Part 8Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999

Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## 11AA Authority to be a NOHC (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. ## 11AB Revocation of authority (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. ## 11AC Bodies that cease to exist or change their names APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. ## 11AD Publication of list of NOHCs ## Division 1A Prudential supervision and monitoring of ADIs and authorised NOHCs ## 11AF APRA may make prudential standards for ADIs and authorised NOHCs (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. ## Division 1BA —APRA’s power to issue directions Omit “establish an Australian Securities Commission”, substitute “provide for the Australian Securities and Investments Commission”. (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Add: (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; Add: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. (ab) will enable or assist an officer of the Commonwealth Attorney‑General’s Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission’s functions and the exercise of the Commission’s powers under a national scheme law. > protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and Add: (2) The report must also set out information about the exercise during the year of the Commission’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission’s functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and Add: to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. > Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. > administrator of an ADI’s business means an administrator appointed under subsection 13A(1) to take control of an ADI’s business. > authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or > industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. > insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and Omit all the words from and including “, in relation to a bank” to and including “bank):”, substitute “, in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:”. Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. > Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. Add: > Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. > Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. Add: (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI’s authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless: (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading “APRA may determine that provisions of this Act do not apply”. Add: (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## Subdivision A Directions other than directions to enforce certified industry liquidity contracts Omit “establish an Australian Securities Commission”, substitute “provide for the Australian Securities and Investments Commission”. (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Add: (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; Add: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. (ab) will enable or assist an officer of the Commonwealth Attorney‑General’s Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission’s functions and the exercise of the Commission’s powers under a national scheme law. > protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and Add: (2) The report must also set out information about the exercise during the year of the Commission’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission’s functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and Add: to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. > Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. > administrator of an ADI’s business means an administrator appointed under subsection 13A(1) to take control of an ADI’s business. > authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or > industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. > insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and Omit all the words from and including “, in relation to a bank” to and including “bank):”, substitute “, in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:”. Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. > Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. Add: > Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. > Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. Add: (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI’s authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless: (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading “APRA may determine that provisions of this Act do not apply”. Add: (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## 11CA APRA may give directions in certain circumstances (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. ## Subdivision B Directions to enforce certified industry liquidity contracts Omit “establish an Australian Securities Commission”, substitute “provide for the Australian Securities and Investments Commission”. (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Add: (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; Add: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. (ab) will enable or assist an officer of the Commonwealth Attorney‑General’s Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission’s functions and the exercise of the Commission’s powers under a national scheme law. > protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and Add: (2) The report must also set out information about the exercise during the year of the Commission’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission’s functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and Add: to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. > Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. > administrator of an ADI’s business means an administrator appointed under subsection 13A(1) to take control of an ADI’s business. > authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or > industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. > insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and Omit all the words from and including “, in relation to a bank” to and including “bank):”, substitute “, in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:”. Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. > Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. Add: > Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. > Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. Add: (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI’s authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless: (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading “APRA may determine that provisions of this Act do not apply”. Add: (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## 11CB APRA may certify an industry liquidity contract APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. ## 11CC APRA may direct parties to an industry liquidity contract to comply with the contract (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. ## Subdivision C General provisions relating to all directions Omit “establish an Australian Securities Commission”, substitute “provide for the Australian Securities and Investments Commission”. (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Add: (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; Add: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. (ab) will enable or assist an officer of the Commonwealth Attorney‑General’s Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission’s functions and the exercise of the Commission’s powers under a national scheme law. > protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and Add: (2) The report must also set out information about the exercise during the year of the Commission’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission’s functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and Add: to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. > Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. > administrator of an ADI’s business means an administrator appointed under subsection 13A(1) to take control of an ADI’s business. > authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or > industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. > insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and Omit all the words from and including “, in relation to a bank” to and including “bank):”, substitute “, in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:”. Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. > Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. Add: > Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. > Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. Add: (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI’s authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless: (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading “APRA may determine that provisions of this Act do not apply”. Add: (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## 11CD Direction not grounds for denial of obligations (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. ## 11CE Supply of information about issue and revocation of directions (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. ## 11CF Secrecy requirements Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. ## 11CG Non‑compliance with a direction (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. ## Division 1B Provisions relating to certain ADIs ## Subdivision A General provisions relating to depositor protection ## 13 ADI to supply information to APRA (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. ## 13A Consequences of inability or failure of ADI to meet obligations (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. ## 13B Investigators—ADI must provide information and facilities (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. ## 13C ADI statutory managers—termination of control (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: ## Subdivision B Provisions dealing with control of an ADI’s business by an ADI statutory manager Omit “establish an Australian Securities Commission”, substitute “provide for the Australian Securities and Investments Commission”. (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Add: (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; Add: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. (ab) will enable or assist an officer of the Commonwealth Attorney‑General’s Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission’s functions and the exercise of the Commission’s powers under a national scheme law. > protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and Add: (2) The report must also set out information about the exercise during the year of the Commission’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission’s functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and Add: to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. > Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. > administrator of an ADI’s business means an administrator appointed under subsection 13A(1) to take control of an ADI’s business. > authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or > industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. > insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and Omit all the words from and including “, in relation to a bank” to and including “bank):”, substitute “, in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:”. Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. > Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. Add: > Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. > Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. Add: (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI’s authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless: (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading “APRA may determine that provisions of this Act do not apply”. Add: (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## 14A ADI statutory manager’s powers and functions (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. ## 14B Administrator in control—additional powers to recommend action by APRA (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. ## 14C ADI statutory manager’s liabilities and duties (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. ## 14D Administrator in control—additional duties (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. ## 14E Termination of administrator’s appointment (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). ## 14F APRA’s powers to apply for ADI to be wound up (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. ## 15 Effect on directors of ADI statutory manager taking control of an ADI’s business (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. ## 15A Effect on external administrator of ADI statutory manager taking control of an ADI’s business (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); ## 15B Effect on legal proceedings of ADI statutory manager taking control of an ADI’s business (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. ## 15C ADI statutory manager being in control not grounds for denial of obligations The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. ## 16 Costs of statutory management (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. ## 16A APRA must report to Treasurer and publish information about statutory management (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. ## Division 2A Auditors of ADIs and authorised NOHCs and their subsidiaries Omit “establish an Australian Securities Commission”, substitute “provide for the Australian Securities and Investments Commission”. (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Add: (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; Add: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. (ab) will enable or assist an officer of the Commonwealth Attorney‑General’s Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission’s functions and the exercise of the Commission’s powers under a national scheme law. > protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and Add: (2) The report must also set out information about the exercise during the year of the Commission’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission’s functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and Add: to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. > Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. > administrator of an ADI’s business means an administrator appointed under subsection 13A(1) to take control of an ADI’s business. > authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or > industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. > insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and Omit all the words from and including “, in relation to a bank” to and including “bank):”, substitute “, in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:”. Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. > Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. Add: > Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. > Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. Add: (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI’s authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless: (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading “APRA may determine that provisions of this Act do not apply”. Add: (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## 16B Requirements for auditors and people who have been auditors to give information to APRA to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. ## 16C Auditor may provide information to APRA may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. ## Part IIA ADI mergers (operation of State and Territory Laws) Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. ## 61 APRA may conduct investigations (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. ## 62 Supply of information (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. ## 66A Restriction on use of expressions authorised deposit‑taking institution and ADI (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. ## 69AA Powers about money of depositors who have died (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. ## 69E Compensation for acquisition of property (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. ## 69F Severability (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. ## 70A Indemnity A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. ## 70B Act has effect despite the Corporations Law Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. ## Division 5 Lodging reports with ASIC ## Part 2N.2 —Lodgments with ASIC The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. ## 22A Delegation by Governor ## 75 APRA Act secrecy provisions apply Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. ## 8 General administration of Act (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: ## 125 APRA Act secrecy provisions apply Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) ## Division 3 General powers of APRA ## Subdivision A Inquiries and directions by APRA Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. ## 47 Authorisation of an officer The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or ## 11A ASIC responsible for general administration of Act The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. ## 7 General administration of Act (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. ## Division 1 Constitution of the Reserve Bank Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. ## Division 2 Policy and management of the Reserve Bank Omit “establish an Australian Securities Commission”, substitute “provide for the Australian Securities and Investments Commission”. (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Add: (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; Add: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. (ab) will enable or assist an officer of the Commonwealth Attorney‑General’s Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission’s functions and the exercise of the Commission’s powers under a national scheme law. > protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and Add: (2) The report must also set out information about the exercise during the year of the Commission’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission’s functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and Add: to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. > Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. > administrator of an ADI’s business means an administrator appointed under subsection 13A(1) to take control of an ADI’s business. > authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or > industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. > insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and Omit all the words from and including “, in relation to a bank” to and including “bank):”, substitute “, in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:”. Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. > Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. Add: > Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. > Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. Add: (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI’s authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless: (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading “APRA may determine that provisions of this Act do not apply”. Add: (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## 8A The Boards of the Bank (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. ## 10A Establishment of Payments System Board ## 10B Functions of Payments System Board (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. ## 10C Resolving differences between the Boards (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. ## 22A Conduct of meetings The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. ## 22B Resolutions without meetings (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. ## Part IIIA The Payments System Board Omit “establish an Australian Securities Commission”, substitute “provide for the Australian Securities and Investments Commission”. (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Add: (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; Add: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. (ab) will enable or assist an officer of the Commonwealth Attorney‑General’s Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission’s functions and the exercise of the Commission’s powers under a national scheme law. > protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and Add: (2) The report must also set out information about the exercise during the year of the Commission’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission’s functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and Add: to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. > Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. > administrator of an ADI’s business means an administrator appointed under subsection 13A(1) to take control of an ADI’s business. > authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or > industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. > insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and Omit all the words from and including “, in relation to a bank” to and including “bank):”, substitute “, in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:”. Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. > Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. Add: > Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. > Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. Add: (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI’s authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless: (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading “APRA may determine that provisions of this Act do not apply”. Add: (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## Division 1 The members of the Payments System Board Omit “establish an Australian Securities Commission”, substitute “provide for the Australian Securities and Investments Commission”. (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Add: (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; Add: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. (ab) will enable or assist an officer of the Commonwealth Attorney‑General’s Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission’s functions and the exercise of the Commission’s powers under a national scheme law. > protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and Add: (2) The report must also set out information about the exercise during the year of the Commission’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission’s functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and Add: to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. > Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. > administrator of an ADI’s business means an administrator appointed under subsection 13A(1) to take control of an ADI’s business. > authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or > industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. > insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and Omit all the words from and including “, in relation to a bank” to and including “bank):”, substitute “, in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:”. Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. > Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. Add: > Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. > Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. Add: (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI’s authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless: (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading “APRA may determine that provisions of this Act do not apply”. Add: (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## 25A Membership of Payments System Board ## 25B Appointment of members (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). ## 25C Chair of the Payments System Board ## 25D Deputy Chair of the Payments System Board (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. ## 25E Declaration by members However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. ## Division 2 Meetings Omit “establish an Australian Securities Commission”, substitute “provide for the Australian Securities and Investments Commission”. (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Add: (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; Add: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. (ab) will enable or assist an officer of the Commonwealth Attorney‑General’s Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission’s functions and the exercise of the Commission’s powers under a national scheme law. > protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and Add: (2) The report must also set out information about the exercise during the year of the Commission’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission’s functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and Add: to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. > Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. > administrator of an ADI’s business means an administrator appointed under subsection 13A(1) to take control of an ADI’s business. > authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or > industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. > insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and Omit all the words from and including “, in relation to a bank” to and including “bank):”, substitute “, in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:”. Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. > Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. Add: > Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. > Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. Add: (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI’s authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless: (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading “APRA may determine that provisions of this Act do not apply”. Add: (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## 25F Meetings (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. ## 25G Conduct of meetings The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. ## 25H Resolutions without meetings (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. ## Division 3 Other administrative provisions Omit “establish an Australian Securities Commission”, substitute “provide for the Australian Securities and Investments Commission”. (a) maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy; and (c) achieve uniformity throughout Australia in how the Commission and its delegates perform those functions and exercise those powers; and (d) administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements; and (e) receive, process and store, efficiently and quickly, the information given to the Commission under the laws that confer functions and powers on it; and (g) take whatever action it can take, and is necessary, in order to enforce and give effect to the laws that confer functions and powers on it. Add: (2) From the commencement of this subsection, the Commission is to be known as the Australian Securities and Investments Commission. (2) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system. (3) The Commission has the function of monitoring and promoting market integrity and consumer protection in relation to the payments system by: (4) Subsections (2) and (3) confer functions and powers to the extent to which they are not in excess of the legislative power of the Commonwealth. (a) advise the Minister about any changes to a law listed in subsection (1) that the Commission thinks are needed to help overcome any problems that the Commission has encountered in the course of performing its functions or exercising any of its powers under that law; and (b) advise the Minister and make such recommendations as it thinks fit about any matter relating to its functions in subsections (2) and (3). (6) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions. Add: (1) The Commission may accept a written undertaking given by a person in connection with a matter in relation to which the Commission has a function or power under this Act. (3) If the Commission considers that the person who gave the undertaking has breached any of its terms, the Commission may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; Add: (2A) The Commission must not delegate a function or power to an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998, unless the Chief Executive Officer of APRA has agreed to the delegation in writing. Add: (8) If this section is being applied as a law of a State, it applies only in relation to functions and powers conferred by a national scheme law. The Chairperson must give written notice to the Minister of all direct or indirect pecuniary interests that the Chairperson has or acquires in: (b) a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993) or a body corporate that is a trustee of such a trust; or (c) a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act) or a body corporate that is a trustee of such a fund; or (a) given to it in confidence in or in connection with the performance of its functions or the exercise of its powers under a national scheme law of this jurisdiction; or (1A) Disclosing summaries of information or statistics derived from information is authorised use and disclosure of the information provided that information relating to any particular person cannot be found out from those summaries or statistics. (c) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to an RSA (within the meaning of the RSA Act); (1C) Disclosing any or all of the following information about an RSA provider is authorised use and disclosure of the information: (a) whether or not the RSA provider has lodged a return under section 44 of the RSA Act in respect of a particular year of income; (b) whether or not a notice, or a particular kind of notice, has been given under section 92 of the RSA Act in relation to an RSA provider in respect of a particular year of income. (i) superannuation funds, approved deposit funds and pooled superannuation trusts that are superannuation entities for the purposes of the SIS Act; or (ii) superannuation entities that are non‑complying superannuation funds or non‑complying approved deposit funds, or are not pooled superannuation trusts, as the case may be, in relation to a specified year of income for the purposes of Part IX of the Income Tax Assessment Act; or (iii) superannuation funds and approved deposit funds that are eligible roll‑over funds for the purposes of Part 24 of the SIS Act; and (c) particulars of names of beneficiaries and amounts set out in a statement of unclaimed money given to the Commission under section 225 of the SIS Act; and (d) any other information that is reasonably necessary to enable members of the public to contact a person who performs functions in relation to a superannuation entity (within the meaning of the SIS Act); (1E) Disclosing any or all of the following information about a fund, scheme or trust (of a type referred to in subsection (1D)) is authorised use and disclosure of the information: (a) whether or not the trustee of the fund, scheme or trust has lodged a return under section 36 of the SIS Act in respect of a particular year of income; (b) whether or not a decision has been made by APRA to give a notice, or a particular kind of notice, in relation to the fund, scheme or trust under section 40 of the SIS Act in relation to a particular year of income; (c) whether or not a notice or a particular kind of notice has been given by APRA or the Commission under section 40 or 254 of the SIS Act in relation to the fund, scheme or trust, in respect of a particular year of income; (d) in the case of a superannuation fund—whether or not the trustee of the fund has told APRA that the trustee is willing to accept a particular kind of contribution. (ab) will enable or assist an officer of the Commonwealth Attorney‑General’s Department who is in the office known as the Office of Law Enforcement Co‑ordination to perform any of his or her functions or powers; or (4EA) If the Commission discloses information to a disciplinary body under paragraph (4)(d), the body or a member of the body: (b) must not use the information for any purpose other than for deciding whether or not to take disciplinary or other action or for taking that action. Add: (8) If this section is being applied as a law of a State, it applies only in relation to the performance of the Commission’s functions and the exercise of the Commission’s powers under a national scheme law. > protected information means information disclosed or obtained, or a document given or produced, (whether before or after the commencement of this section) for the purposes of a function in section 12A and relating to the affairs of: (b) a body corporate (including a body corporate that has ceased to exist) that has at any time been, or is, related (within the meaning of the Corporations Law) to a body regulated by the Commission; or (a) a provision that a national scheme law of this or any other jurisdiction makes about money or property that vests in the Commission under such a law; and Add: (2) The report must also set out information about the exercise during the year of the Commission’s powers under Part 15 of the Retirement Savings Accounts Act 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993. (3) In relation to the Commission’s functions under the Insurance (Agents and Brokers) Act 1984, the report must include information about: (a) the number of persons registered by the Commission for the time being as foreign insurance agents, life insurance brokers or general insurance brokers, respectively; and (b) any suspensions or cancellations effected by the Commission under section 25 or 31H of that Act during the period to which the report relates; and Add: to the Australian Securities Commission Act 1989 is taken to be a reference to the Australian Securities and Investments Commission Act 1989, except in relation to matters that occurred before the commencement of this section. to the ASC (or the Australian Securities Commission) is taken to be a reference to ASIC, except in relation to matters that occurred before the commencement of this section. > Note: Subsection (2) is enacted in case the effect of subsections 5(3) to (5) is to exclude the application of section 25B of the Acts Interpretation Act 1901. > administrator of an ADI’s business means an administrator appointed under subsection 13A(1) to take control of an ADI’s business. > authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force. (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of: (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or > industry liquidity contract means a contract under which emergency liquidity support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. > insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable. (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and Omit all the words from and including “, in relation to a bank” to and including “bank):”, substitute “, in relation to a body corporate that is an ADI or a NOHC, means matters relating to the conduct by the body corporate of any of its affairs:”. Add: (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Law. > Note: See also section 11, which provides for the making of determinations that provisions of this Act do not apply to certain persons carrying on banking business. Add: > Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority. > Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66. (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority. Add: (4A) Without limiting the conditions that APRA may impose under subsection (4) on an ADI’s authority, APRA may make the authority conditional on a body corporate of which the ADI is a subsidiary being an authorised NOHC. