Document ID: chunk:federal_register_of_legislation:C2015A00087:clause:2_21
Version: federal_register_of_legislation:C2015A00087
Segment Type: clause
Provision Reference: sch 2 cl 21
Character Range: 75005–76053

21  Transitional function for Council and APRA
(1) During the transition period, the functions of the Council include the function of taking such steps as may be necessary or convenient to prepare for or give effect to, or assist APRA or the Commonwealth to prepare for or give effect to:
 (a) the abolition of the Council; and
 (b) the operation of this Schedule; and
 (c) the enactment of this Act and the Prudential Supervision Act.
(2) During the transition period, APRA's functions include the function of taking such steps as may be necessary or convenient to prepare for or give effect to, or assist the Council or the Commonwealth to prepare for or give effect to:
 (a) the abolition of the Council; and
 (b) the operation of this Schedule; and
 (c) the enactment of this Act and the Prudential Supervision Act.
(3) In this item:
transition period means the period:
 (a) starting on the day on which this Act receives the Royal Assent; and
 (b) ending immediately before the transition time.

Division 2—Transfer of assets and liabilities