Financial Institutions Legislation Amendment Regulation (No. 1) 1997 (Qld)

Queensland Subordinate Legislation 1997 No. 319 Australian Financial Institutions Commission Act 1992 Financial Institutions (Queensland) Act 1992 FINANCIAL INSTITUTIONS LEGISLATION AMENDMENT REGULATION (No. 1) 1997 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 PART 2—AMENDMENT OF AUSTRALIAN FINANCIAL INSTITUTIONS COMMISSION REGULATIONS 1992 3 Regulations amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Amendment of s 5 (Application of Financial Institutions Code—s 40) . . . 3 5 Insertion of new s 9A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 9A Secrecy provisions—s 155 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 Amendment of s 13 (Fees—s 14(1) of the Act) . . . . . . . . . . . . . . . . . . . . . . 4 7 Insertion of new s 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 14 Transitional provision—name of friendly society . . . . . . . . . . . . . . . 6 PART 3—AMENDMENT OF FINANCIAL INSTITUTIONS REGULATIONS 1992 8 Regulations amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 Replacement of s 4A (Classes of documents available for inspection—s 71(3)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 4A Classes of documents available for inspection—s 71(3) . . . . . . . . . 7 10 Insertion of new s 5AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 5AA Acquisition of shares in services corporation—s 74B . . . . . . . . . . . . 9

2 Financial Institutions Legislation Amendment (No. 1) No. 319, 1997 11 Amendment of s 5A (Payment to persons required to attend or produce documents—s 76) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 12 Amendment of s 6B (Primary objects of building societies— s 110(1)(b)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 13 Amendment of s 9 (Registration of societies—s 115) . . . . . . . . . . . . . . . . . 11 14 Omission of s 10 (Acquisition of shares in services corporation—s 119) . . 11 15 Replacement of s 11A (Maximum account-keeping fee for amounts in a suspense account—s 138A(5)) . . . . . . . . . . . . . . . . . . . . . . . . 11 11A Dormant account fees—s 138A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 16 Amendment of s 17 (Registration of charges—s 227) . . . . . . . . . . . . . . . . . 11 17 Replacement of s 27 (Proposal to convert by building society to be approved by members—s 320) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 27 Conduct of postal ballot—ss 255, 320, 327 . . . . . . . . . . . . . . . . . . . . 12 18 Omission of s 30 (Official management—s 339) . . . . . . . . . . . . . . . . . . . . . 12 19 Replacement of s 31 (Registration of foreign society—s 364) . . . . . . . . . . 12 31 Registration of foreign society—s 364 . . . . . . . . . . . . . . . . . . . . . . . . 12 20 Amendment of s 32 (Application of Code to foreign societies—s 365) . . . 13 21 Replacement of s 33 (SSA to be notified of certain changes—s 366) . . . . 13 33 Document to accompany notice of change of name of foreign society—s 366 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 22 Amendment of s 36 (Application of Code to associations—s 378) . . . . . . . 14 23 Insertion of new s 36A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 36A Secrecy provisions—s 410 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 24 Replacement of s 37 (Powers in relation to money of members who have died or become of unsound mind—s 412) . . . . . . . . . . . . . . . . . . 15 37 Application of amount held for deceased member—s 411 . . . . . . . . 15 25 Amendment of s 40 (Fees) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 26 Amendment of sch 1 (Postal ballots) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 27 Amendment of sch 2 (Charges) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 28 Amendment of sch 3 (Arrangements and reconstructions) . . . . . . . . . . . . . . 21 29 Omission of sch 5 (Official management) . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

s1 3 s5 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) PART 1—PRELIMINARY ˙ Short title 1. This regulation may be cited as the Financial Institutions Legislation Amendment Regulation (No. 1) 1997 . ˙ Commencement 2. This regulation commences on the day the FinancialInstitutionsLegislation Amendment Act 1997 , section 3 commences. PART 2—AMENDMENT OF AUSTRALIAN FINANCIAL INSTITUTIONS COMMISSION REGULATIONS 1992 ˙ Regulations amended in pt 2 3. This part amends the Australian Financial Institutions CommissionRegulations 1992 . ˙ Amendment of s 5 (Application of Financial Institutions Code—s 40) 4. Section 5(1)(b)— omit, insert— ‘(b) part 4, division 2 (Legal capacity and powers);’. ˙ Insertion of new s 9A 5. After section 9— insert—

