Friendly Societies (South Australia) Act 1997 (SA)

SOUTH AUSTRALIA

FRIENDLY SOCIETIES (SOUTH AUSTRALIA) ACT 1997

SUMMARY OF PROVISIONS

PART 1

PRELIMINARY

1.                   Short title

2.                   Commencement

3.                   Interpretation

4.                   References to Victorian Acts

PART 2

FRIENDLY SOCIETIES (SOUTH AUSTRALIA) CODE AND

FRIENDLY SOCIETIES (SOUTH AUSTRALIA) REGULATIONS

5.                   Application in South Australia of Friendly Societies Code

6.                   Application of regulations

7.                   Interpretation of some expressions in Code and Regulations

PART 3

CONFERRAL OF FUNCTIONS AND POWERS

8.                   Conferral of functions and powers on Commission

9.                   Conferral of functions and powers on Tribunal

PART 4

LEVIES, FEES AND OTHER AMOUNTS

10.                  Supervision fund

11.                  Levies

12.                  Fees, fines and penalties

PART 5

GENERAL

13.                  State supervisory authority

14.                  Crown is bound

15.                  General regulation making power

16.                  Special savings and transitional regulations for South Australia

SCHEDULE

Repeal and Consequential Amendments

FRIENDLY SOCIETIES (SOUTH AUSTRALIA) ACT 1997

being

Friendly Societies (South Australia) Act 1997 No. 36 of 1997 [Assented to 26 June 1997]1

1 Came into operation 1 October 1997:Gaz. 18 Sepember 1997, p. 826.

An Act to make provision for a uniform legislative scheme for friendly societies; to repeal the Friendly Societies Act 1919; to make consequential amendments to the Financial Institutions (Application of Laws) Act 1992 and the South Australian Office of Financial Supervision Act 1992; and for other purposes.

The Parliament of South Australia enacts as follows:

PART 1

PRELIMINARY

Short title

1. This Act may be cited as the Friendly Societies (South Australia) Act 1997.

Commencement

2. This Act will come into operation on a day to be fixed by proclamation.

Interpretation

3. (1) In this Act—

"AFIC (South Australia) Code" and "AFIC (South Australia) Regulations" have the same

meanings as in the Financial Institutions (Application of Laws) Act 1992;

"friendly societies legislation of South Australia" means—

(a)	this Act and the regulations under this Act; and
(b)	the Friendly Societies (South Australia) Code; and
(c)	the Friendly Societies (South Australia) Regulations; and
(d)	the AFIC (South Australia) Code, the AFIC (South Australia) Regulations, the Financial Institutions (South Australia) Code and the Financial Institutions (South Australia) Regulations as applying to the Code and regulations referred to in paragraphs (b) and (c);

"Friendly Societies (Victoria) Act" means the Friendly Societies (Victoria) Act 1996 of

Victoria;

"Friendly Societies (South Australia) Code" means the provisions applying because of

section 5;

"Friendly Societies (South Australia) Regulations" means the provisions applying because of

section 6;

"Ministerial Council" means the Ministerial Council established under the financial institutions

agreement within the meaning of the Financial Institutions (South Australia) Code.

(2) Words and expressions used in the Friendly Societies (South Australia) Code and in this Act have the same respective meanings in this Act as they have in the Code.

(3) Subsection (2) does not apply to the extent that the context or subject matter otherwise indicates or requires.

References to Victorian Acts

4. In this Act, a reference to a Victorian Act includes a reference to—

(a)	that Victorian Act as amended and in force for the time being; and
(b)	an Act passed in substitution for that Act.

PART 2

FRIENDLY SOCIETIES (SOUTH AUSTRALIA) CODE AND

FRIENDLY SOCIETIES (SOUTH AUSTRALIA) REGULATIONS

Application in South Australia of Friendly Societies Code

5. The Friendly Societies Code set out in Schedule 1 of the Friendly Societies (Victoria) Act as in force for the time being—

(a)	applies as a law of South Australia; and
(b)	as so applying, may be referred to as the Friendly Societies (South Australia) Code.

Application of regulations

6. (1) The regulations in force for the time being under Part 4 of the Friendly Societies (Victoria) Act—

(a)	apply as regulations in force for the purposes of the Friendly Societies (South Australia) Code; and
(b)	as so applying, may be referred to as the Friendly Societies (South Australia) Regulations.

(2) Schedule A of the Friendly Societies (South Australia) Code applies in relation to any such regulation.

(3) To the extent to which a provision of any such regulation of a savings or transitional nature takes effect from a day earlier than the day of the regulation’s notification in the Government Gazette of Victoria, the provision does not operate in this State to the disadvantage of a person (other than the State or a State authority) by—

(a)	decreasing the person’s rights; or
(b)	imposing liabilities on the person.

