Legal database - View: Banking Act 1959

Banking Act 1959
Part I - Preliminary
SECTION 1 Short title
SECTION 2 Commencement
SECTION 2A Main objects of this Act
SECTION 4 Repeal
SECTION 5 Interpretation
SECTION 6 Application of Act
SECTION 6A Cessation of application of Act to Territory
SECTION 6B Application of Criminal Code
Part II - Provisions relating to the carrying on of banking business
Division 1 - Authority to carry on banking business
SECTION 7 Person other than a body corporate must not carry on banking business
SECTION 8 Only the Reserve Bank and bodies corporate that are ADIs may carry on banking business
SECTION 9 Authority to carry on banking business
SECTION 9AA Conditions on an authority
SECTION 9AB Breach of authority conditions
SECTION 9A Revocation of authority etc.
SECTION 9B Bodies that cease to exist or change their names
SECTION 9C Publication of list of ADIs
SECTION 9D Authority to carry on banking business for a limited time
SECTION 9E Authority to carry on banking business in Australia for a limited time - extension
SECTION 9F Authority to carry on banking business in Australia for a limited time - continuation after expiry
SECTION 10 APRA to be supplied with certain documents
SECTION 11 APRA may determine that provisions of this Act do not apply
Division 1AA - Authority to be a NOHC of an ADI
SECTION 11AA Authority to be a NOHC
SECTION 11AAA Conditions on an authority
SECTION 11AAB Breach of authority conditions
SECTION 11AB Revocation of authority etc.
SECTION 11AC Bodies that cease to exist or change their names
SECTION 11AD Publication of list of NOHCs
SECTION 11AE APRA may give notice to ensure that ADI has an authorised NOHC
Division 1A - Prudential supervision and monitoring of ADIs and authorised NOHCs
Subdivision A - Prudential supervision and monitoring of ADIs and authorised NOHCs generally
SECTION 11AF APRA may make prudential standards for ADIs and authorised NOHCs
SECTION 11AG Obligation to comply with the prudential standards
SECTION 11A Prudential requirements may also be prescribed by the regulations
SECTION 11B APRA to monitor prudential matters
SECTION 11C Division not to limit operation of other provisions
Subdivision B - Conversion and write-off provisions
SECTION 11CAA Definitions
SECTION 11CAB Conversion and write-off provisions
SECTION 11CAC Conversion or write-off etc. not grounds for denial of obligations
Division 1BA - APRA's power to issue directions
Subdivision A - Directions other than to enforce certified industry support contracts
SECTION 11CA APRA may give directions in certain circumstances
Subdivision B - Directions to enforce certified industry support contracts
SECTION 11CB APRA may certify an industry support contract
SECTION 11CC APRA may direct parties to an industry support contract to comply with the contract
Subdivision C - General provisions relating to all directions
SECTION 11CD Direction not grounds for denial of obligations
SECTION 11CE Supply of information about issue and revocation of directions
SECTION 11CF Secrecy requirements
SECTION 11CG Non-compliance with a direction
Subdivision D - Secrecy and disclosure provisions relating to all directions
SECTION 11CH APRA may determine that a direction is covered by secrecy provision
SECTION 11CI Secrecy relating to directions
SECTION 11CJ Disclosure of publicly available information
SECTION 11CK Disclosure allowed by APRA
SECTION 11CL Disclosure to legal representative for purpose of seeking legal advice
SECTION 11CM Disclosure allowed by APRA Act secrecy provision
SECTION 11CN Disclosure in circumstances set out in the regulations
SECTION 11CO Disclosure for purpose
SECTION 11CP Exceptions operate independently
Division 1B - Provisions relating to certain ADIs
SECTION 11D Interpretation
SECTION 11E Limited application of Division 2 etc. to foreign ADIs
SECTION 11EA APRA ' s power to apply for foreign ADI to be wound up
SECTION 11F Assets of foreign ADIs
Division 2 - Protection of depositors
Subdivision A - General provisions relating to depositor protection
SECTION 12 APRA to protect depositors
SECTION 13 ADI to supply information to APRA
SECTION 13A Consequences of inability or failure of ADI etc. to meet certain requirements
SECTION 13B Investigators - ADI must provide information and facilities
SECTION 13BA Start of control of body corporate ' s business by Banking Act statutory manager
SECTION 13C Banking Act statutory managers - termination of control
Subdivision AA - Recapitalisation directions by APRA
SECTION 13D Who this Subdivision applies to
SECTION 13E Recapitalisation direction by APRA
SECTION 13F Additional contents of a recapitalisation direction
SECTION 13G Compliance with a recapitalisation direction
SECTION 13H APRA must obtain expert ' s report on the fair value of shares etc.
