36Continuation of certain offence proceedings

36 Continuation of certain offence proceedings

(1)  This section applies to a proceeding for an offence brought under section 404 of the Financial Institutions (Tasmania) Code or section 471 of the Friendly Societies (Tasmania) Code by TOFS, or a person authorised in writing by TOFS, that started before the transfer date but was not completed before that date.

(2)  On and after the transfer date, the proceeding may continue to be prosecuted by either APRA or ASIC in place of TOFS or the person authorised by TOFS, and APRA or ASIC may be substituted in the proceeding for TOFS or the person.

(3)  The functions and powers necessary for this section are conferred on APRA and ASIC.