Banking Act 1959

S 9(2A) inserted by No 82 of 2010, s 3 and Sch 1 item 5, effective 27 July 2010.

S 9(3) amended by No 9 of 2018, s 3 and Sch 3 items 1 and 2, by repealing note 1 and substituting " Note " for " Note 2 " , effective 5 May 2018. Note 1 formerly read:

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.

S 9(3A) amended by No 82 of 2010, s 3 and Sch 1 item 6, by substituting " of another body corporate " for " of a NOHC " , effective 27 July 2010.

S 9(4) substituted by No 10 of 2018, s 3 and Sch 1 item 13, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 9(4) formerly read:

(4)
APRA may, at any time, by notice in writing served on the body corporate concerned:

(a) impose conditions, or additional conditions, on an authority; or

(b) vary or revoke conditions imposed on an authority.

The conditions must relate to prudential matters.

S 9(4A) repealed by No 10 of 2018, s 3 and Sch 1 item 13, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 9(4A) formerly read:

(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.

S 9(5) substituted by No 10 of 2018, s 3 and Sch 1 item 13, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 9(5) formerly read:

(5)
A condition may be expressed to have effect notwithstanding anything in the prudential standards or the regulations.

S 9(5A) repealed by No 10 of 2018, s 3 and Sch 1 item 13, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 9(5A) formerly read:

(5A)
The notice of revocation of the authority may state that the authority continues in effect in relation to a specified matter or specified period, as though the revocation had not happened, for the purposes of:

(a) a specified provision of this Act or the regulations; or

(b) a specified provision of another law of the Commonwealth that is administered by APRA; or

(c) a specified provision of the prudential standards;

and the statement has effect accordingly.

S 9(5A) inserted by No 82 of 2010, s 3 and Sch 1 item 7, effective 27 July 2010.

S 9(6) substituted by No 10 of 2018, s 3 and Sch 1 item 13, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 9(6) formerly read:

(6)
An ADI commits an offence if:

(a) it does, or fails to do, an act; and

(b) doing, or failing to do, the act results in a contravention of a condition of the ADI ' s authority; and

(c) there is no determination in force under section 11 that this subsection does not apply to the ADI.

Penalty: 200 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

S 9(6) amended by No 82 of 2010 (as amended by No 136 of 2012), s 3 and Sch 6 item 4, by substituting " Penalty " for " Maximum penalty " in the penalty, effective 27 July 2010.

S 9(6) amended by No 154 of 2007, s 3 and Sch 1 item 10, by substituting " determination in force under section 11 " for " order in force under section 11 determining " in para (c), effective 24 September 2007.

S 9(6A) repealed by No 10 of 2018, s 3 and Sch 1 item 13, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 9(6A) formerly read:

(6A)
An offence against subsection (6) is an indictable offence.

S 9(6B) repealed by No 10 of 2018, s 3 and Sch 1 item 13, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 9(6B) formerly read:

(6B)
If an ADI does or fails to do an act in circumstances that give rise to the ADI committing an offence against subsection (6), the ADI commits an offence against that subsection in respect of:

(a) the first day on which the offence is committed; and

(b) each subsequent day (if any) on which the circumstances that gave rise to the ADI committing the offence continue (including the day of conviction for any such offence or any later day).

Note:

This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

S 9(7) repealed by No 10 of 2018, s 3 and Sch 1 item 13, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 9(7) formerly read:

(7)
If APRA:

(a) grants an authority under subsection (3); or

(b) imposes, varies or revokes conditions under subsection (4);

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.

S 9(8) repealed by No 10 of 2018, s 3 and Sch 1 item 13, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 9(8) formerly read:

(8)
A failure to comply with subsection (7) does not affect the validity of the action concerned.

S 9(9) repealed by No 10 of 2018, s 3 and Sch 1 item 13, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 9(9) formerly read:

(9)
Part VI applies to the following decisions under this section:

(a) a decision to refuse an application under this section;

(b) a decision to impose conditions, or additional conditions, on an authority;

(c) a decision to vary conditions imposed on an authority.

S 9(9) inserted by No 25 of 2008, s 3 and Sch 4 item 1, applicable to decisions made on or after 26 May 2008.