s6 4 s6 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) ˙ ‘ Secrecy provisions—s 155 ‘ 9A.(1) This section prescribes persons and bodies for definitions in section 155 of the Code. ‘ (2) For the definition “financial sector supervisory agency”, each of the following is a financial sector supervisory agency— • ASC • ISC • PHIAC • RBA. ‘ (3) For the definition “law enforcement agency”, each of the following is a law enforcement agency— • Australian Bureau of Criminal Intelligence • Australian Competition and Consumer Commission • Australian Federal Police • Australian Transaction Reports and Analysis Centre (also known as AUSTRAC) • Commonwealth Law Enforcement Board • Criminal Justice Commission of Queensland • Director of Public Prosecutions (however named) of the Commonwealth and of each State • Independent Commission Against Corruption of New South Wales • National Crime Authority • New South Wales Crime Commission • Police Service (however named) of each State.’. ˙ Amendment of s 13 (Fees—s 14(1) of the Act) 6.(1) Section 13(1)(b), ‘$3’— omit, insert—

s6 5 s6 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) ‘$10’. (2) Section 13(1)(i) to (l)— omit, insert— ‘(i) on application under section 47D of the Code for the extension of the period of reservation of a name—$100;’. (3) Section 13(1)(m)(i), ‘$15’— omit, insert— ‘$20’. (4) Section 13(1)(m)(ii), ‘$46’— omit, insert— ‘$50’. (5) Section 13(1)(m)(iii), ‘$81’— omit, insert— ‘$90’. (6) Section 13(1)(n), ‘$23’— omit, insert— ‘$30’. (7) Section 13(1)(o), after ‘an application’— insert— ‘(not including an application for registration of a special resolution)’. (8) Section 13(1)(o), ‘$15’— omit, insert— ‘$20’. (9) Section 13(1)(p), ‘$3.’— omit, insert— ‘$10;’. (10) Section 13(1)(m) to (q)—

s7 6 s7 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) renumber as section 13(j) to (n). (11) Section 13(1), ‘ (1) The’— omit, insert— ‘The’. ˙ Insertion of new s 14 7. After section 13— insert— ˙ ‘ Transitional provision—name of friendly society ‘ 14.(1) If, immediately before the commencement of this section, a continuing society did not include the words ‘friendly society’ as part of its name, the continuing society is not required to include the words ‘friendly society’ as part of its name for 1 year after the commencement. ‘ (2) If, immediately before the commencement of this section, a continuing society did not include the word ‘Limited’ or the abbreviation ‘Ltd’ at the end of its name, the continuing society is not required to include the word ‘Limited’ or the abbreviation ‘Ltd’ at the end of its name for 1 year after the commencement. ‘ (3) This section has effect despite any provision of the Code. ‘ (4) In this section— “continuing society” means a continuing society within the meaning of the Friendly Societies Code set out in the Friendly Societies (Victoria)Act 1996 of Victoria, schedule 1, as applying as a law of this State.’.

s8 7 s9 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) PART 3—AMENDMENT OF FINANCIAL INSTITUTIONS REGULATIONS 1992 ˙ Regulations amended in pt 3 8. This part amends the Financial Institutions Regulations 1992 . ˙ Replacement of s 4A (Classes of documents available for inspection—s 71(3)) 9. Section 4A— omit, insert— ˙ ‘ Classes of documents available for inspection—s 71(3) ‘ 4A.(1) The following classes of document lodged with, created by or otherwise held by the SSA are prescribed for the purpose of section 71(3)(a)(ii) of the Code— (a) a document that is 1 of the following— (i) a notice given by the SSA under section 74A, 74C(6), 90(1), 291(5) or (12)(a), 322(3)(a) (for approving a proposal) or (b) (for refusing a proposal) or 328(3)(a) (for approving a proposal) or (b) (for refusing a proposal) of the Code; (ii) a notice given to the SSA under section 90(1B), 147(3), 185(7), 281(5)(a) or (12)(a), 332, 364B(1), 364D(3) or (4) or 368(1) or (3) of the Code; (iii) an application under section 115(1), 115B(1), 177(5), 279(13), 293(1), 302(1), 311(3), 312(2), 313(2), 319, 326, 364(1) or 372(1) of the Code; (iv) a document accompanying an application for— (A) registration, and mentioned in section 115(2)(b)(i), (ii), (iv) or (v) of the Code; or (B) registration, and mentioned in section 115B(4)(b) of the Code; or (C) conversion, and mentioned in section 322(1)(a) or (c)

