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Banking Act 1959

Part II - Provisions relating to the carrying on of banking business

Division 1 - Authority to carry on banking business

SECTION 11 APRA may determine that provisions of this Act do not apply

(1)

APRA may, in writing, determine that any or all of the following provisions of this Act do not apply to a person while the determination is in force:

(a) a provision of Division 1 , 1AA or 1A of Part II (other than section 11A , 11B or 11C );

(b) section 66 ;

(c) section 66A ;

(d) section 67 ;

(e) section 69 .

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History

S 11(1), (2) and (2A) substituted for s 11(1) and (2) by No 154 of 2007, s 3 and Sch 1 item 11, effective 24 September 2007.

Act No 154 of 2007, s 3 and Sch 1 item 291, contains the following savings provision:

291 Saving provision for section 11 orders (Banking Act)
(1)
This item applies to an order that was in force under section 11 of the Banking Act 1959 immediately before that section was amended by this Act.

(2)
To the extent that it relates to a provision of the Banking Act 1959 referred to in section 11 as amended by this Act, the order:

(a) continues in force after the commencement of the amendments, as if it were a determination made under section 11 as amended; and

(b) may be varied or revoked by APRA under section 11 as amended.

(3)
An order or part of an order to which subitem (2) does not apply ceases to have effect at the time the amendments of section 11 made by this Act commence.

S 11(1) formerly read:

(1)
APRA may, by order published in the Gazette , determine that all provisions (other than section 63 ) or specified provisions (other than section 63 ) of this Act do not apply to a person during the period while the order continues in force. The determination has effect accordingly.

(2)

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The determination:

(a) may be expressed to apply to a particular person or to a class of persons; and

(b) may specify the period during which the determination is in force; and

(c) may be made subject to specified conditions.

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(2A)

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If APRA makes a determination that applies to a particular person, APRA must also give the person written notice of the determination.

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(3)

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A person commits an offence if:

(a) the person does, or fails to do, an act; and

(b) doing, or failing to do, the act results in a contravention of a condition to which a determination under this section is subject (being a determination that is in force and that applies to the person).

Penalty: 200 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

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Note 2:

If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

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(3A)
An offence against subsection (3) is an indictable offence.

(3B)

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If a person does or fails to do an act in circumstances that give rise to the person committing an offence against subsection (3), the person commits an offence against that subsection in respect of:

(a) the first day on which the offence is committed; and

(b) each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).