1 Name of Regulation
This Regulation is the Financial Sector Reform (Savings and Transitional) Regulation 1999.
2 Commencement
This Regulation commences on the transfer date.Note—The “transfer date” is defined in the Financial Sector Reform (New South Wales) Act 1999 as 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.Editorial note—Transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 of the Commonwealth: 1.7.1999.
3 Notes
The explanatory note, table of contents and notes in the text of this Regulation do not form part of this Regulation.
4 Definitions
In this Regulation:means a body corporate that has a consent under section 66 of the Banking Act 1959 of the Commonwealth to assume or use the restricted expression “building society” or any other word or expression (whether or not in English) that is of like import to “building society”.means a body corporate that has a consent under section 66 of the Banking Act 1959 of the Commonwealth to assume or use the restricted expression “credit union” or “credit society” or any other word or expression (whether or not in English) that is of like import to “credit union” or “credit society”.
5 Construction of references in Acts
Unless otherwise provided in this Regulation, in any Act (other than the Financial Sector Reform (New South Wales) Act 1999) or statutory instrument, a reference (however expressed) to:(a) a society, building society or a credit union under, or registered under, or incorporated under, or within the meaning of the Financial Institutions (NSW) Code, the Financial Institutions (New South Wales) Act 1992 or a corresponding law or Code of another jurisdiction is to be construed as a reference to an ADI, and(b) a society or a friendly society under, or registered under, or incorporated under, or within the meaning of the Friendly Societies (NSW) Code, the Friendly Societies Act 1989 or the Friendly Societies (New South Wales) Act 1997 or a corresponding law or Code of another jurisdiction is to be construed as a reference to:(i) a body that, immediately before the transfer date, was a society within the meaning of the Friendly Societies (NSW) Code, or(ii) a body that is a friendly society for the purposes of the Life Insurance Act 1995 of the Commonwealth, and(c) an “institution registered under the Financial Institutions (New South Wales) Act 1992” is to be construed as a reference to an ADI, and(d) a financial institution referred to as having “the same meaning as in the Financial Institutions (NSW) Code” is to be construed as a reference to an authorised building society or an authorised credit union, and(e) a “non-bank financial institution which is governed by the Financial Corporations Act 1974 of the Commonwealth or the Financial Institutions Code 1992” is to be construed as a reference to an ADI.Note—The terms “Financial Institutions (NSW) Code”, “Friendly Societies (NSW) Code” and “transfer date” are defined in the Financial Sector Reform (New South Wales) Act 1999. The term “ADI”, which stands for “authorised deposit-taking institution”, is defined in the Interpretation Act 1987, as amended by that Act.
(1) In section 7 (2) of the Associations Incorporation Act 1984 before its amendment by Schedule 6.2 to the Co-operative Housing and Starr-Bowkett Societies Act 1998, the reference to an association “registered or required to be registered under the Friendly Societies (NSW) Code, the Permanent Building Societies Act 1967 or the Credit Union Act 1969” in paragraph (e) is to be construed as a reference to a friendly society or an authorised building society or an authorised credit union.(2) In section 7 (2) of the Associations Incorporation Act 1984 after its amendment by Schedule 6.2 to the Co-operative Housing and Starr-Bowkett Societies Act 1998:(a) the reference in paragraph (e) to a “society under the Friendly Societies Act 1989” is to be construed as a reference to a friendly society, and(b) the reference in paragraph (e) to a “building society or credit union under the Financial Institutions (NSW) Code” is to be construed as a reference to an authorised building society or an authorised credit union.Note—Subclause (1) will apply to section 7 of the Associations Incorporation Act 1984 before the amendments to that section by the Co-operative Housing and Starr-Bowkett Societies Act 1998 commence, and will cease to apply when those amendments take effect. Subclause (2) will apply to section 7 once those amendments take effect.
In the definition of building society in section 4 of the Confiscation of Proceeds of Crime Act 1989, the reference to a “society registered or incorporated as a building society, permanent building society” is to be construed as a reference to an ADI.
In the Co-operative Housing and Starr-Bowkett Societies Act 1998:(a) the reference to a “building society or credit union under the financial institutions legislation” in the definition of financial institution in section 3 (1) is to be construed as a reference to an ADI, and(b) the reference to a “financial institution or proposed financial institution under the financial institutions legislation” in section 81 (5) (b) is to be construed as a reference to an ADI.
