Banking Act 1959

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

Division 2 - Protection of depositors  

Subdivision B - Provisions dealing with control of a body corporate ' s business by a Banking Act statutory manager  

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History

Subdiv B heading substituted by No 10 of 2018, s 3 and Sch 1 item 104, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. The heading formerly read:

Subdivision B - Provisions dealing with control of an ADI ' s business by an ADI statutory manager

SECTION 16AA  

16AA   Exceptions to Part IV of the Competition and Consumer Act 2010  

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For the purposes of subsection 51(1) of the Trade Practices Act 1974 , the following things are specified and specifically authorised:

(a) the acquisition of assets in a sale or disposal of the whole or part of the business of a body corporate under this Division by a Banking Act statutory manager in control of the body corporate ' s business (whether the assets are shares in another body corporate or other assets);

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(b) the acquisition of shares in a body corporate as a direct result of:

(i) the issue or sale of the shares under this Division by a Banking Act statutory manager in control of the body corporate ' s business; or

(ii) the exercise of a right to acquire shares that was issued or sold under this Division by a Banking Act statutory manager in control of the body corporate ' s business.

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History

S 16AA amended by No 10 of 2018, s 3 and Sch 1 items 204 - 211, by substituting " a body corporate under " for " an ADI under " , " a Banking Act statutory manager " for " an ADI statutory manager " and " the body corporate ' s business " for " the ADI ' s business " in para (a), " a body corporate as a direct result " for " an ADI as a direct result " in para (b), " a Banking Act statutory manager " for " an ADI statutory manager " and " the body corporate ' s business " for " the ADI ' s business " in para (b)(i), and " a Banking Act statutory manager " for " an ADI statutory manager " and " the body corporate ' s business " for " the ADI ' s business " in para (b)(ii), effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA.

S 16AA inserted by No 105 of 2008, s 3 and Sch 2 item 20, applicable to acquisitions occurring on or after 18 October 2008.

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