Financial Sector Legislation Amendment Act (No. 1) 2003 (116 of 2003)

Schedule 2   Banking Act 1959

9   After subsection 11CA(4)

Insert:

(4A) If the direction requires the body corporate to cause a subsidiary to do, or to refrain from doing, an act or thing:

(a) the body corporate has power to cause the subsidiary to do, or to refrain from doing, the act or thing; and

(b) the subsidiary has power to do, or to refrain from doing, the act or thing;

despite anything in the subsidiary's constitution or any contract or arrangement to which the subsidiary is a party.