(regulation 3)

Do not delete : Schedule Part placeholder

[1] Regulation 1.01

substitute

1 Name of regulations

These regulations are the Life Insurance Regulations 1995.

[2] Regulation 1.03

substitute

1.03 Definitions

In these regulations:

Act means the Life Insurance Act 1995.

Friendly Societies Code has the meaning given by item 1 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

transfer date has the meaning given by section 2 of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

[3] After Part 2

insert

Part 2A Special provisions relating to life companies that are friendly societies

2A.01 Modifications of the Act in its application to friendly societies

(1) The Act is modified in its application to friendly societies (including jointly regulated friendly societies) as set out in Schedule 5.

(2) The Act is further modified in its application to jointly regulated friendly societies as set out in Schedule 6.

Note The Act applies to friendly societies subject to the provisions of Pt 2A of the Act. See also s 16ZC of the Act.

2A.02 Modification of Schedule 1, Part A, item 6

(1) This regulation applies to an application for registration as a society, under section 60 of a Friendly Societies Code, that is not determined before the transfer date.

(2) Item 6 of Part A of Schedule 1 has effect in relation to the application as if the following subparagraph were substituted for subparagraph 6 (b) (ii):

(ii) a 3 year projection;

2A.03 Modifications of Schedule 1, Part A, item 6

(1) This regulation applies in relation to an application for registration, under section 20 of the Act, that is made after the transfer date.

(2) Item 6 of Part A of Schedule 1 has effect in relation to the application as if the following paragraph were substituted for paragraph 6 (b):

(b) particulars of projections of the company’s life business for:

(i) whichever is the greater of the following periods:

(A) the period of the financing arrangements for that business;

(B) 10 years; or

(ii) the period approved, in writing, by APRA;

[4] After subregulation 4.00 (2)

insert

(3) This regulation does not apply to a life company that is a friendly society.

[5] After regulation 4.00A

insert

4.00B Charges over the assets of approved benefit funds (Act s 38 (3) (c))

(1) This regulation applies to a friendly society whose approved benefit fund rules provide that the society may apply the assets of an approved benefit fund, or mortgage or charge those assets.

(2) The friendly society may apply the assets of an approved benefit fund, or mortgage or charge those assets, if the application, mortgage or charge is made for the advantage of the approved benefit fund, in accordance with the approved benefit fund rules.

(3) Subregulation (2) does not apply to a charge over, or in relation to, an asset of an approved benefit fund that satisfies the requirements of subregulation 4.00A (1).

[6] Regulation 4.02

omit

[7] Regulation 9.01

after

to APRA

insert

(and to PHIAC, and the Minister for Health and Aged Care, if required)

[8] Regulation 9.02, note 2

after

the Act.

insert

However, for a jointly regulated friendly society an affected policy owner is the owner of a policy that is referable to a health benefits fund or approved benefit fund affected by a scheme: see Sch 6, item 40.

[9] Regulation 10.01

after

life policy

insert

(other than a policy that is issued by a friendly society)

[10] After regulation 10.02

insert

10.03 Division 4 of Part 10 of the Act not to apply to certain policies (Act s 206 (2))

Division 4 of Part 10 of the Act (relating to surrender values, paid-up policies and non-forfeiture of policies) does not apply to policies issued by friendly societies.

[11] Regulation 13.01

omit

[12] Schedule 1, Part B, paragraph (a)

substitute

(a) a copy of the constitution of the company;

[13] Schedule 1, Part B, paragraph (j) and following note

substitute

(j) for a company that does not propose to operate as a friendly society — examples of promotional material for each kind of policy to be issued by the company, including the following material:

(i) customer information brochures;

(ii) policy documents;

(iii) policy information statements;

(iv) annual statements;

(k) for a company that proposes to operate as a friendly society — the following material:

(i) proposed benefit fund rules;

(ii) disclosure documents.

Note The Schedule to the Act defines constitution in relation to a company.

[14] Schedule 3, item 6.1, definition of Australian policy owners’ retained profits

omit

the articles of association

insert

the constitution

[15] Schedule 3, item 7.3

omit

the articles of association

insert

the constitution

[16] After Schedule 4

insert

Schedule 5 Modifications of the Act in relation to friendly societies

(regulation 2A.01)

1 Section 15

omit

2 Paragraph 30 (f)

substitute

(f) surpluses in an approved benefit fund may only be distributed in accordance with section 56.

