Queensland Consolidated Acts

FINANCIAL INTERMEDIARIES ACT 1996

- As at 30 January 2012 
- Act 23 of 1996 

TABLE OF PROVISIONS

           Long Title

   PART 1 - PRELIMINARY

           Division 1 - Introductory provisions

   1.      Short title
   2.      Commencement

           Division 2 - Interpretation

   3.      Dictionary
   4.      Meaning of director
   5.      Meaning of officer

           Division 3 - Operation of Act

   6.      Act binds the State

           Division 4 - (Repealed)

   PART 2 - PRUDENTIAL AND ADVISORY FUNCTIONS OF REGISTRAR

   8.      Registrar’s prudential and advisory functions
   9.      Consultation

   PART 3 - STANDARDS

   10.     Making of standards
   11.     Procedures before making of standards
   12.     Urgent standards
   13.     Application of changed requirements
   14.     Transitional arrangements
   15.     Matters for which standards may make provision
   16.     Publication of standards
   17.     Societies must comply with standards

   PART 4 - OTHER FUNCTIONS AND POWERS OF REGISTRAR

           Division 1 - General

   18.     Other functions
   19.     General powers
   19A.    Delegations
   19B.    Registrar’s seal
   19C.    Registrar’s public office
   20.     Application of variation under standards
   21.     The registrar to keep Treasurer informed
   22.     Inspection of documents at the registrar’s public office
   23.     Power of the registrar to reject documents
   24.     The registrar may require further information
   25.     Extension or abridgment of time

           Division 2 - Specific powers

              Subdivision 1 - Enforcement powers

   26.     Appointment of inspectors
   27.     Powers of inspectors
   28.     Inspector’s appointment terms
   29.     Inspector’s identity card
   30.     Production or display of inspector’s identity card
   31.     Entry to places by inspector
   32.     Consent to entry
   33.     Warrants to enter
   34.     Warrants—applications made other than in person
   35.     General powers after entering places
   36.     Power to seize evidence
   37.     Powers supporting seizure
   38.     Receipt for seized things
   39.     Return of seized things
   40.     Access to seized things
   41.     Impersonating inspectors
   42.     Obstruction of inspector
   43.     Power to require information
   44.     Power to require production of certain documents
   45.     Inspector to give notice of damage
   46.     Compensation

              Subdivision 2 - Special meetings and inquiries

   47.     Special meeting and inquiry

              Subdivision 3 - Special power of intervention

   48.     Intervention by the registrar

              Subdivision 4 - Power to suspend operations of society

   49.     Power to suspend operations

              Subdivision 5 - Administrators

   50.     Appointment of administrator
   51.     Notice of change of administrator’s particulars to be given to the registrar
   52.     Effect of administrator’s appointment
   53.     Administrator’s powers and functions
   54.     Revocation of administrator’s appointment
   55.     Administrator’s duty on revocation of appointment
   56.     Expenses of administration
   57.     Administrator’s liability
   58.     Additional powers of the registrar
   59.     Stay of proceedings
   60.     Administrator to report to the registrar

              Subdivision 6 - Supervision fund and levy

   61.     Cooperatives Supervision Fund
   62.     Supervision levy
   63.     Consultation
   64.     Failure to make payment an offence

           Division 3 - Prudential regulation or advice service agreements with APRA

   64A.    State may enter into agreements with APRA

   PART 5 - OBJECTS AND POWERS OF SOCIETIES

           Division 1 - Objects

   65.     Objects

           Division 2 - Powers

   66.     Powers
   67.     Control of certain financial transactions
   68.     Control of foreign currency transactions
   69.     Raising funds

           Division 3 - Guarantees

   70.     Treasurer’s guarantee
   71.     Provisions about guarantees

   PART 6 - SOCIETIES

           Division 1 - Formation and registration

   72.     Formation of societies
   73.     Registration
   74.     Certificate of incorporation
   75.     Effect of incorporation

