Financial Institutions Code 1992 (Qld)
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Queensland FINANCIAL INSTITUTIONS CODE 1992 Reprinted as in force on 9 February 1998 (includes amendments up to Act No. 33 of 1997) Warning—see last endnote for uncommenced amendments Reprint No. 4A This reprint is prepared by the Office of the Queensland Parliamentary Counsel Warning—This reprint is not an authorised copy
Information about this reprint This Code is reprinted as at 9 February 1998. The reprint— • shows the law as amended by all amendments that commenced on or before that day (Reprints Act 1992 s 5(c)) • incorporates all necessary consequential amendments, whether of punctuation, numbering or another kind (Reprints Act 1992 s 5(d)). The reprint includes a reference to the law by which each amendment was made—see list of legislation and list of annotations in endnotes. This page is specific to this reprint. See previous reprints for information about earlier changes made under the ReprintsAct1992. A table of earlier reprints is included in the endnotes. Also see endnotes for information about— • when provisions commenced • provisions that have not commenced and are not incorporated in the reprint • editorial changes made in earlier reprints.
Queensland FINANCIAL INSTITUTIONS CODE 1992 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY Division 1—Introductory 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Division 2—Interpretation 3 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 4 Interpretation—meaning of “associate” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 5 Interpretation—meaning of “director” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 6 Interpretation—reference to a holding body corporate . . . . . . . . . . . . . . . . . 29 7 Interpretation—meaning of “holding society” . . . . . . . . . . . . . . . . . . . . . . . . 29 8 Interpretation—meaning of making a decision . . . . . . . . . . . . . . . . . . . . . . . 29 9 Interpretation—meaning of offer, invitation or issue to the public . . . . . . . 29 10 Interpretation—meaning of “officer” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 11 Interpretation—meaning of related body corporate . . . . . . . . . . . . . . . . . . . . 31 12 Interpretation—meaning of “subsidiary” . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 13 Interpretation—when one entity controls another . . . . . . . . . . . . . . . . . . . . . 33 Division 3—General interpretative provisions Subdivision 1—Preliminary 14 Meaning of relevant Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 15 Displacement of Division by contrary intention . . . . . . . . . . . . . . . . . . . . . . 34 Subdivision 2—General 16 Relevant Code or Act includes statutory instruments under relevant Code or Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 17 Relevant Codes to be construed not to exceed legislative power of Legislature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
2 Financial Institutions Code 1992 18 Every section to be a substantive enactment . . . . . . . . . . . . . . . . . . . . . . . . 35 19 Material that is, and is not, part of a relevant Code . . . . . . . . . . . . . . . . . . . 35 20 References to particular Acts and to enactments . . . . . . . . . . . . . . . . . . . . . 35 21 References taken to be included in Act or relevant Code citation etc. . . . 36 22 Interpretation best achieving relevant Code’s purpose . . . . . . . . . . . . . . . . . 37 23 Use of extrinsic material in interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 24 Affect of change of drafting practice and use of examples . . . . . . . . . . . . . 39 25 Compliance with forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 26 Jurisdiction of courts and tribunals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Subdivision 3—Terms and references 27 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 28 Provisions relating to defined terms and gender and number . . . . . . . . . . . . 45 29 Meaning of “may” and “must” etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 30 Words and expressions used in statutory instruments . . . . . . . . . . . . . . . . . . 46 31 Effect of express references to bodies corporate and individuals . . . . . . . . 46 32 References to Minister . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 33 Production of records kept in computers etc. . . . . . . . . . . . . . . . . . . . . . . . . . 47 34 Application of offence provisions to bodies corporate . . . . . . . . . . . . . . . . . 48 35 References to this State to be implied . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 36 References to officers and holders of offices . . . . . . . . . . . . . . . . . . . . . . . . . 48 37 Reference to certain provisions of a relevant Code . . . . . . . . . . . . . . . . . . . 48 38 Headings part of provision etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 39 Reference to provisions of a relevant Code or Act is inclusive . . . . . . . . . . 50 Subdivision 4—Functions and powers 40 Performance of statutory functions etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 41 Power to make instrument or decision includes power to amend or repeal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 42 Matters for which statutory instruments may make provision . . . . . . . . . . . 51 43 Presumption of validity and power to make . . . . . . . . . . . . . . . . . . . . . . . . . 52 44 Appointments may be made by name or office . . . . . . . . . . . . . . . . . . . . . . . 52 45 Acting appointments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 46 Powers of appointment imply certain incidental powers . . . . . . . . . . . . . . . 54
3 Financial Institutions Code 1992 47 Delegation of powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 48 Exercise of powers between enactment and commencement . . . . . . . . . . . 56 Subdivision 5—Distance, time and age 49 Matters relating to distance, time and age . . . . . . . . . . . . . . . . . . . . . . . . . . 59 Subdivision 6—Service of documents 50 Service of documents and meaning of service by post etc. . . . . . . . . . . . . . 60 51 Meaning of service by post etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 52 Time of relevant Code ceasing to have effect . . . . . . . . . . . . . . . . . . . . . . . 61 Subdivision 7—Effect of repeal, amendment or expiration 53 Repealed relevant Codes etc. not revived . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 54 Saving of operation of repealed relevant Code etc. . . . . . . . . . . . . . . . . . . . 61 55 Continuance of repealed provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 56 Relevant Code and amending Acts to be read as one . . . . . . . . . . . . . . . . . 62 Subdivision 8—Offences under relevant Codes 57 Penalty at end of provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 58 Penalty other than at end of provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 59 Indictable offences and summary offences . . . . . . . . . . . . . . . . . . . . . . . . . . 63 60 Double jeopardy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 61 Aiding and abetting, attempts etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Subdivision 9—Instruments under relevant Codes 62 Division applies to statutory instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Division 4—Operation of financial institutions legislation 63 Extraterritorial operation of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 64 Act binds the Crown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Division 5—Application and adoption of Corporations Law 64A Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 65 Corporations Law applying under its own force . . . . . . . . . . . . . . . . . . . . . . 66 65A Corporations Law adopted under a regulation . . . . . . . . . . . . . . . . . . . . . . . . 67 65B Adopted provisions of Corporations Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 PART 2—FUNCTIONS AND POWERS OF SSA Division 1—General 66 Functions of SSA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
4 Financial Institutions Code 1992 67 General powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 68 SSA to comply with standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 69 Application of variation under standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 70 SSA to keep Minister informed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 71 Public office of SSA and inspection of documents . . . . . . . . . . . . . . . . . . . . 70 71A Reproductions and transparencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 71B Records kept by devices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 71C Material given in written form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 71D Certified copies etc. are evidence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 71E Obtaining information from certain document registers . . . . . . . . . . . . . . . . 72 71F Use in a proceeding of information from SSA database . . . . . . . . . . . . . . . . 73 72 Power of SSA to reject documents, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 73 Extension or abridgment of time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 74 Execution of guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 Division 2—Specific powers Subdivision 1—Services corporations 74A SSA may declare body as services corporation . . . . . . . . . . . . . . . . . . . . . . 75 74B Societies may subscribe for shares in services corporations . . . . . . . . . . . . 75 74C Applications for approval . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 74D Persons dealing with societies contravening s 74B(2) . . . . . . . . . . . . . . . . . 76 Subdivision 1A—Enforcement powers 75 Obtaining information etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 76 Obtaining evidence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 77 Inspectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 78 Inspector to produce identity card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 79 Entry and search—monitoring compliance . . . . . . . . . . . . . . . . . . . . . . . . . . 80 80 Entry and search—evidence of offences . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 81 General powers of inspector in relation to places . . . . . . . . . . . . . . . . . . . . . 82 82 Monitoring warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 83 Offence related warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 84 Offence related warrant may be granted by telephone . . . . . . . . . . . . . . . . . 85 85 Obstruction etc. of inspectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
5 Financial Institutions Code 1992 86 False or misleading statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 Subdivision 2—Special meeting and inquiry 87 Special meeting and inquiry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 Subdivision 3—Special power of intervention 88 Intervention by SSA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Subdivision 4—Power to suspend operations of society 89 Power to suspend operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 Subdivision 5—Administrators 90 Appointment of administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 91 Additional powers of SSA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 91A Rules of society after s 91 no longer applies . . . . . . . . . . . . . . . . . . . . . . . . . 95 92 Stay of proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 93 Administrator to report to SSA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Subdivision 6—Levies, compulsory loans and funds 94 Supervision Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 95 Supervision levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 96 Consultation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 97 Credit Unions Contingency Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 98 Contributions by credit unions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 98A Refunds of contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 99 Support levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 99A Distribution of retained earnings of Credit Unions Contingency Fund . . . 103 100 Compulsory loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 101 Failure to make payment an offence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 102 Investment of Credit Unions Contingency Fund . . . . . . . . . . . . . . . . . . . . . 104 103 Payment out of Credit Unions Contingency Fund . . . . . . . . . . . . . . . . . . . . 104 103A Payment of administration levy and supervision levy out of Credit Unions Contingency Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 104 Payment from Credit Unions Contingency Fund on liquidation etc. . . . . . 106 105 SSA may direct payment of grant or loan from fund . . . . . . . . . . . . . . . . . 107 Subdivision 6A—Contingency fund agreements 105A SSA may enter into contingency fund agreement . . . . . . . . . . . . . . . . . . . . 107
6 Financial Institutions Code 1992 105B Restrictions on entering into contingency fund agreement . . . . . . . . . . . . 107 105C Things for inclusion in contingency fund agreement . . . . . . . . . . . . . . . . . 108 105D Consequences of entering into contingency fund agreement . . . . . . . . . . . 108 Subdivision 7—Advertising by societies 106 Restriction on initial advertisements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 107 Power to control advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 PART 3—PRINCIPLES, OBJECTS AND CHARACTERISTICS OF SOCIETIES Division 1—Principles 108 Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 Division 2—Objects 109 Objects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 110 Primary objects of building societies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 Division 3—Characteristics 111 Meaning of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 112 Level of assets of building society associated with primary objects . . . . . 119 113 Level of financial accommodation provided by credit union restricted . . 120 PART 4—SOCIETIES Division 1—Formation and registration 114 Formation of societies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 115 Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 Division 1A—Formation and registration of building society for approved holder 115A Application of division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 115B Registration of building society as wholly owned society . . . . . . . . . . . . . 126 115C Offence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 Division 1B—Incorporation 116 Certificate of incorporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 117 Effect of incorporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 Division 2—Legal capacity and powers 117A Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 117B Purpose of sections 118 and 119 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 118 Legal capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
