Financial Institutions Amendment Regulation (No. 1) 1994 (Qld)

Queensland Subordinate Legislation 1994 No. 304 Financial Institutions (Queensland) Act 1992 FINANCIAL INSTITUTIONS AMENDMENT REGULATION (No. 1) 1994 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Regulations amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Insertion of new s 3A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3A Prescribed forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Amendment of s 4A (Classes of documents available for inspection) . . . . 2 5 Insertion of new s 5A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5A Payment to persons required to attend or produce documents (s 76) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 6 Replacement of s 6A (Primary objects of building societies (s 110(1)(b))) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 6A Contingency fund agreements—maximum number of credit unions (s 105B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6B Primary objects of building societies (s 110(1)(b)) . . . . . . . . . . . . . 4 7 Insertion of new s 11A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 11A Maximum account-keeping fee for amounts in a suspense account (s 138A(5)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 8 Insertion of new s 16A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 16A Maximum fee for issue of a duplicate document (s 219(1)(a)) . . . 5

s1 2 s4 Financial Institutions Amendment (No. 1) No. 304, 1994 ˙ Short title 1. This regulation may be cited as the Financial Institutions Amendment Regulation (No. 1) 1994 . ˙ Regulations amended 2. This regulation amends the Financial Institutions Regulations 1992 . ˙ Insertion of new s 3A 3. After section 3— insert— ˙ ‘ Prescribed forms ‘ 3A.(1) The prescribed forms for the purposes of the Code are the forms approved by AFIC. ‘ (2) A person may ask AFIC or the SSA for an approved form. ‘ (3) AFIC or the SSA must comply promptly with the request.’. ˙ Amendment of s 4A (Classes of documents available for inspection) 4.(1) Section 4A, heading, after ‘ inspection ’— insert— ‘ (s 71(3)) ’. (2) Section 4A, ‘lodged with or given to’— omit, insert— ‘lodged with, created by or otherwise held by’. (3) Section 4A(a), before ‘147(3)’— insert— ‘90(1) and (1B),’. (4) Section 4A— insert—

s5 3 s6 Financial Institutions Amendment (No. 1) No. 304, 1994 ‘ (2) This section is taken to have commenced on 1 July 1992.’. ˙ Insertion of new s 5A 5. After section 5— insert— ˙ ‘ Payment to persons required to attend or produce documents (s 76) ‘ 5A.(1) This section specifies the allowances and expenses to be allowed to a person required to attend under section 76 of the Code. ‘ (2) The person must be paid— (a) if the person is remunerated in the person’s occupation by wages, salary or fees—an amount equal to the amount of wages, salary or fees not paid to the person because of the person’s attendance; or (b) in any other case—an amount, of not less than $46 or more than $76 for each day of attendance, that the SSA considers to be reasonable compensation for the person’s loss of income because of the person’s attendance. ‘ (3) The person must also be reimbursed for any amount incurred by the person, of not more than an amount the SSA considers to be reasonable in each case— (a) for transport between the person’s usual place of residence and the place of attendance; and (b) if the person is required to be absent overnight from the person’s usual place of residence because of the attendance—for meals and accommodation.’. ˙ Replacement of s 6A (Primary objects of building societies (s 110(1)(b))) 6. Section 6A— omit, insert—

s7 4 s7 Financial Institutions Amendment (No. 1) No. 304, 1994 ˙ ‘ Contingency fund agreements—maximum number of credit unions (s 105B) ‘ 6A. The SSA may enter into a contingency fund agreement only if the number of credit unions under the financial institutions legislation of the transferring State is not more than 8. ˙ ‘ Primary objects of building societies (s 110(1)(b)) ‘ 6B.(1) In this section— “residential loan” means financial accommodation provided to a person— (a) for the purchase of a residential building or for residential development; or (b) for any other purpose, if secured over the person’s principal place of residence. ‘ (2) The primary objects of a building society include applying its funds for any of the following purposes— (a) providing financial accommodation to a member as mentioned in the definition “residential loan” , paragraph (b) 1 ; (b) refinancing or consolidating existing residential loans provided by the building society to a member; (c) refinancing a residential loan provided to a member by another entity; (d) acquiring, from another entity, the security for a residential loan provided to a member by the entity, and the entity’s rights, entitlements, duties and obligations under the terms of the loan.’. ˙ Insertion of new s 11A 7. After section 11— insert— 1 The primary objects of a building society also include applying its funds in providing financial accommodation to a member in a way mentioned in paragraph (a) of the definition “residential loan” . This is provided in section 110 of the Code.

s8 5 s8 Financial Institutions Amendment (No. 1) No. 304, 1994 ˙ ‘ Maximum account-keeping fee for amounts in a suspense account (s 138A(5)) ‘ 11A. The maximum amount a society may charge for keeping an amount for a person in a suspense account is $10 a year.’. ˙ Insertion of new s 16A 8. After section 16— insert— ˙ ‘ Maximum fee for issue of a duplicate document (s 219(1)(a)) ‘ 16A. The maximum amount a building society may require a person to pay for the issue of a duplicate document of title to shares, debentures or prescribed interests is $10.’. ENDNOTES 1. Made by the Governor in Council on 18 August 1994. 2. Notified in the Gazette on 19 August 1994. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Treasury Department. © State of Queensland 1994