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.