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way it considers appropriate. (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless: (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, by order published in the Gazette, determine that all or specified provisions of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly. Note: The heading to section 11 is replaced by the heading “APRA may determine that provisions of this Act do not apply”. Add: (1) A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time. (a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or > Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998. APRA must cause notice of that action to be published in the Gazette. APRA may also cause notice of that action to be published in any other way that it considers appropriate. (d) it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply. (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and (iii) of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be: (5) A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority. (6) If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate. (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation. APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate. (2) If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette. (3) If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name. (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by ADIs and authorised NOHCs. > Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 11CA. (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and (4) If APRA determines or varies a standard it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published: (6) APRA must take reasonable steps to ensure that copies of the current text of the standards are available for inspection and purchase. (1) APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA considers that: (c) if the body corporate is an authorised NOHC—the direction is necessary in the interests of depositors of any ADI that is a subsidiary of the body corporate. (b) a direction to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (ii) ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (iii) appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (d) a direction to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (h) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (l) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; A direction under paragraph (l) not to pay any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (5) The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate. (6) In this section, the expressions director, secretary, executive officer and employee have the same meanings as they have in the Corporations Law. APRA may certify an industry liquidity contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract. (1) APRA may direct any ADI that is a party to an industry liquidity contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers: (a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and (b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract. (3) The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (b) APRA revokes the certification of the industry liquidity contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5) APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6) APRA may revoke the certification of the industry liquidity contract if it considers that it is appropriate to do so for any reason. (1) Subject to subsections (2) and (3), the fact that an ADI or an authorised NOHC is subject to a direction by APRA under Subdivision A or B is not a ground for any other party to a contract to which the ADI or NOHC is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (2) If an ADI or an authorised NOHC is prevented from fulfilling its obligations under a contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(k), the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the ADI or authorised NOHC under the contract. (3) A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A. The order may deal with matters including (but not limited to): (b) obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made. The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A. (1) APRA may publish in the Gazette notice of any direction made under Subdivision A or B. The notice must include the name of the ADI or authorised NOHC given the direction and a summary of the direction. (2) If APRA publishes notice of a direction made under Subdivision A or B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation. (4) APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B, in respect of any ADI or authorised NOHC, at any time. (5) If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation. Information relating to directions and revocations of directions is subject to the secrecy requirements in Part 6 of the Australian Prudential Regulation Authority Act 1998, unless the information has been published in the Gazette under section 11CE. (2) An officer of an ADI or of an authorised NOHC must take reasonable steps to ensure that the ADI or NOHC complies with any direction given to it under Subdivision A or Subdivision B if the officer’s duties include ensuring that the ADI or NOHC complies with the direction, or with a class of directions that includes the direction. (1) APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI’s financial stability as is specified in the notice. (2) The information supplied in compliance with a requirement under subsection (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration. (3) An ADI must immediately inform APRA if the ADI considers that it is likely to become unable to meet its obligations, or is about to suspend payment. (4) APRA may appoint a person to investigate the affairs of an ADI if the ADI fails to comply with a requirement to provide information under this section. (1) APRA may appoint a person to investigate the affairs of an ADI, take control of the ADI’s business or appoint an administrator to take control of the ADI’s business if: (a) the ADI informs APRA that the ADI considers that it is likely to become unable to meet its obligations or that it is about to suspend payment; or > Note: For information about another circumstance in which APRA may take control of the business of an ADI, see section 65. (2) Throughout this Subdivision and Subdivision B, the term ADI statutory manager is used. It refers to the entity in control of an ADI’s business under this Subdivision. That entity will be either APRA or an administrator of an ADI’s business appointed by APRA. (3) If an ADI becomes unable to meet its obligations or suspends payment, the assets of the ADI in Australia are to be available to meet that ADI’s deposit liabilities in Australia in priority to all other liabilities of the ADI. (4) An ADI must hold assets (excluding goodwill) in Australia of a value that is equal to or greater than the total amount of its deposit liabilities in Australia unless it is authorised by APRA to hold assets of a lesser value. (1) If APRA has appointed a person to investigate the affairs of an ADI under section 13 or 13A, the ADI must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation. (2) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by investigators under this Act. (1) If APRA assumes control of an ADI’s business or appoints an administrator of an ADI’s business, APRA must ensure that either it or an administrator of the ADI’s business has control of the ADI’s business until: (i) the ADI’s deposit liabilities in Australia have been repaid or APRA is satisfied that suitable provision has been made for their repayment; and (ii) APRA considers that it is no longer necessary for it or an administrator to remain in control of the ADI’s business; or (b) APRA considers that the ADI is insolvent and is unlikely to be returned to solvency within a reasonable time, and APRA has applied for the ADI to be wound up under the Corporations Law (see section 14F). > Note: This provision does not prevent a change, or changes, between control of an ADI’s business by APRA and an administrator or between administrators. (a) ensure that directors of the ADI have been appointed or elected under the ADI’s constitution at a meeting called by the ADI statutory manager in accordance with the ADI’s constitution; or (3) If the requirements in subsections (1) and (2) are satisfied, APRA may by instrument in writing make an ultimate termination of control of an ADI’s business by an ADI statutory manager. (4) If the ADI statutory manager at the time of the termination is an administrator, the instrument of termination also operates as a termination of the appointment of the administrator. A copy of the instrument must be given to the administrator. However, mere failure to give the copy to the administrator does not affect the termination of the appointment. (5) If a director is elected or appointed under subsection (2), the director takes office on the termination of the ADI statutory manager’s control of the ADI’s business. If the director was appointed by APRA, the director holds office until the ADI’s next annual general meeting, subject to any terms and conditions imposed by APRA on the director’s appointment. If the director was appointed or elected under the ADI’s constitution, the constitution governs the appointment. > Note: For further information about what happens when an ADI statutory manager is in control of an ADI’s business, see Subdivision B. Add: (1) An ADI statutory manager has the powers and functions of the members of the board of directors of the ADI (collectively and individually), including the board’s powers of delegation. > Note: When an ADI statutory manager takes control of the business of an ADI, the directors of the ADI cease to hold office (see section 15). (2) An ADI statutory