Financial Sector Reform (Queensland) Act 1999 (Qld)

Financial Sector Reform (Queensland) Act 1999

An Act to make provision for the reform of the financial sector and to repeal certain Acts

Part 1 Preliminary

1 Short title This Act may be cited as the Financial Sector Reform (Queensland) Act 1999.

2 Commencement (1) The following provisions commence on the transfer date— Editor's note— For the definition transfer date—see schedule 2 (Dictionary). • parts 3 and 4 • part 5, division 1, division 2, subdivisions 1 and 5, division 3, subdivisions 1, 2 (other than section 38) and 6, divisions 4 to 7 (other than sections 70 and 73) • schedule 1, parts 2 and 3, except to the extent part 3 amends the Trusts Act 1973. (2) Schedule 1, part 3, to the extent it amends the Trusts Act 1973, commences on a day to be fixed by proclamation. (3) The provisions that do not commence under subsection (1) or (2) commence on assent. (4) For commencement purposes, part 7 is to be considered separately from schedule 1.

3 Definitions The dictionary in schedule 2 defines particular words used in this Act.

4 Act binds all persons (1) This Act binds all persons, including the State and, so far as the legislative power of the Parliament permits, the Commonwealth and the other States. (2) Nothing in this section makes the State, the Commonwealth or another State liable to be prosecuted for an offence.

Part 2 Registration of certain entities as companies

5 Transferring financial institutions (1) On the transfer date, each transferring financial institution of this jurisdiction is taken, in accordance with schedule 4 of the Corporations Law of Queensland, to become registered as a company under that law under the name under which the institution was registered under the previous governing code immediately before the transfer date. (2) Subsection (1) applies even if the institution is an externally-administered body corporate immediately before the transfer date. (3) Registration under the Corporations Law of Queensland of a transferring financial institution of this jurisdiction as a company does not create a new legal entity. (4) In this section— previous governing code see schedule 4, part 1, of the Corporations Law. transferring financial institution of this jurisdiction see schedule 4, part 1, of the Corporations Law. Editor's note— The attachment contains extracts of the relevant provisions of the Corporations Law and the Corporations (Queensland) Act 1990.