Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For clause 39 of Schedule 4 to the Act, this regulation applies provisions (as modified in this regulation) of a previous governing Code to a relevant financial institution if, immediately before the transfer date, the provisions applied to the institution.
(2) Subsection 402(1) of the Financial Institutions Code, and section 79 of the Friendly Societies Code, of a State or Territory apply, as a law of the Commonwealth, to the relevant financial institution as if:
(a) a reference to a financial body or a society were a reference to the relevant financial institution; and
(b) a reference to applicable standards were a reference to the ASIC transitional standards.
(3) However, subsections 255(6), (7) and (8) of the Financial Institutions Code of a State or Territory apply in relation to a special resolution of the relevant financial institution that amends a provision of the constitution of the institution that would, directly or indirectly, affect:
(a) the operation of an exempt stock market; or
(b) the timely disclosure of information to holders or potential holders of securities traded on an exempt stock market.
(4) Subsections 255(6), (7) and (8) of the Financial Institutions Code of a State or Territory apply for subregulation (3) as if:
(a) a reference to society were a reference to the relevant financial institution; and
(b) a reference to financial institutions legislation were a reference to the Act and the Corporations Regulations; and
(c) a reference to standards were a reference to the ASIC transitional standards.