Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 (10 of 2018)

Schedule 1   Amendment of the Banking Act 1959

Part 1   Main amendments

Banking Act 1959

252   After section 70A

Insert:

70AA Protection from liability - directions and secrecy

(1) An action, suit or proceeding (whether criminal or civil) does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person if:

(a) the person does the thing, or omits to do the thing, for the purpose of any of the following:

(i) complying with a direction under this Act given by APRA to a body corporate;

(ii) complying with section 11CI (secrecy) in relation to a direction under this Act given by APRA to a body corporate; and

(b) it is reasonable for the person to do the thing, or to omit to do the thing, in order to achieve that purpose; and

(c) the person is any of the following:

(i) an officer or senior manager of the body corporate, or of a member of a relevant group of bodies corporate of which the body corporate is also a member;

(ii) an employee or agent of the body corporate, or of a member of a relevant group of bodies corporate of which the body corporate is also a member;

(iii) the body corporate or a member of a relevant group of bodies corporate of which the body corporate is also a member.

(2) For the purposes of paragraph (1)(b), treat it as reasonable for a person to do a thing, or to omit to do a thing, in order to achieve a purpose unless no reasonable person in that person's position would do the thing, or omit to do the thing, in order to achieve that purpose.

(3) In this section:

employee of a body corporate includes a person engaged to provide advice or services to the body corporate.

officer has the meaning given by section 9 of the Corporations Act 2001.

70AB Protection from liability - provisions do not limit each other

The following provisions do not limit the operation of each other:

(a) section 14C;

(b) section 52A;

(c) section 52B;

(d) section 70A;

(e) section 70AA;

(f) section 58 of the Australian Prudential Regulation Authority Act 1998.