Untitled document

Financial Institutions Legislation (Amendment) Act

1997

Act No. 61/1997

TABLE OF PROVISIONS

Section	Page
PART 1—PRELIMINARY	1

1.	Purpose	1
2.	Commencement	2

PART 2—AMENDMENT OF BUILDING SOCIETIES ACT 1986 3

3.	Amendment of definition of "building society"	3
4.	Abolition of Building Societies General Reserve Fund	3
5.	Transitional for abolished fund	3
12. Transitional for certain funds	3
6.	Statute law revision	4

PART 3—AMENDMENT OF CO-OPERATIVE HOUSING

SOCIETIES ACT 1958 5

7.	Effect of merger	5
8.	Effect of transfer of engagements	5
9.	Transitional for certain documents	5
18A. References to documents	5

PART 4—AMENDMENT OF FINANCIAL INSTITUTIONS

(VICTORIA) ACT 1992 6

10.      Conferral of jurisdiction on Queensland Supreme Court

withdrawn 6

11.

Abolition of Building Societies Liquidity Support Fund 6

12.

Transitional for abolished fund	6
81A. Transitional for certain funds	6

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NOTES 8

i

Victoria

No. 61 of 1997

Financial Institutions Legislation

(Amendment) Act 1997†

[Assented to 5 November 1997]

The Parliament of Victoria enacts as follows:

PART 1—PRELIMINARY

1. Purpose

The purpose of this Act is to amend the Building
Societies Act 1986, the Co-operative Housing
Societies Act 1958 and the Financial Institutions
(Victoria) Act 1992.

Financial Institutions Legislation (Amendment) Act 1997

Act No. 61/1997 s. 2

2. Commencement

This Act comes into operation on the day on which it receives the Royal Assent.

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Financial Institutions Legislation (Amendment) Act 1997

s. 3 Act No. 61/1997

PART 2—AMENDMENT OF BUILDING SOCIETIES ACT

1986

3. Amendment of definition of "building society"

In section 3 of the Building Societies Act 1986, in the definition of "building society" omit all words and expressions after "incorporated under this Act".

4. Abolition of Building Societies General Reserve Fund

No. 8/1986.	Sections 25D and 25F of the Building Societies
Reprint No. 1
as at 23	Act 1986 are repealed.
December
1992.

5. Transitional for abolished fund

After section 11 of the Building Societies Act
1986 insert—

"12. Transitional for certain funds

(1) Amounts standing to the credit of the

Building Societies General Reserve Fund immediately before the commencement of section 4 of the Financial Institutions
Legislation (Amendment) Act 1997 form
part of the Supervision Fund established
under section 41 of the Financial

Institutions (Victoria) Act 1992.

(2) Any amounts that, but for the repeal of assets of the Supervision Fund established under section 41 of the Financial Institutions (Victoria) Act 1992 or, to the extent of the sum of the amounts referred to in sub-section (1), liabilities of that Fund.".

sections 25D and 25F of the Building
Societies Act 1986, would have been
required to be paid into or out of the

Financial Institutions Legislation (Amendment) Act 1997

Act No. 61/1997 s. 6

6. Statute law revision

In section 3 of the Building Societies Act 1986, the definitions of "Registrar", "Reserve Board" and "rules" are repealed.

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Financial Institutions Legislation (Amendment) Act 1997

s. 7 Act No. 61/1997

PART 3—AMENDMENT OF CO-OPERATIVE HOUSING

SOCIETIES ACT 1958

7. Effect of merger

No. 6226.	After section 17(d) of the Co-operative Housing
Reprint No. 5
as at 1	Societies Act 1958 insert—
October 1992.
Further	"and
amended by
Nos 91/1994,	(e) in all documents (including, for example, a
43/1995 and
43/1997.	contract to which a society that is a party to the merger was a party), a reference to a society that was a party to the merger is a reference to the merged society.".

8. Effect of transfer of engagements

After section 18(d) of the Co-operative Housing
Societies Act 1958 insert—
"(e) in all documents (including, for example, a

contract to which the transferor society was a party), a reference to the transferor society is a reference to the transferee society.".

9. Transitional for certain documents

After section 18 of the Co-operative Housing

Societies Act 1958 insert—

"18A. References to documents

A reference in section 17(e) or 18(e) to a document includes a reference to a document created or amended before the commencement of section 9 of the Financial Institutions Legislation (Amendment) Act 1997 in which there is a reference to a society that was a party to a merger on or after 1 July 1992 or to a transfer of engagements on or after that date.".

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Financial Institutions Legislation (Amendment) Act 1997

Act No. 61/1997 s. 10

PART 4—AMENDMENT OF FINANCIAL INSTITUTIONS
(VICTORIA) ACT 1992

10.  Conferral of jurisdiction on Queensland Supreme Court withdrawn

Sections 14 and 15 of the Financial Institutions	No. 48/1992. Amended by
(Victoria) Act 1992 are repealed.	Nos 79/1992, 31/1994,
54/1994, 11/1995,
19/1995, 83/1996 and
43/1997.

11.  Abolition of Building Societies Liquidity Support Fund

Section 76 of the Financial Institutions

(Victoria) Act 1992 is repealed.

12. Transitional for abolished fund

After section 81 of the Financial Institutions

(Victoria) Act 1992 insert—

"81A. Transitional for certain funds

(1) Amounts standing to the credit of the

Building Societies Liquidity Support Fund immediately before the commencement of section 11 of the Financial Institutions
Legislation (Amendment) Act 1997 form
part of the Supervision Fund established

under section 41.

(2) Any amounts that, but for the repeal of

section 76, would have been required to be 41 or, to the extent of the sum of the amounts referred to in sub-section (1), liabilities of that Fund.".

paid into or out of the Building Societies
Liquidity Support Fund are assets of the

Financial Institutions Legislation (Amendment) Act 1997

s. 12 Act No. 61/1997

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Financial Institutions Legislation (Amendment) Act 1997

Act No. 61/1997 Notes

NOTES

†

Minister's second reading speech—

Legislative Assembly: 18 September 1997

Legislative Council: 15 October 1997

The long title for the Bill for this Act was "to amend the Building
Societies Act 1986, the Co-operative Housing Societies Act 1958 and
the Financial Institutions (Victoria) Act 1992 and for other purposes."