manager may, for the purposes of this Division, require a person who has, at any time, been an officer of the ADI to give the ADI statutory manager any information relating to the business of the ADI that the ADI statutory manager requires. The person must comply with the requirement. (3) An individual is not excused from complying with a requirement under subsection (2) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (2), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. (5) An ADI statutory manager may sell or otherwise dispose of the whole or any part of the ADI’s business. The sale or disposal may occur on any terms and conditions that the ADI statutory manager considers appropriate. (1) An administrator of an ADI’s business may make any of the following recommendations to APRA, by instrument in writing given to APRA: (b) if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period: (2) If an administrator of an ADI’s business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it. (1) If an ADI incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act by the ADI statutory manager, the ADI statutory manager is liable for the loss. (2) An ADI statutory manager is not liable for a loss that is not a loss incurred because of fraud, dishonesty, negligence or wilful failure to comply with this Act. If the ADI statutory manager is an administrator of the ADI’s business, the administrator must provide details of the loss in a written report to APRA. However, failure to do so does not make the administrator liable for the loss. (3) The question whether an ADI statutory manager is liable for a loss is to be determined in accordance with subsections (1) and (2), rather than in accordance with section 70A of this Act or section 58 of the Australian Prudential Regulation Authority Act 1998. (4) An ADI statutory manager is not to be taken to be a director for the purposes of section 588G of the Corporations Law of a State or internal Territory. (5) Part 6 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received by ADI statutory managers under this Act. (1) A person who is an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request. (2) A person who was an administrator of an ADI’s business must give to APRA a written report showing how the control of the ADI’s business was carried out over the period of the administrator’s appointment if the administrator’s appointment has been terminated. The report must be given to APRA within a reasonable time of the termination. (3) APRA may give an administrator of an ADI’s business a direction relating to the control of the ADI’s business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must: (b) immediately provide to APRA information relating to the control of the ADI’s business and request APRA to alter the direction. (4) If an administrator of an ADI’s business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction. (1) If an administrator of an ADI’s business contravenes a requirement of this Division, APRA may terminate the administrator’s appointment. (2) The terms and conditions of the administrator’s appointment may provide for termination in circumstances in addition to those mentioned in subsection (1). (2) The winding up of the ADI is to be conducted in accordance with the Corporations Law of a State or internal Territory under which the ADI is incorporated or is taken to be incorporated. (2) A director of an ADI must not be appointed or elected while an ADI statutory manager is in control of the ADI’s business unless the appointment is made under subsection 13C(2). (3) If a person who ceased to hold office under subsection (1), or a purported director of the ADI appointed or elected in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (1) The appointment of an external administrator of an ADI is terminated when an ADI statutory manager takes control of the ADI’s business. (2) An external administrator of an ADI must not be appointed while an ADI statutory manager is in control of the ADI’s business unless APRA approves the appointment. (3) If a person who ceased to be the external administrator of an ADI under subsection (1), or a purported external administrator of the ADI appointed in contravention of subsection (2), purports to act in relation to the ADI’s business while an ADI statutory manager has control of the ADI’s business, those acts are invalid and of no effect. (4) APRA must inform the external administrator of an ADI that an ADI statutory manager will take control of the ADI’s business as soon as possible after the decision that an ADI statutory manager will take control of the ADI’s business is made. However, failure to inform the external administrator does not affect the operation of this section. (b) a receiver, manager, managing controller, receiver and manager or other controller (other than an ADI statutory manager); (1) A person cannot begin or continue a proceeding in a court against an ADI while an ADI statutory manager is in control of the ADI’s business unless: (2) A person intending to apply for leave of the court under paragraph (1)(a) must give APRA at least 10 days notice of the intention to apply. APRA may apply to the court to be joined as a party to the proceedings for leave. (3) In this section, a reference to a proceeding against an ADI includes a reference to a cross‑claim or third party claim against an ADI. The fact that an ADI statutory manager is in control of an ADI’s business is not a ground for any other party to a contract to which the ADI is a party to deny any obligations under that contract, accelerate any debt under that contract or close out any transaction relating to that contract. (1) APRA’s costs (including costs in the nature of remuneration and expenses) of being in control of an ADI’s business, or of having an administrator in control of an ADI’s business, are payable from the ADI’s funds and are a debt due to APRA. (2) Despite anything contained in any law relating to the winding‑up of companies, but subject to subsection 13A(3), debts due to APRA by an ADI under subsection (1) have priority in a winding‑up of the ADI over all other unsecured debts. (1) If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it. (2) If an ADI statutory manager takes control of an ADI’s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year. APRA must publish notice of that fact in the Gazette. However, mere failure to publish such a notice does not affect the validity of the act. to provide information about the ADI, authorised NOHC or subsidiary to APRA if APRA considers that the provision of the information will assist APRA in performing its functions under this Act. The person must comply with the requirement. (2) A person who is, or who has been, an auditor of an ADI must inform APRA if the person has reasonable grounds for believing that: (3) A person who is, or who has been, an auditor of an authorised NOHC must inform APRA if the person has reasonable grounds for believing that: (c) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the NOHC. (4) A person who is, or who has been, an auditor of a subsidiary of an ADI or an authorised NOHC (other than a subsidiary that itself is an ADI or an authorised NOHC) must inform APRA if the person has reasonable grounds for believing that: (5) An individual is not excused from complying with a requirement under this section to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under this section, an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. may provide information about the ADI, authorised NOHC or subsidiary to APRA if the person considers that the provision of that information to APRA will assist APRA in performing its functions under this Act. Note: The heading to section 51 is altered by omitting “banks” and substituting “ADIs, authorised NOHCs and their subsidiaries”. Omit “the Treasurer to exempt a bank”, substitute “APRA to exempt an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,”. (1) APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report. (2) If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report. (d) any other person who carries on any banking business in Australia may be required to give APRA information in connection with the person’s banking business. (2) A requirement under subsection (1) must not require information to be given with respect to the affairs of an individual customer of an ADI unless the information is in respect of prudential matters relating to the ADI. (3) An individual is not excused from complying with a requirement under subsection (1) to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (a) before giving information in compliance with a requirement under subsection (1), an individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and the information given in compliance with the requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information. Omit “a bank (other than a foreign bank) specified in the First Schedule”, substitute “an ADI (other than a foreign ADI)”. Add: (3) The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI or NOHC under subsection (2) of this section, and as if they covered authorised NOHCs in the same way as they cover ADIs. (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia). (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act. > Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business. (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows: (iv) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and (b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used: Add: (5) APRA may, in writing, determine that a specified word or expression is to be a restricted word or expression for the purposes of this section. A determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. (1) A person who is not an ADI must not, in Australia, assume or use the expression authorised deposit‑taking institution, or ADI, in relation to a financial business carried on by the person (whether or not in Australia). > Note: For example, the letters adi appear in the word traditional. Use of the word traditional is not prohibited by this section. (1) If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person: (c) in payment to anyone else who is, in the ADI’s opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates. Add: > Note: Example: A body corporate is convicted of contravening section 8. The court may impose a fine of up to 1,000 penalty units (which is 5 times the maximum penalty applicable in the table). <table cellspacing="0" cellpadding="0" style="margin-left:35.45pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:350.65pt; border-top:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Table of offences</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold"></span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(continuing offences)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(ordinary offences)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table" style="margin-bottom:3pt; page-break-after:avoid"><span style="font-weight:bold">Column 3</span></p><p class="Table" style="page-break-after:avoid"><span style="font-weight:bold">(penalty level)</span></p></td></tr></thead><tbody><tr><td style="width:38.8pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>1</span></p></td><td style="width:110.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 7</span></p></td><td style="width:101.