Financial Sector Reform (ACT) Act 1999

This Act may be cited as the Financial Sector Reform (ACT) Act 1999.

The dictionary at the end of this Act is part of this Act.

Note 1 The dictionary at the end of this Act defines certain terms used in this Act.

Note 2 A definition in the dictionary applies to the entire Act unless the definition, or another provision of the Act, provides otherwise or the contrary intention otherwise appears (see Legislation Act, s 155 and s 156 (1)).

This Act binds all persons so far as the legislative power of the Territory permits.

APRA has the functions and powers conferred or expressed to be conferred on it under this Act.

APRA has power to do acts in the ACT in the performance or exercise of a function or power conferred or expressed to be conferred on APRA by or under a law of another jurisdiction corresponding to this Act.

ASIC has the functions and powers conferred or expressed to be conferred on it under this Act.

ASIC has power to do acts in the ACT in the performance or exercise of a function or power conferred or expressed to be conferred on ASIC by or under a law of another jurisdiction corresponding to this Act.

Words defined in the FS (TR) Act have the same respective meanings in this part.

APRA may, in writing, authorise a person who is an APRA board member, or an APRA staff member, to perform or exercise the functions or powers of an authorised APRA officer under a particular provision of this part.

The functions and powers necessary for this section are conferred on APRA.

The purpose of this section is to facilitate voluntary transfers of business under the FS (TR) Act, part 3 for regulated bodies.

This section applies when a certificate of transfer issued under the FS (TR) Act, section 18 comes into force under that Act, part 3, division 3.

The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.

In particular—

if the transfer is a total transfer—all the assets and liabilities of the transferring body become the assets and liabilities of the receiving body without any transfer, conveyance or assignment; and

if the transfer is a partial transfer—all the assets and liabilities of the transferring body included in the list of assets and liabilities specified in the statement of detail become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and

to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.

If there is an approved section 20 statement in relation to the transfer that specifies—

that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or

a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.

The purpose of this section is to facilitate compulsory transfers of business under the FS (TR) Act, part 4 for regulated bodies.

This section applies when a certificate of transfer issued under the FS (TR) Act, section 33 comes into force under that Act, part 4, division 3.

The receiving body is taken to be the successor in law of the transferring body, to the extent of the transfer.

In particular—

if the transfer is a total transfer—all the assets and liabilities of the transferring body become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and

if the transfer is a partial transfer, all the assets and liabilities of the transferring body that are included in the list, referred to in the FS (TR) Act, section 33 (2) (c), included in, or attached to, the certificate of transfer become assets and liabilities of the receiving body without any transfer, conveyance or assignment; and

to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring body apply to the receiving body.

If the certificate of transfer includes provisions of a kind referred to in the FS (TR) Act, section 33 (3) specifying—

that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with those provisions; or

a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.

If there is an approved section 30 statement in relation to the transfer that specifies—

that particular things are to happen or are taken to be the case, those things are taken to happen, or to be the case, in accordance with the statement; or

a mechanism for deciding things that are to happen or are taken to be the case, things decided in accordance with that mechanism are taken to happen, or to be the case, as decided in accordance with that mechanism.

An authorised APRA officer may, by a written certificate signed by the officer, certify anything relating to the effect of this part, and, in particular may certify that—

a particular asset of a transferring body has become a transferred asset of a receiving body; or

a particular liability of a transferring body has become a transferred liability of a receiving body.

For all purposes and in all proceedings, a certificate under subsection (1) is evidence of the matters certified.

This section applies if—

a receiving body becomes, under this part, the owner of land, or an interest in land, situated in the ACT; and

there is lodged with the registrar-general a certificate that—

is signed by an authorised APRA officer; and

identifies the land or interest; and

states the receiving body has, under this part, become the owner of that land or interest.

The registrar general may—

register or record the matter in the same way as dealings in land or interests in land of that kind are registered or recorded; and

deal with, and give effect to, the certificate.

This section applies if—

an asset, other than land or an interest in land, becomes, under this part, an asset of a receiving body; and

there is lodged with the entity who has, under the law, responsibility for keeping a register or record relating to assets of that kind a certificate that—

is signed by an authorised APRA officer; and

identifies the asset; and

states the asset has, under this part, become an asset of the receiving body.

The entity may—

register or record the matter in the same way as transactions relating to assets of that kind are registered or recorded; and

deal with, and give effect to, the certificate.

This section does not affect the operation of the Corporations Act.