Financial Sector Reform (New South Wales) Act 1999 Proclamation re commencement (1999-268) [GG No 72 of 25.6.1999, p 4074] (NSW)

1999 No 268

Financial Sector Reform (New SouthNew South Wales

Wales) Act 1999 No 1—Proclamation

(L.S.) GORDON SAMUELS, Governor I, the Honourable Gordon Samuels AC, Governor of the State of New South Wales, with the advice of the Executive Council, and in pursuance of section 2 of the Financial Sector Reform (New South Wales) Act 1999, do, by this my Proclamation, appoint:

(a) 25 June 1999 as the day on which the following provisions of the Financial Sector Reform (New South Wales ) Act 1999 commence:

• Parts 1 and 2

• Subdivisions 2, 3 and 4 of Division 2 of Part 5

• section 30

• Subdivisions 3, 4 and 5 of Division 3 of Part 5

• sections 45 and 46

• Divisions 6 and 8 of Part 5

• Parts 6 and 7

• Schedule 2.1, and

(b) the date that under section 3 (16) of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 of the Commonwealth is specified as the transfer date for the purposes of that Act as the day on which the following provisions of the Financial Sector Reform (New South Wales) Act 1999 commence:

• Parts 3 and 4

• Division 1 of Part 5 (except section 17 (2))

• Subdivisions 1 and 5 of Division 2 of Part 5

• Subdivision 2 of Division 3 of Part 5 (except section 30)

• Subdivision 6 of Division 3 of Part 5

Published in Gazette No 72 of 25 June 1999, page 4074	Page 1
[2]
1999 No 268
Financial Sector Reform (New South Wales) Act 1999 No 1—Proclamation

• Division 4 of Part 5

• Division 5 of Part 5 (except sections 45 and 46)

• Division 7 of Part 5, and

• Schedule 2 (except Schedule 2.2 [2]).

Signed and sealed at Sydney, this 23rd day of June 1999.

By His Excellency’s Command,

MICHAEL EGAN, M.L.C.,

Treasurer

GOD SAVE THE QUEEN!

Explanatory note

This Proclamation commences parts of the Financial Sector Reform (New South Wales) Act 1999. The Act, which complements and supports the Financial Sector Reform (Amendments and Transitional Provisions) Act (No.1) 1999 of the Commonwealth, provides for the transfer of regulation of building societies, credit unions and friendly societies to the Commonwealth.

The Proclamation commences on 25 June 1999 certain provisions of the Act that are preparatory to the transfer of regulation. The Proclamation also commences, on a date to be determined under the Commonwealth Act, those provisions of the Act that effect the transfer of regulation.

Section 17 (2) and Subdivision 1 of Division 3 of Part 5, which remain uncommenced, deal with the abolition of the New South Wales Financial Institutions Commission. Schedule 1 and Schedule 2.2 [2] also remain uncommenced. These provisions deal with amendments relating to the Corporations (New South Wales) Act 1990.

BY AUTHORITY

Page 2