39Financial Institutions Code provisions

39 Financial Institutions Code provisions

(1)  The following provisions of the Financial Institutions Code continue to apply on and after the transfer date in relation to anything done or omitted to be done before that date as if section 56 had not commenced:

(a) Subdivision 1A of Division 2 of Part 2, other than sections 75, 79 and 82;

(b) Part 10;

(c) sections 392, 397, 398 and 404;

(d) the other provisions of the Code relevant to the provisions mentioned in paragraphs (a) , (b) and (c) .

(2)  Despite subsection (1) , a provision, or part of a provision, applying under the subsection that creates an offence is not limited in its application to anything done or omitted to be done before the transfer date.

(3)  For the purposes of the application mentioned in subsection (1)  –

(a) a reference in the Code to the SSA is taken to be a reference to either relevant Commonwealth body; and

(b) a reference in the Code to a financial body is taken to be a reference to an entity that on the transfer date is a company under the Corporations Law and was, immediately before that date, a financial body under the Code; and

(c) a reference in the Code to a society is taken to be a reference to an entity that on the transfer date is a company under the Corporations Law and was, immediately before that date, a society under the Code; and

(d) in section 76(1) of the Code, the words "the financial institutions legislation" are taken to be omitted and the words "investigating whether an offence against the financial institutions legislation has been committed" are taken to be substituted; and

(e) a reference in section 76(1)(a) or (b) of the Code to an employee of the SSA is taken to be a reference to an employee of either relevant Commonwealth body; and

(f) section 76(5) of the Code is taken to be omitted; and

(g) in the definition "financial body to which this section applies" in section 397(1) of the Code, paragraphs (a), (b), (d), (e) and (f) are taken to be omitted; and