Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 1 - Authority to carry on banking business  

SECTION 9AA   Conditions on an authority  

(1)    
APRA may, at any time, by giving written notice to a body corporate:

(a) impose conditions, or additional conditions, on the body corporate ' s section 9 authority; or

(b) vary or revoke conditions imposed on the body corporate ' s section 9 authority.

The conditions must relate to prudential matters.

(2)    
A condition may be expressed to have effect despite anything in the prudential standards or the regulations.

(3)    
Without limiting the conditions that APRA may impose on an authority, APRA may make the authority conditional on another body corporate, of which the body corporate is a subsidiary, being an authorised NOHC.

(4)    
If APRA imposes, varies or revokes the conditions on a body corporate ' s section 9 authority, APRA must:

(a) give written notice to the body corporate; and

(b) ensure that notice that the action has been taken is published in the Gazette .

(5)    
The taking of an action is not invalid merely because of a failure to comply with subsection (4).

(6)    
Part VI applies to the following decisions made under this section:

(a) a decision to impose conditions, or additional conditions, on a body corporate ' s section 9 authority;

(b) a decision to vary conditions imposed on a body corporate ' s section 9 authority.