Interpretation of some expressions in Code and Regulations

7. (1) In the Friendly Societies (South Australia) Code and the Friendly Societies (South Australia) Regulations—

"Code" means the Friendly Societies (South Australia) Code;

"continuing society" means a society to which the previous law applied immediately before the

commencement of section 16 of this Act;

"Corporations Law" and "Corporations Regulations" have the meaning provided for by

Part 3 of the Corporations (South Australia) Act 1990;

"Legislature of this State" means the Legislature of South Australia;

"pharmacy law of this State" means the Pharmacists Act 1991;

"previous law" means the Friendly Societies Act 1919 as in force immediately before the

commencement of section 16;

"Supreme Court" means the Supreme Court of South Australia;

"this State" means South Australia.

(2) The Corporations (South Australia) Act 1990 and the applicable provisions of South Australia within the meaning of that Act, are prescribed for the purposes of section 19(4) of the Friendly Societies (South Australia) Code.

PART 3

CONFERRAL OF FUNCTIONS AND POWERS

Conferral of functions and powers on Commission

8. The Australian Financial Institutions Commission (established by the Australian Financial Institutions Commission Act 1992 of Queensland) has the functions and powers conferred or expressed to be conferred on it by or under the friendly societies legislation of South Australia.

Conferral of functions and powers on Tribunal

9. The Australian Financial Institutions Appeals Tribunal (established by the Australian Financial Institutions Commission Act 1992 of Queensland) has the functions and powers conferred or expressed to be conferred on it by or under the friendly societies legislation of South Australia.

PART 4

LEVIES, FEES AND OTHER AMOUNTS

Supervision fund

10. This section imposes the fees prescribed by the Friendly Societies (South Australia) Regulations or by the AFIC (South Australia) Regulations in respect of matters referred to in the friendly societies legislation of South Australia.

Levies 11. (1) This section imposes—

(a)	the levy payable under sections 119 and 120 of the AFIC (South Australia) Code by a society; and
(b)	the supervision levy payable under section 51 of the Friendly Societies (South Australia) Code by a society.

(2) An expression has in subsection (1) the meaning it would have if this section were in the

AFIC (South Australia) Code or the Friendly Societies (South Australia) Code, as the case requires.

Fees, fines and penalties

12. All fees, fines and penalties and other money that, under or by virtue of the friendly societies legislation of South Australia, are authorised or directed to be imposed on a person and are not, under that legislation, fees, levies or other amounts payable to a specified person must be paid to South Australia.

PART 5

GENERAL

State supervisory authority

13. The South Australian Office of Financial Supervision is the State supervisory authority for the purposes of the friendly societies legislation of South Australia.

Crown is bound

14. (1) This Act binds the Crown in right of the State and, so far as the legislative power of Parliament 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.

General regulation making power

15. (1) The Governor may make such regulations as are contemplated by, or necessary or expedient for the purposes of, this Act.

(2) Without limiting the generality of subsection (1), the regulations may impose fines, not exceeding $5 000, for offences against the regulations.

Special savings and transitional regulations for South Australia

16. (1) The Governor may make regulations of a savings or transitional nature consequent on the enactment of this Act or of an Act of Victoria amending the Friendly Societies Code set out in Schedule 1 of the Friendly Societies (Victoria) Act.

(2) If such a regulation so provides, it has effect despite any provision of this Act, including the

Friendly Societies (South Australia) Code.

(3) A provision of a regulation made under this section may, if the regulation so provides, take effect from the day of assent to the Act concerned or from a later day.

(4) To the extent to which a provision takes effect from a day earlier than the day of the regulation’s publication in the Gazette, the provision does not operate to the disadvantage of a person (other than the State or a State authority) by—

(a)	decreasing the person’s rights; or
(b)	imposing liabilities on the person.

SCHEDULE

Repeal and Consequential Amendments

Repeal 1. The Friendly Societies Act 1919 is repealed.

Consequential Amendments—Financial Institutions (Application of Laws) Act 1992

2. The Financial Institutions (Application of Laws) Act 1992 is amended—

(a) by inserting after the definition of "Financial Institutions Code" in section 7(1) the following definition:

"Friendly Societies Code" means the Friendly Societies (South Australia) Code;;

(b) by inserting after the definition of "Corporations Law" in section 10(1) the following definition:

"Friendly Societies Code" means the Friendly Societies (South Australia) Code;.

