Commonwealth Consolidated Acts

FINANCIAL SECTOR REFORM (CONSEQUENTIAL AMENDMENTS) ACT 1998 - SECT 4

Treatment of approvals of banks under the Anglo-Australian Telescope Agreement Act 1970

(1)

An approval of a bank that is in force immediately before the commencement of item 5 of Schedule 1 for the purposes of subsection 12(3) of the Anglo-Australian Telescope Agreement Act 1970 as then in force is to be taken, after that commencement, to be an approval of the bank for the purposes of the definition of ADI in subsection 12(3) of that Act as in force immediately after that commencement.

Treatment of approvals and authorisations under the Bankruptcy Act 1966

(2)

An approval of a bank, or an authorisation of a person, that is in force immediately before the commencement of item 10 of Schedule 1 for the purposes of the definition of approved bank in subsection 5(1) of the Bankruptcy Act 1966 as then in force is to be taken, after that commencement, to be an approval of the bank or an authorisation of the person for the purposes of the definition of ADI in subsection 5(1) of that Act as in force immediately after that commencement.