite –
(a) the repeal of the AFIC Act by the Financial Sector Reform (Queensland) Act 1999 of Queensland; and
(b) the repeal of the Financial Institutions (Application of Laws) Act 1992 and Friendly Societies (Tasmania) Act 1997 .
(2) While AFIC continues in existence under the Financial Sector Reform (Queensland) Act 1999 of Queensland it has power to do –
(a) any act in or in respect of Tasmania that it considers necessary or expedient to do for the purposes for which it continues in existence; and
(b) any act in respect of a society that it considers necessary or expedient to do for the purposes for which it continues in existence; and
(c) any other act that it is authorised to do by this Act.
(3) The Board of AFIC may delegate AFIC's powers under subsection (2) to an appropriately qualified employee of AFIC.
(4) In this section,
society means an entity that, immediately before the transfer date, was a society under the Financial Institutions (Tasmania) Code or Friendly Societies (Tasmania) Code.