245ACourt power of disqualification

#### 245A Court power of disqualification (1) On application by APRA, the Federal Court of Australia may, by order, disqualify a person from being or acting as someone referred to in subsection (2), for a period that the Court considers appropriate, if the Court is satisfied that: (a) the person is not a fit and proper person to be or act as such a person; and (b) the disqualification is justified. (2) For the purposes of subsection (1), the Court may disqualify a person from being or acting as a director, principal executive officer, appointed actuary or auditor of: (a) a particular company, or body corporate, registered under this Act; or (b) a class of companies, or bodies corporate, registered under this Act; or (c) any company, or body corporate, registered under this Act. (3) In deciding whether it is satisfied as mentioned in paragraph (1)(a), the Court may take into account: (a) any matters specified in the regulations for the purposes of this paragraph; and (b) any criteria for fitness and propriety specified in the prudential standards; and (c) any other matters the Court considers relevant. (4) In deciding whether the disqualification is justified as mentioned in paragraph (1)(b), the Court may have regard to: (a) if the application is for the person to be disqualified from being or acting as a director or principal executive officer—the person’s conduct in relation to the management, business or property of any corporation; and (b) if the application is for the person to be disqualified from being or acting as an appointed actuary or auditor—the person’s conduct in relation to the functions or duties of an actuary or auditor under this Act; and (c) in any case—any other matters the Court considers relevant. (5) As soon as practicable after the Court disqualifies a person under this section, APRA must cause particulars of the disqualification: (a) if the person is, or is acting as, a director, principal executive officer, appointed actuary or auditor of a company, or body corporate, registered under this Act—to be given to the company, or body corporate, concerned; and (b) to be published in the Gazette.