3 Subsection 35 (1)

omit

4 Subsection 35 (2)

omit

A policy document

insert

Approved benefit fund rules

5 Subsections 35 (3), (4) and (5)

omit

6 Paragraph 36 (b)

omit

7 Paragraph 38 (2) (c)

omit

Division 6

insert

Division 5

8 Subsection 38 (7)

omit

or 6.

insert

or 5.

9 Subsection 45 (1)

omit

or 6.

insert

or 5.

10 Part 4, Divisions 5 and 6

substitute

Division 5 Distribution of surplus in approved benefit fund

56 Distribution of surplus

(1) If the appointed actuary of a friendly society advises the society, in writing, that there is a surplus in an approved benefit fund of the society, the society may, if the rules of the approved benefit fund so provide, do 1 or more of the following:

(a) pay, apply or allocate all or part of the surplus to the members of the approved benefit fund;

(b) transfer all or part of the surplus to another approved benefit fund of the society;

(2) If the surplus includes an asset other than money, the value of the asset is the fair value of the asset determined in accordance with subsection 45 (3).

(3) A distribution under subsection (1) must comply with any applicable prudential standard.

11 Subsection 68 (8)

substitute

(8) A direction to a friendly society ceases to have effect if:

(a) an order is made for the winding-up of the society; or

(b) a special resolution is passed for the voluntary winding-up of the society under subsection 180 (2), and APRA:

(i) is notified of the special resolution; and

(ii) gives written permission to the society for the direction to cease to have effect.

12 Subsection 73 (8)

substitute

(8) A direction to a friendly society ceases to have effect if:

(a) an order is made for the winding-up of the society; or

(b) a special resolution is passed for the voluntary winding-up of the society under subsection 180 (2), and APRA:

(i) is notified of the special resolution; and

(ii) gives written permission to the society for the direction to cease to have effect.

13 Subsection 73F (9)

substitute

(9) A direction to a friendly society ceases to have effect if:

(a) an order is made for the winding-up of the society; or

(b) a special resolution is passed for the voluntary winding-up of the society under subsection 180 (2), and APRA:

(i) is notified of the special resolution; and

(ii) gives written permission to the society for the direction to cease to have effect.

14 Sections 75 and 76

substitute

75 Financial records — friendly societies

A friendly society must keep such records of the income and outgoings of the management fund and each approved benefit fund of the society as will record properly the affairs and transactions of the society in respect of each fund.

15 Section 81

omit

If a life company

insert

(1) If a friendly society

16 Section 81

insert

(2) However, unless Prudential Rules otherwise require, subsection (1) does not apply to the treatment of an asset of the management fund of the friendly society.

17 Paragraph 82 (5) (c)

substitute

(i) for financial statements prepared for subsection (1) — within the period required by subsection 118 (3); and

(ii) in any other case — within 3 months after the time as at which they are prepared.

18 Subsection 113 (1)

substitute

(1) A friendly society must arrange for its appointed actuary to:

(a) investigate the financial condition of:

(i) each approved benefit fund of the society; and

(ii) the management fund of the society, to the extent required by prudential standards;

as at the end of every financial year of the society; and

(b) give the society a written report of the results of the investigation.

19 Subsection 115 (1)

substitute

(1) Nothing in this Division prevents a friendly society from having its appointed actuary investigate the financial condition of:

(a) an approved benefit fund of the society; or

(b) the management fund of the society to the extent required by prudential standards;

as at a time other than the end of a financial year.

20 Subsections 118 (3) and (4)

substitute

(3) Financial statements mentioned in subsection 82 (1) must be given to APRA:

(a) for financial statements for a financial year ending on or before the transfer date that have not been given to the appropriate SSA before the transfer date — at least 14 days before the expiration of 5 months after the end of the financial year to which the financial statements relate; and

(b) for financial statements for a financial year ending between the transfer date and the end of 31 December 2000 — within the period applying to the company for lodgement of its annual report under subsection 319 (3) of the Corporations Law; and

(c) for financial statements for a subsequent financial year — within 3 months after the end of the financial year to which the financial statements relate.

