13Meaning of constitutionally covered body

13 Meaning of constitutionally covered body

(1) A body corporate is a constitutionally covered body if any of the following apply to the body corporate: (a) it is a constitutional corporation; (b) it carries on the business of banking (within the meaning of paragraph 51(xiii) of the Constitution), other than State banking not extending beyond the limits of the State concerned; (c) it carries on the business of insurance (within the meaning of paragraph 51(xiv) of the Constitution), other than State insurance not extending beyond the limits of the State concerned; (d) it is the trustee of a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) the sole or primary purpose of which is the provision of old‑age pensions (within the meaning of paragraph 51(xxiii) of the Constitution). (2) A body corporate is also a constitutionally covered body if: (a) the conduct of the body corporate affects (or is capable of affecting) the activities, functions, relationships or business of another body corporate; and (b) the other body corporate is covered by paragraph (1)(a), (b), (c) or (d).

Chapter 2—Obligations under the Financial Accountability Regime