Friendly Societies (Tasmania) Act 1997
An Act to make provision for a uniform legislative scheme for friendly societies, to repeal the Friendly Societies Act 1888 , to make consequential amendments to the Tasmanian Office of Financial Supervision Act 1992 and for other purposes
[Royal Assent 22 December 1997]
Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:
PART 1 - Preliminary
This Act may be cited as the Friendly Societies (Tasmania) Act 1997 .
This Act commences on a day to be proclaimed.
(1) In this Act, unless the contrary intention appears –Friendly Societies Act means the Friendly Societies (Victoria) Act 1996 of Victoria;friendly societies legislation of Tasmania means –(a) this Act and the regulations under this Act; and(b) the Friendly Societies (Tasmania) Code; and(c) the Friendly Societies (Tasmania) Regulations; and(d) the AFIC (Tasmania) Code, the AFIC (Tasmania) Regulations, the Financial Institutions (Tasmania) Code and the Financial Institutions (Tasmania) Regulations as applying to the Code and regulations referred to in paragraphs (b) and (c) ;Friendly Societies (Tasmania) Code means the provisions applying because of section 5 ;Friendly Societies (Tasmania) Regulations means the provisions applying because of section 6 ;Ministerial Council means the Ministerial Council established under the financial institutions agreement within the meaning of the Financial Institutions (Tasmania) Code.(2) Words and expressions used in the Friendly Societies (Tasmania) Code and in this Act have the same respective meanings in this Act as they have in that Code.(3) Subsection (2) does not apply to the extent that the context or subject matter otherwise indicates or requires.
(1) The friendly societies legislation of Tasmania binds the Crown in right of Tasmania and, so far as the legislative power of Parliament permits, in all its other capacities.(2) Nothing in this section permits the Crown in any of its capacities to be prosecuted for an offence.
PART 2 - Friendly Societies (Tasmania) Code and Friendly Societies (Tasmania) regulations
5. Application in Tasmania of Friendly Societies Code
The Friendly Societies Code set out in Schedule 1 of the Friendly Societies Act as in force for the time being –(a) applies as a law of Tasmania; and(b) as so applying, may be referred to as the Friendly Societies (Tasmania) Code.
The regulations in force for the time being under Part 4 of the Friendly Societies Act –(a) apply as regulations in force for the purposes of the Friendly Societies (Tasmania) Code; and(b) as so applying, may be referred to as the Friendly Societies (Tasmania) Regulations.
7. Interpretation of some expressions in Code and regulations
(1) In the Friendly Societies (Tasmania) Code and the Friendly Societies (Tasmania) Regulations –Code means the Friendly Societies (Tasmania) Code;continuing society means a society to which the Friendly Societies Act 1888 applied immediately before the commencement of this section;Corporations Law has the meaning given by Part 3 of the Corporations (Tasmania) Act 1990 ;Corporations Regulations has the meaning given by Part 3 of the Corporations (Tasmania) Act 1990 ;Legislature of this State means the Legislature of Tasmania;pharmacy law of this State means the Pharmacy Act 1908 ;previous law means the Friendly Societies Act 1888 as in force immediately before the commencement of this section;Supreme Court means the Supreme Court of Tasmania;the State or "this State" means Tasmania.(2) The Corporations (Tasmania) Act 1990 and the applicable provisions in relation to Tasmania, within the meaning of that Act, are prescribed for the purposes of section 19(4) of the Friendly Societies (Tasmania) Code.
PART 3 - Conferral of functions and powers
8. Conferral of functions and powers on Commission
The Australian Financial Institutions Commission (established by the Australian Financial Institutions Commission Act 1992 of Queensland) has the functions and powers conferred or expressed to be conferred on it by or under the friendly societies legislation of Tasmania.
9. Conferral of functions and powers on Tribunal
The Australian Financial Institutions Appeals Tribunal (established by the Australian Financial Institutions Commission Act 1992 of Queensland) has the functions and powers conferred or expressed to be conferred on it by or under the friendly societies legislation of Tasmania.
PART 4 - Levies, fees and other amounts
This section imposes the fees prescribed by the Friendly Societies (Tasmania) Regulations or by the AFIC (Tasmania) Regulations in respect of matters referred to in the friendly societies legislation of Tasmania.
