Acts Amendment and Repeal (Financial Sector Reform) Act 1999 (WA)

Western Australia Acts Amendment and Repeal (Financial Sector Reform) Act 1999 Reprinted under the Reprints Act 1984 as at 13 April 2012

Western Australia Acts Amendment and Repeal (Financial Sector Reform) Act 1999 Contents Part 1 — Preliminary 1. Short title 3 2. Commencement 3 3. Terms used 3 4. Crown bound 6 Part 2 — Repeals and transitional provisions Division 1 — Repeals 5. Various Acts repealed 7 Division 2 — Certain financial institutions to become companies 6. Transferring financial institutions to become companies 7 Division 3 — Transfers of business of ADIs and life insurance companies 7. Interpretation: FS(TB) Act (Cwlth) definitions apply 8 8. Authorised APRA officer 8 9. Voluntary transfers 8 10. Compulsory transfers 9 11. Certificates evidencing operation of this Division 11 12. Interests in land of transferring bodies 11 13. Certificates in relation to assets other than land 11 14. Documents purporting to be certificates 12 15. Relationship of Division with instruments and other laws 12 Division 4 — Provisions relating to uncompleted mergers and transfers of engagements 16. Mergers and transfers of engagements started under Financial Institutions (Western Australia) Code 13 17. Mergers and transfers of engagements started under Friendly Societies (Western Australia) Code 15 Division 5 — Provisions relating to societies whose registration has been cancelled 18. Terms used 18 19. Application of this Division 18 20. Society's property vested in ASIC 19 21. ASIC may act on behalf of society 20 22. Recovery from society's insurer 20 23. Society may be established as a company 20 24. ASIC's functions for this Division 21 Division 6 — Provisions relating to AFIC Subdivision 1 — AFIC to continue to have certain powers 25. AFIC continues to have certain powers 22 26. Delegation by AFIC 22 Subdivision 2 — Information may be given to APRA or ASIC 27. Information may be given 23 Subdivision 3 — Transfer of AFIC's assets and liabilities 28. Transfer of assets and liabilities 23 Subdivision 4 — Proceedings involving AFIC 29. Civil proceedings continued and rights of action preserved 23 30. Certain criminal proceedings continued 24 Division 7 — Provisions relating to WAFIA Subdivision 1 — WAFIA to continue to exist for certain purposes 31. WAFIA continues to exist for certain purposes 24 32. Contracts and agreements with WAFIA continue 25 33. WAFIA's final report 26 34. Delegation by WAFIA 26 35. Dissolution of WAFIA 26 Subdivision 2 — Provisions about WAFIA's staff 36. Term used: employees 27 37. Staff to transfer to APRA under transfer agreement 27 38. Effect of WAFIA employee becoming employed by APRA or Australian Public Service 27 39. Statement of accrued benefits 28 Subdivision 3 — Information may be given to APRA or ASIC 40. Information may be given 28 Subdivision 4 — Transfer of WAFIA's assets and liabilities 41. Transfer of assets and liabilities 29 Subdivision 5 — Proceedings involving WAFIA 42. Civil proceedings continued and rights of action preserved 29 43. Certain criminal proceedings continued 30 Division 8 — Provisions relating to statutory funds 44. Terms used 30 45. Statutory funds continued until abolished 30 46. Supervision Fund 31 47. Credit Unions Contingency Fund 32 Division 9 — Conferral of functions on APRA and ASIC Subdivision 1 — General 48. Conferral of functions on APRA 32 49. Conferral of functions on ASIC 33 Subdivision 2 — APRA's and ASIC's functions under Codes 50. Enforcement powers 33 51. AFIC Code provisions, continued application of 33 52. Financial Institutions Code provisions, continued application of 35 53. Friendly Societies Code provisions, continued application of 37 Division 10 — Miscellaneous 54. Dormant accounts 38 55. Withdrawable shares in building societies 39 56. Australian Financial Institutions Appeals Tribunal 39 57. State taxes not chargeable 40 58. Regulations 40 Notes Compilation table 41 Reprinted under the Reprints Act 1984 as at 13 April 2012