20Continuation of TOFS for certain purposes

20 Continuation of TOFS for certain purposes

(1)  This section applies despite the repeal of the TOFS Act.

(2)  TOFS and its Board continue in existence, but only for the following purposes:

(a) to give effect to anything relating to the transfer, under a law of the Commonwealth or this Act, of any of its functions as an SSA under the fiscal bodies legislation to APRA or ASIC;

(b) to prepare its final report and financial statements under the Financial Management and Audit Act 1990 ;

(c) to do other things under this Division;

(d) winding-up itself as soon as practicable but, in any case, within 12 months after the transfer date;

(e) to exercise and perform its powers and functions under the Co-operative Housing Societies Act 1963 , and to enable the chief executive officer of TOFS to exercise and perform powers and functions as Registrar under that Act;

(f) prescribed purposes.

(3)  Without limiting subsection (2)(a) , TOFS must comply with clause 4 of Schedule 4 of the Corporations Law.

(4)  TOFS has the powers necessary or desirable for it to act under subsection (2) or (3) including the power to –

(a) employ staff; and

(b) execute a contract, deed or other document necessary for its winding-up.

(5)  Also, to the extent it is necessary or desirable to allow TOFS to act under subsection (2) and for its financial statements to be audited, the provisions of the fiscal bodies legislation and the TOFS Act continue to apply despite the repeal of all or any of the legislation or of the Act.

(6)  In this section,

winding-up includes TOFS realising its assets and discharging its liabilities.