           Division 2 - Rules

   76.      Rules
   77.     Copies of rules
   78.     Society and members to be bound by rules
   79.     Alteration of rules by special resolution
   80.     Alteration of rules by board of directors
   81.     Registration of alteration of rules
   82.     Power of the registrar to require changes of rules
   83.     Power of the registrar to change rules to facilitate transfer of engagements

           Division 3 - Membership

   84.     Members
   85.     Members who are minors
   86.     Joint members
   87.     Cessation of membership
   88.     Expulsion of member
   89.     Liability of members
   90.     Financial accommodation to, and deposits from, members and others

           Division 4 - Name and office

   91.     Name
   92.     Society must have certain words as part of name
   93.     Change of name does not affect identity
   94.     The registrar may direct change of name
   95.     Publication of name
   96.     Seal
   97.     Registered office

           Division 5 - Application of Corporations legislation

   97A.    Definitions for div 5
   97B.    Excluded matter for Corporations legislation
   97C.    Application of Corporations legislation in relation to certain matters

   PART 7 - MANAGEMENT

           Division 1 - Directors and officers

   98.     Definition of employee for division
   99.     Board of directors
   100.    Meetings
   101.    Number of directors
   102.    Election or appointment of directors
   103.    Alternate directors
   104.    Chairperson
   105.    Qualifications of directors
   106.    Vacation of office
   107.    Removal of directors
   108.    Declaration of interest
   109.    Declaration of possible conflict of duty or interest
   110.    Recording and effect of declaration
   111.    Reporting declarations
   112.    Sections 108–109 not of limiting effect
   113.    General duty to make disclosure
   114.    Financial accommodation to directors
   115.    Directors’ remuneration
   116.    Management contracts
   117.    Duties of officers
   118.    Effect of contravention of s 117
   119.    Unlawfully acting as director
   120.    Secretary
   121.    Liability of, and indemnity for, officers and employees

           Division 2 - Meetings

   122.    Annual general meeting
   123.    Special general meeting
   124.    Quorum
   125.    Notice of meeting
   126.    Voting
   127.    Special resolutions
   128.    Registration of special resolution
   129.    Minutes

           Division 3 - Registers and inspection

   130.    Registers
   131.    Register of directors etc.
   132.    Register of members
   133.    Inspection of documents at society’s registered office
   134.    Members entitled to particulars of their financial position
   135.    Members entitled to copies of registers

           Division 4 - Accounts

   136.    Financial year
   137.    Accounting records to be kept
   138.    Inspection of accounting records
   139.    Profit and loss account and balance sheet
   140.    Audit
   141.    Directors to ascertain certain matters
   142.    Requirements applying to accounts
   143.    Directors’ statement
   144.    Directors’ reports
   145.    Accounts and reports to be laid before annual general meeting
   146.    Contravention of division

           Division 5 - Audit

   147.    Meaning of officer for ss 148–149
   148.    Person as society’s auditor
   149.    Firm as society’s auditor
   150.    Person must not disqualify self etc. from acting as society’s auditor
   151.    Appointment of auditors
   152.    Nomination of auditors
   153.    Removal of auditors
   154.    Resignation of auditors
   155.    Notice of retirement etc. to be given
   156.    Effect of winding-up on office of auditor
   157.    Fees and expenses of auditors
   158.    Auditor’s report
   159.    Powers and duties of auditor
   160.    Final audit on merger or transfer of engagements
   161.    Obstruction of auditor
   162.    Qualified privilege

           Division 6 - Returns and relief

   163.    Returns
   164.    Relief from requirements as to accounts and audit

   PART 8 - (Repealed)

   PART 9 - MERGERS AND TRANSFERS OF ENGAGEMENTS

   166.    Definitions for part
   167.    Application of part
   168.    Application for registration of merger or transfer of engagements
   169.    The registrar may register merged society
   170.    Certificate of confirmation (voluntary transfer)
   171.    The registrar may direct a transfer of engagements
   172.    Society to comply with direction
   173.    Certificate of confirmation (transfer by direction)
   174.    Who receives the certificate of confirmation
   175.    When transfer of engagements takes effect
   176.    Cancellation of registration
   177.    Effect of merger on societies
   178.    Effect of transfer of engagements on societies
   179.    Effect of merger or transfer of engagements on guarantees

