Document ID: chunk:federal_register_of_legislation:C2004A00616:clause:12_7
Version: federal_register_of_legislation:C2004A00616
Segment Type: clause
Provision Reference: sch 12 cl 7
Character Range: 37369–38202

7  Standards taken to have been determined on commencement

(1) Immediately after the commencement of Schedule 3 to this Act, the Reserve Bank is taken to have determined standards under section 11 of the amended Act that require classes of registered corporations:
 (a) to provide to the Reserve Bank the same information that those classes of corporations were required to provide under section 11 of the old Act; and
 (b) to provide that information in the same way in which those classes of corporations were required to provide that information under section 11 of the old Act.

(2) The standards come into force on that commencement.

(3) Subsection 11(6) of the amended Act does not apply in respect of the determination of the standards.

Part 3—Transitional provision relating to amendment of the Life Insurance Act 1995