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>2</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 8</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>3</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 9(6)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>4</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 10(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>5</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11(3)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>6</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11AA(5)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>7</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>8</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11CG(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>9</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 11E(2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>10</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13(3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>11</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 13A(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>12</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 13B</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>13</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 33(4)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>14</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 36(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>15</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 41</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>16</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 42(1) or (2)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>17</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 45(1) or (3)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>18</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 46</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>19</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 61(2)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>20</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 62(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>21</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 63</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>A</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>22</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 66</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>23</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 66A(1)</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>24</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>section 67</span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr><tr><td style="width:38.8pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>25</span></p></td><td style="width:110.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span></span></p></td><td style="width:101.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>subsection 69(10)</span></p></td><td style="width:67.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Table"><span>B</span></p></td></tr></tbody></table> ``` Omit “Section 79A of the Reserve Bank Act 1959”, substitute “Part 6 of the Australian Prudential Regulation Authority Act 1998”. (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and the Commonwealth is liable to pay to the person compensation of a reasonable amount as agreed on between the Commonwealth and the person. If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the Court determines. (2) Any damages or compensation recovered or other remedy given in a proceeding that is commenced otherwise than under this section is to be taken into account in assessing compensation payable in a proceeding that is commenced under this section and that arises out of the same event or transaction. (2) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (b) the Act has effect as if a reference to a NOHC of an ADI were expressly limited to a reference to a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (3) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an ADI were expressly limited to a reference to a subsidiary of an ADI, being an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. (4) This Act has, by force of this subsection, the effect it would have if the Act separately provided as mentioned in the following paragraphs: (a) the Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a subsidiary that is a corporation to which paragraph 51(xx) of the Constitution applies; (b) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (a) of the banking business definition; (c) this Act has effect as if a reference to a subsidiary of an authorised NOHC were expressly limited to a reference to a subsidiary of an authorised NOHC, being a NOHC of an ADI that carries on banking business as mentioned in paragraph (b) of the banking business definition. A person is not subject to any action, claim or demand by, or any liability to, any person in respect of anything done or omitted to be done in good faith and without negligence in connection with the exercise of powers or performance of functions under this Act or in compliance with obligations imposed by this Act. Omit “the Reserve Bank functions relating to the supervision of banks”, substitute “APRA functions relating to the supervision of ADIs and NOHCs”. Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 170, 170A, 206F, 206J, 242A, 242B, 242C and 317 are altered by omitting “ASC” and substituting “ASIC”. Note 2: The headings to subsections 206D(3), 206E(3), 216E(2), 216F(6) and 283C(7) are altered by omitting “ASC” and substituting “ASIC”. 16 Small business guide (paragraphs 1.1, 1.7, 3.2, 3.3, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.1, 5.4 and 6.1, section 7 and paragraphs 9.3 and 11.6) Schedule 5—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Company Law Review Act 1998 Omit “Australian Securities Commission Practice Notes”, substitute “Australian Securities and Investments Commission Practice Notes”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. This does not apply to the reference to the ASC Law in paragraph 1438(2)(a). Note 1: The headings to sections 118, 130, 138, 143, 158, 160, 164, 165, 246F, 254X, 254Y, 257E, 294, 311, 319, 320, 347, 350, 351, 352, 601AB, 601AE, 601BD, 601BJ, 601DH and 1438 are altered by omitting “ASC” or “the ASC” and in both cases substituting “ASIC”. Note 2: The headings to sections 159, 340, 341, 601AF and 601DJ are altered by omitting “ASC’s” and substituting “ASIC’s”. Note 3: The headings to subsections 118(2), 172(2), 173(6), 256D(1), 257C(3), 257D(3), 260B(5), 601AA(3), 601AB(1), 601AD(2), 601AH(1) and (4), 601BD(2) and 1440(1) and (2) are altered by omitting “ASC” and substituting “ASIC”. 8 Small business guide in Part 1.5 (paragraphs 1.1, 1.10, 3.2 to 3.3, 3.7 to 3.9, 4.1 to 4.4 and 5.1, 5.4, sections 6 and 8 and paragraphs 10.3 and 12.6) The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Schedule 6—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989 to take account of the Managed Investments Act 1998 The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. Note 1: The headings to sections 601EC, 601FF, 601FJ, 601FN, 601HD, 601HF, 601NG and 601PB are altered by omitting “ASC” or “the ASC”, and substituting “ASIC”. The provisions of the Corporations Law specified in this Part are amended by omitting “The ASC” (wherever occurring) and “the ASC” (wherever occurring) and in both cases substituting “ASIC”. (c) if a corporation included in the Register ceases to exist, or ceases to be a corporation to which this Act applies—cause the corporation’s name, address of registered office, and any other particulars of the corporation, to be removed from the Register. Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. (1A) APRA may, in writing, authorise a person who is an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998, to perform the functions of an authorised person under this Act. (3) The Treasurer may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (2A) APRA’s powers under subsection (2) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Add: (2) The following provisions of this Act have effect, in relation to this section, as if references to APRA were instead references to ASIC: Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act. Note 1: The headings to sections 34A, 44, 48, 48B, 49J, 49N, 51, 52 and 55 are altered by omitting “Commissioner” and substituting “APRA”. Part 3—Changing the administration of the Act (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) Omit “the Commissioner or the inspector may”, substitute “an authorised person (if the investigation is by APRA), or the inspector, may”. (3A) APRA’s powers under subsection (3) to make copies of, or take extracts from, books may be exercised on APRA’s behalf by an authorised person. (b) an inspector may, by signed instrument, delegate his or her powers to an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998. Part 4—Changing “Commissioner” to “APRA” (amendments to take account of Schedule 2 to the Insurance Laws Amendment Act 1998) > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “the Commissioner’s” (wherever occurring) and substituting “ASIC’s”. (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or (a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. Note: The headings to sections 11B, 11C, 11D, 11E and 55A are altered by omitting “Commissioner” and substituting “ASIC”. (2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions. > Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting “Commissioner’s” and substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s rules” (wherever occurring) and substituting “Prudential Rules”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7). (ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount—that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount; Add: > subsection 23(4) amount means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount. > subsection 23(4A) amount means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount. (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount; the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b). (1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if: (a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company’s next financial year; and (b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and > monetary and banking policy means monetary and banking policy for the purposes of the Bank’s functions or powers under this Act or any other Act, but does not include payments system policy. > payments system policy means policy for the purposes of the Bank’s functions or powers under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998. (2) Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act. Add: (2) For the purposes of the Commonwealth Authorities and Companies Act 1997, the members of the Reserve Bank Board (rather than the members of the Payments System Board) are the directors of the Bank. (3) However, sections 21 to 27 of the Commonwealth Authorities and Companies Act 1997, and Schedule 2 to that Act, apply to the members of the Payments System Board as though they were directors of the Bank. Note: The heading to section 7A is replaced by the heading “Special provisions relating to how the Commonwealth Authorities and Companies Act 1997 applies to the Bank”. (2) The Reserve Bank Board is responsible for the Bank’s monetary and banking policy, and the Bank’s policy on all other matters, except for its payments system policy (see section 10). (5) For how the Commonwealth Authorities and Companies Act 1997 applies in relation to the 2 