Queensland Bills Explanatory Notes

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FINANCIAL INSTITUTIONS LEGISLATION AMENDMENT BILL 1993

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              Financial Institutions Legislation Amendment Bill


       FINANCIAL INSTITUTIONS
     LEGISLATION AMENDMENT BILL


                     EXPLANATORY NOTES

                    PART 1--PRELIMINARY

  Clause 1 specifies the short title.
  Clause 2 provides for the commencement of the Act.


     PART 2--AMENDMENT OF THE FINANCIAL
              INSTITUTIONS CODE

  Clause 3 provides that the Financial Institutions Code be amended as set
out in this Part.
  Clause 4 amends a Subdivision heading.
  Clause 5 amends section 97, to accommodate the inclusion of a new
purpose for which the Credit Unions Contingency Fund is established.
  Clause 6 amends section 103, to authorise the payment out of the Credit
Unions Contingency Fund of amounts linked to the new purpose of the
Fund.
  Clause 7 provides the mechanism for payments out of the Credit Unions
Contingency Fund in respect of its new purpose.
  Clause 8 provides for variation of the method by which an SSA may
give notice of action concerning an exemption from the requirements of
section 112 of the Financial Institutions Code to a building society.
  Clause 9 provides for variation of the method by which an SSA may
give notice of action concerning an exemption from the requirements of
section 113 of the Financial Institutions Code to a credit union.
 
 
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              Financial Institutions Legislation Amendment Bill


  Clause 10 removes a restriction on the powers of societies.
  Clause 11 provides for the insertion of an exception concerning the
ability of credit unions to accept deposits from non-members.
  Clause 12 specifies the content of the notice which must be published in
the Gazette in relation to an exemption from Division 5 of the Financial
Institutions Code given by an SSA.
  Clause 13 provides for the keeping of registers, and the notification of
changes, in relation to directors, principal executive officer and secretaries.
   Clause 14 provides for modifications to be prescribed for the purposes
of section 342(1).
  Clause 15 removes a restriction in relation to industry funded liquidity
support schemes.
  Clause 16 deals with providing financial accommodation to a person
who is not a member of a building society, from 1 July 1992 to the end of
1993 and also the notification of any changes in directors, principal
executive officer and secretaries since the commencement of the Code.
 Clause 17 validates amendments contained in the Financial Institutions
Amendment Regulation (No. 1) 1992.


     PART 3--AMENDMENT OF THE AFIC CODE

  Clause 18 provides that the AFIC Code be amended as set out in this
Part.
  Clause 19 corrects a minor error.
  Clause 20 corrects a minor error.
  Clause 21 provides for the insertion of a power to prescribe types of
changes which need not be notified.
  Clause 22 corrects a minor error.

                          © The State of Queensland 1993

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