Corporations Regulations 2001

CHAPTER 12 - FINANCIAL SECTOR REFORM  

PART 12.7 - OTHER DISCLOSURE  

Division 2 - Continued application of certain provisions  

REGULATION 12.7.03   CONTINUATION OF CERTAIN PROVISIONS OF PREVIOUS GOVERNING CODES  

12.7.03(1)   [ Application]  

For clause 39 of Schedule 4 to the Act, this regulation applies provisions (as modified in this regulation) of a previous governing Code to a relevant financial institution if, immediately before the transfer date, the provisions applied to the institution.

12.7.03(2)   [ References to financial body or applicable standards]  

Subsection 402(1) of the Financial Institutions Code, and section 79 of the Friendly Societies Code, of a State or Territory apply, as a law of the Commonwealth, to the relevant financial institution as if:

(a) a reference to a financial body or a society were a reference to the relevant financial institution; and

(b) a reference to applicable standards were a reference to the ASIC transitional standards.

12.7.03(3)   [ Exempt stock market]  

However, subsections 255(6), (7) and (8) of the Financial Institutions Code of a State or Territory apply in relation to a special resolution of the relevant financial institution that amends a provision of the constitution of the institution that would, directly or indirectly, affect:

(a) the operation of an exempt stock market; or

(b) the timely disclosure of information to holders or potential holders of securities traded on an exempt stock market.

12.7.03(4)   [ References to society, financial institutions, etc]  

Subsections 255(6), (7) and (8) of the Financial Institutions Code of a State or Territory apply for subregulation (3) as if:

(a) a reference to society were a reference to the relevant financial institution; and

(b) a reference to financial institutions legislation were a reference to the Act and the Corporations Regulations; and

(c) a reference to standards were a reference to the ASIC transitional standards.