Financial Sector Reform (Tasmania) Act 1999
25Credit Unions Contingency Fund
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25 Credit Unions Contingency Fund
(1) On the day immediately before the transfer date TOFS must, under section 99A of the Financial Institutions (Tasmania) Code, distribute the whole of retained earnings to the contribution accounts of credit unions.
(2) For the purposes of subsection (1) , section 99A(3) of the Financial Institutions (Tasmania) Code does not apply.
(3) Immediately after TOFS complies with subsection (1) it must pay from the Credit Unions Contingency Fund to each credit union the amount standing to the credit union's credit in the Fund.
(4) Subsection (3) applies despite section 103 of the Financial Institutions (Tasmania) Code.
(5) On TOFS complying with subsection (3) , the Credit Unions Contingency Fund is abolished.
(6) In this section –
contribution accounts, of credit unions, means the parts of the Credit Unions Contingency Fund that, under section 98(10) of the Financial Institutions (Tasmania) Code are treated as a deferred asset in the accounts of the credit unions;
credit union means a credit union under the Financial Institutions (Tasmania) Code;
retained earnings has the same meaning as in section 99A of the Financial Institutions (Tasmania) Code.