7 Financial Institutions Code 1992 119 Restrictions on societies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 119A Persons having dealings with societies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 119B Constructive notice not presumed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 120 Control of certain financial transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 121 Control of foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 121A Purchase of overseas plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . 136 Division 3—Rules 122 Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 124 Copies of rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 125 Society and members to be bound by rules . . . . . . . . . . . . . . . . . . . . . . . . . 137 126 Alteration of rules by special resolution . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 127 Alteration of rules by board of directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 128 Registration of alteration of rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 129 Power of SSA to require modification of rules . . . . . . . . . . . . . . . . . . . . . . 138 130 Power of SSA to modify rules to facilitate transfer of engagements . . . . . 139 Division 4—Membership 131 Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 132 Members who are minors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 133 Joint members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 134 Corporate membership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 135 Cessation of membership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143 136 Expulsion of member . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143 137 Liability of members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143 138 Financial accommodation to, and deposits from, members and others . . 143 138A Dormant accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 Division 5—Name and office 139 Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 140 Abbreviations etc. of society’s name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 141 Change of name does not affect identity . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 144 Use of words ‘building society’, ‘credit society’, ‘credit union’ or ‘credit co-operative’ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 144A Unregistered society not to trade or carry on business . . . . . . . . . . . . . . . . 148
8 Financial Institutions Code 1992 145 Publication of name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 146 Seal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 147 Registered office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 PART 5—SHARES, OTHER SECURITIES AND CHARGES Division 1—Shares generally 148 Application of Divisions 2 and 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 149 Classes of shares, rights, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 150 Determination of share capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 151 Priorities on winding-up as between shares and deposits . . . . . . . . . . . . . . 151 152 Liability of shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 153 Board to approve sale or transfer unless rules provide otherwise . . . . . . . 152 154 Restriction on application of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 155 Power to make certain payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 156 Validation of shares improperly issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 Division 2—Withdrawable shares 157 Issue of withdrawable shares at a premium prohibited . . . . . . . . . . . . . . . . 155 158 Cancellation of withdrawable shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 159 Conversion of shares to deposits (special resolution) . . . . . . . . . . . . . . . . . 156 159A Conversion of shares to deposits (by direction) . . . . . . . . . . . . . . . . . . . . . 157 160 Withdrawable shares to rank equally with deposits on winding-up . . . . . . 158 161 Charge on withdrawable shares or deposit account . . . . . . . . . . . . . . . . . . 158 Division 3—Permanent shares 162 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 163 Issue of permanent shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 164 Issue of preference shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 165 Rights of holders of preference shares to be set out in rules . . . . . . . . . . . 161 166 Cancellation of permanent shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 167 Dividends, interest etc. in relation to permanent shares . . . . . . . . . . . . . . . 162 168 Approval of rules for permanent share issues . . . . . . . . . . . . . . . . . . . . . . . 163 169 Allotment of permanent shares otherwise than for cash . . . . . . . . . . . . . . . 163 170 Power to exempt in relation to non-cash consideration . . . . . . . . . . . . . . . 165 171 Differences in calls, reserve liability etc. . . . . . . . . . . . . . . . . . . . . . . . . . . 165
9 Financial Institutions Code 1992 172 Calls and effect of non-compliance with calls on permanent shares . . . . 165 173 Sale of permanent shares forfeited for non-payment of call . . . . . . . . . . . . 166 174 Prohibition of allotment unless minimum subscription received . . . . . . . . 166 175 Return as to allotments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168 176 Issue of permanent shares at premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 177 Special resolution for reduction of permanent share capital . . . . . . . . . . . 170 178 Building society financing dealings in its permanent shares etc. . . . . . . . 173 179 Exceptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 180 Consequences of building society financing dealings in its permanent shares etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 181 Prohibition on subsidiary acquiring permanent shares of holding building society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 182 Options over permanent shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 Division 4—Redeemable preference shares 183 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 184 Application of certain provisions of Code to redeemable preference shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 185 Issue of redeemable preference shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185 Division 5—Shareholding restrictions Subdivision 1—Interpretative provisions 186 Application of Division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 187 Extraterritorial operation of Division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 188 What constitutes an “entitlement” to shares . . . . . . . . . . . . . . . . . . . . . . . . 187 189 What constitutes a “relevant interest” in shares . . . . . . . . . . . . . . . . . . . . . 187 190 Interpretation—meaning of “associate” . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 191 Interpretation—meaning of voting power or right to vote . . . . . . . . . . . . . . 192 192 Inadvertence or mistake . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 Subdivision 2—Maximum shareholdings 193 Maximum permissible shareholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193 194 Consequences of exceeding maximum permissible shareholding . . . . . . . 194 195 Exceptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 Subdivision 3—Substantial shareholdings 196 Substantial shareholding and substantial shareholders . . . . . . . . . . . . . . . . 195
10 Financial Institutions Code 1992 Subdivision 4—Power of societies to obtain information 197 Power to obtain information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 Subdivision 5—Enforcement 198 Court orders—substantial shareholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 199 Power of SSA to exempt etc. from Division 5 . . . . . . . . . . . . . . . . . . . . . . . 197 Division 6—Issue of securities 200 Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 209 Documents acknowledging deposits or loans pursuant to offer to the public etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 210 Issuing of certain securities at a discount prohibited . . . . . . . . . . . . . . . . . 198 211 Issuing of securities as partly paid up etc. . . . . . . . . . . . . . . . . . . . . . . . . . . 199 212 Power of SSA to exempt etc. from Division 6 . . . . . . . . . . . . . . . . . . . . . . . 199 Division 7—Exempt stock market 213 Application of Division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 215 Stock market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 Division 8—Title to and transfer of securities 216 Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 216A Restricted application of this Division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 217 Document of title to be evidence of title . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 218 Building society may have duplicate common seal . . . . . . . . . . . . . . . . . . 201 219 Loss or destruction of documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 220 Instrument of transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 221 Registration of transfer at request of transferor . . . . . . . . . . . . . . . . . . . . . . 204 222 Notice of refusal to register transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 223 Remedy for refusal to register transfer or transmission . . . . . . . . . . . . . . . . 205 224 Certification of transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206 225 Duties of building society in relation to issue of certificates . . . . . . . . . . . 207 226 Exemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208 Division 9—Registration of charges 227 Registration of charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209 228 Directions by AFIC and SSA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209 229 SSA approval of charges necessary in certain circumstances . . . . . . . . . . 210
11 Financial Institutions Code 1992 PART 6—MANAGEMENT Division 1—Directors and officers 230 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 231 Board of directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 232 Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 233 Number of directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 234 Election or appointment of directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 235 Employee directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212 236 Alternate directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212 237 Chairperson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213 238 Qualifications of directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213 239 Vacation of office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 239A Removal of directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 240 Declaration of interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 241 General duty to make disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218 242 Certain financial accommodation to officers prohibited . . . . . . . . . . . . . . 219 243 Financial accommodation to directors and associates . . . . . . . . . . . . . . . . 220 244 Directors’ remuneration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222 244A Society not to indemnify director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222 245 Management contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223 246 Duties of directors and officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223 247 Prohibition on transfer of money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 248 Unlawfully acting as director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 Division 2—Meetings 249 Annual general meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 250 Special general meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 251 Quorum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 252 Notice of meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 253 Voting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 254 Proxy votes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 255 Special resolutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 256 Minutes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232
12 Financial Institutions Code 1992 Division 3—Registers and inspection 257 Registers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 258 Register of directors etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 259 Register of members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236 260 Register of holders of permanent shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 237 261 Power of Court to rectify register of holders of permanent shares . . . . . . . 238 262 Register of options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 263 Inspection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240 263A Location of registers on computers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 263B Form and evidentiary value of registers . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242 Division 4—Accounts 264 Financial year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243 265 Financial years of groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244 266 Accounting records to be kept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244 267 Inspection of accounting records . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 268 Profit and loss account and balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . 246 269 Group accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 270 Audit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 271 Directors to ascertain certain matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 272 Requirements applying to accounts and group accounts . . . . . . . . . . . . . . 248 273 Directors’ statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248 274 Directors’ reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 275 Directors of holding society must obtain information from entities controlled by the society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256 276 Accounts and reports to be laid before annual general meeting . . . . . . . . 258 277 Contravention of Division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259 Division 5—Audit 278 Qualifications of auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 279 Appointment of auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 280 Nomination of auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266 281 Removal and resignation of auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266 282 Effect of winding-up on office of auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . 269
13 Financial Institutions Code 1992 283 Fees and expenses of auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269 284 Auditor’s report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269 285 Powers and duties of auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272 286 Final audit on merger, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274 287 Auditors and entities controlled by societies . . . . . . . . . . . . . . . . . . . . . . . . 275 288 Obstruction of auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276 289 Qualified privilege . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276 Division 6—Returns and relief 290 Returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277 291 Relief from requirements as to accounts and audit . . . . . . . . . . . . . . . . . . . 278 PART 7—MERGERS AND TRANSFERS OF ENGAGEMENTS Division 1A—Preliminary 291A Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 Division 1—Mergers and transfers of engagements between societies of the same type 292 Interpretation—societies of the same type . . . . . . . . . . . . . . . . . . . . . . . . . 280 293 Application for registration of merger or transfer of engagements between societies of the same type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281 294 SSA may register merged society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282 295 Certificate of confirmation (voluntary transfer) . . . . . . . . . . . . . . . . . . . . . 283 296 SSA may direct a transfer of engagements between societies of the same type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284 297 Society to comply with direction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 298 Certificate of confirmation (transfer by direction) . . . . . . . . . . . . . . . . . . . 285 298A Who receives the certificate of confirmation . . . . . . . . . . . . . . . . . . . . . . . 285 298B When transfer of engagements takes effect . . . . . . . . . . . . . . . . . . . . . . . . . 286 298C Cancellation of registration after total transfer . . . . . . . . . . . . . . . . . . . . . . 286 299 Effect of merger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286 300 Effect of transfer of engagements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286 Division 2—Mergers and transfers of engagements between societies of different types 301 Interpretation—societies of different types . . . . . . . . . . . . . . . . . . . . . . . . . 287 302 Application for registration of merger or transfer of engagements between societies of different types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288
