Banking Act 1959

S 11AA(1A) inserted by No 82 of 2010, s 3 and Sch 1 item 8, effective 27 July 2010.

S 11AA(3) substituted by No 10 of 2018, s 3 and Sch 1 item 17, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 11AA(3) formerly read:

(3)
APRA may, at any time, by notice in writing given to the body corporate:

(a) impose conditions, or additional conditions, on the authority; and

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

The conditions must relate to prudential matters.

S 11AA(4) substituted by No 10 of 2018, s 3 and Sch 1 item 17, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 11AA(4) formerly read:

(4)
A condition may be expressed to have effect despite anything in the prudential standards or the regulations.

S 11AA(5) substituted by No 10 of 2018, s 3 and Sch 1 item 17, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 11AA(5) formerly read:

(5)
The body corporate 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 authority; and

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

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 11AA(5) amended by No 82 of 2010 (as amended by No 136 of 2012), s 3 and Sch 6 item 7, by substituting " Penalty " for " Maximum penalty " in the penalty, effective 27 July 2010.

S 11AA(5) amended by No 154 of 2007, s 3 and Sch 1 item 14, by substituting " determination in force under section 11 " for " order in force under section 11 determining " in para (c), effective 24 September 2007.

S 11AA(5A) repealed by No 10 of 2018, s 3 and Sch 1 item 17, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 11AA(5A) formerly read:

(5A)
An offence against subsection (5) is an indictable offence.

S 11AA(5B) repealed by No 10 of 2018, s 3 and Sch 1 item 17, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 11AA(5B) formerly read:

(5B)
If the body corporate does or fails to do an act in circumstances that give rise to the body corporate committing an offence against subsection (5), the body corporate 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 body corporate 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 11AA(6) repealed by No 10 of 2018, s 3 and Sch 1 item 17, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 11AA(6) formerly read:

(6)
If APRA:

(a) grants an authority under subsection (2); or

(b) imposes, varies or revokes conditions under subsection (3);

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 that it considers appropriate.

S 11AA(7) repealed by No 10 of 2018, s 3 and Sch 1 item 17, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 11AA(7) formerly read:

(7)
A failure to comply with subsection (6) does not affect the validity of the action concerned.

S 11AA(8) repealed by No 10 of 2018, s 3 and Sch 1 item 17, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 11AA(8) formerly read:

(8)
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 11AA(8) inserted by No 25 of 2008, s 3 and Sch 4 item 4, applicable to decisions made on or after 26 May 2008.