Banking Act 1959

Subdiv D inserted by No 10 of 2018, s 3 and Sch 1 item 56, effective 5 March 2018. No 10 of 2018, s 3 and Sch 1 Pt 2 contain the following application provisions:

Part 2 - Application provisions

253 Interpretation  
253
In this Part:

commencement time
means the time when this item commences.

new Banking Act
means the Banking Act 1959 as amended by this Schedule.

old Banking Act
means the Banking Act 1959 as in force immediately before the commencement time.

254 Application - amendments to directions powers  
(1)
The amendments made by this Schedule to section 11CA of the Banking Act 1959 apply to directions given on and after the commencement time.

(2)
The amendments made by this Schedule to Subdivision AA of Division 2 of Part II of the Banking Act 1959 apply to directions given on and after the commencement time.

(3)
The amendments made by this Schedule to section 65 of the Banking Act 1959 apply to directions given on and after the commencement time.
255 Continuation of prudential standards  
255
To avoid doubt, the amendments made by this Schedule do not affect the validity of a prudential standard made under section 11AF of the Banking Act 1959 that was in force immediately before the commencement time. 256 Saving - conditions on section 9 authority  
(1)
A condition in effect under subsection 9(4) of the old Banking Act is taken to be in effect on and after the commencement time under section 9AA of the new Banking Act.

(2)
To avoid doubt, this item does not prevent the variation or revocation of a condition on or after the commencement time.
257 Application - conditions on section 9 authority  
257
The amendments made by items 13 and 14 of this Schedule apply to:

(a) the imposition of new conditions on a body corporate ' s section 9 authority on or after the commencement time; and

(b) the variation or revocation of conditions on a body corporate ' s section 9 authority on or after the commencement time (even if the conditions were imposed before the commencement time); and

(c) the doing of an act on or after the commencement time, or the failure to do an act on or after the commencement time, resulting in a contravention of such a condition. 258 Application - revocation of section 9 authority  
(1)
The amendment made by item 16 of this Schedule applies to a body corporate ' s section 9 authority, whether the authority was granted before, on or after the commencement time.

(2)
The amendment made by item 16 of this Schedule applies in relation to a matter mentioned in a paragraph of subsection 9A(2) of the new Banking Act that occurs on or after the commencement time (including such a matter that starts before the commencement time and continues on or after the commencement time).
259 Saving - conditions on NOHC authority  
(1)
A condition in effect under subsection 11AA(3) of the old Banking Act is taken to be in effect on and after the commencement time under section 11AAA of the new Banking Act.

(2)
To avoid doubt, this item does not prevent the variation or revocation of a condition on or after the commencement time.
260 Application - conditions on NOHC authority  
260
The amendments made by items 17 and 18 of this Schedule apply to:

(a) the imposition of new conditions on a body corporate ' s NOHC authority on or after the commencement time; and

(b) the variation or revocation of conditions on a body corporate ' s NOHC authority on or after the commencement time (even if the conditions were imposed before the commencement time); and

(c) the doing of an act on or after the commencement time, or the failure to do an act on or after the commencement time, resulting in a contravention of such a condition. 261 Application - revocation of NOHC authority  
(1)
The amendments made by items 19 and 20 of this Schedule apply to a body corporate ' s NOHC authority, whether the authority was granted before, on or after the commencement time.

(2)
The amendments made by items 19 and 20 of this Schedule apply in relation to a matter mentioned in a paragraph of subsection 11AB(2) of the new Banking Act that occurs on or after the commencement time (including such a matter that starts before the commencement time and continues on or after the commencement time).
262 Application - conversion and write-off provisions  
262
The amendment made by item 31 of this Schedule applies in relation to the conversion or writing-off of any instrument on or after the commencement time, whether the instrument was issued before, at or after that time. 263 Application - stay provisions  
(1)
The amendment made by item 43 of this Schedule applies in relation to a direction referred to in subsection 11CD(1B) of the new Banking Act that is given on or after the commencement time.

(2)
The amendment made by item 102 of this Schedule applies in relation to a recapitalisation direction referred to in subsection 13N(3) of the new Banking Act that is given on or after the commencement time.

(3)
The amendment made by item 143 of this Schedule applies in relation to an act referred to in subsection 14AC(3) of the new Banking Act that is done on or after the commencement time.

(4)
The amendment made by item 191 of this Schedule applies in relation to a Banking Act statutory manager taking control, or being appointed to take control, of the business of a body corporate as referred to in subsection 15C(3) of the new Banking Act if the control is taken, or the appointment is made, on or after the commencement time.

S 11CP inserted by No 10 of 2018, s 3 and Sch 1 item 56, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA.