Banking Act 1959
APRA may, at any time, by giving written notice to a body corporate:
(a) impose conditions, or additional conditions, on the body corporate ' s NOHC authority; or
(b) vary or revoke conditions imposed on the body corporate ' s NOHC authority.
The conditions must relate to prudential matters.
(2)
A condition may be expressed to have effect despite anything in the prudential standards or the regulations.
(3)
If APRA imposes, varies or revokes the conditions on a body corporate ' s NOHC authority, APRA must:
(a) give written notice to the body corporate; and
(b) ensure that notice that the action has been taken is published in the Gazette .
(4)
The taking of an action is not invalid merely because of a failure to comply with subsection (3).
(5)
Part VI applies to the following decisions made under this section:
(a) a decision to impose conditions, or additional conditions, on a body corporate ' s NOHC authority;
(b) a decision to vary conditions imposed on a body corporate ' s NOHC authority.
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