Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 (10 of 2018)

Schedule 1   Amendment of the Banking Act 1959

Part 1   Main amendments

Banking Act 1959

192   Section 15D

Repeal the section, substitute:

15D Application of other provisions

(1) None of the matters mentioned in subsection (2) affect:

(a) the continued operation of other provisions of this Act or the operation of the Financial Sector (Collection of Data) Act 2001 in relation to a body corporate; or

(b) the obligation of a body corporate to comply with those other provisions and that Act.

(2) The matters are as follows:

(a) the appointment of a Banking Act statutory manager of the body corporate's business under this Division;

(b) the fact that a Banking Act statutory manager is in control of the body corporate's business.

(3) The Public Governance, Performance and Accountability Act 2013 does not apply to a body corporate that has a Banking Act statutory manager.