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Banking Act 1959
- Part I - Preliminary
- SECTION 1 Short title
- SECTION 2 Commencement
- SECTION 2A Main objects of this Act
- SECTION 4 Repeal
- SECTION 5 Interpretation
- SECTION 6 Application of Act
- SECTION 6A Cessation of application of Act to Territory
- SECTION 6B Application of Criminal Code
- Part II - Provisions relating to the carrying on of banking business
- Division 1 - Authority to carry on banking business
- SECTION 7 Person other than a body corporate must not carry on banking business
- SECTION 8 Only the Reserve Bank and bodies corporate that are ADIs may carry on banking business
- SECTION 9 Authority to carry on banking business
- SECTION 9AA Conditions on an authority
- SECTION 9AB Breach of authority conditions
- SECTION 9A Revocation of authority etc.
- SECTION 9B Bodies that cease to exist or change their names
- SECTION 9C Publication of list of ADIs
- SECTION 9D Authority to carry on banking business for a limited time
- SECTION 9E Authority to carry on banking business in Australia for a limited time - extension
- SECTION 9F Authority to carry on banking business in Australia for a limited time - continuation after expiry
- SECTION 10 APRA to be supplied with certain documents
- SECTION 11 APRA may determine that provisions of this Act do not apply
- Division 1AA - Authority to be a NOHC of an ADI
- SECTION 11AA Authority to be a NOHC
- SECTION 11AAA Conditions on an authority
- SECTION 11AAB Breach of authority conditions
- SECTION 11AB Revocation of authority etc.
- SECTION 11AC Bodies that cease to exist or change their names
- SECTION 11AD Publication of list of NOHCs
- SECTION 11AE APRA may give notice to ensure that ADI has an authorised NOHC
- Division 1A - Prudential supervision and monitoring of ADIs and authorised NOHCs
- Subdivision A - Prudential supervision and monitoring of ADIs and authorised NOHCs generally
- SECTION 11AF APRA may make prudential standards for ADIs and authorised NOHCs
- SECTION 11AG Obligation to comply with the prudential standards
- SECTION 11A Prudential requirements may also be prescribed by the regulations
- SECTION 11B APRA to monitor prudential matters
- SECTION 11C Division not to limit operation of other provisions
- Subdivision B - Conversion and write-off provisions
- SECTION 11CAA Definitions
- SECTION 11CAB Conversion and write-off provisions
- SECTION 11CAC Conversion or write-off etc. not grounds for denial of obligations
- Division 1BA - APRA's power to issue directions
- Subdivision A - Directions other than to enforce certified industry support contracts
- SECTION 11CA APRA may give directions in certain circumstances
- Subdivision B - Directions to enforce certified industry support contracts
- SECTION 11CB APRA may certify an industry support contract
- SECTION 11CC APRA may direct parties to an industry support contract to comply with the contract
- Subdivision C - General provisions relating to all directions
- SECTION 11CD Direction not grounds for denial of obligations
- SECTION 11CE Supply of information about issue and revocation of directions
- SECTION 11CF Secrecy requirements
- SECTION 11CG Non-compliance with a direction
- Subdivision D - Secrecy and disclosure provisions relating to all directions
- SECTION 11CH APRA may determine that a direction is covered by secrecy provision
- SECTION 11CI Secrecy relating to directions
- SECTION 11CJ Disclosure of publicly available information
- SECTION 11CK Disclosure allowed by APRA
- SECTION 11CL Disclosure to legal representative for purpose of seeking legal advice
- SECTION 11CM Disclosure allowed by APRA Act secrecy provision
- SECTION 11CN Disclosure in circumstances set out in the regulations
- SECTION 11CO Disclosure for purpose
- SECTION 11CP Exceptions operate independently
- Division 1B - Provisions relating to certain ADIs
- SECTION 11D Interpretation
- SECTION 11E Limited application of Division 2 etc. to foreign ADIs
- SECTION 11EA APRA ' s power to apply for foreign ADI to be wound up
- SECTION 11F Assets of foreign ADIs
- Division 2 - Protection of depositors
- Subdivision A - General provisions relating to depositor protection
- SECTION 12 APRA to protect depositors
- SECTION 13 ADI to supply information to APRA
- SECTION 13A Consequences of inability or failure of ADI etc. to meet certain requirements
- SECTION 13B Investigators - ADI must provide information and facilities
- SECTION 13BA Start of control of body corporate ' s business by Banking Act statutory manager
- SECTION 13C Banking Act statutory managers - termination of control
- Subdivision AA - Recapitalisation directions by APRA
- SECTION 13D Who this Subdivision applies to
- SECTION 13E Recapitalisation direction by APRA
- SECTION 13F Additional contents of a recapitalisation direction
- SECTION 13G Compliance with a recapitalisation direction
- SECTION 13H APRA must obtain expert ' s report on the fair value of shares etc.
- SECTION 13J Determination of the fair value of shares by an expert
- SECTION 13K Determination of the fair value of rights by an expert
- SECTION 13L Ascertaining the fair value of other capital instruments
- SECTION 13M Contravention of certain provisions does not affect the validity of recapitalisation direction etc.