In the Co-operatives Act 1992:(a) the reference to a “financial institution or foreign society registered under financial institutions legislation within the meaning of the Financial Institutions (NSW) Code” in paragraph (b) of the definition of foreign co-operative in section 5 is to be construed as a reference to an ADI, and(b) the reference to a “credit union or foreign society within the meaning of the Financial Institutions (NSW) Code” in section 255 (5) (b) is to be construed as a reference to an authorised credit union.
In the Credit Act 1984:(a) the reference to a “society within the meaning of the Financial Institutions (NSW) Code” in section 18 (1) is to be construed as a reference to an authorised building society, and(b) the reference to a “credit union within the meaning of the law of another State or of a Territory that corresponds to the Financial Institutions (NSW) Code” in section 18 (3) is to be construed as a reference to an authorised credit union.
In section 4 of the Criminal Assets Recovery Act 1990:(a) the reference to a “society registered or incorporated as a building society, permanent building society” in the definition of building society is to be construed as a reference to an ADI, and(b) the reference to a “society or other body of persons that under a law in force in New South Wales or in another State or in a Territory is registered or incorporated as a credit union” in the definition of credit union is to be construed as a reference to an ADI.
In section 8 (2) of the Debits Tax Act 1990:(a) the reference to a “building society” is to be construed as a reference to an authorised building society, and(b) the reference to “credit union” is to be construed as a reference to an authorised credit union.
(1) In section 103 (1) of the District Court Act 1973 before its amendment by Schedule 6.7 to the Co-operative Housing and Starr-Bowkett Societies Act 1998:(a) the reference to a “society registered under the Permanent Building Societies Act 1967” in paragraph (a) of the definition of building society is to be construed as a reference to an ADI, and(b) the reference to a “credit union registered under the Credit Union Act 1969” in paragraph (a) of the definition of credit union is to be construed as a reference to an ADI.(2) In section 103 (1) of the District Court Act 1973 after its amendment by Schedule 6.7 to the Co-operative Housing and Starr-Bowkett Societies Act 1998:(a) the reference to a “building society registered under the Financial Institutions (NSW) Code” in the definition of building society is to be construed as a reference to an ADI, and(b) the reference to a “credit union registered under the Financial Institutions (NSW) Code” in the definition of credit union is to be construed as a reference to an ADI.Note—Subclause (1) will apply to section 103 of the District Court Act 1973 before the amendments to the definitions of building society and credit union in the District Court Act 1973 by the Co-operative Housing and Starr-Bowkett Societies Act 1998 commence, and will cease to apply when those amendments take effect. Subclause (2) will apply to section 103 once those amendments take effect.
In the Duties Act 1997:(a) the reference to “Part 7 or 8 of the Financial Institutions (NSW) Code or a corresponding law of another State or Territory” in section 65 (1) (f) is to be construed as a reference to the Financial Sector (Transfers of Business) Act 1999 of the Commonwealth, and(b) the reference to a “continuing building society within the meaning of the Financial Institutions (NSW) Code” in the definition of permanent building society in the Dictionary is to be construed as a reference to an authorised building society, and(c) the reference to a “building society” in the paragraph (e) of the definition of prescribed property is to be construed as a reference to an authorised building society.
(1) In section 6 (2) of the Frustrated Contracts Act 1978 before its amendment by Schedule 6.10 to the Co-operative Housing and Starr-Bowkett Societies Act 1998:(a) the reference to a “credit union registered under the Credit Union Act 1969” in section 6 (2) (c) is to be construed as a reference to an authorised credit union, and(b) the reference to a society registered under the “Permanent Building Societies Act 1967” in section 6 (2) (d) (iii) is to be construed as a reference to an authorised building society.(2) In section 6 (2) of the Frustrated Contracts Act 1978 after its amendment by Schedule 6.10 to the Co-operative Housing and Starr-Bowkett Societies Act 1998:(a) the reference to a society registered under the “Friendly Societies Act 1989” is to be construed as a reference to a friendly society, and(b) the reference to a society registered under the “Financial Institutions (NSW) Code” is to be construed as a reference to an authorised building society or an authorised credit union.Note—Subclause (1) will apply to section 6 of the Frustrated Contracts Act 1978 before the amendments to that section by the Co-operative Housing and Starr-Bowkett Societies Act 1998 commence, and will cease to apply when those amendments take effect. Subclause (2) will apply to section 6 once those amendments take effect.
