Banking Act 1959
View history note
Hide history noteThe main purpose of this Division is to provide for a scheme that:
(a) allows the Minister to make a declaration about an ADI if:
(i) APRA has applied under section 16AAA for the ADI to be wound up; or
(ii) a Banking Act statutory manager is in control of the ADI ' s business; and
(b) entitles account-holders who have certain protected accounts with a declared ADI to be paid certain amounts to maintain the account-holders ' liquidity before they would receive payment in a winding up of the ADI; and
(c) substitutes APRA for those account-holders as a creditor of the declared ADI to the extent of the entitlements; and
(d) allows APRA to facilitate a transfer of business from the declared ADI to a receiving body under the Financial Sector (Transfer and Restructure) Act 1999 by entitling the receiving body to amounts in respect of the protected accounts.
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