s9 8 s9 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) of the Code; or (D) conversion, and mentioned in section 328(1)(a) or (c) of the Code; or (E) registration, and mentioned in section 364(2)(b) or (c) of the Code; (v) the duplicate original of each certificate, and of each accompanying authority (if any), issued by the SSA under— (A) section 116(1), 139(3), 177(6), 294(2), 295(2) or (3), 298(2) or (3)(b), 303(2), 304(2) or (3), 307(2) or (3)(b), 311(6), 312(3), 313(3), 334(3), 336(1), 360(10)(b), 364(3), 373(1) or 415(1) of the Code; or (B) section 33(2); (vi) an approval or consent given by the SSA under section 127(3), 129(5), 130(5) or 257(3) of the Code; (vii) a return lodged with the SSA under section 258(7A) or 278(5)(e) of the Code; (viii)an office copy of an order lodged with the SSA under section 179(8) of the Code; (ix) a direction issued by AFIC or the SSA under section 228(1) or (2) of the Code; (x) a special resolution registered by the SSA under section 255(8) of the Code; (xi) a statement lodged with the SSA under section 275(5)(b)(i) of the Code; (xii) a report given to the SSA under section 286(4) of the Code; (xiii)the rules of an association registered by the SSA under section 372(4) of the Code; (b) a document lodged with the SSA under section 26(1) (annual return) or (2) (documents accompanying annual return), 33(1) (certified copy of new or amended certificate of incorporation) or 35(1)(e)(ii) (statutory declaration); (c) a document lodged with, created by or otherwise held by the SSA

s 10 9 s 10 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) under any of the following provisions of the Corporations Law as applied under the Code— (i) part 3.5 (Charges) (as modified under schedule 2), sections 263, 264, 268(1)(a), 268(2), 269(2), 274 and 277(3); (ii) part 5.1 (Arrangements and reconstructions) (as modified under schedule 3), sections 411(2), 411(9)(a) (applying the Corporations Law, sections 427(2), 427(4)(a) and 432(1)), 411(10), 412(6), 413(3) and 415(1); (iii) part 5.2 (Receivers and managers) (as modified under schedule 4), sections 427(1)(a), (2), (3) and (4)(a), 429(4) and (5) and 432(1); (iv) part 5.4B (Winding up in insolvency or by the Court), sections 465A(a), 470(1) to (3), 474(3), 475(7), 476, 481(5) and 482(5); (v) part 5.5 (Voluntary winding up), sections 491(2)(a), 494(3)(b), 496(7), 497(2)(c), 497(7), and 509(3), (4) and (7); (vi) part 5.6 (Winding up generally), sections 537, 539(1), 568A(1)(a), 571(2), 573(7) and 574(4); (d) the register of charges mentioned in the CorporationsLaw, section 265(1) (as applied under the Code and as modified under schedule 2). ‘ (2) In this section— “under” includes for the purposes of.’. ˙ Insertion of new s 5AA 10. After section 5— insert— ˙ ‘ Acquisition of shares in services corporation—s 74B ‘ 5AA. For the application of section 74B of the Code to a society that subscribes for or otherwise acquires shares in a services corporation—

s 11 10 s 12 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) (a) the prescribed amount of the funds of the society is $2 000; and (b) the prescribed way of calculating an amount of the funds of the society is— (i) calculate 1% of the value of the society’s assets as at the end of the financial year (the “last financial year” ) immediately preceding the financial year in which the calculation is made (as shown in the society’s balance sheet for the last financial year); and (ii) subtract from the amount calculated under subparagraph (i) the total of all amounts previously applied in subscribing for or otherwise acquiring shares in the services corporation.’. ˙ Amendment of s 5A (Payment to persons required to attend or produce documents—s 76) 11.(1) Section 5A, heading— omit, insert— ‘ Fees for attendance for examination—ss 76 and 351 ’. (2) Section 5A(1), after ‘section 76’— insert— ‘or 351’. ˙ Amendment of s 6B (Primary objects of building societies— s 110(1)(b)) 12.(1) Section 6B(2)(a)— omit, insert— ‘(a) making residential loans mentioned in paragraph (b) of the definition “residential loan” in subsection (1) to members;’. (2) Section 6B(2)(d), ‘member’— omit, insert— ‘person’.

