11AAAConditions on an authority

11AAA Conditions on an authority

(1) APRA may, at any time, by giving written notice to a body corporate: (a) impose conditions, or additional conditions, on the body corporate’s NOHC authority; or (b) vary or revoke conditions imposed on the body corporate’s NOHC authority. The conditions must relate to prudential matters. (2) A condition may be expressed to have effect despite anything in the prudential standards or the regulations. (3) If APRA imposes, varies or revokes the conditions on a body corporate’s NOHC authority, APRA must: (a) give written notice to the body corporate; and (b) ensure that notice that the action has been taken is published in the Gazette. (4) The taking of an action is not invalid merely because of a failure to comply with subsection (3). (5) Part VI applies to the following decisions made under this section: (a) a decision to impose conditions, or additional conditions, on a body corporate’s NOHC authority; (b) a decision to vary conditions imposed on a body corporate’s NOHC authority.