14ADefinitions

14A Definitions

14A Definitions

(1) In this Part—

bank means an authorised deposit-taking institution (within the meaning of the Banking Act 1959 of the Commonwealth) that is authorised under that Act to use in its name—

(a) the word “bank”, or

(b) any other word or expression (whether or not in English) that is of like import to the word “bank”.

financial institution means a body (other than a bank) that is a body regulated by the Australian Prudential Regulation Authority pursuant to section 3 (2) (a)–(e) of the Australian Prudential Regulation Authority Act 1998 of the Commonwealth.

(2) The regulations can exclude an authorised deposit-taking institution from the definition of bank for the purposes of this Part.

s 14A: Ins 2010 No 114, Sch 1 [12].