Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:301:p16
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 301 (pt 16/30)
Character Range: 1915760–1918431

is to be read as if it were a reference to a financial report, or consolidated financial statements, of the body.
 (8) A reference to any matter mentioned in subregulation (2) is to be read in a way that:
 (a) is consistent with, and promotes, the transition from the application of a previous governing Code to a transferring financial institution of a State or Territory to the application to the institution of the Act and these regulations; and
 (b) is consistent with the duties, functions and powers of ASIC or an SSA; and
 (c) does not alter the interpretation or operation of the instrument in which the reference appears.

Part 12.2—Transitional matters—general

Division 2—Other matters

12.2.08  Lodgment of certain documents with ASIC
  For clause 39 of Schedule 4 to the Act, if the Friendly Societies Code of a State or Territory applied to a transferring financial institution of a State or Territory immediately before the transfer date, the transferring financial institution may lodge with ASIC a document that had been lodged with AFIC at any time before the transfer date under that Code.

12.2.10  Certain appointments of auditors continue
 (1) For clause 39 of Schedule 4 to the Act, this regulation applies if a person or body held an appointment, immediately before the transfer date, under a previous governing Code or the Friendly Societies Act 1894 of Western Australia as the auditor of a transferring financial institution.
 (2) Section 324 of the Act applies to the person or body as if the person or body had been appointed under section 327 of the Act as the auditor of the transferring financial institution.

12.2.12  Converted shares
 (1) For clause 39 of Schedule 4 to the Act, this regulation modifies the application of section 254K of the Act in relation to a share in a company that is converted in accordance with regulation 12.2.04 to a share of another kind.
 (2) If the share is partly‑paid, the company may redeem the share on the same terms on which the share was redeemable before its conversion.

Part 12.4—Notice of meetings of certain bodies corporate

12.4.01  Application of Part
 (1) This Part applies to a body corporate that is:
 (a) a transferring financial institution of a State or Territory; or
 (b) a company that is permitted to use the expression building society, credit society or credit union under section 66 of the Banking Act 1959.
 (2) This Part applies in relation to the following members of the body corporate who are entitled to vote at a meeting of members of the body:
 (a) members who hold only member shares;
 (b) if the body is a company limited by guarantee—the members of the company;
 (c)