s 13 11 s 17 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) ˙ Amendment of s 9 (Registration of societies—s 115) 13. Section 9(4), ‘$5 000’— omit, insert— ‘$3 000’. ˙ Omission of s 10 (Acquisition of shares in services corporation—s 119) 14. Section 10— omit. ˙ Replacement of s 11A (Maximum account-keeping fee for amounts in a suspense account—s 138A(5)) 15. Section 11A— omit, insert— ˙ ‘ Dormant account fees—s 138A ‘ 11A. For section 138A(4)(a)(ii) and (5)(a)(ii) of the Code, the amount prescribed is $10 a year.’. ˙ Amendment of s 17 (Registration of charges—s 227) 16. Section 17, ‘Corporation’— omit, insert— ‘Corporations’. ˙ Replacement of s 27 (Proposal to convert by building society to be approved by members—s 320) 17. Section 27— omit, insert—

s 18 12 s 19 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) ˙ ‘ Conduct of postal ballot—ss 255, 320, 327 ‘ 27. Schedule 1 states the way a postal ballot is to be conducted for the purpose of the following provisions of the Code— • section 255(1)(b) • section 320(1)(a) • section 327(1).’. ˙ Omission of s 30 (Official management—s 339) 18. Section 30— omit. ˙ Replacement of s 31 (Registration of foreign society—s 364) 19. Section 31— omit, insert— ˙ ‘ Registration of foreign society—s 364 ‘ 31.(1) An application for registration as a foreign society must be made in writing. ‘ (2) The application must be accompanied by— (a) a certificate, not more than 2 months old, of the SSA of the participating State in which the society is incorporated stating that it considers that there is no good reason why the society should not be registered as a foreign society in this State; and (b) the documents prescribed for the purpose of the section of the financial institutions legislation of that participating State that corresponds with section 369(3) (Society proposing to register as foreign society); and (c) a statement, verified as prescribed, setting out— (i) the name of the person who is to be the agent of the society in this State; and (ii) the address of the office to be maintained for the society by

s 20 13 s 21 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) the society’s agent; and (iii) each name under which the society proposes to carry on business in this State. 1 ‘ (3) The statement mentioned in subsection (2)(c) must be verified by statutory declaration made by a director or the secretary of the applicant society. ‘ (4) A certificate of registration issued to a society under section 364(3) of the Code must be issued to the society in the name of the society shown on its certificate of incorporation, whether or not the society will carry on business in this State under another name.’. ˙ Amendment of s 32 (Application of Code to foreign societies—s 365) 20.(1) Section 32— insert— ‘(ca)section 263 (Inspection); and’. (2) Section 32— insert— ‘ (2) For the application of section 263 of the Code to a foreign society, a reference to the society’s registered office is taken to be a reference to the office maintained for the society by the society’s agent.’. ˙ Replacement of s 33 (SSA to be notified of certain changes—s 366) 21. Section 33— omit, insert— ˙ ‘ Document to accompany notice of change of name of foreign society—s 366 ‘ 33.(1) If a foreign society lodges with the SSA particulars of an alteration or change affecting the name under which the foreign society 1 The italicised material is taken from the Code and is included for the sake of completeness.

s 22 14 s 23 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) carries on business in the participating State in which it is incorporated, the particulars must be accompanied by a certified copy of the foreign society’s new or amended certificate of incorporation. ‘ (2) The SSA must, as soon as practicable after receiving a certified copy of a foreign society’s new or amended certificate of incorporation, issue to the foreign society a new or amended certificate of registration reflecting the alteration or change shown in the new or amended certificate of incorporation.’. ˙ Amendment of s 36 (Application of Code to associations—s 378) 22. Section 36(b)— omit, insert— ‘(b) part 4, division 2 (Legal capacity and powers);’. ˙ Insertion of new s 36A 23. After section 36— insert— ˙ ‘ Secrecy provisions—s 410 ‘ 36A.(1) This section prescribes persons and bodies for definitions in section 410 of the Code. ‘ (2) For the definition “financial sector supervisory agency”, each of the following is a financial sector supervisory agency— • Australian Securities Commission • Insurance and Superannuation Commissioner under the InsuranceandSuperannuationCommissionerAct1987 of the Commonwealth • Reserve Bank of Australia. ‘ (3) For the definition “law enforcement agency”, each of the following is a law enforcement agency— • Australian Bureau of Criminal Intelligence

