Queensland Consolidated Acts

FINANCIAL SECTOR REFORM (QUEENSLAND) ACT 1999 - SECT 39

(1) QOFS may pay out of the Supervision Fund--

(a) to APRA--

(i) amounts for liabilities relating to leave and other entitlements of employees of QOFS who become APRA employees under section 45,22 being liabilities existing immediately before the employees become APRA employees; and

(ii) amounts for other liabilities of QOFS that become liabilities of APRA under section 49;23 and

(b) to ASIC--

(i) amounts for liabilities relating to leave and other entitlements of employees of QOFS mentioned in section 46(2),24 being liabilities existing immediately before the employees are appointed to the Australian Public Service; and

(ii) amounts for other liabilities of QOFS that become liabilities of ASIC under section 49.

(2) Also QOFS may pay into or out of the Supervision Fund amounts relating to QOFS performing its functions and exercising its powers under this division.

(3) This section applies despite section 94(2) and (3)25 of the Financial Institutions Code.

(4) In this section--

employees, of QOFS, includes the chief executive officer of QOFS.