Banking Act 1959
View history note
Hide history noteIf a reviewable decision of APRA is made and notice in writing of the decision is given to a person affected by the decision, the notice is to include a statement to the effect that: (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by APRA in accordance with subsection 51B(1) ; and (b) a person whose interests are affected by the decision may, subject to the Administrative Review Tribunal Act 2024 , if dissatisfied with a decision made by APRA upon that reconsideration confirming or varying the first-mentioned decision, apply to the Administrative Review Tribunal for a review of the decision so confirmed or varied.
(2)
A notice given to a person under subsection (1) may impose conditions relating to the disclosure of any information setting out reasons for the decision that is contained in, or in a document accompanying, the notice.
(3)
A person commits an offence if the person fails to comply with a condition imposed under subsection (2) .
Penalty: Imprisonment for 2 years.
Note:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
(4)
If APRA confirms or varies a decision under subsection 51B(3) and gives to a person notice in writing of the confirmation or variation of the decision, the notice is to include a statement to the effect that a person whose interests are affected by the decision may, subject to the Administrative Review Tribunal Act 2024 , if dissatisfied with the decision so confirmed or varied, apply to the Administrative Review Tribunal for review of the decision.
(5)
Any failure to comply with the requirements of subsection (1) or (4) in relation to a decision does not affect the validity of the decision.
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