14 Financial Institutions Code 1992 302A Cancellation of building society’s permanent shares . . . . . . . . . . . . . . . . . 289 303 SSA may register merged society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290 304 Certificate of confirmation (voluntary transfer) . . . . . . . . . . . . . . . . . . . . . 290 305 SSA may direct a transfer of engagements between societies of different types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291 306 Society to comply with direction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292 307 Certificate of confirmation (transfer by direction) . . . . . . . . . . . . . . . . . . . 293 307A Who receives the certificate of confirmation . . . . . . . . . . . . . . . . . . . . . . . 293 307B When transfer of engagements takes effect . . . . . . . . . . . . . . . . . . . . . . . . . 293 307C Cancellation of registration after total transfer . . . . . . . . . . . . . . . . . . . . . . 293 308 Effect of merger and transfer of engagements . . . . . . . . . . . . . . . . . . . . . . . 293 Division 3—Mergers and transfers of engagements involving foreign societies 309 Definitions for div 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294 310 Proposal for merger or transfer of engagements . . . . . . . . . . . . . . . . . . . . . 295 311 SSA may register merged society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296 312 Certificate of confirmation for total transfer . . . . . . . . . . . . . . . . . . . . . . . . 298 313 Certificate of confirmation for partial transfer . . . . . . . . . . . . . . . . . . . . . . . 299 314 When transfer of engagements takes effect . . . . . . . . . . . . . . . . . . . . . . . . . 300 315 Effect of merger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 316 Effect of transfer of engagements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301 316A Surrender of certificate of incorporation . . . . . . . . . . . . . . . . . . . . . . . . . . . 301 Division 3A—Effect of mergers and transfers of engagements involving only foreign societies 316B Definitions for div 3A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302 316C Effect of merger of foreign societies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302 316D Effect of transfer of engagements between foreign societies . . . . . . . . . . . 303 Division 4—Payment out of Credit Unions Contingency Fund 317 SSA may direct payment out of fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 PART 8—CONVERSIONS Division 1—Building societies 318 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 306 319 Building society may convert to company or credit union . . . . . . . . . . . . . 306
15 Financial Institutions Code 1992 320 Proposal to convert by building society to be approved by members . . . . 306 321 SSA may direct as to percentage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308 322 Application by building society to SSA for approval of proposal . . . . . . . 308 323 Conversion of building society to company . . . . . . . . . . . . . . . . . . . . . . . . . 309 324 Conversion of building society to credit union . . . . . . . . . . . . . . . . . . . . . . 310 Division 2—Credit unions 325 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 326 Credit union may convert to building society . . . . . . . . . . . . . . . . . . . . . . . 311 327 Proposal to convert by credit union to be approved by members . . . . . . . 311 328 Application by credit union to SSA for approval of proposal . . . . . . . . . . . 312 329 Conversion of credit union to building society . . . . . . . . . . . . . . . . . . . . . . 313 Division 3—Directed conversion to company 330 SSA may direct conversion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314 331 Society to comply with direction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314 332 Day on which conversion to take effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 333 Conversion of society to company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 Division 4—General 334 Surrender of certificate of incorporation etc. . . . . . . . . . . . . . . . . . . . . . . . . 315 335 Conversion of society to building society or credit union does not result in its dissolution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316 336 Certificate of SSA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316 PART 9—EXTERNAL ADMINISTRATION Division 1—Arrangements and reconstructions 337 Schemes of arrangement and reconstruction . . . . . . . . . . . . . . . . . . . . . . . . 317 Division 2—Receivers and managers 338 Receivers and managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317 Division 4—Winding-up 340 Winding-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318 341 Winding-up on certificate of SSA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318 342 Application of Corporations Law to winding-up . . . . . . . . . . . . . . . . . . . . . 319 343 Voluntary winding-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 344 Vacancy in office of liquidator on voluntary winding-up . . . . . . . . . . . . . . 320
16 Financial Institutions Code 1992 345 Remuneration of liquidator on voluntary winding-up . . . . . . . . . . . . . . . . . 320 346 Cancellation of registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321 PART 10—SPECIAL INVESTIGATIONS 347 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321 348 Appointment of investigators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322 349 Investigation of affairs of related body corporate . . . . . . . . . . . . . . . . . . . . 323 350 Powers of investigators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323 351 Examination of officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324 352 Self-incrimination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324 353 Privileged communications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 354 Failure of officer to comply with requirement of investigator . . . . . . . . . . 326 355 Recording of examination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326 356 Delegation of powers by investigator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327 357 Report of investigator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327 358 Proceedings following investigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329 359 Admission of investigator’s report in evidence . . . . . . . . . . . . . . . . . . . . . . 329 360 Expenses of investigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 361 Offences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331 362 Defence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332 PART 11—FOREIGN SOCIETIES 363 Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332 364 Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332 364A Agents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333 364B End of appointment of foreign societies’ agents . . . . . . . . . . . . . . . . . . . . . 334 364D Office of foreign society . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334 364E Service of documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335 365 Application of Code to foreign societies . . . . . . . . . . . . . . . . . . . . . . . . . . . 335 366 SSA to be notified of certain changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335 368 Cessation of business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335 369 Society proposing to register as foreign society . . . . . . . . . . . . . . . . . . . . . 336 369A SSA to provide certain documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336
17 Financial Institutions Code 1992 PART 12—ASSOCIATIONS 370 Formation of associations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336 371 Objects of associations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 337 372 Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 337 373 Certificate of incorporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338 374 Effect of incorporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338 375 Membership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338 376 Share capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 377 Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 378 Application of Code to associations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 PART 13—REVIEW OF DECISIONS 379 Reviewable decisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 380 Application for review of decisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341 381 Application of AFIC Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341 382 SSA to review certain decisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342 PART 14—MISCELLANEOUS Division 1—Evidence 383 Certificates etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342 384 Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343 385 Registers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343 386 Minutes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343 387 Entries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 Division 2—Offences 388 Defaults by financial bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 389 Restrictions on powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 390 Offences by officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 391 Incurring debts not likely to be paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349 392 Powers of Court . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349 393 Inducement to be appointed as liquidator or official manager . . . . . . . . . . 351 394 Falsification of records . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351 395 Frauds by officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351 396 False or misleading information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352
18 Financial Institutions Code 1992 397 Power to examine defaulting officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352 398 Power of Court to assess damages against certain persons . . . . . . . . . . . . 355 399 False copies of rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356 400 Fraud or misappropriation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356 401 Commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357 402 Financial bodies to comply with standards . . . . . . . . . . . . . . . . . . . . . . . . . 357 403 Officers and other persons in default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357 Division 3—Proceedings 404 Proceedings for offences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358 405 Reciprocity in relation of offences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358 406 Continuing offences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358 407 Injunctions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359 408 Penalty notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361 409 Power to grant relief . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364 Division 4—Other matters 410 Secrecy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364 411 Powers about money of members who have died . . . . . . . . . . . . . . . . . . . . 366 PART 15—TRANSITIONAL 414 Continuing societies and associations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367 415 Application for certificate of incorporation or authority to operate . . . . . . 368 416 Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 368 417 Building society started to have been formed under previous law . . . . . . 368 418 Credit union started to have been formed under relevant previous law . . 369 419 Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 420 Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 421 Annual general meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 422 Special resolutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 423 Registers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371 424 Winding-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371 425 Continuing foreign societies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371 426 Shareholding restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372
19 Financial Institutions Code 1992 427 Provision of financial or commercial services by continuing association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 428 Transfer of engagements by continuing association of credit unions to special services provider . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373 429 Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374 430 Security over prime liquid assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374 432 Standards under AFIC (Queensland) Code . . . . . . . . . . . . . . . . . . . . . . . . . 374 433 Providing financial accommodation to, or accepting deposits from, non-members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 434 Matters relating to register of directors, principal executive officer and secretaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376 PART 16—VALIDATION 435 Validation of Amendment Regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377 ENDNOTES 1 Index to endnotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378 2 Date to which amendments incorporated . . . . . . . . . . . . . . . . . . . . 378 3 Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378 4 Table of earlier reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379 5 List of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379 6 List of annotations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 7 Provisions that have not commenced and are not incorporated into reprint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391
s 1 21 s 3 Financial Institutions Code 1992 FINANCIAL INSTITUTIONS CODE 1992 [as amended by all amendments that commenced on or before 9 February 1998] PART 1—PRELIMINARY Division 1—Introductory ˙ Short title 1. This Code may be referred to as the Financial Institutions Code. ˙ Commencement 2. This Code commences as provided under section 2 of the FinancialInstitutions (Queensland) Act 1992 of Queensland. Division 2—Interpretation ˙ Definitions 3. In this Code— “accounting records” include— (a) invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry; and (b) documents and records that record such entries; and (c) such working papers and other documents as are necessary to explain the methods and calculations by which accounts are made up. “accounting standard” has the meaning given by section 9 of the Corporations Law.