SECTION 13J Determination of the fair value of shares by an expert
SECTION 13K Determination of the fair value of rights by an expert
SECTION 13L Ascertaining the fair value of other capital instruments
SECTION 13M Contravention of certain provisions does not affect the validity of recapitalisation direction etc.
SECTION 13N Recapitalisation direction not grounds for denial of obligations
SECTION 13P Supply of information about issue and revocation of recapitalisation directions
SECTION 13Q Non compliance with a recapitalisation direction
SECTION 13R Exceptions to Part IV of the Competition and Consumer Act 2010
Subdivision B - Provisions dealing with control of a body corporate ' s business by a Banking Act statutory manager
SECTION 14A Banking Act statutory manager ' s powers and functions
SECTION 14AAA Safeguards on exercise of Banking Act statutory manager ' s powers and functions
SECTION 14AA Banking Act statutory manager ' s additional powers to facilitate recapitalisation
SECTION 14AB Considering report before acting under section 14AA
SECTION 14AC Act under section 14AA not ground for denial of obligations
SECTION 14AD APRA may require a person to give information etc. for the purposes of this Division
SECTION 14B Administrator in control - additional powers to recommend action by APRA
SECTION 14C Banking Act statutory manager ' s liabilities and duties
SECTION 14CA Transaction by Banking Act statutory manager not voidable under section 588FE of the Corporations Act 2001
SECTION 14D Administrator in control - additional duties
SECTION 14DAA Administrator in control - additional duties where action may affect financial system stability in Australia
SECTION 14DA Administrator in control - additional duties where action may affect financial system stability in New Zealand
SECTION 14E Termination of administrator ' s appointment
SECTION 14F APRA ' s powers to apply for ADI to be wound up
SECTION 15 Effect on directors of Banking Act statutory manager taking control of a body corporate ' s business
SECTION 15A Effect on external administrator of Banking Act statutory manager taking control of a body corporate ' s business
SECTION 15B Moratorium - effect of Banking Act statutory management on court and tribunal proceedings
SECTION 15BA Moratorium - effect of Banking Act statutory management on enforcement process regarding property
SECTION 15BB Moratorium - effect of Banking Act statutory management on disposal of property
SECTION 15BC Moratorium - restrictions on exercise of third party property rights
SECTION 15BD Moratorium - effect of Banking Act statutory management on supply of essential services
SECTION 15BE Moratorium - effect of Banking Act statutory management on annual general meeting
SECTION 15C Certain circumstances not grounds for denial of obligations
SECTION 15D Application of other provisions
SECTION 16 Costs of statutory management
SECTION 16A APRA must report to Treasurer and publish information about statutory management
SECTION 16AA Exceptions to Part IV of the Competition and Consumer Act 2010
Subdivision C - APRA ' s powers to apply for ADI to be wound up
SECTION 16AAA APRA ' s powers to apply for ADI to be wound up
Division 2AA - Financial claims scheme for account-holders with insolvent ADIs
Subdivision A - Preliminary
SECTION 16AB Purpose of this Division
SECTION 16AC APRA ' s functions relating to this Division
Subdivision B - Declaration of ADI
SECTION 16AD Declaration that Subdivision C applies in relation to ADI
SECTION 16AE Advice and information for decision on making declaration
Subdivision C - Payment of account-holders with declared ADI
SECTION 16AF Payment of account-holders with declared ADI
SECTION 16AG Limit on payments to account-holder with declared ADI
SECTION 16AH Payment
SECTION 16AHA Giving information about payments in a financial year
SECTION 16AI Substitution of APRA for account-holder as ADI ' s creditor
SECTION 16AIA APRA may make transferred liabilities determination where transfer of business
SECTION 16AIB Payment amounts under transferred liabilities determination
