(1) This section applies despite—
(a) the repeal of the AFIC Act by the Financial Sector Reform (Queensland) Act 1999 of Queensland; and
(b) the repeal of the Financial Institutions (Victoria) Act 1992 .
(2) AFIC and its board continue in existence, but only for the following purposes—
(a) to give effect to matters relating to the transfer, under a law of the Commonwealth or of another State or a Territory or this Act, of any of its functions under the fiscal bodies legislation to APRA or ASIC;
(b) to prepare reports and financial statements.