s 24 15 s 25 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) • Australian Competition and Consumer Commission • Australian Federal Police • Australian Transaction Reports and Analysis Centre (also known as AUSTRAC) • Commonwealth Law Enforcement Board • Criminal Justice Commission of Queensland • Director of Public Prosecutions (however named) of the Commonwealth and of each State • Independent Commission Against Corruption of New South Wales • National Crime Authority • New South Wales Crime Commission • Police Service (however named) of each State.’. ˙ Replacement of s 37 (Powers in relation to money of members who have died or become of unsound mind—s 412) 24. Section 37— omit, insert— ˙ ‘ Application of amount held for deceased member—s 411 ‘ 37. The amount prescribed for section 411(2)(a) is $15 000.’. ˙ Amendment of s 40 (Fees) 25.(1) Section 40(a), ‘$3’— omit, insert— ‘$10’. (2) Section 40(b), before ‘extract from’— insert— ‘certified’.

s 26 16 s 26 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) (3) Section 40(e) to (p)— omit, insert— ‘(e) on lodging of an application under section 364 of the Code for registration of a foreign society—$100; (f) on the late lodgment of a document, other than a return required to be lodged under section 26 (in addition to any lodgment fee provided for the lodging of the document)— (i) if lodged within 1 month after the prescribed time—$20; and (ii) if lodged more than 1 month, but less than 3 months, after the prescribed time—$50; and (iii) if lodged more than 3 months after the prescribed time—$90; (g) on the late lodgment of a return required to be lodged under section 26—$50 plus $10 for each day its lodgment is late, up to a maximum late lodgment fee of $950; (h) for the production by the SSA, under a subpoena, of a document held by it in relation to a financial body or registered foreign society—$30; (i) on lodging an application (not including an application to register an alteration of rules under section 126 or 127 of the Code, or an application for registration of a special resolution under section 255 of the Code) or request to the SSA to exercise any power, or to do any act, that the SSA is authorised or required to exercise or do on application or request, and for which no other fee is prescribed—$20; (j) for a certificate issued by the SSA other than a certificate of incorporation or registration—$10.’. ˙ Amendment of sch 1 (Postal ballots) 26.(1) Schedule 1, section 1— omit, insert—

s 26 17 s 26 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) ‘ Purpose of sch 1 ‘ 1. This schedule prescribes the way a society must conduct— (a) a postal ballot mentioned in section 255(1)(b) of the Code (a “section 255 postal ballot” ) for the purpose of a resolution about a proposed merger or transfer of engagements; or (b) a postal ballot mentioned in section 320(1)(a) of the Code (a “section 320 postal ballot” ) for the purpose of approving— (i) a proposal to convert to a company or credit union; and (ii) the memorandum of association and articles of association (if any) or the rules proposed for the company or credit union; or (c) a postal ballot mentioned in section 327(1) of the Code (a “section 327 postal ballot” ) for the purpose of approving— (i) a proposal to convert to a building society; and (ii) the rules proposed for the building society. ‘ Appointment of returning officer ‘ 1A.(1) The society must appoint an appropriately qualified person as returning officer for the postal ballot. ‘ (2) The returning officer may, if necessary, appoint 1 or more persons to act as assistant returning officers or clerical assistants. ‘ (3) A member of the society is not eligible to be appointed as a returning officer or assistant returning officer. ‘ (4) The returning officer may delegate to an appropriately qualified assistant returning officer any of the returning officer’s powers under this schedule. ‘ (5) In subsection (1)— “appropriately qualified” includes having the qualifications, experience or standing appropriate for appointment. ‘ (6) In subsection (4)— “appropriately qualified” includes having the qualifications, experience or

