Document ID: chunk:federal_register_of_legislation:C2004A00616:clause:12_9
Version: federal_register_of_legislation:C2004A00616
Segment Type: clause
Provision Reference: sch 12 cl 9
Character Range: 38873–40359

9  Disqualification

(1) This item applies if a person:
 (a) was a member of the Reserve Bank Board immediately before the commencement of Schedule 7 to this Act; and
 (b) held a position as a director, officer or employee of a particular ADI immediately before that commencement; and
 (c) was not disqualified from the Reserve Bank Board under section 17 of the old Act, immediately before that commencement, because of holding that position with that ADI; and
 (d) would, apart from this item, have been disqualified from the Reserve Bank Board under section 17 of the amended Act, immediately after that commencement, because of holding that position with that ADI.

(2) Despite section 17 of the amended Act, the person is not disqualified from the Reserve Bank Board under that section merely because the person continues to hold that position with that ADI after that commencement.

(3) In this item:
ADI has the same meaning as in the amended Act.
amended Act means the Reserve Bank Act 1959 as in force immediately after the commencement of Schedule 7 to this Act.
disqualified from the Reserve Bank Board means not capable of appointment, or of continuing to act, as a member of the Reserve Bank Board.
old Act means the Reserve Bank Act 1959 as in force immediately before the commencement of Schedule 7 to this Act.
Reserve Bank means the Reserve Bank of Australia.

Part 5—Application of amendments of superannuation legislation relating to financial assistance to funds