s 3 22 s 3 Financial Institutions Code 1992 “accounts” means profit and loss accounts and balance sheets, and includes statements, reports and notes (other than auditors’ reports or directors’ reports) attached to or intended to be read with any of those accounts or balance sheets. “advertisement” includes matter that is not in writing but because of the form or context in which it appears conveys a message. “affairs” , in relation to a body corporate, has the meaning given by section 53 of the Corporations Law. “AFIC” means the Australian Financial Institutions Commission. “Appeals Tribunal” means the Australian Financial Institutions Appeals Tribunal. “applicable accounting standard” means an accounting standard as applying under section 272 (Requirements applying to accounts and group accounts). “approved holder” means a body corporate that, under a standard, is approved by AFIC as an approved holder for the purposes of part 4, division 1A. “association” means a body registered as an association under this Code. “bank” means— (a) a bank as defined by section 5 of the Banking Act 1959 (Cwlth); or (b) a bank constituted under a law of a State. “board” , in relation to a financial institution, means the board of directors of the institution. “body” includes an entity. “body corporate” means any body corporate whether formed or incorporated within or outside this State, but does not include— (a) a body corporate that is incorporated within Australia or an external Territory and is a public authority or an instrumentality or agency of the Crown; or (b) a corporation sole. “borrow” means to obtain financial accommodation.
s 3 23 s 3 Financial Institutions Code 1992 “building society” means a body that is— (a) registered under this Code as a society; and (b) authorised under this Code to operate as a building society. “certificate of confirmation” has the meaning given by section 291A (Definitions). “certified” , for sections 71 to 71D, means certified by the SSA. “company” means a company incorporated, or taken to be incorporated, under the Corporations Law. “consolidated accounts” , in relation to a society, means all of the following— (a) a consolidated profit and loss account that section 269 (Group accounts) requires to be made out in relation to a financial year of the society; (b) a consolidated balance sheet that section 269 (Group accounts) requires to be made out in relation to the financial year; (c) statements, reports and notes (other than a directors’ report) attached to, or intended to be read with, that consolidated profit and loss account or consolidated balance sheet. “Court” means the Supreme Court or a Supreme Court Judge, of this State. “credit union” means a body that is— (a) registered under this Code as a society; and (b) authorised under this Code to operate as a credit union. “director” has the meaning given by section 5. “economic entity” means an economic entity for the purposes of Part 3.6 of the Corporations Law. “employee” , in relation to the SSA, includes— (a) an officer of the SSA; and (b) a person whose services are made available to the SSA; and (c) a person engaged by the SSA on a contract for services.
s 3 24 s 3 Financial Institutions Code 1992 “entity” means an entity for the purposes of Part 3.6 of the CorporationsLaw, and includes a society. “executive officer” , in relation to a financial institution or entity, means a person (by whatever name called) who is concerned, or takes part, in the management of the institution or entity. “exempt stock market” has the meaning given by section 9 of the Corporations Law. “expert” , in relation to a matter, means an independent person whose profession or reputation gives authority to a statement made by the person in relation to the matter. “financial body” means— (a) a society; or (b) an association. “financial institution” means— (a) a society; or (b) an association; or (c) a special services provider. “financial institutions agreement” has the meaning given by section 3 (Definitions) of the AFIC Code. “financial institutions legislation” has the meaning given by section 8 of the AFIC Code. “financial institutions scheme” has the meaning given by section 6 of the AFIC Code. “foreign society” means a body corporate registered as a foreign society under Part 11 (Foreign societies). “group” means an economic entity of which a financial institution is a part. “group accounts” , in relation to a holding society, means a set of consolidated accounts for the group in relation to which the society is the holding society. “holding body corporate” means a body corporate that is the holding body corporate of another body corporate.
s 3 25 s 3 Financial Institutions Code 1992 “holding building society” means a building society that is the holding building society of a body corporate. “holding society” has the meaning given by section 7. “inspector” means a person authorised under section 77 (Inspectors). “Ministerial Council” means the Ministerial Council established under the financial institutions agreement. “national business names register” has the meaning given by the Corporations Law. “officer” has the meaning given by section 10 (Interpretation—meaning of “officer”). “participating State” has the same meaning as in the AFIC Code. “permanent share” , in relation to a building society or prescribed financial institution that may issue permanent shares, means a share in the building society or financial institution, other than a withdrawable share or a redeemable preference share. “prescribed interest” has the meaning given by section 9 of the Corporations Law. “profit or loss” means— (a) in relation to an entity—the profit or loss resulting from operations of the entity; and (b) in relation to 2 or more entities or an economic entity constituted by 2 or more entities—the profit or loss resulting from operations of those entities. “redeemable preference share” means a preference share in a society that is, or at the society’s option is, liable to be redeemed. “registered company auditor” means a person registered as an auditor, or taken to be registered as an auditor, under Part 9.2 of the CorporationsLaw. “residential building” means a building occupied, or to be occupied, by a person as the person’s principal place of residence, whether as owner, under a lease or tenancy agreement or otherwise, and— (a) includes a building declared by regulation to be a residential
s 3 26 s 3 Financial Institutions Code 1992 building for the purposes of this Code; but (b) does not include— (i) a building that is not situated within Australia; or (ii) a building declared by regulation not to be a residential building for the purposes of this Code. “residential development” means— (a) construction or improvement of a residential building; or (b) conversion of a building to a residential building; or (c) improvement of land if— (i) a residential building is situated or being constructed on the land; and (ii) the improvement is of a type normally associated with land containing a residential building; or (d) acquisition of land for a purpose mentioned in paragraph (a), (b) or (c). “securities” has the meaning given by section 92 of the Corporations Law. “services corporation” means a body corporate declared to be a services corporation under section 74A (SSA may declare body as services corporation). “share” means a share in the share capital of a body corporate. “society” means— (a) a building society; or (b) a credit union; or (c) any other body registered under this Code as a society. “special services provider” means a body that is registered under the financial institutions legislation as a special services provider. “standard” means a standard in force under section 28 (Making etc. of standards) of the AFIC Code. “State” means a State or Territory. “SSA” , in relation to a State, means the person or body declared by the
s 4 27 s 4 Financial Institutions Code 1992 financial institutions legislation of the State to be the State supervisory authority for the State. “subsidiary” has the meaning given by section 12. “transferee society” has the meaning given by section 291A (Definitions). “transferor society” has the meaning given by section 291A (Definitions). “Tribunal” means the Australian Financial Institutions Appeals Tribunal. “withdrawable share” , in relation to a society, means a share in the society (other than a preference share) that may be withdrawn by the holder of the share, and includes— (a) such a share that may be withdrawn only after a particular period has elapsed or notice of a particular period has been given; and (b) shares of a prescribed class. ˙ Interpretation—meaning of “associate” 4.(1) This section applies for the purposes of this Code other than the following provisions— • Part 5, Division 5 (Shareholding restrictions) • section 243 (Financial accommodation to directors and associates) (2) A person is an “associate” of another, or is associated with another, if— (a) they are partners; or (b) one is a spouse, parent or child of the other; or (c) they are both trustees or beneficiaries of the same trust, or one is a trustee and the other is a beneficiary of the same trust; or (d) one is a body corporate or other entity (whether inside or outside Australia) and the other is a director or member of the governing body of the body or entity; or (e) one is a body corporate or other entity (whether inside or outside Australia) and the other is a person who has a legal or equitable interest in 5% or more of the share capital of the body or entity; or
s 5 28 s 5 Financial Institutions Code 1992 (f) they are related bodies corporate; or (g) a relationship of a prescribed kind exists between them; or (h) a chain of relationships can be traced between them under any 1 or more of the above paragraphs. ˙ Interpretation—meaning of “director” 5.(1) Subject to subsection (2), for the purposes of this Code, “director” , in relation to a body corporate, includes a reference to— (a) a person occupying or acting in the position of director of the body, by whatever name called and whether or not validly appointed to occupy, or duly authorised to act in, the position; and (b) a person in accordance with whose directions or instructions the directors of the body corporate are accustomed to act; and (c) in the case of a body corporate incorporated outside Australia— (i) a member of the body’s board; and (ii) a person occupying or acting in the position of member of the body’s board, by whatever name called and whether or not validly appointed to occupy, or duly authorised to act in, the position; and (iii) a person in accordance with whose directions or instructions the members of the body’s board are accustomed to act. (2) A person is not to be regarded as a person in accordance with whose directions or instructions— (a) a body corporate’s directors; or (b) the members of the board of a body corporate incorporated outside Australia; are accustomed to act merely because the directors or members act on advice given by the person in the proper performance of the functions attaching to— (c) the person’s professional capacity; or (d) the person’s business relationship with the directors, the members of the board or the body.
