Div 1Authority to carry on Banking Business.

Division 1.—Authority to carry on Banking Business.

Persons other than companies not to carry on banking business.

6. Subject to this Act, a person other than a body corporate shall not, at any time after the expiration of six months from the commencement of this Part, carry on any banking business in Australia.

Ranking business not to be carried on without authority.

7. Subject to this Act, a body corporate shall not, at any time after the expiration of six months from the commencement of this Part, carry on any banking business in Australia unless the body corporate is in possession of an authority in writing granted by the Governor-General under this Part to carry on banking business.

Penalty: Five thousand pounds for each day during which the contravention continues.

Authority to carry on banking business.

8.—(1.) The Governor-General shall, within seven days after the commencement of this Part, grant to each body corporate specified in the First Schedule an authority to carry on banking business in Australia.

(2.) A body corporate (not being a body corporate specified in the First Schedule) which desires authority under this Part to carry on banking business in Australia may apply in writing to the Treasurer for authority accordingly.

(3.) Where any such application is made, the Governor-General may grant to that body corporate an authority to carry on banking business in Australia.

(4.) An authority under this section granted to a body corporate specified in the First Schedule which was not carrying on banking business in Australia on the twenty-sixth day of November, One thousand nine hundred and forty-one, or to a body corporate not so specified, may be granted unconditionally or subject to such conditions as are specified in the authority.

(5.) Where an authority under this section is granted subject to conditions, the Governor-General may, from time to time, vary or revoke any of those conditions or impose additional conditions.

(6.) Where an authority under this section is subject to conditions, the body corporate to which the authority is granted shall comply with those conditions.

(7.) Every authority under this section, and every instrument made under sub-section (5.) of this section, shall be published in the Gazette.

(8.) An authority under this section granted to a body corporate not specified in the First Schedule shall declare that the body corporate shall be deemed to be a bank specified in Part I., or, if the body corporate is a savings bank, in Part II., of that Schedule and that Schedule shall thereupon be deemed to be amended by the addition to that Part of the name of that body corporate.