Consequential Amendments—South Australian Office of Financial Supervision Act 1992

3. The South Australian Office of Financial Supervision Act 1992 is amended—

(a) by inserting after the definition of "employee" in section 3 the following definitions:

"financial institutions legislation" has the same meaning as in the Financial Institutions (Application

of Laws) Act 1992 (see s. 8 of the Australian Financial Institutions Commission (South Australia)

Code);

"friendly societies legislation of South Australia" has the same meaning as in the Friendly Societies

(South Australia) Act 1997;

"friendly society" means—

(a)	a body registered under the Friendly Societies (South Australia) Code; or
(b)	a body registered as an association under Part 12 of the Friendly Societies (South Australia) Code;;

(b) by repealing section 4 and substituting the following section:

Interpretation—words, etc., used in Codes

4. Unless the contrary intention appears, words and expressions used in—

(a)	the Financial Institutions (South Australia) Code;
(b)	the Friendly Societies (South Australia) Code,

have the same respective meanings in this Act.;

(c)	by inserting in section 6(a) "and the friendly societies legislation of South Australia" after "legislation";
(d)	by inserting in section 6(b) ", the friendly societies legislation of South Australia" after "legislation";
(e)	by inserting in section 7(2) "and the friendly societies legislation of South Australia" after "legislation";
(f)	by inserting in section 8 ", the friendly societies legislation of South Australia" after "legislation";
(g)	by inserting in section 15 "or friendly society" after "institution";
(h)	by inserting in section 21(f) "or friendly society" after "institution";

(i) by inserting in the definition of "Register" in section 33(1) "or friendly societies" after "institutions";

(j)	by inserting in the definition of "relevant particulars" in section 33(1) "or friendly society" after "institution", first occurring;
(k)	by inserting in paragraph (c) of the definition of "relevant particulars" in section 33(1) "or friendly society" after "institution";
(l)	by inserting in paragraph (d) of the definition of "relevant particulars" in section 33(1) "or friendly society" after "institution";
(m)	by inserting in paragraph (e) of the definition of "relevant particulars" in section 33(1) "or friendly society" after "institution";
(n)	by inserting in paragraph (f) of the definition of "relevant particulars" in section 33(1) "or friendly society" after "institution";
(o)	by inserting after paragraph (g) of the definition of "relevant particulars" in section 33(1) the following paragraph:

(ga)

if the financial interest consists of membership of a friendly society—details of the

membership and particulars of any interest in a benefit fund of the friendly society; and;

(p) by inserting after subsection (4) of section 33 the following subsection:

(4a) A person holds a financial interest in a friendly society if the person or an associate of

the person—

(a)	owns securities of a friendly society; or
(b)	has money on deposit with a friendly society; or
(c)	has a liability to a friendly society because of a loan or financial accommodation granted by the friendly society; or
(d)	has an interest in a benefit fund of the friendly society; or
(e)	is a member of a friendly society.;

(q)	by inserting in section 33(5) "and friendly societies" after "institutions";
(r)	by inserting after paragraph (c) of section 33(7) the following paragraphs:

(d)	the relevant particulars of financial interests held by the officer in friendly societies on the relevant date; and
(e)	if the officer held no financial interest in a friendly society on the relevant date—a statement to that effect.;

(s)	by inserting in section 33(8) "or friendly society" after "institution";
(t)	by striking out paragraphs (a) and (b) of section 33(9) and substituting the following paragraphs:

(a)

—

(i)	the relevant particulars of financial interests held by the officer in financial institutions on the relevant half-yearly reporting date; or
(ii)	if the officer held no financial interest in a financial institution on the relevant half- yearly reporting date—a statement to that effect; and

(b)

—

(i)	the relevant particulars of financial interests held by the officer in friendly societies on the relevant half-yearly reporting date; or
(ii)	if the officer held no financial interest in a friendly society on the relevant half-yearly reporting date—a statement to that effect.;

(u) by striking out from section 34(4) "or the financial institutions legislation" and substituting ", the financial institutions legislation or the friendly societies legislation of South Australia";

(v) by striking out from section 34(4)(b) "or a financial institution" and substituting ", a financial institution or a friendly society";

(w) by striking out from section 34(5) "or the financial institutions legislation" and substituting ", the financial institutions legislation or the friendly societies legislation of South Australia";

(x) by striking out from section 34(5)(b) "or a financial institution" and substituting ", a financial institution or a friendly society";

(y)	by inserting in section 39(1) "or the friendly societies legislation of South Australia" after "legislation";
(z)	by striking out subsection (2) of section 39 and substituting the following subsection:

(2) The powers under—

(a)	section 95 (Supervision levy) of the Financial Institutions (South Australia) Code; and
(b)	section 51 (Supervision levy) of the Friendly Societies (South Australia) Code,

may not be delegated.;

(aa)	by inserting in section 40 "or the friendly societies legislation of the other State" after "legislation";
(ab)	by inserting in section 42(1) "and the friendly societies legislation of South Australia" after "State".