s 6 29 s 9 Financial Institutions Code 1992 ˙ Interpretation—reference to a holding body corporate 6. A reference in this Code to the holding body corporate of another body corporate is a reference to a body corporate of which the other body corporate is a subsidiary. ˙ Interpretation—meaning of “holding society” 7. A society is a holding society if the society— (a) controlled another entity during all or part of a financial year of the society; or (b) controlled another entity at the end of a financial year of the society. ˙ Interpretation—meaning of making a decision 8. A reference in this Code to the making of a decision includes a reference to— (a) making, suspending, revoking or refusing to make an order or determination; or (b) giving, suspending, revoking or refusing to give a certificate, direction, approval, consent or permission; or (c) issuing, suspending, revoking or refusing to issue a licence, authority or other instrument; or (d) imposing a condition or restriction; or (e) making a declaration, demand or requirement; or (f) retaining, or refusing to deliver up, an article; or (g) doing or refusing to do anything else. ˙ Interpretation—meaning of offer, invitation or issue to the public 9.(1) For the purposes of this Code— (a) a reference to an invitation to subscribe for or purchase securities includes a reference to an invitation to make an offer to subscribe for or purchase securities; and
s 10 30 s 10 Financial Institutions Code 1992 (b) a reference to an offer of securities for subscription or purchase includes a reference to an offer to accept money on deposit or loan; and (c) a reference to an invitation to subscribe for or purchase securities includes a reference to an invitation to lodge money on deposit or loan; and (d) a reference to the public includes a reference to a section of the public, including the membership of a society or a section of the membership of a society. (2) For the purposes of this Code, a reference to, or to the making of— (a) an offer to the public; or (b) an invitation to the public; or (c) an issue to the public; includes a reference to, or to the making of, an offer, invitation or issue to any section of the public, whether selected as clients of the person making the offer, invitation or issue or in any other way. (3) Subsection (2) applies even though— (a) the offer or issue is capable of acceptance only by a person to whom the offer or issue is made; or (b) an offer or application may be made pursuant to the invitation only by a person to whom the invitation is made. (4) A genuine offer, invitation or issue is not taken to have been made to the public— (a) merely because it is made to persons whose ordinary business is the buying and selling of securities, whether as principal or agent; or (b) in any case or circumstances of a prescribed kind. ˙ Interpretation—meaning of “officer” 10.(1) Subject to subsection (2), for the purposes of this Code, “officer” , in relation to a body corporate or entity, includes— (a) a director, secretary, executive officer or employee of the body or
s 11 31 s 12 Financial Institutions Code 1992 entity; and (b) a receiver and manager, appointed under a power contained in an instrument, of property of the body or entity; and (c) an official manager, or deputy official manager, of the body or entity; and (d) a liquidator of the body or entity appointed in a voluntary winding-up of the body or entity; and (e) a trustee or other person administering a compromise or arrangement made between the body or entity and other persons. (2) None of the following is an officer of the body corporate or entity— (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. ˙ Interpretation—meaning of related body corporate 11. If a body corporate is— (a) the holding body corporate of another body corporate; or (b) a subsidiary of another body corporate; or (c) a subsidiary of the holding body corporate of another body corporate; the first body corporate and the other body corporate are related to each other. ˙ Interpretation—meaning of “subsidiary” 12.(1) Subject to subsection (5), a body corporate is a subsidiary of a financial institution if— (a) the financial institution— (i) controls the composition of the body corporate’s board of directors; or (ii) is in a position to cast, or control the casting of, more than
s 12 32 s 12 Financial Institutions Code 1992 50% of the maximum number of votes that might be cast at a general meeting of the body corporate; or (iii) holds more than 50% of the issued share capital of the body corporate (other than any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or (b) the body corporate is a subsidiary of a body corporate that is a subsidiary of the financial institution (including a body corporate that is a subsidiary of the financial institution by another application of this paragraph). (2) The composition of a body corporate’s board of directors is controlled by a financial institution if the financial institution can appoint or remove all or a majority of the directors by the exercise of a power exercisable with or without the consent or concurrence of another person. (3) For the purposes of subsection (2), a financial institution is taken to have power to make an appointment of directors if— (a) a person cannot be appointed as director without the exercise of such a power by the financial institution in the person’s favour; or (b) a person’s appointment as a director follows necessarily from the person being a director or other officer of the financial institution. (4) Subsection (2) does not limit by implication the circumstances in which the composition of a body corporate’s board of directors is taken to be controlled by a financial institution. (5) In determining whether a body corporate is a subsidiary of a financial institution— (a) any shares held or power exercisable by the financial institution in a fiduciary capacity must be treated as not held or exercisable by it; and (b) subject to paragraphs (c) and (d), any shares held or power exercisable— (i) by any person as a nominee for the financial institution; or (ii) by, or by a nominee for, a subsidiary of the financial institution (other than a subsidiary that is concerned only in a fiduciary capacity);
s 13 33 s 13 Financial Institutions Code 1992 must be treated as held or exercisable by the financial institution; and (c) any shares held or power exercisable by a person under a debenture, or a trust deed for securing the issue of debentures, must be disregarded; and (d) any shares held or power exercisable by, or by a nominee for, the financial institution or its subsidiary merely by way of security given for the purposes of a transaction entered into in the ordinary course of business in connection with providing financial accommodation must be disregarded. (6) If it is relevant to determine for the purposes of this Code whether a body corporate is a subsidiary of another body corporate that is not a financial institution and subsection (1) does not apply, the first body corporate is a subsidiary of the other body corporate if it would be such a subsidiary under the Corporations Law. ˙ Interpretation—when one entity controls another 13.(1) For the purposes of Divisions 4 (Accounts) and 5 (Audit) of Part 6 (Management), an entity controls another entity if the entity is a subsidiary of the first entity. (2) Despite subsection (1), a regulation may make provision for determining, for the purposes of those Divisions as they apply in relation to a society in relation to prescribed financial years, whether or not an entity controls another entity. (3) Subject to subsection (2), if because of a provision of an applicable accounting standard that— (a) deals with the making out of consolidated accounts; and (b) applies to a financial year; an entity is taken for the purposes of the accounting standard to control another entity, the first entity is also taken to control the other entity for the purposes of those Divisions as they apply in relation to a society in relation to the financial year.
