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

Schedule 1 Amendment of the Banking Act 1959

Repeal the section, substitute:

13D Who this Subdivision applies to

(1) This Subdivision applies to an ADI that:

(a) is a company that:

(i) is registered under the Corporations Act 2001; and

(ii) has a share capital; and

(b) does not have a Banking Act statutory manager.

(2) Subsections (3) and (4) apply if:

(a) APRA has given a recapitalisation direction to an ADI under subsection 13E(1) (the primary recapitalisation direction ); and

(b) the ADI is a subsidiary of a NOHC/NOHC subsidiary; and

(i) is registered under the Corporations Act 2001; and

(ii) has a share capital; and

(d) the NOHC/NOHC subsidiary does not have a Banking Act statutory manager.

(3) This Subdivision applies to the NOHC/NOHC subsidiary in the same way that it does to an ADI.

(4) However, disregard the following provisions in applying this Subdivision to the NOHC/NOHC subsidiary:

(a) subsection 13E(1);

(b) subsection 13F(1).

(5) In this section:

NOHC/NOHC subsidiary means a body corporate that is any of the following:

(a) an authorised NOHC;

(b) a subsidiary of an authorised NOHC.