Australian Capital Territory Repealed Acts

This legislation has been repealed.

FINANCIAL INSTITUTIONS (APPLICATION OF LAWS) ACT 1992

TABLE OF PROVISIONS

   PART I--PRELIMINARY SHORT TITLE 1. THIS ACT MAY BE CITED AS THE FINANCIAL INSTITUTIONS (APPLICATION OF LAWS) ACT 1992.1

   2.      2.1 (1) Section 1 and this  
   3.      In this Act—“AFIC” means the Australian Financial Institutions Commission established by the AFIC Act; “AFIC Act” means the Australian Financial Institutions Commission Act 1992 of Queensland; “AFIC (ACT) Code” means the provisions applying because of section 5; “AFIC (ACT) Regulations” means the provisions applying because of section 6; “Appeals Tribunal” means the Australian Financial Institutions Appeals Tribunal established under the AFIC Act; “commencement day” means—  
   4.      In this Act, a reference to a Queensland Act includes a reference to—  

   PART II--AFIC (ACT) CODE AND AFIC (ACT) REGULATIONS

   5.      (1) The AFIC Code set out in section 21 of the AFIC Act as in force for the time being—  
   6.      (1) The regulations in force for the time being under Part 5 of the AFIC Act—  
   7.      In the AFIC (ACT) Code and the AFIC (ACT) Regulations—“Financial Institutions Code” means the Financial Institutions (ACT) Code; “Legislature of this State” means the Legislative Assembly; “Magistrate” has the same meaning as in the Magistrates Court Act 1930; “Premier” means the Chief Minister; “the Code” means the AFIC (ACT) Code; “this State” means the Territory.  

   PART III--FINANCIAL INSTITUTIONS (ACT) CODE AND FINANCIAL INSTITUTIONS (ACT) REGULATIONS

   8.      (1) The Financial Institutions Code set out in section 30 of the Financial Institutions Act as in force for the time being—  
   9.      (1) The regulations in force for the time being under Part 3 of the Financial Institutions Act—  
   10.     In the Financial Institutions (ACT) Code and the Financial Institutions (ACT) Regulations—“AFIC Code” means the AFIC (ACT) Code; “continuing association” and “continuing association of credit unions” mean the A.C.T. Credit Union Association Co-operative Limited; “continuing building society” means a building society registered under the previous law immediately before the commencement day; “continuing credit union” means a credit society registered under the previous law immediately before the commencement day; “continuing foreign society” means a body which, immediately before the commencement day—  

   PART IV--CONFERRAL OF FUNCTIONS AND POWERS

   11.     AFIC has the functions and powers conferred or expressed to be conferred on it by or under the scheme legislation of the Territory.  
   12.     The Australian Financial Institutions Appeals Tribunal established under the AFIC Act has the functions and powers conferred or expressed to be conferred on it by or under the scheme legislation of the Territory.  
   13.     Jurisdiction is conferred on the Supreme Court of Queensland in the matter of—  

   PART V--STATE SUPERVISORY AUTHORITY

   14.     The office of Registrar of Financial Institutions established under the Financial Institutions (Supervisory Authority) Act 1992 is the State supervisory authority for the purposes of the scheme legislation of the Territory.  

   PART VII--IMPOSITION OF FEES AND OTHER AMOUNTS

   16.     This section imposes the fees that the Financial Institutions (ACT) Regulations or the AFIC (ACT) Regulations prescribe.  
   17.     (1) This section imposes—  

   PART VIII--GENERAL

   18.     (1) If the Chief Minister is provided with a report under subsection 49 (6) of the AFIC (ACT) Code, the Chief Minister shall provide AFIC with a response to the report within 14 days of its receipt by the Chief Minister.  
   19.     (1) If, under the financial institutions agreement, the Ministerial Council—  
   20.     All fees, fines, penalties and other money which, under or by virtue of the scheme legislation of the Territory, are authorised or directed to be imposed on any person and are not, under that legislation, fees, levies, contributions, loans or other amounts payable to a specified person shall be paid to the Territory.  

   PART IX--TRANSITIONAL

   21.     In this Part, unless the contrary intention appears, a word or expression has the same meaning as in the Financial Institutions (ACT) Code (referred to in this Part as “the Code”).  
   22.     (1) This section applies where, immediately before the commencement day—  
   23.     (1) This section applies where, immediately before the commencement day—  
   24.     (1) Where, immediately before the commencement day—  
   25.     A direction of the Registrar of Co-operative Societies in force under section 58A of the previous law immediately before the commencement day is to be taken to be a direction of the SSA under section 89 of the Code.  
   26.     (1) An administrator of a continuing society under section 58B of the previous law whose appointment was in force immediately before the commencement day is to be taken to be appointed by the SSA under section 90 of the Code.  
   27.     On and from the commencement day, each record and each other document in relation to the affairs of a continuing society held by the Registrar of Co-operative Societies for the purposes of the previous law—  
   28.     (1) Where, immediately before the commencement day, a special meeting of a continuing society had been called, but not held, under section 7 of the previous law, section 87 of the Code applies in relation to the meeting as if it had been called in accordance with subsection 87 (1) of the Code.  
   29.     (1) Where, immediately before the commencement day, an inspection was being conducted into the affairs of a continuing society under section 5B of the previous law, the inspection may continue as an investigation under Part 10 of the Code.  
   30.     (1) The SSA may institute proceedings in relation to a continuing society under the previous law.  
   31.     For the purposes of the investigation by the National Deposit Insurance Corporation Limited of a matter arising before the commencement day, section 5C of the previous law continues to apply in relation to the records of a continuing building society as if—  
   32.     (1) This section applies—  
   33.     (1) The Executive, on the recommendation of the Minister made with the approval of the Ministerial Council, may make regulations of a saving or transitional nature consequent on the enactment or commencement of this Act, the Financial Institutions (Supervisory Authority) Act 1992 or the Financial Institutions (Consequential Amendments) Act 1992.  
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