58Protection from liability

58 Protection from liability

(1) Subject to subsection (2), APRA, a Board member, an APRA staff member, or an agent of APRA, a Board member or an APRA staff member, is not subject to any liability to any person in respect of anything done, or omitted to be done, in the exercise or performance, or the purported exercise or performance, of powers, functions or duties conferred or imposed on APRA, the Board, a Board member or an APRA staff member by or under:

(a) this Act or another law of the Commonwealth; or

(b) a law of a State or Territory referred to in paragraph 9(b); or

(c) subject to subsection (3), an agreement referred to in paragraph 9(c).

(2) Subsection (1) does not apply to an act or omission in bad faith. (3) Subsection (1), as it applies in relation to powers, functions or duties conferred or imposed by an agreement referred to in paragraph 9(c), has effect subject to provisions of the agreement referred to in subsection 9A(3) (which allows the agreement to deal with liabilities as between the parties).

Schedule 2 Amendment of the Banking Act 1959

Schedule 2—Amendment of the Banking Act 1959

1 Subsection 5(1) (definition of bank)

2 Subsection 5(1) (definition of industry liquidity contract)

3 Subsection 5(1)

industry support contract means a contract under which emergency financial 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. The contract may also deal with matters associated with the provision of the financial support.

4 After section 6A

Insert in Part I: