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Financial Sector Legislation Amendment Bill (No. 1) 2000
Schedule 4 Miscellaneous amendments

   

Australian Prudential Regulation Authority Act 1998

1  Subsection 3(1) (definition of officer of the Reserve Bank Service )

Omit “an officer”, substitute “a person”.

Financial Corporations Act 1974

2  Paragraph 22A(1)(b)

Omit “a member”, substitute “a staff member”.

3  Subsection 22A(6) (definition of Reserve Bank Service )

Omit “subsection 66(2)”, substitute “section 66”.

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

4  Paragraph 3(2)(e)

Omit “subsections (12), (14) and (15)”, substitute “subsection (12)”.

5  Subsections 3(14) and (15)

Repeal the subsections.

Note:       These subsections have become redundant because the conditions for their operation have failed.

Retirement Savings Accounts Act 1997

6  At the end of section 8

Add:

             (2)  However, an RSA , or retirement savings account , can only be provided by a life insurance company as a policy.

Note:          Section 16 provides that policy has the same meaning as in the Life Insurance Act 1995 .

Superannuation (Resolution of Complaints) Act 1993

7  Subsection 7(1)

Omit “nor more than 10”.