Financial Institutions Amendment Regulation (No. 1) 1992 (Qld)

Queensland Subordinate Legislation 1992 No. 182 Financial Institutions (Queensland) Act 1992 FINANCIAL INSTITUTIONS AMENDMENT REGULATION (No. 1) 1992 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amended regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Insertion of new s.6A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 6A Primary objects of building societies (s.110(1)(b)) . . . . . . . . . . . . . 2 5 Insertion of new s.40A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 40A Transitional provision—name of society . . . . . . . . . . . . . . . . . . . . . . 3

2 Financial Institutions Amendment (No. 1) No. 182, 1992 ˙ Short title 1. This regulation may be cited as the Financial Institutions Amendment Regulation (No. 1) 1992 . ˙ Commencement 2. This regulation commences on 1 July 1992. ˙ Amended regulation 3. The Financial Institutions Regulations 1992 are amended as set out in this regulation. ˙ Insertion of new s.6A 4. After section 6— insert— ˙ ‘Primary objects of building societies (s.110(1)(b)) ‘6A. For the purposes of section 110(1)(b) of the Code, a building society may apply its funds for any of the following purposes— (a) in repayment of existing loans for the purchase of residential buildings or residential developments that are— (i) owed by members to other entities; and (ii) refinanced by the building society; (b) in consolidation of existing loans made by the building society to members with refinanced loans that are mentioned in paragraph (a); (c) in transferring loans made to members from— (i) 1 or more residential buildings to other residential buildings; or (ii) 1 or more residential developments to other residential developments. ’.

3 Financial Institutions Amendment (No. 1) No. 182, 1992 ˙ Insertion of new s.40A 5. After section 40— insert— ˙ ‘Transitional provision—name of society ‘40A.(1) If, immediately before 1 July 1992, a continuing society did not include the word ‘Limited’ or the abbreviation ‘Ltd.’ at the end of its name, then, subject to this section, its registered name need not include that word or abbreviation at the end of its name. ‘(2) Subsection (1) applies only for the purposes of sections 140(3), 145(1) and 146 of the Code. ‘(3) Subsection (1) applies for the purposes of sections 140(3) and 146 of the Code only until 31 December 1992. ‘(4) Subsection (1) applies for the purposes of section 145(1) of the Code only until— (a) 31 December 1992; or (b) if the SSA (on application by the society or of its own initiative) determines a later date (not later than 30 June 1993) in relation to the society—that later date. ‘(5) This section has effect despite any provision of the Code. ’. ENDNOTES 1. Made by the Governor in Council on 25 June 1992. 2. Published in the Gazette on 26 June 1992. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Treasury Department. The State of Queensland 1992