SECTION 16AIC Consequences of transferred liabilities determination once certificate of transfer issued
Subdivision D - Administration
SECTION 16AJ Requiring assistance
SECTION 16AK Obtaining information relevant to determining and paying entitlements
SECTION 16AL Enforcing requirement for assistance or information
SECTION 16AM Recovery of overpayments
SECTION 16AN APRA may delegate functions and powers under this Division
SECTION 16AO APRA ' s costs of administration
Subdivision E - Account-holder's claims against ADI remaining after entitlement
SECTION 16AP When this Subdivision applies
SECTION 16AQ Liquidator may admit debt or claim without normal proof
SECTION 16AR How liquidator must pay distributions to account-holder
SECTION 16AS APRA may disclose relevant personal information to liquidator
Subdivision F - Disclosure of information relating to new accounts
SECTION 16AT APRA or liquidator to disclose information to ADI
Subdivision G - Exceptions to Part IV of the Trade Practices Act 1974
SECTION 16AU Exceptions to Part IV of the Trade Practices Act 1974
Division 2A - Auditors of ADIs and authorised NOHCs and their subsidiaries
SECTION 16AV Appointed auditor ' s functions and duties
SECTION 16B Auditors to give information to APRA on request
SECTION 16BA Requirements for auditors to give information about ADIs
SECTION 16C Auditor may provide information to APRA
SECTION 16D Appointed auditor must notify APRA of attempts to unduly influence etc. the appointed auditor
SECTION 16E Giving false or misleading information to auditor
Division 2B - Removal of auditors of ADIs
SECTION 17 APRA may remove an auditor of an ADI
SECTION 18 Referring matters to professional associations for auditors
Division 2C - Enforceable undertakings
SECTION 18A Enforceable undertakings
Division 3 - Governance
SECTION 19 Disqualified persons must not act for ADIs or authorised NOHCs
SECTION 20 Who is a disqualified person?
SECTION 21 Court power of disqualification
SECTION 22 Court power to revoke or vary a disqualification etc
SECTION 22A Privilege against exposure to penalty - disqualification under section 21
SECTION 23 APRA may remove a director or senior manager of an ADI or authorised NOHC
Division 3A - Covered bonds
SECTION 24 Guide to this Division
SECTION 25 Application of Division
SECTION 26 Covered bonds
SECTION 27 Arrangements involving several ADIs
SECTION 28 Restrictions on issuing covered bonds - 8% rule
SECTION 29 Restrictions on issuing covered bonds - APRA directions
SECTION 30 Cover pool monitors
SECTION 31 Assets that may be in cover pools
SECTION 31A Maintenance of cover pools
SECTION 31B Protection of certain contractual rights
SECTION 31C Powers and obligations of Banking Act statutory manager or external administrator
SECTION 31D Prudential standards - treatment of assets and liabilities
SECTION 31E Prudential standards for covered bonds
SECTION 31F APRA may direct covered bond special purpose vehicles to return certain assets
Division 4 - Mobilization of foreign currency
SECTION 32 Interpretation
SECTION 33 Transfer of foreign currency to Reserve Bank
SECTION 34 Payment for transferred foreign currency
SECTION 35 Sale of foreign currency by Reserve Bank
Division 5 - Advances
SECTION 36 Advance policy
Part IIAA - The Banking Executive Accountability Regime
Division 1 - Obligations under the Banking Executive Accountability Regime
Subdivision A - ADIs
SECTION 37 Obligations of ADIs
SECTION 37A Minister may exempt ADIs
SECTION 37AA Inconsistency with corresponding foreign laws
Subdivision B - Accountable persons
SECTION 37B Obligations of accountable persons
SECTION 37BA Meaning of accountable person
SECTION 37BB Exception for responsibilities excluded by APRA
SECTION 37BC Inconsistency with corresponding foreign laws
Division 2 - Accountability obligations
SECTION 37C The accountability obligations of an ADI
SECTION 37CA The accountability obligations of an accountable person
SECTION 37CB Taking reasonable steps
Division 3 - Key personnel obligations
SECTION 37D The key personnel obligations of an ADI