s 26 18 s 26 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) standing appropriate to exercise a power. Example of standing for subsections (5) and (6)— A person’s classification level in the entity in which the person is employed. ‘ Roll ‘ 1B. As soon as practicable after the society appoints the returning officer for the postal ballot, the society must give the returning officer a roll showing the members of the society and, for a section 320 postal ballot, the number of shares held by each member, including, if the shares are divided into different classes, the number of shares of each class held by each member.’. (2) Schedule 1, section 2(1)— omit, insert— ‘ 2.(1) As soon as practicable after being appointed as returning officer for a postal ballot, the returning officer must cause notice of the proposed ballot to be— (a) sent to each member who is entitled to vote; or (b) published in a newspaper or newspapers circulating generally throughout this State and each other State in which the society operates.’. (3) Schedule 1, section 2(2)(b)— omit, insert— ‘(b) state the resolution or matter for approval that is to be put to voters at the ballot; and’. (4) Schedule 1, section 3(1), ‘a newspaper circulating generally throughout the jurisdiction’— omit, insert— ‘a newspaper or newspapers circulating generally throughout this State and each other State in which the society operates’. (5) Schedule 1, section 5, ‘person’— omit, insert–

s 26 19 s 26 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) ‘member’. (6) Schedule 1, section 5(a), ‘deputy’— omit, insert— ‘assistant’. (7) Schedule 1, section 5(c), ‘person’s’— omit, insert— ‘member’s’. (8) Schedule 1, section 5(d)— omit, insert— ‘(d) a certificate to be completed by the member certifying the member’s membership and, for a section 320 postal ballot, the number and class of shares held by the member; and’. (9) Schedule 1, section 6(1), ‘person’— omit, insert— ‘member’. (10) Schedule 1, section 7, ‘person’— omit, insert— ‘member’. (11) Schedule 1, part 2, after section 7— insert— ‘ Eligible votes ‘ 7A. A member’s vote in the postal ballot may be counted only if— (a) the member has voted in the way required in this part; and (b) the outer envelope is received by the returning officer on or before the date for the close of the postal ballot.’. (12) Schedule 1, section 9(3)— omit, insert— ‘ (3) The returning officer must, for a section 320 postal ballot, endorse

s 26 20 s 26 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) on any inner envelope accepted for scrutiny the classes of shares held by the member who purports to have signed the postal vote certificate, together with the number of shares of each class held by the member.’. (13) Schedule 1, section 9(4), ‘person’s’— omit, insert— ‘member’s’. (14) Schedule 1, section 10(1)(b), after ‘endorsement’— insert— ‘(if any)’. (15) Schedule 1, section 10(1)(e)— omit. (16) Schedule 1, section 11(2)— omit, insert— ‘ (2) On completing the count for a section 255 postal ballot, the returning officer must make out a return to the society certifying— (a) the number of votes cast by members of the society on the resolution about the proposed merger or transfer of engagements; and (b) the percentage of votes to approve the resolution. ‘ (3) On completing the count for a section 320 postal ballot, the returning officer must make out a return to the society certifying— (a) the percentage of the members of the society who voted in the postal ballot; and (b) of the members who voted in the postal ballot—the percentage who voted to approve— (i) the proposal to convert to a company or credit union; and (ii) the memorandum of association and articles of association (if any) or the rules proposed for the company or credit union; and (c) if the society has issued shares of more than 1 class—the number

s 27 21 s 29 Financial Institutions Legislation Amendment No. 319, 1997 (No. 1) of shares of each class held by members who voted in the postal ballot, and the percentage of those shares held by members who voted to approve the matters mentioned in paragraph (b)(i) and (ii). ‘ (4) On completing the count for a section 327 postal ballot, the returning officer must make out a return to the society certifying— (a) the number of members of the society who voted in the postal ballot; and (b) of the members who voted in the postal ballot—the percentage who voted to approve— (i) the proposal to convert to a building society; and (ii) the rules proposed for the building society.’. ˙ Amendment of sch 2 (Charges) 27. Schedule 2, applied section 261(2), ‘ section 263(3) or’— omit. ˙ Amendment of sch 3 (Arrangements and reconstructions) 28. Schedule 3, applied section 414(11), ‘(1)’— omit, insert— ‘ (2) ’. ˙ Omission of sch 5 (Official management) 29. Schedule 5— omit.

22 Financial Institutions Legislation Amendment (No. 1) No. 319, 1997 ENDNOTES 1. Made by the Governor in Council on 25 September 1997. 2. Notified in the gazette on 26 September 1997. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Treasury Department. © State of Queensland 1997