THE CORPORATIONS LAW

SCHEDULES

SCHEDULE 4

TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES

Note:

See section 1465A.

PART 1 - PRELIMINARY

Definitions  

In this Schedule, except so far as the contrary intention appears:

AFIC Code of this jurisdiction means the Australian Financial Institutions Commission Code as set out in the Australian Financial Institutions Commission Act 1992 of Queensland as in force immediately before the transfer date and as applied as a law of this jurisdiction.

Financial Institutions Code of this jurisdiction means the Financial Institutions Code set out in the Financial Institutions (Queensland) Act 1992 as in force immediately before the transfer date and as applied as a law of this jurisdiction.

Friendly Societies Code means the Friendly Societies Code set out in Schedule 1 to the Friendly Societies (Victoria) Act 1996 as in force immediately before the transfer date.

Friendly Societies Code of this jurisdiction means:

(a)  the Friendly Societies Code as applied as a law of this jurisdiction; or

(b)  if this Law is being applied as a law of Western Australia - the Friendly Societies (Western Australia) Code set out in the Friendly Societies (Western Australia) Act 1999.

member of a transferring financial institution means a person who, immediately before the transfer date, is a member of the institution under:

(a)  the previous governing Code; or

(b)  the rules of the institution.

membership share has the meaning given in subclause 12(3).

previous governing Code for a transferring financial institution means the Code or law under which the institution is registered immediately before the transfer date.

State Supervisory Authority (SSA) for a transferring financial institution means:

(a)  the SSA for the institution within the meaning of the previous governing Code; or

(b)  in the case of The Cairns Cooperative Weekly Penny Savings Bank Limited - the Queensland Office of Financial Supervision.

transfer date means the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

transferring financial institution of this jurisdiction means:

(a)  a building society of this jurisdiction (that is, a society that is registered under the Financial Institutions Code of this jurisdiction, and authorised to operate as a building society, immediately before the transfer date); or

(b)  a credit union of this jurisdiction (that is, a society that is registered under the Financial Institutions Code of this jurisdiction, and authorised to operate as a credit union, immediately before the transfer date); or

(c)  a friendly society of this jurisdiction (that is, a body that is registered as a friendly society under the Friendly Societies Code of this jurisdiction immediately before the transfer date); or

(d)  a body registered as an association under Part 12 of the Financial Institutions Code of this jurisdiction immediately before the transfer date; or

(e)  a body registered as a Special Services Provider under the AFIC Code of this jurisdiction immediately before the transfer date; or

(f)  a body registered as an association under Part 12 of the Friendly Societies Code of this jurisdiction immediately before the transfer date; or

(g)  The Cairns Cooperative Weekly Penny Savings Bank Limited referred to in section 263 of the Financial Intermediaries Act 1996 of Queensland if:

(i) this definition is being applied as a law of Queensland; and

(ii) a determination by APRA under subitem 7(2) of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 is in force immediately before the transfer date.

Note:

If a determination is made, the Bank will be covered by the Banking Act 1959 from the transfer date. APRA may only make a determination if the Treasurer and the Queensland Minister responsible for the administration of the Financial Intermediaries Act 1996 of Queensland have agreed that the Bank should be covered by the Banking Act 1959.

transition period means the period of 18 months starting on the transfer date.

withdrawable share means a withdrawable share within the meaning of the Financial Institutions Code of this jurisdiction as in force immediately before the transfer date.