(1) This section imposes –(a) the levy payable under sections 119 and 120 of the AFIC (Tasmania) Code by a society; and(b) the supervision levy payable under section 51 of the Friendly Societies (Tasmania) Code by a society.(2) An expression has in subsection (1) the meaning it would have if this section were in the AFIC (Tasmania) Code or the Friendly Societies (Tasmania) Code, as the case requires.
All fees, fines and penalties and other money that, under or by virtue of the friendly societies legislation of Tasmania, are authorised or directed to be imposed on a person and are not, under that legislation, fees, levies or other amounts payable to a specified person must be paid to the State.
PART 5 - General
13. State supervisory authority
The Tasmanian Office of Financial Supervision is the State supervisory authority for the purposes of the friendly societies legislation of Tasmania.
(1) The Governor may make regulations for the purposes of this Act.(2) Without limiting subsection (1) , a regulation may fix penalties not exceeding 50 penalty units for contravention of a regulation.
(1) All persons, things and circumstances appointed or created under the Friendly Societies Act 1888 or existing or continuing under that Act immediately before the commencement of this Act continue, under and subject to the friendly societies legislation of Tasmania, to have the same status, operation and effect as they would have had if this Act had not been enacted.(2) Subsection (1) is subject to any contrary intention appearing in this Act or the Friendly Societies (Tasmania) Code.
16. Special savings and transitional regulations for Tasmania
(1) The Governor may make regulations of a savings or transitional nature consequent on the enactment of this Act.(2) If such a regulation so provides, it has effect despite any provision of this Act, including the Friendly Societies (Tasmania) Code.(3) A provision of a regulation made under this section may, if the regulation so provides, take effect from the day of assent to the Act concerned or from a later day.
The Friendly Societies Act 1888 is repealed.
The Acts specified in Schedule 1 are amended as specified in that Schedule.
Until provision is made in relation to this Act by order under section 4 of the Administrative Arrangements Act 1990 –(a) the administration of this Act is assigned to the Minister for Finance; and(b) the Department responsible to the Minister for Finance in relation to the administration of this Act is the Department of Treasury and Finance.
SCHEDULE 1 - Amendment of ActsActs Interpretation Act 1931
1. Section 46B is amended as follows:Associations Incorporation Act 1964(a) by omitting "1992." from the definition of "Financial Institutions (Tasmania) Regulations" and substituting "1992;";(b) by inserting after the definition of "Financial Institutions (Tasmania) Regulations" the following definitions:Friendly Societies (Tasmania) Code means the provisions applying by reason of section 5 of the Friendly Societies (Tasmania) Act 1997 ;Friendly Societies (Tasmania) Regulations means the provisions applying by reason of section 6 of the Friendly Societies (Tasmania) Act 1997 .
1. Section 9(1)(a) is amended by omitting subparagraph (vi) and substituting the following subparagraph:Co-operative Housing Societies Act 1963(vi) a body is registered under the Friendly Societies (Tasmania) Code as a society –
1. Section 17 is amended as follows:Co-operative Industrial Societies Act 1928(a) by omitting subparagraph (iv) from subsection (1)(a) and substituting the following subparagraph:(iv) a body is registered under the Friendly Societies (Tasmania) Code as a society; or(b) by omitting paragraph (e) of subsection (6) and substituting the following paragraph:(e) a body is registered under the Friendly Societies (Tasmania) Code as a society; or
1. Section 5(4) is amended by omitting paragraph (e) and substituting the following paragraph:(e) a body is registered under the Friendly Societies (Tasmania) Code as a society; or
2. Section 29(4) is amended by omitting "society registered under the Friendly Societies Act 1888 " and substituting "body registered under the Friendly Societies (Tasmania) Code as a society".