Boards, see subsections 7A(2) and (3). > Omit “, the Banking Act 1959 and the regulations under that Act”, substitute “and any other Act, other than the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998,”. (2) The Payments System Board has power to take whatever action is necessary to ensure that the Bank gives effect to the policy it determines. (b) the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board’s opinion, will best contribute to: (iii) promoting competition in the market for payment services, consistent with the overall stability of the financial system. (1) If a policy determined by the Reserve Bank Board and a policy determined by the Payments System Board are inconsistent: (a) whether there is an inconsistency of policy to which subsection (1) applies, or the extent of such an inconsistency; or (3) If there is a disagreement between the Reserve Bank Board and the Payments System Board as to which of the Boards is responsible for determining the Bank’s policy on a matter, the disagreement is to be resolved as determined by the Governor. Omit “the Board whether that policy”, substitute “one of the Boards (the relevant Board) about whether a policy determined by the relevant Board”. Add: (2) However, the member does not have to do so if he or she is also a member of the Payments System Board and has made an oath or affirmation, and a declaration of secrecy, under section 25E. The Reserve Bank Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Reserve Bank Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA’s Chief Executive Officer. The person appointed must be an APRA Board member or an APRA staff member. (3) Each other member referred to in paragraph 25A(d) is to be appointed by the Governor‑General for a period specified in the instrument of appointment. The period specified must not exceed 5 years. > Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K). > Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board). (b) the Governor is absent from Australia or is, for any reason, unable to perform the duties of Chair of the Payments System Board. (3) The Deputy Chair has, when acting as the Chair, all the powers, duties, rights and entitlements of the Chair of the Payments System Board. However, the member does not have to do so if he or she is also a member of the Reserve Bank Board and has made an oath or affirmation, and a declaration of secrecy, under section 16. (1) The Payments System Board is to meet at times and places as determined by the Payments System Board or as directed by the Chair. (2) The Chair is to preside at all meetings of the Payments System Board at which he or she is present. In the Chair’s absence, the Deputy Chair is to preside. (4) Questions arising at a meeting of the Payments System Board are to be decided by a majority of the votes of the members present and voting. The Payments System Board may regulate proceedings at its meetings as it considers appropriate. However, proceedings at a meeting must not be inconsistent with this Part. > Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which members may participate in meetings. (b) without meeting, a majority of the members indicate agreement with the resolution in accordance with the method determined by the Payments System Board; and (d) all members were informed of the proposed resolution, or reasonable efforts were made to inform all members of the proposed resolution. (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed. ## 25I Remuneration (1) A member of the Payments System Board is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed. ## 25J Leave of absence The Payments System Board may grant leave of absence to another member of the Payments System Board on the terms and conditions that it determines. ## 25K Resignation A member of the Payments System Board (other than the Governor) may resign his or her appointment by giving a written resignation to: ## 25L Termination of appointment (b) the member’s appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service. (b) the member’s appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member. (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity. (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if: Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. Omit “the Banks (Shareholdings) Act 1972”, substitute “the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998, the repealed Banks (Shareholdings) Act 1972”. (2) The Bank’s seal is to be kept in such custody as the Reserve Bank Board directs, and is not to be used except as authorised by the Reserve Bank Board. ## 3 General administration of Act (b) APRA also has the general administration of sections 37 to 39 and section 49 to the extent that it is not conferred on ASIC by paragraph (d); and (iii) the disclosure of information about RSA’s (including disclosure of information to ASIC but not including disclosure of information to APRA); or (2) The following provisions (amongst other things) confer powers and duties on APRA for the purposes of APRA’s administration of the provisions it administers and on ASIC for the purposes of ASIC’s administration of the provisions it administers: > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 129A for the purposes of the provision in which the expression occurs. > member of the staff of APRA has the same meaning as that given to the expression APRA staff member in section 3 of the Australian Prudential Regulation Authority Act 1998. > member of the staff of ASIC has the same meaning as that given to the expression staff member in subsection 5(1) of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ## Division 3 Investigations by the Regulator (1) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred, or be occurring, in relation to an RSA provider, the Regulator may, by written notice, tell the RSA provider that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1A) If it appears to ASIC that an RSA provider has refused or failed to give effect to a determination of the Superannuation Complaints Tribunal under sections 37D to 37G of the Superannuation (Resolution of Complaints) Act 1993, ASIC may, by written notice, tell the RSA provider that ASIC proposes to conduct an investigation of the whole or a part of the affairs of the RSA provider. (1) An inspector appointed by a particular Regulator may, in writing, delegate to a staff member of that Regulator any of the inspector’s powers under this Part. Add: Add: ## 129A Authorisation of members of staff (1) The Regulator may authorise in writing a member of the staff of the Regulator, or a member of the staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in section 192. Note 1: The headings to sections 17, 92, 93, 98, 128, 168 and 182 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 104(8) and 189(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 174, 175, 177 and 178 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 189(6) and (7) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. ## 6 General administration of Act (b) APRA also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent that that administration is not conferred on ASIC by paragraph (d); and (d) ASIC also has the general administration of Parts 3 and 6 (other than section 60A) and section 105 to the extent to which they relate to: (iii) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or > Note: Generally neither APRA nor ASIC are referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 16. (3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act. > authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989. (a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and (b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC. ## Part 4 Trustee of superannuation entity to lodge annual returns with APRA ## Division 2 APRA may give notices about complying fund status. ## Part 22 Payment of unclaimed superannuation money to ASIC ## Division 3 APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity ### Division 3—APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity ## Division 4 Investigations by Regulator Omit “by signed writing, appoint a member of the staff of the Commissioner”, substitute “in writing, appoint a member of the staff of the Regulator, or a member of the staff of the other Regulator,”. ## 298A Authorisation of members of staff (1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of the other Regulator, for the purposes of a specified provision of this Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “APRA”. This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12). Note 1: The headings to sections 27C, 40, 41, 63, 70A, 106, 131A, 134, 141, 142, 201, 259, 347A, 348, 360 and 365 are altered by omitting “Commissioner” and substituting “APRA”. Note 2: The headings to subsections 18(11), 117(6), 129(4) and (6) and 130(3) and (5) are altered by omitting “Commissioner” and substituting “APRA”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner’s” (wherever occurring) and “the Commissioner’s” (wherever occurring) and in both cases substituting “APRA’s”. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) and “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. The provisions of the Act specified in this Part are amended by omitting “Commissioner” (wherever occurring) and substituting “Regulator”. This does not apply to the reference to the Commissioner of Taxation in subsection 344(7) or section 347. Note 1: The headings to sections 11, 254, 255, 264, 267, 298 and 320 are altered by omitting “Commissioner” and substituting “Regulator”. Note 2: The headings to subsections 264(1), 273(8) and 344(4) are altered by omitting “Commissioner” and substituting “Regulator”. The provisions of the Act specified in this Part are amended by omitting “Commissioner’s” (wherever occurring) and substituting “Regulator’s”. Note 1: The headings to sections 328, 329, 330, 332, 333 and 334 are altered by omitting “Commissioner’s” and substituting “Regulator’s”. Note 2: The heading to subsections 344(6) and (8) are altered by omitting “Commissioner’s” and substituting “Regulator’s”. (3) Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister. Part 8—Amendments to take account of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 1999 > Note 2: For definitions of APRA, ASIC, approved deposit fund, excluded approved deposit fund, excluded fund, excluded superannuation fund, function, regulated superannuation fund and Regulator, see subsection 10(1) of the Supervision Act. The provisions of the Act specified in this Part are amended by omitting “The Commissioner” (wherever occurring) or “the Commissioner” (wherever occurring) and in both cases substituting “ASIC”. ## Part III Functions of APRA ## Part IIIAA —Collection of Superannuation (Excluded Funds) Supervisory Levy > excluded superannuation fund has the meaning given by subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “Superannuation Supervisory Levy Act 1991”, substitute “Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991”. Omit “officers and employees of Departments of the Australian Public Service”, substitute “persons appointed or engaged under the Public Service Act 1999”. (3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act. An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act. An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge. (1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act. (2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act. An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act. (1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act): (a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter; (b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act; (c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under a provision of the Division, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution’s business; (e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge; (f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act. (2) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer. (3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement. An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks. On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI’s Non‑callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect. Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement). Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks. An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act. An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA. (1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution’s business. (2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution’s business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution’s business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution’s business in accordance with subsection 65(3) of that Act. (3) The regulations may make provision dealing with how the transfer of control of an institution’s business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer. (1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act. (1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank‑related word in relation to a financial business (within the meaning of section 66 of the old Act). (2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word. (1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act. (2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act. Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if: An exemption or determination in force immediately before the APRA commencement under paragraph 8(2)(l) of the old Act continues to have effect after that commencement as if it were an exemption or determination under paragraph 8(2)(l) of the amended Act. (a) the list under subsection 10(1) of the old Act, being that list as is in force immediately before the APRA commencement, has effect after that commencement as if it were prepared by the Governor of the Reserve Bank under subsection 10(1) of the amended Act; (b) an obligation on the Treasurer to publish notice of a matter, or to notify a person of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that the Governor of the Reserve Bank is to discharge; (c) a determination in force under a provision of section 10 of the old Act immediately before the APRA commencement continues to have effect, after that commencement as if it were a determination under that provision of section 10 of the amended Act; (d) a request under subsection 10(7) of the old Act that has not been dealt with by the APRA commencement is, after that commencement, to be dealt with as if it were a request under subsection 10(7) of the amended Act. An exemption in force immediately before the APRA commencement under subsection 11(14) of the old Act continues to have effect after that commencement as if it were an exemption under subsection 11(14) of the amended Act. Part 3—Transitional provisions relating to the establishment of APRA and the repeal of the Insurance and Superannuation Commissioner Act 1987 (1) The Governor of the Reserve Bank, in consultation with APRA’s Chief Executive Officer, may, in writing, determine that, at a specified time (the person’s transfer time), not being a time before the APRA commencement, a specified RBA employee: (3) An ISC employee may, at a particular time (the person’s transfer time), become an APRA employee because of a declaration under section 81C of the Public Service Act 1922. (1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person’s transfer time. (2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person’s transfer time, as if those benefits had accrued in respect of the person’s position as an APRA employee. (3) The person’s service as an APRA employee is taken, for all purposes, to have been continuous with the person’s service, immediately before the person’s transfer time, as an RBA employee or an ISC employee. (4) The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part. (5) This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person’s transfer time: (1) Before a person becomes an APRA employee as mentioned in subitem 25(1) or (3), the Reserve Bank or the Insurance and Superannuation Commissioner, as the case requires, must give the person a written statement setting out particulars of the benefits to which the person has an accrued entitlement. (2) In any proceedings relating to subitem 26(2), the statement is prima facie evidence of the matters set out in the statement. (3) Item 25 has effect in relation to the person even if the Reserve Bank or the Insurance and Superannuation Commissioner fails to give the required statement. (a) a declaration that a specified asset of the Commonwealth vests in APRA, or in ASIC, at a specified time, not being before the APRA commencement, without any conveyance, transfer or assignment; (b) a declaration that a specified instrument in relation to a specified asset continues to have effect after the asset vests in APRA, or in ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring an asset to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. (a) a declaration that a specified liability of the Commonwealth ceases to be a liability of the Commonwealth and becomes a liability of APRA, or of ASIC, at a specified time, not being before the APRA commencement; (b) a declaration that a specified instrument in relation to a specified liability continues to have effect after the liability becomes a liability of APRA, or of ASIC, as if a reference in the instrument to the Commonwealth were a reference to APRA or ASIC, as the case requires; (c) a declaration that APRA or ASIC becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of APRA or ASIC. (3) Subitem (1) does not prevent the Commonwealth from transferring a liability to APRA or ASIC otherwise than under that subitem. (4) A declaration under this item is not to be taken to be a legislative instrument for the purposes of the Legislative Instruments Act 1998. has effect, from a specified date, as if all, or specified, references in the instrument to the Reserve Bank or the Commissioner were references to APRA. (2) This item does not authorise a Commonwealth record to be transferred, or otherwise dealt with, except in accordance with the Archives Act 1983. (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, the vesting or transfer of an asset or liability under this Division. The Treasurer may, by instrument in writing, delegate all or any of the Treasurer’s powers under this Division to an officer of the Department. > Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 as in force prior to the APRA commencement. 35 Instruments made and things done before the APRA commencement by the Commissioner under the Insurance Act, the Life Insurance Act, the RSA Act and the SIS Act (1) An instrument made or issued by the Commissioner under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued by: (a) APRA, to the extent that the instrument could, on the APRA commencement, be made or issued by APRA under its powers and functions in the Act under which the instrument was made or issued; and (b) ASIC, to the extent that the instrument could, on the APRA commencement, be made or issued by ASIC under its powers and functions in the Act under which the instrument was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of the Insurance Act, the Life Insurance Act, the RSA Act or the SIS Act has effect after the APRA commencement as if it had been done in relation to: (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but that is not yet in operation. and in force immediately before the APRA commencement, continues to have effect after the APRA commencement as if it were made or issued, on the APRA commencement, by ASIC under the Act under which it was made or issued. (2) If an instrument was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the APRA commencement. (3) Anything done before the APRA commencement in relation to the Commissioner (for example, lodging an application with the Commissioner) under a provision of: (1) If, immediately before the APRA commencement, the Commissioner was a party to a legal proceeding in a court or tribunal then: (a) to the extent that the proceeding relates to a function of APRA—APRA is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had; and (b) to the extent that the proceeding relates to a function of ASIC—ASIC is substituted as a party to the proceeding and has the same rights in the proceeding as the Commissioner had. (1) Despite the repeal of Part IX of the Insurance Act, that Part, as in force immediately before the APRA commencement, continues to apply to bodies corporate to which it applied immediately before the APRA commencement as if references in that Part to the Commissioner were instead references to APRA. (2) The regulations may provide that Part IX of the Insurance Act, as it continues to apply under subitem (1), has effect with specified modifications. Item 27 of Schedule 2 to the Insurance Laws Amendment Act 1998 has effect as if the reference to the Commissioner were instead a reference to the Commissioner or to APRA. If, on the APRA commencement, there are 2 people holding office as Deputy Governors of the Reserve Bank of Australia, the following provisions have effect during the period starting on the APRA commencement and ending at the first time at which one of those people ceases to hold office as a Deputy Governor: (a) subsection 12(1) of the old Act continues to have effect as if it referred to there being 2 Deputy Governors of the Reserve Bank of Australia; (b) subsection 21(3) of the old Act continues to have effect as if it referred to the quorum for a meeting of the Reserve Bank Board being 6 members; (c) a reference to the Deputy Governor of the Reserve Bank of Australia in the amended Act, or in any other law of the Commonwealth, has effect as if it were a reference to either of the 2 Deputy Governors. The period of appointment of a member of the Reserve Bank Board to whom subsection 14(5) of the old Act applied immediately before the APRA commencement remains the same, despite the repeal of that subsection. Section 81 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to investigations, to the extent they were completed or in progress before that commencement. (a) is the holder of the stored value of purchased payment facilities in a class of purchased payment facilities, within the meaning of that Act; and is taken, on that commencement, to have been granted an authority under section 23 of the Payment Systems (Regulation) Act 1998 in relation to that class of purchased payment facilities. (a) the crediting of an amount paid by way of one kind of levy against a liability to pay an amount of another kind of levy; and The regulations may deal with other transitional matters relating to the amendments and repeals made by the Schedules to this Act, or relating to the establishment of the Australian Prudential Regulation Authority. The Governor‑General may make regulations, not inconsistent with this Schedule, prescribing matters required or permitted by this Schedule to be prescribed.