In section 3 (2) (c) of the Government Guarantees Act 1934 the reference to “any society within the meaning of the Permanent Building Societies Act 1967” is to be construed as a reference to a body corporate that was registered as a building society under the Financial Institutions (NSW) Code immediately before the transfer date.
(1) In the Land Tax Management Act 1956 before its amendment by Schedule 6.13 to the Co-operative Housing and Starr-Bowkett Societies Act 1998:(a) the reference in section 10G (1) (a) to a “permanent building society registered under the Permanent Building Societies Act 1967” is to be construed as a reference to a body corporate that was registered as a building society under the Financial Institutions (NSW) Code immediately before the transfer date, and(b) the reference in section 10G (1) (b) to an “association registered under the Permanent Building Societies Act 1967” is to be construed as a reference to a body corporate that was registered as an association under the Financial Institutions (NSW) Code immediately before the transfer date.(2) In section 10G (1) of the Land Tax Management Act 1956 after its amendment by Schedule 6.13 to the Co-operative Housing and Starr-Bowkett Societies Act 1998, the reference in the definition of building society to a “building society, or an association of building societies, registered under the Financial Institutions (NSW) Code” is to be construed as a reference to a body corporate that was registered as a building society or an association of building societies under the Financial Institutions (NSW) Code immediately before the transfer date.Note—Subclause (1) will apply to section 10G of the Land Tax Management Act 1956 before the amendments to the definition of building society in that section by the Co-operative Housing and Starr-Bowkett Societies Act 1998 commence, and will cease to apply when those amendments take effect. Subclause (2) will apply to section 10G once those amendments take effect.
18 (Repealed)
cl 18: Rep 2006 No 120, Sch 2.29.
In clause 4 (1) (g), (h) and (j) of Schedule 4 to the Public Authorities (Financial Arrangements) Act 1987, a reference to a “building society” wherever occurring is to be construed as a reference to an authorised building society.
(1) In section 98 (1) of the Stamp Duties Act 1920 before its amendment by Schedule 6.21 to the Co-operative Housing and Starr-Bowkett Societies Act 1998, the reference to a “society registered or incorporated as a building society, permanent building society” in the definition of building society is to be construed as a reference to an authorised building society.(2) In section 98 (1) of the Stamp Duties Act 1920 after its amendment by Schedule 6.21 to the Co-operative Housing and Starr-Bowkett Societies Act 1998, the reference to a “building society registered under the Financial Institutions (NSW) Code” in the definition of building society is to be construed as a reference to an authorised building society.(3) In section 98 (1) of the Stamp Duties Act 1920, the reference to a society or other body of persons that is “registered or incorporated as a credit union or credit society, under the law in force in a State or a Territory relating to credit unions or credit societies” in paragraph (a) of the definition of credit union is to be construed as a reference to an authorised credit union.(4) In section 98A (1) (w) and (wa) of the Stamp Duties Act 1920, a reference to a merger or transfer of engagements between building societies or credit unions is to be construed as a reference to a transfer of business under the Financial Sector (Transfers of Business) Act 1999 of the Commonwealth, despite the definitions of merger and transfer of engagements in section 98A (4).Note—Subclause (1) will apply to section 98 (1) of the Stamp Duties Act 1920 before the definition of building society in that section is amended by the Co-operative Housing and Starr-Bowkett Societies Act 1998, and will cease to apply when that amendment takes effect. Subclause (2) will apply to section 98 (1) once the amendment takes effect. The definition of credit union in section 98 (1) and the references to merger and transfer of business in section 98A are not affected by the Co-operative Housing and Starr-Bowkett Societies Act 1998.
The reference to the “Financial Institutions (New South Wales) Code” in section 21A (1) (b) of the Trustee Act 1925 is to be construed as a reference to the Financial Sector (Transfers of Business) Act 1999 of the Commonwealth.
The reference to the “Australian Financial Institutions Commission established by the Australian Financial Institutions Commission Act 1992 of Queensland” in section 36A (4) of the Trustee Companies Act 1964 is to be construed as a reference to the Crown Solicitor.