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

79   Subsection 13C(1)

Repeal the subsection, substitute:

Conditions necessary for termination of control

(1) If APRA assumes control of a body corporate's business or appoints an administrator of a body corporate's business, APRA must ensure that either it or an administrator of the body corporate's business has control of the body corporate's business until:

(a) APRA considers that it is no longer necessary for it or an administrator to remain in control of the body corporate's business; or

(b) APRA has applied for the body corporate to be wound up.

A termination of control that is permitted under this section is called an ultimate termination of control .

Note: This provision does not prevent a change, or changes, between control of a body corporate's business by APRA and an administrator or between administrators.