Banking Act 1959
If a foreign ADI (whether in or outside Australia) suspends payment or becomes unable to meet its obligations, the assets of the ADI in Australia are to be available to meet the ADI ' s liabilities in Australia in priority to all other liabilities of the ADI.
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Subsection (1) does not constrain:
(a) the exercise of powers or the performance of functions under this Act of a Banking Act statutory manager of a foreign ADI; or
(b) an entity acting at the direction or request of a Banking Act statutory manager of a foreign ADI exercising powers or performing functions under this Act.
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