SECTION 37DA People prohibited from being an accountable person
SECTION 37DB APRA may direct an ADI to reallocate responsibilities
Division 4 - Deferred remuneration obligations
SECTION 37E The deferred remuneration obligations of an ADI
SECTION 37EA Meaning of variable remuneration
SECTION 37EB Minimum amount of variable remuneration to be deferred
SECTION 37EC Minimum period of deferral
SECTION 37ED Exemption for small amounts of variable remuneration
Division 5 - Notification obligations
SECTION 37F The notification obligations of an ADI
SECTION 37FA Accountability statements
SECTION 37FB Accountability map
SECTION 37FC Events for which APRA must be notified
Division 6 - Enforcement and administration
Subdivision A - Civil penalties
SECTION 37G Pecuniary penalty for non-compliance with this Part
Subdivision B - Registration of accountable persons
SECTION 37H Register of accountable persons
SECTION 37HA Registration of a person as an accountable person
Subdivision C - Disqualification of accountable persons
SECTION 37J APRA may disqualify an accountable person
SECTION 37JA APRA may vary or revoke a disqualification
SECTION 37JB Self-incrimination
SECTION 37JC Allowing a person disqualified by APRA to act as an accountable person
Division 7 - Miscellaneous
SECTION 37K General administration of this Part
SECTION 37KA Indemnifying ADIs and accountable persons
SECTION 37KB Causes of action not created
SECTION 37KC Review of operation of Part
Part IIA - ADI mergers (operation of State and Territory laws)
SECTION 38A Operation of certain State and Territory laws relating to ADI mergers
Part IIB - Provisions relating to the non-ADI lenders
Division 1 - Main concepts
SECTION 38B Meaning of non-ADI lender and Part IIB provision of finance
Division 2 - Non-ADI lender rules
SECTION 38C APRA may make non-ADI lender rules for non-ADI lenders
SECTION 38D Non-ADI lender rules revoked after 2 years
SECTION 38E Variation and revocation of non-ADI lender rules
SECTION 38F Notification and consultation regarding non-ADI lender rules
SECTION 38G Which non-ADI lender rules, etc., are legislative instruments
SECTION 38H Review of decisions relating to non-ADI lender rules
SECTION 38J Division not to limit operation of other provisions
Division 3 - APRA ' s power to issue directions
SECTION 38K APRA may give directions in certain circumstances
SECTION 38L Non-compliance with a direction under section 38K
Part III - Foreign exchange, foreign investment etc.
SECTION 39 Power to make regulations
SECTION 39A Extra-territorial application of regulations
SECTION 39B Granting of authorities by Reserve Bank subject to taxation clearance
Part IV - Gold
SECTION 40 Operation of Part
SECTION 41 Transfer of gold out of Australia
SECTION 42 Delivery of gold
SECTION 43 Vesting of gold delivered
SECTION 44 Payment for gold
SECTION 45 Limitation of sale and purchase of gold
SECTION 46 Limitation on working of gold
SECTION 47 Application of Part
SECTION 48 Exemptions
Part V - Interest rates
SECTION 50 Control of interest rates
Part VI - Collection and publication of information about ADIs, authorised NOHCs and their subsidiaries
SECTION 51 Collection and publication of information about ADIs, authorised NOHCs and their subsidiaries
Part VI - Reconsideration and Review of decisions
SECTION 51A Definitions
SECTION 51B Reconsideration of decisions
SECTION 51C Review of decisions
SECTION 51D Statements to accompany notification of decisions
Part VIA - Protections in relation to information
Division 1 - Protection for whistleblowers
SECTION 52A Disclosures qualifying for whistleblower protection
SECTION 52B Whistleblower protection for disclosures that qualify
SECTION 52C Victimisation of whistleblowers prohibited
SECTION 52D Right to compensation
SECTION 52E Confidentiality requirement for company, company officers and employees and auditors
SECTION 52F Self-incrimination
Part VII - Financial records
SECTION 60 Keeping of financial records
Part VIII - Powers of APRA
Division 1 - Investigations
SECTION 61 APRA may conduct investigations
SECTION 61A Investigator may require production of books etc.