s 14 34 s 17 Financial Institutions Code 1992 Division 3—General interpretative provisions Subdivision 1—Preliminary ˙ Meaning of relevant Code 14. In this Division— “relevant Code” means this Code or the AFIC Code. ˙ Displacement of Division by contrary intention 15. The application of this Division may be displaced, wholly or partly, by a contrary intention appearing in a relevant Code. Subdivision 2—General ˙ Relevant Code or Act includes statutory instruments under relevant Code or Act 16. In a relevant Code, a reference to the relevant Code, another relevant Code or an Act, or a provision of the relevant Code, another relevant Code or an Act, includes a reference to the statutory instruments made under, or in force under or for the purposes of, the relevant Code, Act or provision. ˙ Relevant Codes to be construed not to exceed legislative power of Legislature 17.(1) A relevant Code is to be construed as operating to the full extent of, but so as not to exceed, the legislative power of the Legislature of this State. (2) If a provision of a relevant Code, or the application of a provision of a relevant Code to a person, subject matter or circumstance, would, but for this section, be construed as being in excess of the legislative power of the Legislature of this State— (a) it is valid provision to the extent to which it is not in excess of the power; and
s 18 35 s 20 Financial Institutions Code 1992 (b) the remainder of the relevant Code, and the application of the provision to other persons, subject matters or circumstances, is not affected. (3) This section applies to a relevant Code in addition to, and without limiting the effect of, any provision of the relevant Code. ˙ Every section to be a substantive enactment 18. Every section of a relevant Code has effect as a substantive enactment without introductory words. ˙ Material that is, and is not, part of a relevant Code 19.(1) The heading to a Part, Division, Subdivision, section, subsection or another provision of a relevant Code is part of the relevant Code. (2) A Schedule to a relevant Code is part of the relevant Code. (3) Punctuation in a relevant Code is part of the relevant Code. (4) A footnote to a relevant Code or to a provision of a relevant Code, and an endnote to a relevant Code, are not part of the relevant Code. ˙ References to particular Acts and to enactments 20.(1) In any relevant Code— (a) an Act of this State may be cited— (i) by its short title; or (ii) by reference to the year in which it was passed and its number; (b) a Commonwealth Act may be cited— (i) by its short title; or (ii) in another way sufficient in a Commonwealth Act for the citation of such an Act; together with a reference to the Commonwealth; (c) an Act of another State may be cited—
s 21 36 s 21 Financial Institutions Code 1992 (i) by its short title; or (ii) in another way sufficient in an Act of the State for the citation of such an Act; together with a reference to the State. (2) An enactment may be cited by reference to the provision of the Act or relevant Code in which it is contained. (3) The reference is to be made according to— (a) in the case of an Act—the copy of the Act printed by the relevant Government Printer or a person authorised by law to print the Act; or (b) in the case of a relevant Code—the copy of the relevant Code printed by the Government Printer of Queensland or a person authorised by Queensland law to print the Code. (4) In this section— “enactment” means any portion of an Act, relevant Code or statutory instrument. ˙ References taken to be included in Act or relevant Code citation etc. 21.(1) A reference in a relevant Code to an Act or another relevant Code includes a reference to— (a) the Act or other relevant Code as originally enacted, and as amended from time to time since its original enactment; and (b) if the Act or other relevant Code has been repealed and re-enacted (with or without modification) since the enactment of the reference—the Act or relevant Code as re-enacted, and as amended from time to time since its re-enactment. (2) A reference in a relevant Code to a provision of that or any other relevant Code or to an Act includes a reference to— (a) the provision as originally enacted, and as amended from time to time since its original enactment; and (b) if the provision has been omitted and re-enacted (with or without modification) since the enactment of the reference—the provision
s 22 37 s 23 Financial Institutions Code 1992 as re-enacted, and as amended from time to time since its re-enactment. (3) Subsections (1) and (2) apply to a reference in a relevant Code to a law of the Commonwealth or another State as they apply to a reference in a relevant Code to an Act and to a provision of an Act. ˙ Interpretation best achieving relevant Code’s purpose 22.(1) In the interpretation of a provision of a relevant Code, the interpretation that will best achieve the purpose of the relevant Code is to be preferred to any other interpretation. (2) Subsection (1) applies whether or not the purpose is expressly stated in the relevant Code. ˙ Use of extrinsic material in interpretation 23.(1) In this section— “extrinsic material” means relevant material not forming part of the relevant Code concerned, including, for example— (a) material that is set out in the document containing the text of the relevant Code as printed by the Government Printer of Queensland; and (b) a report of a Royal Commission, Law Reform Commission, commission or committee of inquiry, or a similar body, that was laid before the Legislative Assembly of Queensland before the provision concerned was enacted; and (c) a report of a committee of the Legislative Assembly of Queensland that was made to the Legislative Assembly of Queensland before the provision was enacted; and (d) a treaty or other international agreement that is mentioned in the relevant Code; and (e) an explanatory note or memorandum relating to the Bill that contained the provision, or any relevant document, that was laid before, or given to the members of, the Legislative Assembly of Queensland by the member bringing in the Bill before the
s 433 375 Financial Institutions Code 1992 s 433 Part 4 of the AFIC Code set out in section 20 of the AFIC Act are taken to have been made under Part 4 of this Code. ˙ Providing financial accommodation to, or accepting deposits from, non-members 433.(1) In this section— “existing non-member” of a continuing society means a person who is not a member of the society and— (a) who has a loan or other financial accommodation from the society that was provided before 1 July 1994; or (b) who has a deposit account with the society that was opened before 1 July 1994. “relevant continuing society” means a continuing society that, immediately before 1 July 1992, was authorised to provide financial accommodation to, or accept money on deposit from, a person who was not a member of the society. (2) Despite section 138(3) (Financial accommodation to, and deposits from, members and others)— (a) if financial accommodation was validly provided before 1 July 1992 by a relevant continuing society to an existing non-member, the continued provision of the accommodation is taken to be, and always to have been, authorised if otherwise provided in accordance with this Code; and (b) if a deposit account was validly opened with a relevant continuing society by an existing non-member before 1 July 1992, the continued operation of the account is taken to be, and always to have been, authorised if otherwise operated in accordance with this Code; and (c) financial accommodation provided after 30 June 1992 and before 1 July 1994 by a relevant continuing society to an existing non-member— (i) is taken to be, and always to have been, authorised if the financial accommodation was otherwise provided in accordance with this Code; and
s 434 376 Financial Institutions Code 1992 s 434 (ii) may continue to be provided to the existing non-member; and (d) a deposit account with the society that was opened by an existing non-member after 30 June 1992 and before 1 July 1994— (i) is taken to be, and always to have been, authorised if the account was otherwise operated in accordance with this Code; and (ii) may continue to be operated. (3) Subsection (2) does not authorise a society to— (a) provide further financial accommodation to an existing non-member; or (b) open a new deposit account for an existing non-member; or (c) materially alter the terms on which the society is continuing to provide financial accommodation to an existing non-member; or (d) materially alter the terms on which an existing non-member’s deposit account continues to be operated. ˙ Matters relating to register of directors, principal executive officer and secretaries 434. Within 1 month beginning on the commencement of this section, a society must— (a) make the entries in the register of its directors, principal executive officer and secretaries that it would have been required to make; and (b) lodge with the SSA the returns that it would have been required to lodge; had section 258(2A), (3A) and (7A) been in force from the commencement of this Code. Maximum penalty—$500.
s 435 377 Financial Institutions Code 1992 s 435 PART 16—VALIDATION ˙ Validation of Amendment Regulation 435.(1) In this section— “Amendment Regulation” means the Financial Institutions AmendmentRegulation (No. 1) 1992 of Queensland. “Queensland Act” means the FinancialInstitutions(Queensland)Act1992 of Queensland. (2) For the purpose of applying the Amendment Regulation as a regulation in force for the purposes of this Code, it is declared that the Amendment Regulation is taken to be, and always to have been, as valid as it would be, and have been, if it had been made on the recommendation of the Ministerial Council as required by section 8(2) of the Queensland Act. (3) Without limiting subsection (2)— (a) the Amendment Regulation is taken to be, and always to have been, a regulation in force under Part 3 of the Queensland Act; and (b) all acts, matters and things done before the commencement of this section in reliance on the Amendment Regulation are taken to be as lawfully done as they would be if they had been done after that commencement.
