Financial Intermediaries Act 1996 (Qld)

Financial Intermediaries Act 1996

An Act to provide for the regulation of cooperative housing societies, terminating building societies and The Cairns Cooperative Weekly Penny Savings Bank Limited, and for other purposes

Part 1 Preliminary

Division 1 Introductory provisions

1 Short title This Act may be cited as the Financial Intermediaries Act 1996.

2 Commencement This Act (other than parts 2 and 3) commences on a day to be fixed by proclamation.

Division 2 Interpretation

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

4 Meaning of director (1) For this Act, director of a society includes a reference to— (a) a person (however described) occupying or acting in the position of director of the society, and whether or not validly appointed to occupy, or duly authorised to act in, the position; and (b) a person under whose directions or instructions the society's directors are accustomed to act. (2) However, a person is not taken to be a person under whose directions or instructions a society's directors are accustomed to act merely because the directors act on advice given by the person in the proper performance of the functions attaching to— (a) the person's professional capacity; or (b) the person's business relationship with the directors or the society.

5 Meaning of officer (1) For this Act, officer of a society includes— (a) a director, secretary, executive officer or employee of the society; and (b) a receiver and manager, appointed under a power contained in an instrument, of property of the society; and (c) a liquidator of the society appointed in a voluntary winding–up of the society; and (d) a trustee or other person administering a compromise or arrangement made between the society and other persons. (2) However, none of the following is an officer of the society— (a) a receiver who is not also a manager; (b) a receiver and manager appointed by a court; (c) a liquidator appointed by a court.