Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 (105 of 2008)

Schedule 2   Other measures: banking

Banking Act 1959

20   At the end of Subdivision B of Division 2 of Part II

Add:

16AA Exceptions to Part IV of the Trade Practices Act 1974

For the purposes of subsection 51(1) of the Trade Practices Act 1974, the following things are specified and specifically authorised:

(a) the acquisition of assets in a sale or disposal of the whole or part of the business of an ADI under this Division by an ADI statutory manager in control of the ADI’s business (whether the assets are shares in another body corporate or other assets);

(b) the acquisition of shares in an ADI as a direct result of:

(i) the issue or sale of the shares under this Division by an ADI statutory manager in control of the ADI’s business; or

(ii) the exercise of a right to acquire shares that was issued or sold under this Division by an ADI statutory manager in control of the ADI’s business.