Financial Sector Reform (Tasmania) Act 1999
51Mergers and transfers of engagements started under Friendly Societies (Tasmania) Code
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51 Mergers and transfers of engagements started under Friendly Societies (Tasmania) Code
(1) This section applies if a transfer of engagements or merger started before the transfer date under Part 7 of the Friendly Societies (Tasmania) Code and immediately before that date has not been completed, or been given effect.
(2) The transfer of engagements or merger may be completed, or be given effect, under Part 7 of the Friendly Societies (Tasmania) Code on or after the transfer date and, for that purpose, the Part, and other provisions of the Code relevant for the Part continue to apply as if section 56 had not commenced.
(3) For the purposes of the application mentioned in subsection (2) –
(a) a reference in the Friendly Societies (Tasmania) Code to the SSA is taken to be a reference to either relevant Commonwealth body; and
(b) a reference in the Friendly Societies (Tasmania) Code to the SSA of a participating State is taken to be a reference to either relevant Commonwealth body; and
(c) the Friendly Societies (Tasmania) Code applies with all other necessary changes.
(4) For the purposes of this section a transfer of engagements was started before the transfer date under Part 7 of the Friendly Societies (Tasmania) Code if, before that date –
(a) one of the following conditions was satisfied in relation to each society or foreign society involved:
(i) the transfer was approved by a special resolution of the society or foreign society, as required by the relevant Friendly Societies Code;
(ii) the relevant SSA made a determination, under the relevant Friendly Societies Code, that the transfer may be approved by the board of the society or foreign society; or
(b) in a case where each entity involved in the transfer is a society, the SSA gave a direction, under the Friendly Societies (Tasmania) Code, requiring the transfer.
(5) For the purposes of this section, a merger was started before the transfer date if, before that date, one of the following conditions was satisfied in relation to each society or foreign society involved: