Financial Institutions (NT) Act (NT)

NORTHERN TERRITORY OF AUSTRALIA

FINANCIAL INSTITUTIONS (nt) ACT

As in force at 27 May 1998

Table of provisions [if supportFields]><span style='mso-element:field-begin'></span><span style='mso-spacerun:yes'>&#160;</span>TOC \o &#34;1-9&#34; <span style='mso-element: field-separator'></span><![endif] — Preliminary1 — Short title2 — Commencement3 — Definitions4 — References to Queensland ActsPart 2 — AFIC (NT) Code and AFIC (NT) Regulations5 — Application in Territory of AFIC code6 — Application of regulations7 — Interpretation of some expressions in Code and RegulationsPart 3 — Financial Institutions (NT) Code and Financial Institutions (NT) Regulations8 — Application in Territory of Financial Institutions Code9 — Application of Financial Institutions Regulations10 — Interpretation of some expressions in Code and RegulationsPart 4 — Conferral of functions and powers11 — Conferral of functions and powers on AFIC12 — Conferral of functions and powers on TribunalPart 5 — State Supervisory Authority14 — Territory Supervisory AuthorityPart 6 — Application to Crown15 — Crown is boundPart 7 — Imposition of fees and other amounts16 — Fees for chargeable matters17 — Levies, contributions and loansPart 8 — General18 — Action to be taken by Chief Minister under certain report19 — Amendment of certain provisions20 — Indictable and summary offences21 — Aiding and abetting, attempts, &c.22 — Fees, fines and penaltiesPart 9 — Transitional and consequential23 — Accounts, returns, audit, &c.24 — Records25 — General savings and transitional provisions26 — Savings and transitionalENDNOTES NORTHERN TERRITORY OF AUSTRALIA

NORTHERN TERRITORY OF AUSTRALIA

This reprint shows the Act as in force at 27 May 1998.  Any amendments that commence after that date are not included.

FINANCIAL INSITUTIONS (nt) ACT

An Act to make provision for a uniform legislative scheme for certain financial institutions, to amend certain Acts, and for related purposes

Part 1Preliminary 1Short title

This Act may be cited as the Financial Institutions (NT) Act.

2Commencement

The various provisions of this Act shall come into operation on such date or dates as is or are respectively fixed by the Administrator by notice in the Gazette.

3Definitions

In this Act:

AFIC means the Australian Financial Institutions Commission established by the AFIC Act.

AFIC Act means the Australian Financial Institutions Commission Act 1992 of Queensland.

AFIC (NT) Code means the provisions applying because of section 5.

AFIC (NT) Regulations means the provisions applying because of section 6.

Appeals Tribunal means the Australian Financial Institutions Appeals Tribunal established under the AFIC Act.

Financial Institutions Act means the Financial Institutions (Queensland) Act 1992 of Queensland.

financial institutions agreement has the same meaning as in the Financial Institutions (NT) Code.

Financial Institutions (NT) Code means the provisions applying because of section 8.

Financial Institutions (NT) Regulations means the provisions applying because of section 9.

Ministerial Council means the Ministerial Council established under the financial institutions agreement.

scheme legislation of the Territory means:

• (a)

  this Act and the regulations under this Act;

• (b)

  the AFIC (NT) Code;

• (c)

  the AFIC (NT) Regulations;

• (d)

  the Financial Institutions (NT) Code; and

• (e)

  the Financial Institutions (NT) Regulations.

4References to Queensland Acts

In this Act, a reference to a Queensland Act includes a reference to:

• (a)

  that Queensland Act as amended and in force for the time being; and

• (b)

  an Act passed in substitution for that Act.

Part 2AFIC (NT) Code and AFIC (NT) Regulations 5Application in Territory of AFIC code

The AFIC Code set out in section 21 of the AFIC Act as in force for the time being:

• (a)

  applies as a law of the Territory; and

• (b)

  as so applying, may be referred to as the AFIC (NT) Code.

6Application of regulations

• (1)

  The regulations in force for the time being under Part 5 of the AFIC Act:

  • (a)

    apply as regulations in force for the purposes of the AFIC (NT) Code; and

  • (b)

    as so applying, may be referred to as the AFIC (NT) Regulations.

• (2)

  Subject to subsection (3), where regulations under Part 5 of the AFIC Act take effect from a specified day that is earlier than the day when they are notified in the Queensland Government Gazette under section 28A of the Acts Interpretation Act 1954 of Queensland, subsection (1) has effect, and is taken always to have had effect, as if those regulations had taken effect under the AFIC Act from the specified day.

• (3)

  To the extent that a provision of the AFIC (NT) Regulations is taken because of a particular application of subsection (2) to have effect, or to have had effect, before the day of notification of the regulations referred to in that subsection, the provision:

  • (a)

    operates to the advantage of a person (other than the Territory or an authority of the Territory) by:

    • (i)

      increasing the person’s rights; or

    • (ii)

      relieving the person of liabilities; and

  • (b)

    does not operate to the disadvantage of another person (other than the Territory or an authority of the Territory) by:

    • (i)

      decreasing the person’s rights; or

    • (ii)

      imposing liabilities on the person.

• (4)

  Subsection (3) does not affect any other operation that the provision has because of subsection (2) or otherwise.

7Interpretation of some expressions in Code and Regulations

• (1)

  In the AFIC (NT) Code and the AFIC (NT) Regulations:

  Code means the AFIC (NT) Code.

  Corporations Law and Corporations Regulations have the meaning provided for by Part 3 of the Corporations (Northern Territory) Act.

  Financial Institutions Code means the Financial Institutions (NT) Code.

  legislature of this State means the Legislative Assembly of the Territory.

  Magistrate means a magistrate within the meaning of the Magistrates Act.

  Premier means the Chief Minister.

  this State means the Territory.

• (2)

  The Corporations (Northern Territory) Act, and the applicable provisions of the Territory within the meaning of that Act, are prescribed for the purposes of section 39(2) of the Code.

Part 3Financial Institutions (NT) Code and Financial Institutions (NT) Regulations 8Application in Territory of Financial Institutions Code

The Financial Institutions Code set out in section 30 of the Financial Institutions Act as in force for the time being:

• (a)

  applies as a law of the Territory; and

• (b)

  as so applying, may be referred to as the Financial Institutions (NT) Code.

9Application of Financial Institutions Regulations

• (1)

  The regulations in force for the time being under Part 3 of the Financial Institutions Act:

  • (a)

    apply as regulations in force for the purposes of the Financial Institutions (NT) Code; and

  • (b)

    as so applying, may be referred to as the Financial Institutions (NT) Regulations.

• (2)

  Subject to subsection (3), where regulations under Part 3 of the Financial Institutions Act take effect from a specified day that is earlier than the day when they are notified in the Queensland Government Gazette under section 28A of the Acts Interpretation Act 1954 of Queensland, subsection (1) has effect, and is taken always to have had effect, as if those regulations had taken effect under the Financial Institutions Act from the specified day.

• (3)

  To the extent that a provision of the Financial Institutions (NT) Regulations is taken because of a particular application of subsection (2) to have effect, or to have had effect, before the day of notification of the regulations referred to in that subsection, the provision:

  • (a)

    operates to the advantage of a person (other than the Territory or an authority of the Territory) by:

    • (i)

      increasing the person’s rights; or

    • (ii)

      relieving the person of liabilities; and

  • (b)

    does not operate to the disadvantage of another person (other than the Territory or an authority of the Territory) by:

    • (i)

      decreasing the person’s rights; or

    • (ii)

      imposing liabilities on the person.

• (4)

  Subsection (3) does not affect any other operation that the provision has because of subsection (2) or otherwise.

10Interpretation of some expressions in Code and Regulations

• (1)

  In the Financial Institutions (NT) Code and the Financial Institutions (NT) Regulations:

  AFIC Code means the AFIC (NT) Code.

  Code means the Financial Institutions (NT) Code.

  continuing association means:

  • (a)

    an association of credit societies; or

  • (b)

    a union of associations of credit unions,

  registered under the Credit Unions Act immediately before 1 July 1992.

  continuing association of credit unions means an association of credit unions registered under the Credit Unions Act immediately before 1 July 1992.

  continuing building society means a permanent building society registered under the Building Societies Act immediately before 1 July 1992.

  continuing credit union means a credit society registered under the Credit Unions Act immediately before 1 July 1992.

  continuing foreign society means a foreign credit society registered under the Credit Unions Act immediately before 1 July 1992.

  continuing society means a continuing building society or continuing credit union.

  Corporations Law and Corporations Regulations have the meaning provided for by Part 3 of the Corporations (Northern Territory) Act.

  Friendly Societies Code means the Friendly Societies (NT) Code as defined in the Friendly Societies (NT) Act.

  legislature of this State means the Legislative Assembly.

  Magistrate means a magistrate within the meaning of the Magistrates Act.

  previous law means the Building Societies Act and the Credit Unions Act.

  Registrar means:

  • (a)

    the Registrar of Credit Unions within the meaning of the Credit Unions Act; and

  • (b)

    the Registrar of Building Societies within the meaning of the Building Societies Act.

  this State means the Territory.

• (2)

  In subsection (1), registered includes deemed to be registered.

• (3)

  The Corporations (Northern Territory) Act, and the applicable provisions of the Territory within the meaning of that Act, are prescribed for the purposes of section 65(4) of the Code.

Part 4Conferral of functions and powers 11Conferral of functions and powers on AFIC

AFIC has the functions and powers conferred or expressed to be conferred on it by or under the scheme legislation of the Territory.

12Conferral of functions and powers on Tribunal

The Appeals Tribunal has the functions and powers conferred or expressed to be conferred on it by or under the scheme legislation of the Territory.

Part 5State Supervisory Authority 14Territory Supervisory Authority

The Territory Supervisory Authority constituted, under the Financial Institutions (Territory Supervisory Authority) Act, by the Registrar of Financial Institutions, is the State supervisory authority for the Territory.

Part 6Application to Crown 15Crown is bound

• (1)

  The scheme legislation of the Territory binds the Crown in right of the Territory and, so far as the legislative power of the Legislative Assembly permits, the Crown in all its other capacities.

• (2)

  Nothing in this section permits the Crown in any of its capacities to be prosecuted for an offence.

Part 7Imposition of fees and other amounts 16Fees for chargeable matters

This section imposes the fees that the Financial Institutions (NT) Regulations or the AFIC (NT) Regulations prescribe.

17Levies, contributions and loans

• (1)

  This section imposes:

  • (a)

    the levy payable under section 119 of the AFIC (NT) Code by a financial institution;

  • (b)

    the levy payable under section 95 of the Financial Institutions (NT) Code by a financial body;

  • (c)

    the contributions payable under section 98 of the Financial Institutions (NT) Code by a credit union;

  • (d)

    the support levy payable under section 99 of the Financial Institutions (NT) Code by a credit union; and

  • (e)

    the compulsory loans payable under section 100 of the Financial Institutions (NT) Code by a credit union.

• (2)

  An expression has in subsection (1) the meaning it would have if this section were in the AFIC (NT) Code or the Financial Institutions (NT) Code, as the case requires.

Part 8General 18Action to be taken by Chief Minister under certain report

• (1)

  If the Chief Minister is provided with a report under section 49(6) of the AFIC (NT) Code, the Chief Minister must provide AFIC with a response to the report within 14 days after its receipt by the Chief Minister.

• (2)

  If:

  • (a)

    the Chief Minister does not provide AFIC with a response to the report within 14 days after receipt of the report; or

  • (b)

    AFIC is of the opinion that it is necessary to do so,

  AFIC may, by written notice given to the Chief Minister, request the Chief Minister to cause a copy of the report provided with the request to be laid before the Legislative Assembly within 3 sitting days after receipt of the request.

• (3)

  The Chief Minister must comply with the request.

• (4)

  If, at the time the Chief Minister would otherwise be required to lay a copy of the report before the Legislative Assembly, the Assembly is not sitting, the Chief Minister must give a copy of the report to the Clerk of the Legislative Assembly.

• (5)

  The Clerk must cause a copy of the report to be laid before the Legislative Assembly on its next sitting day.

19Amendment of certain provisions

• (1)

  If, under the financial institutions agreement, the Ministerial Council:

  • (a)

    approves:

    • (i)

      a proposed amendment of the AFIC Act or the Financial Institutions Act; or

    • (ii)

      regulations proposed to be made under the AFIC Act or the Financial Institutions Act (whether or not amending other regulations); and

  • (b)

    approves proposed regulations to be made under this Act in connection with the operation of the proposed amendment or regulations referred to in paragraph (a),

  the Administrator may make regulations in accordance with the approval varying the effect in the Territory of that Act or those regulations.

• (2)

  If regulations are made under subsection (1), the AFIC Act or the Financial Institutions Act or regulations in force under either of those Acts have effect in the Territory as if varied in accordance with the regulations made under subsection (1).

20Indictable and summary offences

Section 59 of the Financial Institutions Code as in force for the time being is excluded from the Financial Institutions Code in its application under section 8 as a law of the Territory.

21Aiding and abetting, attempts, &c.

Section 61 of the Financial Institutions Code as in force for the time being is excluded from the Financial Institutions Code in its application under section 8 as a law of the Territory.

22Fees, fines and penalties

All fees, fines, penalties and other money which, under or by virtue of the scheme legislation of the Territory, are authorised or directed to be imposed on any person and are not, under that legislation, fees, levies, contributions, loans or other amounts payable to a specified person must be paid to the Territory.

Part 9Transitional and consequential 23Accounts, returns, audit, &c.

• (1)

  For the purposes of this Act, section 68 of the Building Societies Act applies to accounting records and accounts of a building society in relation to accounts and accounting matters occurring before the commencement of this Act.

• (2)

  Division 4 of Part 6 of the Financial Institutions (NT) Code applies to accounting records and accounts of a building society after the commencement of this Act.