(4) A return prepared under section 117 must be given to APRA:

(a) for a return for a financial year ending on or before the transfer date that has not been given to the appropriate SSA before the transfer date — at least 14 days before the expiration of 5 months after the end of the financial year to which the return relates; and

(b) for a return for a financial year ending between the transfer date and the end of 31 December 2000 — within the period applying to the company
for lodgement of its annual report under subsection 319 (3) of the Corporations Law; and

(c) for a return for a subsequent financial year — within 3 months after the end of the financial year to which the return relates.

Note Part 12.6 of the Corporations Regulations 1990 makes provision in relation to the form and content of the financial statements and returns mentioned in para (3) (a) and (4) (a).

21 Subsection 119 (1)

substitute

(1) A friendly society must give APRA a copy of a financial condition report prepared under section 113 or 115:

(a) for a report for a period ending on or before the transfer date that has not been given to the appropriate SSA before the transfer date — at least 14 days before the expiration of 5 months after the end of the period to which the report relates; and

(b) for a report for a period ending between the transfer date and the end of 31 December 2000 — within the period applying to the company
for lodgement of its annual report under subsection 319 (3) of the Corporations Law; and

Note Part 12.6 of the Corporations Regulations 1990 makes provision in relation to the form and content of the report mentioned in para (a).

22 Subsection 134 (4)

substitute

(4) A direction to a friendly society ceases to have effect if:

(a) an order is made for the winding-up of the society; or

(b) a special resolution is passed for the voluntary winding-up of the society under subsection 180 (2), and APRA:

(i) is notified of the special resolution; and

(ii) gives written permission to the society for the direction to cease to have effect.

23 Subsection 150 (9)

substitute

(9) A direction to a friendly society ceases to have effect if:

(a) an order is made for the winding-up of the society; or

(b) a special resolution is passed for the voluntary winding-up of the society under subsection 180 (2), and APRA:

(i) is notified of the special resolution; and

(ii) gives written permission to the society for the direction to cease to have effect.

24 Subsection 198 (1)

omit

or policy document

25 Paragraph 201 (1) (b)

omit

or endorsed on the policy

26 Subsection 213 (2)

omit everything after paragraph (b), insert

the company may register the applicant as the owner of the policy, provided that the approved benefit fund rules allow for registration in the circumstances mentioned in paragraph 213 (1) (a) and that the requirements of the rules are followed.

27 Subsection 213 (3)

omit

The company may endorse the policy

insert

However, the company may register the applicant

28 Part 10, Division 7

omit

29 Subsection 226 (1)

substitute

(1) A friendly society must keep a register of members for each approved benefit fund of the society.

(1A) The register must include:

(a) the name and address of each member of the approved benefit fund; and

(b) the date of each member’s admission to membership; and

(1B) The register must be kept in parts so that the information for a member living in a particular State or Territory is kept in a part of the register for that State or Territory.

(1C) A society that, immediately before the transfer date, did not keep its register in parts as described in subsection (1B) must comply with that subsection:

(a) within 18 months starting on the transfer date; or

(b) a longer period that APRA, in writing, allows.

30 Section 227

omit

31 Subsection 229 (2)

omit

32 Section 242

omit

33 Schedule — Dictionary, after definition of friendly society

insert

health benefits fund, for a friendly society, means a health benefits fund conducted by a society that is a registered health benefits organisation under the National Health Act 1953.

Note Income from the health insurance business of a registered health benefits organisation is to be credited to its health benefits fund: see s 68 of the National Health Act 1953.

34 Schedule — Dictionary, after definition of life policy

insert

management fund, for a friendly society, means the fund of the society that consists of the assets and liabilities of the society that do not form part of an approved benefit fund, or of a health benefits fund (if any), of the society.

35 Schedule — Dictionary, after definition of spouse

insert

SSA has the meaning given by item 1 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

36 Schedule — Dictionary, after definition of trade union

insert

transfer date has the meaning given by the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

Schedule 6 Further modifications of the Act in relation to jointly regulated friendly societies

(regulation 2A.01)

1 After subsection 127 (1)

insert

(1A) The Regulator may appoint a person who is eligible to be appointed as an inspector under section 82R of the National Health Act 1953 as an authorised person for the purposes of the application of a specified provision of this Act to the health insurance business of a jointly regulated friendly society.

2 Paragraph 130 (c)

substitute

(d) the National Health Act 1953; and

(e) regulations made under that Act; and

(f) conditions on the registration of the company under that Act; and

(g) directions given to the company by the Minister under that Act.

3 After subsection 131 (1)

insert

(1A) In subsection (1), business includes health insurance business.

4 Before section 134

insert

133A Definitions for Division 3

In this Division:

life insurance business includes health insurance business.

policy includes a health insurance policy.

5 After subsection 134 (1)

insert

(1A) For subsection (1):

(a) a direction applies to an asset of the health insurance business of a company that is a jointly regulated friendly society only if the direction was given because of liabilities of the health insurance business of the society; and

(b) a direction applies to an asset of the life insurance business of a company that is a jointly regulated friendly society only if the direction was given because of liabilities of the life insurance business of the society.

(1B) APRA must not give a direction under subsection (1) in relation to an asset of the health insurance business of a jointly regulated friendly society without the written approval of PHIAC or the Minister for Health and Aged Care.

6 Subparagraph 136 (b) (iii)

substitute

(iii) a condition imposed, under section 22, on the registration of the company; or

(iv) the National Health Act 1953; or

(v) regulations made under that Act; or

(vi) conditions on the registration of the company under that Act; or

(vii) directions given to the company by the Minister under that Act; or

(viii) the Private Health Insurance Incentives Act 1997; or

(ix) the Private Health Insurance Incentives Act 1998.

7 After subsection 137 (2)

insert

(3) However, the Regulator must not decide, under subsection (2), to investigate the health insurance business of a company that is a jointly regulated friendly society without the written approval of PHIAC or the Minister for Health and Aged Care.

8 After section 138

insert

138A Investigation of jointly regulated friendly society

The Regulator must not start an investigation under this Division in respect of a jointly regulated friendly society if an investigation in respect of the society is in progress under section 82R of the National Health Act 1953.

Note It is intended that regulations under the National Health Act 1953 will provide that an investigation of a jointly regulated friendly society must not be started under s 82R of that Act if an investigation of the society is in progress under this Division.

9 Section 149

omit

After an investigation

insert

(1) After an investigation

10 Section 149

insert

(2) For an investigation of the health insurance business of a company that is a jointly regulated friendly society, the summary must also be given to PHIAC and the Minister for Health and Aged Care and must include:

(a) a statement of the Regulator’s opinion on the question whether the company is, or is about to become, unable to meet its liabilities, and the facts on which that opinion is based; and

(b) the Regulator’s recommendation about:

(i) the question whether the company should be permitted to continue to conduct the health benefits fund; and

(ii) the question whether the affairs of the company should be reorganised to enable it to better conduct the health benefits fund and, if so, the way in which they should be so reorganised; and

(iii) such other matters affecting the company or the interests of contributors to the health benefits fund conducted by the company as the Regulator thinks fit.

(3) The Regulator may refer a report on the conclusions it reached as a result of an investigation of the health insurance business of a company to the Registration Committee established by section 70 of the National Health Act 1953.

11 Paragraph 150 (1) (c)

substitute

(d) has contravened:

(i) the National Health Act 1953; or

(ii) regulations made under that Act; or

(iii) conditions on the registration of the company under that Act; or

(iv) directions given to the company by the Minister under that Act; or

(v) the Private Health Insurance Incentives Act 1997; or

(vi) the Private Health Insurance Incentives Act 1998.

12 After subsection 150 (1)

insert

(1A) The Regulator must not give a direction under subsection (1) that relates to the health insurance business of a jointly regulated friendly society without the written approval of PHIAC or the Minister for Health and Aged Care.

13 Before section 157

insert

156A Definitions for Division 1

In this Division:

business includes health insurance business.

policy means:

(a) if the provision in which it occurs is being applied to, or for the purposes of, the health insurance business of a jointly regulated friendly society — a health insurance policy; and

(b) if the provision in which it occurs is being applied to, or for the purposes of, the life insurance business of a jointly regulated friendly society — a policy that, by subsection 16F (1) or (2), is taken to be issued by a friendly society; and

(c) if the provision in which it occurs is being applied to, or for the purposes of, all of the business of a jointly regulated friendly society — a policy mentioned in paragraph (a) or (b).

14 After subsection 157 (1)

insert

(1A) However, APRA must not apply to the Court under subsection (1) for an order that relates to the health insurance business of a jointly regulated friendly society without the written approval of PHIAC or the Minister for Health and Aged Care.

15 After subsection 157 (5)

insert

(6) On an application by a jointly regulated friendly society that relates to the health insurance business of the society, PHIAC and the Minister for Health and Aged Care are entitled to be heard.

16 Paragraph 158 (a)

substitute

(a) that the business of the company has been investigated under Division 3 of Part 7 of this Act or section 82R of the National Health Act 1953; and

17 Subparagraphs 159 (a) (ii) and (iii)

substitute

(ii) the company has failed to comply with any of the following that apply to it:

(A) the solvency standard;

(B) a direction under section 68;

(D) a condition of registration under Division 3 of Part VI of that Act; or

18 Paragraph 159 (b)

omit

life insurance

19 Section 162

omit

A company

insert

(1) A company

20 Section 162

insert

(2) However, subsection (1) does not apply to a jointly regulated friendly society if the judicial management relates only to its health benefits fund.

Note Part VIA of the National Health Act 1953 makes provision for judicial management of health benefits funds.

21 After section 166

insert

166A Continued application of National Health Act

The appointment of a judicial manager under this Part that relates to the health insurance business of a jointly regulated friendly society does not affect the continued operation of the National Health Act 1953 in relation to the society or the obligation of the society to comply with that Act.

22 After subsection 167 (5)

insert

(6) PHIAC and the Minister for Health and Aged Care are entitled to be heard on an application that relates to the health insurance business of a jointly regulated friendly society.

23 After subsection 169 (2)

insert

(3) PHIAC and the Minister for Health and Aged Care are entitled to be heard on an application that relates to the health insurance business of a jointly regulated friendly society.

24 After subsection 170 (2)

insert

(3) PHIAC, or the Minister for Health and Aged Care, may ask a judicial manager for information about the conduct of a judicial management that relates to the health insurance business of a jointly regulated friendly society.

(4) The judicial manager must comply with the request.

25 After subsection 172 (6)

insert

(7) PHIAC and the Minister for Health and Aged Care are entitled to be heard on any application made under subsection (1) or (2) that relates to the health insurance business of a jointly regulated friendly society.

26 After paragraph 175 (2) (a)

insert

(ab) to transfer the business, or part of the business, of the company to an organisation registered under the National Health Act 1953;

27 After paragraph 175 (2) (c)

insert

(ca) to wind up the health benefits fund of the company under the National Health Act 1953;

28 Subsection 175 (4)

omit

paragraph (2) (a), (b) or (d),

insert

paragraph 2 (a), (ab), (b), (ca) or (d),

29 Before section 180

insert

179A Definition for Division 2

In this Division:

policy, in relation to a company that is a jointly regulated friendly society, includes a health insurance policy.

30 After subsection 180 (4)

insert

(5) To avoid doubt, this section does not prevent the winding-up of the health benefits fund of a jointly regulated friendly society under Part VIA of the National Health Act 1953.

31 Subsection 181 (1)

omit

subsection (2)

insert

subsections (2) and (2A)

32 After subsection 181 (2)

insert

(2A) However, APRA must not apply to the Court under subsection (1) for an order that a life company that is a jointly regulated friendly society be wound up without the written approval of PHIAC or the Minister for Health and Aged Care.

33 After subsection 183 (3)

insert

(4) PHIAC and the Minister for Health and Aged Care are entitled to be heard on an application that relates to the health insurance business of a jointly regulated friendly society.

34 After subsection 184 (4)

insert

(5) PHIAC and the Minister for Health and Aged Care are entitled to be heard on an application that relates to the health insurance business of a jointly regulated friendly society.

35 After subsection 185 (2)

insert

(3) PHIAC, or the Minister for Health and Aged Care, may ask a liquidator for information in writing about the winding-up of the health insurance business of a jointly regulated friendly society.

(4) The judicial manager must comply with the request.

36 After subsection 186 (2A)

insert

(2B) If the company is a jointly regulated friendly society, the liquidator must also take account of health benefits fund rules of the society in making determinations under subsection (1), to the extent that those rules are consistent with any directions of the Court.

37 Subsections 187 (1), (2) and (3)

substitute

(1) Subject to this section, in the winding-up of a life company that is a jointly regulated friendly society, the assets of an approved benefit fund of the society and of the health benefits fund of the society must first be applied in accordance with the applicable Corporations Law in discharging debts and claims referred to in subsection 556 (1) of that Law.

