159GZAAFinancial institution

159GZAA Financial institution

(1) In this Division, unless the contrary intention applies:

financial institution means:

(a) a body corporate that is an ADI (authorised deposit‑taking institution) for the purposes of the Banking Act 1959; or
(b) a corporation to which subsection (2) applies.

(2) This subsection applies to a corporation that is a registrable corporation for the purposes of the Financial Sector (Collection of Data) Act 2001 because of paragraph 6(1)(a) or (b) of that Act or would be such a registrable corporation because of that paragraph if paragraphs 6(2)(h), (i) and (j) of that Act were omitted and the following paragraph substituted: (h) the sole or principal purpose for which the corporation borrows money is to lend money to an associate, within the meaning of Division 16F of Part III of the Income Tax Assessment Act 1936, of the corporation or of a foreign controller, within the meaning of that Division, of the corporation.

157 Section 317 (paragraph (c) of the definition of AFI or Australian Financial Institution)

Repeal the paragraph, substitute:

(c) a registered entity under the Financial Sector (Collection of Data) Act 2001;

Insurance Acquisitions and Takeovers Act 1991

158 Section 4 (definition of value)

Repeal the definition, substitute:

value of an asset of a company at a particular time means the amount that, if:

(a) an accounting period of the company had ended at that time; and
(b) the company had, under the Financial Sector (Collection of Data) Act 2001, given to APRA copies of financial statements for, or as at the end of, that accounting period; and
(c) the financial statements had been prepared in accordance with applicable accounting principles;

would have been shown in those statements as the value of the asset at that time.

159 Sections 77, 78 and 79

Repeal the sections, substitute: