Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 1AA - Authority to be a NOHC of an ADI  

SECTION 11AAA   Conditions on an authority  

(1)    
APRA may, at any time, by giving written notice to a body corporate:

(a) impose conditions, or additional conditions, on the body corporate ' s NOHC authority; or

(b) vary or revoke conditions imposed on the body corporate ' s NOHC authority.

The conditions must relate to prudential matters.

(2)    
A condition may be expressed to have effect despite anything in the prudential standards or the regulations.

(3)    
If APRA imposes, varies or revokes the conditions on a body corporate ' s NOHC authority, APRA must:

(a) give written notice to the body corporate; and

(b) ensure that notice that the action has been taken is published in the Gazette .

(4)    
The taking of an action is not invalid merely because of a failure to comply with subsection (3).

(5)    
Part VI applies to the following decisions made under this section:

(a) a decision to impose conditions, or additional conditions, on a body corporate ' s NOHC authority;

(b) a decision to vary conditions imposed on a body corporate ' s NOHC authority.