SECTION 61B Concealing books, accounts or documents relevant to investigation
Division 2 - Examinations
SECTION 61C Notice requiring appearance for examination
SECTION 61D Conduct of examinations
SECTION 61E Who may be present at examinations
SECTION 61F Record of examination
SECTION 61G Offences
Division 3 - Evidentiary use of certain material
SECTION 61H Statements made at an examination - proceedings against examinee
SECTION 61J Statements made at an examination - other proceedings
SECTION 61K Weight of evidence under section 61J
SECTION 61L Objection to admission of statements made at examination
SECTION 61M Copies of, or extracts from, certain books, accounts and documents
SECTION 61N Report under section 61
SECTION 61P Exceptions to admissibility of report
SECTION 61Q Material otherwise admissible
Division 4 - Information
SECTION 62 Supply of information
Division 5 - Miscellaneous
SECTION 62AA Legal professional privilege
SECTION 62AB Powers of Court relating to non-compliance with this Act
Part IX - Miscellaneous
SECTION 62A Notices to APRA
SECTION 62B Involving APRA in proposed appointment of external administrators of ADIs and NOHCs
SECTION 62C Involving APRA in applications by liquidator
SECTION 62D Application by APRA for directions
SECTION 62E APRA may request information from liquidator
SECTION 63 Restructuring of ADIs
SECTION 64 Conditions on consent to restructure an ADI
SECTION 65 ADIs etc. may be directed to comply with Act
SECTION 65A Injunctions
SECTION 65B Civil penalties
SECTION 66 Restriction on use of certain words and expressions
SECTION 66AA Use of the word bank by ADIs
SECTION 66A Restriction on use of expressions authorised deposit-taking institution and ADI
SECTION 67 Restriction on establishment or maintenance of representative offices of overseas banks
SECTION 68 Bank holidays
SECTION 69 Unclaimed moneys
SECTION 69A Disclosure of information relating to unclaimed moneys
SECTION 69B Powers about money of depositors who have died
SECTION 69BA Institution of offence proceedings no bar to winding up
SECTION 69C Conduct of directors, employees and agents
SECTION 69D Disclosure of information received under Act prohibited in certain circumstances
SECTION 69E Compensation for acquisition of property
SECTION 69F Severability
SECTION 70A Protection from liability - general
SECTION 70AA Protection from liability - directions and secrecy
SECTION 70AB Protection from liability - provisions do not limit each other
SECTION 70B Act has effect despite the Corporations Act
SECTION 70C Authorising contracts etc. for protecting depositors ' interests and financial system stability
SECTION 70D Borrowing funds for payments under authorised contracts etc.
SECTION 70E Financial System Stability Special Account
SECTION 70F Credits to the Account
SECTION 70G Purposes of the Account
SECTION 70H Debits to reflect reduced amounts specified in authorisations
SECTION 71 Regulations
Schedule 2 - Civil penalties
Part 1 - Contravention of a civil penalty provision
1 Federal Court may order person to pay pecuniary penalty for contravening civil penalty provision
2 Contravening a civil penalty provision is not an offence
3 Persons involved in contravening civil penalty provision
4 Recovery of a pecuniary penalty
5 Civil evidence and procedure rules for pecuniary penalty orders
Part 2 - Civil penalty proceedings and criminal proceedings
6 Civil proceedings after criminal proceedings
7 Criminal proceedings during civil proceedings
8 Criminal proceedings after civil proceedings
9 Evidence given in proceedings for penalty not admissible in criminal proceedings

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