378 Financial Institutions Code 1992 ENDNOTES ´ 1 Index to endnotes Page 2 Date to which amendments incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378 3 Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378 4 Table of earlier reprints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379 5 List of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379 6 List of annotations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 7 Provisions that have not commenced and are not incorporated into reprint . 391 ´ 2 Date to which amendments incorporated This is the reprint date mentioned in the ReprintsAct1992, section 5(c). Accordingly, this reprint includes all amendments that commenced operation on or before 9 February 1998. Future amendments of the Financial Institutions Code 1992 may be made in accordance with this reprint under the Reprints Act 1992, section 49. 3 ´ AIA amd ch def div exp gaz hdg ins lap notfd om o in c p para prec pres prev = = = = = = = = = = = = = = = = = = Key Key to abbreviations in list of legislation and annotations Acts Interpretation Act 1954 amended chapter definition division expires/expired gazette heading inserted lapsed notified omitted order in council page paragraph preceding present previous (prev) proc prov pt pubd R[X] RA reloc renum rep s sch sdiv SIA SL sub unnum = = = = = = = = = = = = = = = = = previously proclamation provision part published Reprint No.[X] Reprints Act 1992 relocated renumbered repealed section schedule subdivision Statutory Instruments Act 1992 subordinate legislation substituted unnumbered
379 Financial Institutions Code 1992 ´ 4 Table of earlier reprints TABLE OF EARLIER REPRINTS [If a reprint number includes a roman letter, the reprint was released in unauthorised, electronic form only.] Reprint No. Amendments included Reprint date 1 to Act No. 11 of 1992 1 July 1992 2 to Act No. 25 of 1993 27 July 1993 3 to Act No. 27 of 1994 27 July 1994 4 to Act No. 74 of 1994 25 January 1995 ´ 5 List of legislation Financial Institutions Code [This is the Code set out in section 30 of the Financial Institutions (Queensland)Act 1992] date of assent 27 March 1992 ss 1–2 commenced on date of assent remaining provisions commenced 1 July 1992 (1992 SL No. 168) as amended by— Financial Institutions Legislation Amendment Act 1992 No. 11 pts 1, 3 date of assent 6 May 1992 ss 1–2 commenced on date of assent remaining provisions commenced 1 July 1992 (1992 SL No. 168) Financial Institutions Legislation Amendment Act 1993 No. 25 pts 1–2 date of assent 2 June 1993 ss 1–2 commenced on date of assent remaining provisions commenced 1 July 1993 (1993 SL No. 229) Financial Institutions Legislation Amendment Act 1994 No. 27 pts 1, 3 date of assent 28 June 1994 ss 1–2 commenced on date of assent remaining provisions commenced 1 July 1994 (1994 SL No. 222) Financial Institutions Legislation Amendment Act (No. 2) 1994 No. 74 date of assent 1 December 1994 ss 1–2 commenced on date of assent remaining provisions commenced 1 January 1995 (1994 SL No. 450) Financial Institutions Legislation Amendment Act 1997 No. 33 ss 1–2(1), (3) pt 4 date of assent 18 July 1997 ss 1–2, 51 commenced on date of assent (see s 2(3)) s 112 (so far as it inserts a new section 364C) not yet proclaimed into force remaining provisions commenced 1 October 1997 (1997 SL No. 318)
380 Financial Institutions Code 1992 ´ 6 List of annotations PART 1—PRELIMINARY Definitions s 3 def “approved holder” ins 1997 No. 33 s 38(1) def “certificate of confirmation” ins 1994 No. 27 s 6 def “certified” ins 1997 No. 33 s 38(1) def “national business names register” ins 1994 No. 27 s 6 def “residential building” ins 1992 No. 11 s 6 sub 1994 No. 27 s 6 def “residential development” ins 1992 No. 11 s 6 sub 1994 No. 27 s 6 def “services corporation” amd 1997 No. 33 s 38(2) def “transferee society” ins 1994 No. 27 s 6 def “transferor society” ins 1994 No. 27 s 6 Interpretation—meaning of “associate” s 4 amd 1994 No. 27 s 7 Division 3—General interpretative provisions Subdivision 8—Offences under relevant Codes sdiv hdg amd 1993 No. 25 s 4 Division 5—Application and adoption of Corporations Law div hdg sub 1994 No. 74 s 4 Definitions s 64A ins 1994 No. 74 s 4 Corporations Law applying under its own force s 65 sub 1994 No. 74 s 4 amd 1997 No. 33 s 39 Corporations Law adopted under a regulation s 65A ins 1994 No. 74 s 4 Adopted provisions of Corporations Law s 65B ins 1994 No. 74 s 4 Functions of SSA s 66 amd 1997 No. 33 s 40 Public office of SSA and inspection of documents s 71 amd 1994 No. 27 s 8; 1997 No. 33 s 41 Reproductions and transparencies s 71A ins 1997 No. 33 s 42 Records kept by devices s 71B ins 1997 No. 33 s 42 Material given in written form s 71C ins 1997 No. 33 s 42
381 Financial Institutions Code 1992 Certified copies etc. are evidence s 71D ins 1997 No. 33 s 42 Obtaining information from certain document registers s 71E ins 1997 No. 33 s 42 Use in a proceeding of information from SSA database s 71F ins 1997 No. 33 s 42 PART 2—FUNCTIONS AND POWERS OF SSA Division 2—Specific powers Subdivision 1—Services corporations sdiv hdg sub 1997 No. 33 s 43 SSA may declare body as services corporation s 74A ins 1997 No. 33 s 43 Societies may subscribe for shares in services corporations s 74B ins 1997 No. 33 s 43 Applications for approval s 74C 1997 No. 33 s 43 Persons dealing with societies contravening s 74B(2) s 74D ins 1997 No. 33 s 43 Subdivision 1A—Enforcement powers sdiv hdg ins 1997 No. 33 s 43 Obtaining evidence s 76 amd 1994 No. 27 s 9; 1997 No. 33 s 44 Offence related warrant may be granted by telephone s 84 amd 1997 No. 33 s 45 Appointment of administrator s 90 amd 1994 No. 27 s 10; 1997 No. 33 s 46 Rules of society after s 91 no longer applies s 91A ins 1997 No. 33 s 47 Supervision Fund s 94 amd 1997 No. 33 s 48 Credit Unions Contingency Fund s 97 amd 1993 No. 25 s 5; 1994 No. 27 s 11; 1997 No. 33 s 49 Contributions by credit unions s 98 amd 1997 No. 33 s 50 Refunds of contributions s 98A ins 1994 No. 27 s 12 Distribution of retained earnings of Credit Unions Contingency Fund s 99A ins 1997 No. 33 s 51 Payment out of Credit Unions Contingency Fund s 103 amd 1993 No. 25 s 6; 1994 No. 27 s 13
382 Financial Institutions Code 1992 Payment of administration levy and supervision levy out of Credit Unions Contingency Fund s 103A ins 1993 No. 25 s 7 Subdivision 6A—Contingency fund agreements sdiv hdg ins 1994 No. 27 s 14 SSA may enter into contingency fund agreement s 105A ins 1994 No. 27 s 14 Restrictions on entering into contingency fund agreement s 105B ins 1994 No. 27 s 14 Things for inclusion in contingency fund agreement s 105C ins 1994 No. 27 s 14 Consequences of entering into contingency fund agreement s 105D ins 1994 No. 27 s 14 amd 1997 No. 33 s 52 Restriction on initial advertisements s 106 amd 1997 No. 33 s 53 Primary objects of building societies s 110 sub 1992 No. 11 s 7 Level of assets of building society associated with primary objects s 112 amd 1992 No. 11 s 8; 1993 No. 25 s 8; 1997 No. 33 s 54 Level of financial accommodation provided by credit union restricted s 113 amd 1993 No. 25 s 9 PART 4—SOCIETIES Registration s 115 amd 1997 No. 33 s 55 Division 1A—Formation and registration of building society for approved holder div hdg ins 1997 No. 33 s 56 Application of division s 115A ins 1997 No. 33 s 56 Registration of building society as wholly owned society s 115B ins 1997 No. 33 s 56 Offence s 115C ins 1997 No. 33 s 56 Division 1B—Incorporation div hdg ins 1997 No. 33 s 56 Certificate of incorporation s 116 amd 1997 No. 33 s 57 Effect of incorporation s 117 amd 1997 No. 33 s 58
383 Financial Institutions Code 1992 Division 2—Legal capacity and powers div hdg sub 1997 No. 33 s 59 Interpretation s 117A ins 1997 No. 33 s 59 Purpose of sections 118 and 119 s 117B ins 1997 No. 33 s 59 Legal capacity prov hdg sub 1997 No. 33 s 60(1) s 118 amd 1993 No. 25 s 10; 1997 No. 33 s 60 Restrictions on societies s 119 amd 1994 No. 27 s 15 sub 1997 No. 33 s 61 Persons having dealings with societies s 119A ins 1997 No. 33 s 61 Constructive notice not presumed s 119B ins 1997 No. 33 s 61 Control of certain financial transactions s 120 amd 1997 No. 33 s 62 Purchase of overseas plant and equipment s 121A ins 1997 No. 33 s 63 Rules s 122 amd 1997 No. 33 s 64 Model rules s 123 om 1997 No. 33 s 65 Alteration of rules by board of directors s 127 sub 1997 No. 33 s 66 Members s 131 amd 1994 No. 27 s 16 Joint members s 133 amd 1997 No. 33 s 67 Corporate membership s 134 amd 1994 No. 27 s 17 Financial accommodation to, and deposits from, members and others s 138 amd 1993 No. 25 s 11; 1994 No. 27 s 18 Dormant accounts s 138A ins 1994 No. 27 s 19 sub 1997 No. 33 s 68 Name s 139 amd 1994 No. 27 s 20; 1997 No. 33 s 69
