Banking Act 1959
View history note
Hide history noteWhere an ADI, an authorised NOHC or a subsidiary of an ADI or of an authorised NOHC is convicted of an offence against this Act or the regulations, a Full Court of the Federal Court of Australia may, upon the application of the Attorney-General by motion, direct compliance by the ADI, NOHC or subsidiary, within a period specified by the Court, with the provisions of this Act or the regulations with which the ADI, NOHC or subsidiary has failed to comply.
(2)
In default of compliance by the ADI, NOHC or subsidiary within the specified period with a direction given in pursuance of subsection (1), the Federal Court of Australia may authorize APRA to assume control of, and to carry on, the business of the ADI, NOHC or subsidiary.
(3)
The provisions of Subdivision B of Division 2 of Part II have effect, so far as they are applicable, as if they also extended to APRA being in control of the business of the ADI, NOHC or subsidiary under subsection (2) of this section, and as if they covered authorised NOHCs and such subsidiaries in the same way as they cover ADIs.
(4)
Where APRA has assumed control of the business of the ADI, NOHC or subsidiary under subsection (2), APRA shall remain in control of, and shall continue to carry on, the business of the ADI, NOHC or subsidiary until such time as the Federal Court of Australia is satisfied that it is no longer necessary for APRA to remain in control of the business of the ADI, NOHC or subsidiary and authorizes APRA to cease to control the business of the ADI, NOHC or subsidiary.
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