Banking Act 1959

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

Division 2 - Protection of depositors  

Subdivision A - General provisions relating to depositor protection  

SECTION 13BA   Start of control of body corporate ' s business by Banking Act statutory manager  

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(1)    

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After the decision that a Banking Act statutory manager will take control of a body corporate ' s business is made, APRA must give the body corporate written notice that the Banking Act statutory manager will take, or is taking, control of the business.

Note:

Subsections 15A(4) and 16A(3) also require APRA to give notice of the taking of control.

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History

S 13BA(1) amended by No 10 of 2018, s 3 and Sch 1 items 72 - 75, by substituting " a Banking Act statutory manager " for " an ADI statutory manager " , " a body corporate ' s business " for " an ADI ' s business " , " give the body corporate " for " give the ADI " and " the Banking Act statutory manager " for " the ADI statutory manager " , effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA.

(2)    

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A Banking Act statutory manager takes control of a body corporate ' s business:

(a) at the time specified in a notice under this section as the time when the Banking Act statutory manager takes control of the business (which must not be earlier than the notice is given); or

(b) if a notice under this section does not specify a time as the time when the Banking Act statutory manager takes control of the business - at the time the notice is given.

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History

S 13BA(2) amended by No 10 of 2018, s 3 and Sch 1 items 76 and 77, by substituting " A Banking Act statutory manager takes control of a body corporate ' s business " for " An ADI statutory manager takes control of an ADI ' s business " and " the Banking Act statutory manager " for " the ADI statutory manager " in para (a) and (b), effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA.

(3)    
A notice under subsection (1) is not a legislative instrument.

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History

S 13BA inserted by No 105 of 2008, s 3 and Sch 2 item 9, applicable in relation to decisions made on or after 18 October 2008 that an ADI statutory manager will take control of an ADI ' s business.

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