384 Financial Institutions Code 1992 Abbreviations etc. of society’s name s 140 sub 1994 No. 27 s 21 amd 1997 No. 33 s 70 SSA may direct change of name s 142 om 1994 No. 27 s 22 Other State supervisory authorities may object to proposed name s 143 om 1994 No. 27 s 22 Use of words ‘building society’, ‘credit society’, ‘credit union’ or ‘credit co-operative’ s 144 amd 1994 No. 27 s 23; 1997 No. 33 s 71 Unregistered society not to trade or carry on business s 144A ins 1997 No. 33 s 72 Publication of name s 145 amd 1994 No. 27 s 24; 1997 No. 33 s 73 Seal s 146 amd 1994 No. 27 s 25 Registered office s 147 amd 1994 No. 27 s 26 Power to make certain payments s 155 amd 1994 No. 27 s 27 Conversion of shares to deposits (special resolution) prov hdg sub 1997 No. 33 s 74(1) s 159 amd 1997 No. 33 s 74(2) Conversion of shares to deposits (by direction) s 159A ins 1997 No. 33 s 75 Withdrawable shares to rank equally with deposits on winding-up s 160 sub 1997 No. 33 s 76 Charge on withdrawable shares or deposit account s 161 amd 1994 No. 27 s 28 sub 1997 No. 33 s 77 Calls and effect on non-compliance with calls on permanent shares s 172 amd 1994 No. 27 s 29 Sale of permanent shares forfeited for non-payment of call s 173 amd 1997 No. 33 s 78 Exceptions s 179 amd 1994 No. 27 s 30 Application of certain provisions of Code to redeemable preference shares s 184 amd 1997 No. 33 s 79 Exceptions s 195 amd 1994 No. 27 s 31
385 Financial Institutions Code 1992 Substantial shareholding and substantial shareholders s 196 amd 1994 No. 74 s 5 Power to obtain information s 197 amd 1994 No. 74 s 6 Power of SSA to exempt etc. from Division 5 s 199 amd 1993 No. 25 s 12 Interpretation—disclosure statement includes supplementary statement s 201 om 1994 No. 74 s 7 Disclosure statement required in relation to issue of securities s 202 om 1994 No. 74 s 7 Registration of disclosure statement s 203 om 1994 No. 74 s 7 Disclosure statements not to include certain statements s 204 om 1994 No. 74 s 7 Supplementary disclosure statements s 205 om 1994 No. 74 s 7 Disclosure statement stale 6 months after issue s 206 om 1994 No. 74 s 7 Civil liability in relation to disclosure statements s 207 om 1994 No. 74 s 7 Indemnity for certain persons against civil liability s 208 om 1994 No. 74 s 7 Application of Corporations Law s 214 om 1994 No. 74 s 8 Restricted application of this Division s 216A ins 1994 No. 74 s 9 Loss or destruction of documents s 219 amd 1994 No. 74 s 10 Election or appointment of directors s 234 amd 1997 No. 33 s 80 Qualifications of directors s 238 amd 1994 No. 27 s 32; 1997 No. 33 s 81 Vacation of office s 239 amd 1994 No. 27 s 33; 1997 No. 33 s 82 Removal of directors s 239A ins 1994 No. 27 s 34 Declaration of interest s 240 amd 1994 No. 27 s 35; 1997 No. 33 s 83
386 Financial Institutions Code 1992 General duty to make disclosure s 241 amd 1994 No. 27 s 36 Certain financial accommodation to officers prohibited s 242 sub 1994 No. 27 s 37 Financial accommodation to directors and associates s 243 amd 1994 No. 27 s 38; 1997 No. 33 s 84 Society not to indemnify director s 244A ins 1997 No. 33 s 85 Voting s 253 amd 1994 No. 27 s 39 Proxy votes s 254 sub 1994 No. 27 s 40 amd 1997 No. 33 s 86 Special resolutions s 255 amd 1994 No. 27 s 41; 1997 No. 33 s 87 Register of directors etc. s 258 amd 1993 No. 25 s 13; 1994 No. 27 s 42; 1997 No. 33 s 88 Register of members s 259 amd 1994 No. 74 s 11; 1997 No. 33 s 89 Register of holders of permanent shares s 260 amd 1994 No. 74 s 12; 1997 No. 33 s 90 Location of registers on computers s 263A ins 1994 No. 74 s 13 Form and evidentiary value of registers s 263B ins 1994 No. 74 s 13 Directors’ reports s 274 amd 1994 No. 27 s 43; 1997 No. 33 s 91 Qualifications of auditors s 278 amd 1997 No. 33 s 92 Appointment of auditors s 279 amd 1997 No. 33 s 93 Nomination of auditors s 280 amd 1997 No. 33 s 94 Removal and resignation of auditors s 281 amd 1997 No. 33 s 95 PART 7—MERGERS AND TRANSFERS OF ENGAGEMENTS Division 1A—Preliminary div hdg ins 1994 No. 27 s 44
387 Financial Institutions Code 1992 Definitions s 291A ins 1994 No. 27 s 44 amd 1997 No. 33 s 96 Application for registration of merger or transfer of engagements between societies of the same type s 293 amd 1997 No. 33 s 97 Certificate of confirmation (voluntary transfer) s 295 sub 1994 No. 27 s 45 SSA may direct a transfer of engagements between societies of the same type s 296 amd 1994 No. 27 s 46 Certificate of confirmation (transfer by direction) s 298 sub 1994 No. 27 s 47 amd 1997 No. 33 s 98 Who receives the certificate of confirmation s 298A ins 1994 No. 27 s 47 When transfer of engagements takes effect s 298B ins 1994 No. 27 s 47 sub 1997 No. 33 s 99 Cancellation of registration after total transfer s 298C ins 1994 No. 27 s 47 Effect of merger s 299 sub 1994 No. 27 s 48 Effect of transfer of engagements s 300 sub 1994 No. 27 s 49 amd 1997 No. 33 s 100 Application for registration of merger or transfer of engagements between societies of different types s 302 amd 1997 No. 33 s 101 Cancellation of building society’s permanent shares s 302A ins 1994 No. 27 s 50 amd 1997 No. 33 s 102 Certificate of confirmation (voluntary transfer) s 304 sub 1994 No. 27 s 51 SSA may direct a transfer of engagements between societies of different types s 305 amd 1994 No. 27 s 52 Certificate of confirmation (transfer by direction) s 307 sub 1994 No. 27 s 53 amd 1997 No. 33 s 103 Who receives the certificate of confirmation s 307A ins 1994 No. 27 s 53
388 Financial Institutions Code 1992 When transfer of engagements takes effect s 307B ins 1994 No. 27 s 53 sub 1997 No. 33 s 104 Cancellation of registration after total transfer s 307C ins 1994 No. 27 s 53 Division 3—Mergers and transfers of engagements involving foreign societies div hdg sub 1997 No. 33 s 105 Definitions for div 3 s 309 sub 1997 No. 33 s 105 Proposal for merger or transfer of engagements s 310 sub 1997 No. 33 s 105 SSA may register merged society s 311 sub 1997 No. 33 s 105 Certificate of confirmation for total transfer s 312 sub 1997 No. 33 s 105 Certificate of confirmation for partial transfer s 313 sub 1994 No. 27 s 54; 1997 No. 33 s 105 Who receives the certificate of confirmation s 313A ins 1994 No. 27 s 54 om 1997 No. 33 s 105 When transfer of engagements takes effect s 313B ins 1994 No. 27 s 54 om 1997 No. 33 s 105 When transfer of engagements takes effect s 314 sub 1994 No. 27 s 55; 1997 No. 33 s 105 Effect of merger s 315 sub 1994 No. 27 s 56; 1997 No. 33 s 105 Effect of transfer of engagements s 316 sub 1997 No. 33 s 105 Surrender of certificate of incorporation s 316A ins 1997 No. 33 s 105 Division 3A—Effect of mergers and transfers of engagements involving only foreign societies div hdg ins 1997 No. 33 s 105 Definitions for div 3A s 316B ins 1997 No. 33 s 105 Effect of merger of foreign societies s 316C ins 1997 No. 33 s 105 Effect of transfer of engagements between foreign societies 316D ins 1997 No. 33 s 105
389 Financial Institutions Code 1992 Proposal to convert by building society to be approved by members s 320 amd 1994 No. 27 s 57 PART 9—EXTERNAL ADMINISTRATION Schemes of arrangement and reconstruction s 337 amd 1997 No. 33 s 106 Division 3—Official management div 3 (s 339) om 1997 No. 33 s 107 Winding-up on certificate of SSA s 341 amd 1994 No. 27 s 58; 1997 No. 33 s 108 Application of Corporations Law to winding-up s 342 amd 1993 No. 25 s 14; 1997 No. 33 s 109 Appointment of investigators s 348 amd 1994 No. 27 s 59 Powers of investigators s 350 amd 1994 No. 27 s 60 Self-incrimination s 352 amd 1997 No. 33 s 110 Registration s 364 amd 1994 No. 27 s 61; 1997 No. 33 s 111 Agents s 364A ins 1997 No. 33 s 112 End of appointment of foreign societies’ agents s 364B ins 1997 No. 33 s 112 Liability of agents s 364C ins 1997 No. 33 s 112 Office of foreign society s 364D ins 1997 No. 33 s 112 Service of documents s 364E ins 1997 No. 33 s 112 SSA to be notified of certain changes s 366 ins 1997 No. 33 s 113 Balance sheets s 367 om 1997 No. 33 s 114 Society proposing to register as foreign society s 369 amd 1997 No. 33 s 115 SSA to provide certain documents s 369A ins 1997 No. 33 s 116 Effect of incorporation s 374 amd 1997 No. 33 s 117
390 Financial Institutions Code 1992 Reviewable decisions s 379 amd 1997 No. 33 s 118 SSA to review certain decisions s 382 amd 1997 No. 33 s 119 Certificates etc. s 383 amd 1994 No. 27 s 62 Financial bodies to comply with standards s 402 amd 1994 No. 27 s 63 Secrecy s 410 sub 1997 No. 33 s 120 Powers about money of members who have died s 411 sub 1994 No. 27 s 64 amd 1997 No. 33 s 121 Limitation of doctrine of ultra vires s 412 om 1997 No. 33 s 122 Abolition of doctrine of constructive notice s 413 om 1997 No. 33 s 122 Security over prime liquid assets s 430 amd 1993 No. 25 s 15 Society must offer membership in certain circumstances s 431 om 1994 No. 27 s 65 Providing financial accommodation to, or accepting deposits from, non-members s 433 ins 1993 No. 25 s 16 sub 1994 No. 27 s 66 Matters relating to register of directors, principal executive officer and secretaries s 434 ins 1993 No. 25 s 16 PART 16—VALIDATION pt hdg ins 1993 No. 25 s 17 Validation of Amendment Regulation s 435 ins 1993 No. 25 s 17 SCHEDULE 1—MATTERS TO BE PROVIDED FOR IN RULES OF BUILDING SOCIETIES om 1997 No. 33 s 123 SCHEDULE 2—MATTERS TO BE PROVIDED FOR IN RULES OF CREDIT UNIONS sch hdg amd 1994 No. 27 s 67 om 1997 No. 33 s 123
391 Financial Institutions Code 1992 ´ 7 Provisions that have not commenced and are not incorporated into reprint The following provisions are not incorporated in this reprint because they had not commenced before the reprint date (see Reprints Act 1992, s 5(c)). FinancialInstitutionsLegislationAmendmentAct1997 No. 33 s 112 reads as follows— Insertion of new ss 364A–364E 112. After section 364— insert— ‘ Liability of agents ‘ 364C. The agent of a foreign society— (a) is answerable for the doing of all acts, matters and things that the foreign society is required by or under this Code to do; and (b) is personally liable to a penalty imposed on the foreign society for a contravention of this Code if the court or tribunal imposing the penalty is satisfied that the agent should be personally liable.’. © State of Queensland 1998
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Financial Institutions Code 1992 (Qld)
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