3. Section 46(1A) is amended by omitting paragraph (e) and substituting the following paragraph:Dental Act 1982(e) a body is registered under the Friendly Societies (Tasmania) Code as a society; or
1. Section 37(5) is amended by omitting paragraph (a) and substituting the following paragraph:Land and Income Taxation Act 1910(a) a society within the meaning of the Friendly Societies (Tasmania) Code; or
1. Section 10(1) is amended by omitting paragraph (j) and substituting the following paragraph:(j) Any land which is owned by a society within the meaning of the Friendly Societies (Tasmania) Code;
2. Section 28 is amended by omitting paragraph (c) and substituting the following paragraphs:Lending of Money Act 1915(c) The funds and incomes of any trade union;(ca) The funds and incomes of any society within the meaning of the Friendly Societies (Tasmania) Code;
1. Section 10(1) is amended by omitting paragraph (b) and substituting the following paragraph:Pharmacy Act 1908(b) a society within the meaning of the Friendly Societies (Tasmania) Code or the Financial Institutions (Tasmania) Code;
1. Section 30(2) is amended by omitting paragraph (b) and substituting the following paragraph:Stamp Duties Act 1931(b) a society within the meaning of the Friendly Societies (Tasmania) Code; or
1. Section 71A(1) is amended by omitting paragraph (f) of the definition of "exempt account" and substituting the following definition:Tasmanian Office of Financial Supervision Act 1992(f) an account kept by a society within the meaning of the Friendly Societies (Tasmania) Code;
1. Section 3 is amended as follows:(a) by inserting after the defintion of "employee" the following definition:financial institutions legislation has the same meaning as in the AFIC (Tasmania) Code;(b) by inserting after the definition of "Financial Institutions (Tasmania) Code" the following definitions:friendly societies legislation of Tasmania has the same meaning as in the Friendly Societies (Tasmania) Act 1997 ;friendly society means a society within the meaning of the Friendly Societies (Tasmania) Code;
2. Section 4 is amended by inserting "and Friendly Societies (Tasmania) Code" after "Code".
3. Section 6 is amended as follows:(a) by inserting in paragraph (a) "and the friendly societies legislation of Tasmania" after "legislation";(b) by inserting in paragraph (b) ", the friendly societies legislation of Tasmania" after "legislation".
4. Section 7(2) is amended by inserting "and the friendly societies legislation of Tasmania" after "legislation".
5. Section 8 is amended by inserting ", the friendly societies legislation of Tasmania" after "legislation".
6. Section 13 is amended as follows:(a) by inserting in subsection (2) ", friendly societies" after "unions";(b) by omitting subsection (4) and substituting the following subsection:(4) A person holding an office or appointment with a financial institution or friendly society or an institution or a friendly society providing financial services in competition with a financial institution or friendly society may not be appointed as a director.
7. Section 15(5) is amended by inserting "or friendly society" after "institution".
8. Section 18 is amended as follows:(a) by inserting "or friendly societies" in the definition of "Register" in subsection (1) after "institutions";(b) by inserting "or friendly society" in the definition of "relevant particulars" in subsection (1) after "institution" (first occurring);(c) by inserting "or friendly society" in paragraph (c) of the definition of "relevant particulars" in subsection (1) after "institution";(d) by inserting "or friendly society" in paragraph (d) of the definition of "relevant particulars" in subsection (1) after "institution";(e) by inserting "or friendly society" in paragraph (e) of the definition of "relevant particulars" in subsection (1) after "institution";(f) by inserting "or friendly society" in paragraph (f) of the definition of "relevant particulars" in subsection (1) after "institution";(g) by inserting "or friendly society" in paragraph (f)(i) of the definition of "relevant particulars" in subsection (1) after "institution";(h) by inserting after paragraph (g) of the definition of "relevant particulars" in subsection (1) the following paragraph:(ga) if the financial interest consists of membership of a friendly society, details of the membership and particulars of any interest in a benefit fund of the friendly society; and(i) by inserting after subsection (4) the following subsection:(4A) A person holds a financial interest in a friendly society if the person or an associate of the person –(a) owns securities of a friendly society; or(b) has money on deposit with a friendly society; or(c) has a liability to a friendly society because of a loan or financial accommodation granted by the friendly society; or(d) has an interest in a benefit fund of a friendly society; or(e) is a member of a friendly society.(j) by inserting in subsection (5) "and friendly societies" after "institutions";(k) by omitting from subsection (7)(c) "effect." and substituting "effect; and";(l) by inserting after paragraph (c) of subsection (7) the following paragraphs:(d) the relevant particulars of financial interests held by the officer in friendly societies on the date on which he or she became a TOFS officer; and(e) if the officer held no financial interest in a friendly society on the date on which he or she became a TOFS officer, a statement to that effect.(m) by inserting in subsection (8) "or friendly society" after "institution";(n) by omitting paragraphs (a) and (b) of subsection (9) and substituting the following paragraphs:(a) the relevant particulars of financial interests held by the officer in financial institutions on each reporting date; and(b) if the officer held no financial interest in a financial institution on each reporting date, a statement to that effect; and(c) the relevant particulars of financial interests held by the officer in friendly societies on each reporting date; and(d) if the officer held no financial interest in a friendly society on each reporting date, a statement to that effect.
