Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 8   Transitional, saving and application provisions

Part 1   Transitional provisions relating to transfer from State and Territory regulatory regimes

Division 5   Transitional provisions relating to operation of the Life Insurance Act 1995

15   Transitional provisions relating to auditors

(1) An approval of a person that is in force under subsection 85(1) of the old Act immediately before the transfer date continues to have effect on and after the transfer date as if it were an approval of the person under paragraphs 85(1)(a) and (b) of the amended Act.

(2) If an appointment (including an appointment that is taken to have been made) of a person as an auditor of a friendly society is in force under any of the Friendly Societies Codes immediately before the transfer date and that friendly society is a transferring friendly society, the person is taken, on the transfer date:

(a) to have been granted an approval under paragraph 85(1)(b) of the amended Act; and

(b) to have been appointed as auditor of the transferring friendly society in accordance with section 84 of the amended Act.

Note: For appointments that are taken to have been made, see in particular subsections 340(6) and (7) of the various Friendly Societies Codes (dealing with appointment of firms).

(3) At any time while 2 or more persons are taken by subitem (2) to have been appointed as auditors of the same transferring friendly society, the amended Act applies in relation to the transferring friendly society as if any reference to the auditor, or the approved auditor, of a life company were instead a reference to any of the persons so taken to have been appointed.

(4) An approval or appointment that is taken by subitem (2) to have been granted or made may be dealt with under the amended Act:

(a) in the case of an approval - as if it had actually been granted under paragraph 85(1)(b) of the amended Act; or

(b) in the case of an appointment - as if it actually were an appointment in accordance with section 84 of the amended Act.

(5) Subsection 87(1) of the amended Act does not apply to an appointment that is taken by paragraph (2)(b) to have been made.