Victorian Current Acts Victorian Current Acts(1) On the day before the transfer date, VicFIC must, under section 99A of the Financial Institutions Code, distribute the whole of retained earnings to the contribution accounts of credit unions.
(2) For the purposes of subsection (1), section 99A(3) of the Financial Institutions Code does not apply.
(3) Immediately after VicFIC complies with subsection (1) it must pay from the Credit Unions Contingency Fund to each credit union the amount standing to the credit union's credit in the fund.
(4) Subsection (3) applies despite section 103 of the Financial Institutions Code.
(5) In this section—
"contribution accounts", of credit unions, means the parts of the Credit Unions Contingency Fund that, under section 98(10) of the Financial Institutions Code, are treated as a deferred asset in the accounts of the credit unions;
"credit union" means a credit union under the Financial Institutions Code;
"retained earnings" has the same meaning as in section 99A of the Financial Institutions Code.