• (3)

  For the purposes of this Act, Division 3 of Part V of the Credit Unions Act applies to accounting records and accounts of a credit union registered under that Act in relation to accounts and accounting matters occurring before the commencement of this Act.

• (4)

  Division 4 of Part 6 of the Financial Institutions (NT) Code applies to accounting records and accounts of a credit union within the meaning of the Credit Unions Act after the commencement of this Act.

• (5)

  For the purposes of this or any other Act, documents required to be lodged under the Building Societies Act by a building society or under the Credit Unions Act by a credit union in relation to accounts and accounting matters that occurred before the commencement of this Act may be lodged in accordance with this Act.

• (6)

  If a building society or credit union, respectively, contravenes or fails to comply with:

  • (a)

    the Building Society Act or the regulations made under that Act or the Credit Unions Act or the rules made under that Act; or

  • (b)

    this Act or the regulations,

  the rights and liabilities of the building society, the credit union or of any other person shall not, except where the contrary is expressly provided, under either of those Acts or this Act, or any other Act or law, be affected or prejudiced thereby.

• (7)

  In the event of a contravention or failure to comply with an Act or regulations referred to in subsection (6), the Registrar may institute proceedings against a building society or credit union in accordance with the relevant Act.

24Records

On and from 1 July 1992, each record and each other document in relation to the affairs of a continuing society held by:

• (a)

  the Registrar of Credit Unions within the meaning of the Credit Unions Act, for the purposes of that Act; or

• (b)

  the Registrar of Building Societies within the meaning of the Building Societies Act, for the purposes of that Act,

becomes the property of the Territory Supervisory Authority and is to be taken to be held for the purposes of:

• (c)

  the scheme legislation of the Territory; and

• (d)

  proceedings in relation to the society being conducted under the law relevant to the society before that date.

25General savings and transitional provisions

• (1)

  Except as otherwise provided by this Act or the Financial Institutions (NT) Code or by regulations made under section 26, anything done under a provision of:

  • (a)

    the Building Societies Act that had effect immediately before its amendment by the Financial Institutions (NT) (Consequential Amendments) Act; or

  • (b)

    the Credit Unions Act that had effect immediately before its repeal by the Credit Unions Act Repeal Act,

  and that had effect immediately before the commencement of a corresponding provision of the Financial Institutions (NT) Code is to be considered to have been done under the corresponding provision.

• (2)

  Subsection (2) applies even if, when done under the corresponding provision of the Financial Institutions (NT) Code, the thing can only be done by a different person or body and, in such a case, is to be considered to have been done by the other person or body.

26Savings and transitional

• (1)

  The Administrator may, on the recommendation of the Minister made with the approval of the Ministerial Council, make regulations of a saving or transitional nature consequent on the enactment or commencement of this Act.

• (2)

  If the regulations so provide, they have effect despite any provision of the Financial Institutions (NT) Code or the AFIC (NT) Code.

• (3)

  Any such provision may, if the regulations so provide, take effect on the date of commencement of this section or a later date.

• (4)

  To the extent to which any such provision takes effect from a date that is earlier than the date of its publication in the Gazette, the provision does not operate so as:

  • (a)

    to affect, in a manner prejudicial to a person (other than the Territory or an authority of the Territory), the rights of the person existing before the date of the publication; or

  • (b)

    to impose a liability on a person (other than the Territory or an authority of the Territory) in respect of anything done or omitted to be done before the date of the publication.

  ENDNOTES  
  • 1

    KEY

  Key to abbreviations

   

  amd = amended od = order

  app = appendix om = omitted

  bl = by-law pt = Part

  ch = Chapter r = regulation/rule

  cl = clause rem = remainder

  div = Division renum = renumbered

  exp = expires/expired rep = repealed

  f = forms s = section

  Gaz = Gazette sch = Schedule

  hdg = heading sdiv = Subdivision

  ins = inserted SL = Subordinate Legislation

  lt = long title sub = substituted

  nc = not commenced

  • 2

    LIST OF LEGISLATION

Financial Institutions (NT) Act 1992 (Act No. 22, 1992)
Assent date	2 June 1992
Commenced	1 July 1992 (Gaz S35, 30 June 1992)
Friendly Societies (NT) Act 1997 (Act No. 22, 1997)
Assent date	22 May 1997
Commenced	1 September 1997 (Gaz G34, 27 August 1997, p 2)
Financial Institutions (NT) Amendment Act 1998 (Act No. 43, 1998)
Assent date	27 May 1998
Commenced	27 May 1998

• 3

  LIST OF AMENDMENTS

s 10                   amd No. 22, 1997, s 15

s 13                   rep No. 43, 1998, s 2