   PART 10 - EXTERNAL ADMINISTRATION

           Division 1 - (Repealed)

           Division 2 - (Repealed)

           Division 3 - Winding-up

   182.    Winding up
   183.    Winding-up on certificate of the registrar
   184.    (Repealed)
   185.    (Repealed)
   186.    Vacancy in office of liquidator on voluntary winding-up
   187.    Remuneration of liquidator on voluntary winding-up
   188.    Cancellation of registration

   PART 11 - SPECIAL INVESTIGATIONS

   189.    Definition of officer for part
   190.    Appointment of investigators
   191.    Two or more investigators appointed
   192.    Powers of investigators
   193.    Examination of officers
   194.    Privileged communications
   195.    Failure of officer to comply with requirement of investigator
   196.    Recording of examination
   197.    Delegation of powers by investigator
   198.    Report of investigator
   199.    Proceedings following investigation
   200.    Admission of investigator’s report in evidence
   201.    Expenses of investigation
   202.    Concealing etc. document

   PART 12 - REVIEW OF DECISIONS

           Division 1 - Review of decisions by registrar

   203.    Affected person may apply for review by registrar
   204.    Applying for review
   205.    Decision on review

           Division 2 - External review of decisions by QCAT

   206.    Affected person may apply for external review by QCAT
   207.    Tribunal to decide review on evidence before the chief executive
   208.    Tribunal may give leave for review to be decided on new evidence in particular circumstances
   209.    (Repealed)

   PART 13 - MISCELLANEOUS

           Division 1 - Evidence

   210.    Certificates
   211.    Rules
   212.    Registers
   213.    Minutes
   214.    Entries

           Division 2 - Offences

   215.    Defaults by societies
   216.    Restrictions on powers
   217.    Interpretation provision for ss 218–220
   218.    Offences by officers
   219.    Incurring debts not likely to be paid
   220.    Powers of Supreme Court
   221.    Inducement to be appointed as liquidator
   222.    Falsification of records
   223.    Frauds by officers
   224.    Definition of relevant person for ss 225–226
   225.    False or misleading statements
   226.    False, misleading or incomplete documents
   227.    Power of court to assess damages against certain persons
   228.    False copies of rules
   229.    Fraud or misappropriation
   230.    Commissions
   231.    Officers and other persons in default

           Division 3 - Legal proceedings

   232.    Indictable and summary offences
   233.    Proceedings for indictable offences
   234.    Limitation on who may summarily hear indictable offence proceedings
   235.    Limitation on time for starting summary proceedings
   236.    Continuing offences
   237.    Injunctions
   238.    Power to grant relief

           Division 4 - Other matters

   239.    Secrecy
   240.    Abolition of doctrine of ultra vires
   241.    Persons having dealings with a society
   242.    Effect of fraud
   243.    Abolition of doctrine of constructive notice
   244.    Approval of forms

           Division 5 - Regulations

   245.     Regulation-making power
   246.    Specific regulation-making powers
   247.    Further specific regulation-making powers

   PART 14 - TRANSITIONAL PROVISIONS

           Division 1 - Transitional provisions for Act No. 23 of 1996

   248.    Continuing societies
   249.    (Repealed)
   250.    Guarantees
   251.    Rules
   252.    (Repealed)
   253.    Existing loans and mortgages
   254.    Directors

           Division 2 - Transitional provisions for Financial Sector Reform (Queensland) Act 1999

   255.    Definition for div 2
   256.    State is successor of QOFS
   257.    Particular assets of QOFS vest in State
   258.    Continuation and preservation of civil proceedings involving QOFS
   259.    Continuation of offence proceedings
   260.    Continuation of things done, and started, by QOFS
   261.    Instruments
   262.    Inspectors cease to hold office
   263.    Standards
   264.    Application for certificate of incorporation

           Division 3 - Transitional provision for Corporations (Ancillary Provisions) Act 2001

   265.    Charges

   PART 15 - (Repealed)
           SCHEDULE 1
           SCHEDULE 2