9. Section 19 is amended as follows:(a) by omitting from subsection (4) "or the financial institutions legislation" and substituting ", the financial institutions legislation or the friendly societies legislation of Tasmania";(b) by omitting from subsection (4)(b) "or a financial institution" and substituting ", a financial institution or friendly society";(c) by omitting from subsection (5) "or the financial institutions legislation" and substituting ", the financial institutions legislation or the friendly societies legislation of Tasmania";(d) by omitting from subsection (5)(b) "or a financial institution" and substituting ", a financial institution or friendly society".
10. Section 24 is amended as follows:(a) by inserting in subsection (1) "or the friendly societies legislation of Tasmania" after "legislation";(b) by inserting after paragraph (a) of subsection (2) the following paragraph:(ab) a supervision levy determined under Subdivision 7 of Division 2 of Part 2 of the Friendly Societies (Tasmania) Code; or
11. Section 25 is amended as follows:(a) by inserting in subsection (1) "or the friendly societies legislation of Tasmania" after "legislation";(b) by omitting subsection (2) and substituting the following subsection:(2) The powers under –may not be delegated.(a) section 95 (Supervision levy) of the Financial Institutions (Tasmania) Code; and(b) section 51 (Supervision levy) of the Friendly Societies (Tasmania) Code –
12. Section 26 is amended by inserting "or the friendly societies legislation of the other State" after "legislation".
13. Section 27 is amended by inserting after subsection (2) the following subsections:(3) The Treasurer may provide such amount as the Treasurer considers necessary to enable TOFS to perform its functions and exercise its powers from the commencement of the Friendly Societies (Tasmania) Act 1997 .(4) Any funds provided under subsection (3) must be repaid to the Treasurer by TOFS on receipt of sufficient supervision levies under section 51 of the Friendly Societies (Tasmania) Code.
14. Section 28(2) is amended by inserting after paragraph (a) the following paragraph:(ab) the amount of supervision levy that TOFS intends to impose in the financial year under section 51 of the Friendly Societies (Tasmania) Code; and
15. Section 29 is amended by omitting "and credit unions" and substituting ", credit unions and friendly societies".
16. Section 30 is amended by inserting "or section 51 of the Friendly Societies (Tasmania) Code" after "Code".
17. Section 32(1) is amended by inserting "and the friendly societies legislation of Tasmania" after "State".
18. Schedule 1 is amended by inserting in clause 6(f) "or friendly society" after "institution".Testator's Family Maintenance Act 1912
1. Section 2(1) is amended by omitting the definition of will and substituting the following definition:Therapeutic Goods and Cosmetics Act 1976will includes a codicil and a nomination made in accordance with the rules of a society within the meaning of the Friendly Societies (Tasmania) Code.
1. Section 4(2)(d) is amended by omitting subparagraph (ii) and substituting the following subparagraph:Trustee Banks Act 1985(ii) on the premises of a dispensary that is conducted by a society within the meaning of the Friendly Societies (Tasmania) Code; or
1. Section 60(3) is amended by omitting paragraph (a) and substituting the following paragraph:(a) a society within the meaning of the Friendly Societies (Tasmania) Code or a branch of such a society;
[Second reading presentation speech made in:
House of Assembly on 28 NOVEMBER 1997
Legislative Council on 4 DECEMBER 1997]