(2) However, subsection (1) has effect only to the extent that debts or claims are liabilities that are referable to the business of the approved benefit fund or health benefits fund.

(3) If any assets remain after the application of subsection (1), the assets must be applied according to the following rules:

(a) the assets of an approved benefit fund are to be applied:

(i) first, in discharge of policy liabilities of the company referable to the approved benefit fund; and

(ii) if any assets remain, in discharge of other liabilities that are referable to the business of the approved benefit fund;

(b) the assets of the health benefits fund are to be applied:

(i) first, in discharge of policy liabilities of the company referable to the health benefits fund; and

(ii) if any assets remain, in discharge of other liabilities that are referable to the business of the health benefits fund;

(c) if any assets of the funds remain after an application of assets according to paragraphs (a) and (b), the assets are to be applied in such manner as the Court directs;

(d) directions given for the purpose of paragraph (c) are to be such directions as the Court considers equitable, having regard to:

(i) the interests of the owners of policies referable to the approved benefit fund or funds; and

(ii) the interests of the owners of policies referable to the health benefits fund; and

(iii) the interests of creditors of the company whose debts have not been discharged by application of the assets according to subparagraphs (a) (ii) and (b) (ii).

38 Subsection 188 (1)

omit each mention of

statutory fund

insert

health benefits fund or approved benefit fund

39 After subsection 190 (1)

insert

(1A) However, no part of the health insurance business of a life company that is a jointly regulated friendly society may be:

(a) transferred to another organisation; or

(b) amalgamated with the business of another organisation;

except under a scheme confirmed by the Court.

40 Subsection 191 (1), definition of affected policy owner

omit

statutory fund

insert

health benefits fund or approved benefit fund

41 Paragraph 191 (2) (a)

after

given to APRA

insert

(and to PHIAC and the Minister for Health and Aged Care if the scheme affects the health benefits fund of a jointly regulated friendly society)

42 After subsection 192 (2)

insert

(3) If the report relates to the health insurance business of a company that is a jointly regulated friendly society, APRA must give a copy of the report to PHIAC and the Minister for Health and Aged Care.

43 After subsection 193 (3)

insert

(4) PHIAC and the Minister for Health and Aged Care are entitled to be heard on an application that affects the health benefits fund of a jointly regulated friendly society.

44 After subsection 197 (1)

insert

(1A) If any part of the health insurance business carried on by a life company that is a jointly regulated friendly society is transferred to, or amalgamated with the business of, another organisation, the organisation must give APRA such documents as are required by the regulations to be given for subsection (1).

45 After subsection 230A (5)

insert

(5A) APRA must not determine, vary or revoke a standard that relates only to life insurance companies that are jointly regulated friendly societies without the written approval of PHIAC or the Minister for Health and Aged Care.

46 Subsection 230A (13), before definition of Territory

insert

policy owner, in relation to the health insurance business of a life company that is also a registered organisation under the National Health Act 1953, means a person who is a contributor to the health benefits fund of the organisation in accordance with the organisation’s rules.

47 After paragraph 230B (1) (a)

insert

(ab) the company has contravened:

(i) the National Health Act 1953; or

(ii) regulations made under that Act; or

(iii) conditions on the registration of the company under that Act; or

(iv) directions given to the company by the Minister under that Act; or

(v) the Private Health Insurance Incentives Act 1997; or

(vi) the Private Health Insurance Incentives Act 1998; or

48 After subsection 230B (9)

insert

(10) However, APRA must not give a direction under this section that relates to the health insurance business of a jointly regulated friendly society without the written approval of PHIAC or the Minister for Health and Aged Care.

(11) In this section:

49 Schedule — Dictionary, before definition of policy

insert

PHIAC means the Private Health Insurance Administration Council established by section 82B of the National Health Act 1953.

Notes

1. These regulations amend Statutory Rules 1995 No. 141, as amended by 1995 Nos. 317 and 431; 1996 Nos. 89 and 305; 1997 Nos. 100, 119 and 239; 1998 No. 191.

2. Made by the Governor-General on 29 June 1999, and notified in the Commonwealth of Australia Gazette on 30 June 1999.

3. Schedule 4 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 commences on the transfer date. The transfer date is the date specified as the transfer date for the purposes of that Act by Proclamation made by the Governor-General under subsection 3 (16) of that Act.