- SECTION 13N Recapitalisation direction not grounds for denial of obligations
- SECTION 13P Supply of information about issue and revocation of recapitalisation directions
- SECTION 13Q Non compliance with a recapitalisation direction
- SECTION 13R Exceptions to Part IV of the Competition and Consumer Act 2010
- Subdivision B - Provisions dealing with control of a body corporate ' s business by a Banking Act statutory manager
- SECTION 14A Banking Act statutory manager ' s powers and functions
- SECTION 14AAA Safeguards on exercise of Banking Act statutory manager ' s powers and functions
- SECTION 14AA Banking Act statutory manager ' s additional powers to facilitate recapitalisation
- SECTION 14AB Considering report before acting under section 14AA
- SECTION 14AC Act under section 14AA not ground for denial of obligations
- SECTION 14AD APRA may require a person to give information etc. for the purposes of this Division
- SECTION 14B Administrator in control - additional powers to recommend action by APRA
- SECTION 14C Banking Act statutory manager ' s liabilities and duties
- SECTION 14CA Transaction by Banking Act statutory manager not voidable under section 588FE of the Corporations Act 2001
- SECTION 14D Administrator in control - additional duties
- SECTION 14DAA Administrator in control - additional duties where action may affect financial system stability in Australia
- SECTION 14DA Administrator in control - additional duties where action may affect financial system stability in New Zealand
- SECTION 14E Termination of administrator ' s appointment
- SECTION 14F APRA ' s powers to apply for ADI to be wound up
- SECTION 15 Effect on directors of Banking Act statutory manager taking control of a body corporate ' s business
- SECTION 15A Effect on external administrator of Banking Act statutory manager taking control of a body corporate ' s business
- SECTION 15B Moratorium - effect of Banking Act statutory management on court and tribunal proceedings
- SECTION 15BA Moratorium - effect of Banking Act statutory management on enforcement process regarding property
- SECTION 15BB Moratorium - effect of Banking Act statutory management on disposal of property
- SECTION 15BC Moratorium - restrictions on exercise of third party property rights
- SECTION 15BD Moratorium - effect of Banking Act statutory management on supply of essential services
- SECTION 15BE Moratorium - effect of Banking Act statutory management on annual general meeting
- SECTION 15C Certain circumstances not grounds for denial of obligations
- SECTION 15D Application of other provisions
- SECTION 16 Costs of statutory management
- SECTION 16A APRA must report to Treasurer and publish information about statutory management
- SECTION 16AA Exceptions to Part IV of the Competition and Consumer Act 2010
- Subdivision C - APRA ' s powers to apply for ADI to be wound up
- SECTION 16AAA APRA ' s powers to apply for ADI to be wound up
- Division 2AA - Financial claims scheme for account-holders with insolvent ADIs
- Subdivision A - Preliminary
- SECTION 16AB Purpose of this Division
- SECTION 16AC APRA ' s functions relating to this Division
- Subdivision B - Declaration of ADI
- SECTION 16AD Declaration that Subdivision C applies in relation to ADI
- SECTION 16AE Advice and information for decision on making declaration
- Subdivision C - Payment of account-holders with declared ADI
- SECTION 16AF Payment of account-holders with declared ADI
- SECTION 16AG Limit on payments to account-holder with declared ADI
- SECTION 16AH Payment
- SECTION 16AHA Giving information about payments in a financial year
- SECTION 16AI Substitution of APRA for account-holder as ADI ' s creditor
- SECTION 16AIA APRA may make transferred liabilities determination where transfer of business
- SECTION 16AIB Payment amounts under transferred liabilities determination
- SECTION 16AIC Consequences of transferred liabilities determination once certificate of transfer issued
- Subdivision D - Administration
- SECTION 16AJ Requiring assistance
- SECTION 16AK Obtaining information relevant to determining and paying entitlements
- SECTION 16AL Enforcing requirement for assistance or information
- SECTION 16AM Recovery of overpayments
- SECTION 16AN APRA may delegate functions and powers under this Division
- SECTION 16AO APRA ' s costs of administration
- Subdivision E - Account-holder's claims against ADI remaining after entitlement
- SECTION 16AP When this Subdivision applies
- SECTION 16AQ Liquidator may admit debt or claim without normal proof
- SECTION 16AR How liquidator must pay distributions to account-holder
- SECTION 16AS APRA may disclose relevant personal information to liquidator
- Subdivision F - Disclosure of information relating to new accounts
- SECTION 16AT APRA or liquidator to disclose information to ADI
- Subdivision G - Exceptions to Part IV of the Trade Practices Act 1974
- SECTION 16AU Exceptions to Part IV of the Trade Practices Act 1974
- Division 2A - Auditors of ADIs and authorised NOHCs and their subsidiaries
- SECTION 16AV Appointed auditor ' s functions and duties
- SECTION 16B Auditors to give information to APRA on request
- SECTION 16BA Requirements for auditors to give information about ADIs
- SECTION 16C Auditor may provide information to APRA
- SECTION 16D Appointed auditor must notify APRA of attempts to unduly influence etc. the appointed auditor
- SECTION 16E Giving false or misleading information to auditor
- Division 2B - Removal of auditors of ADIs
- SECTION 17 APRA may remove an auditor of an ADI
- SECTION 18 Referring matters to professional associations for auditors
- Division 2C - Enforceable undertakings
- SECTION 18A Enforceable undertakings
- Division 3 - Governance
- SECTION 19 Disqualified persons must not act for ADIs or authorised NOHCs
- SECTION 20 Who is a disqualified person?
- SECTION 21 Court power of disqualification
- SECTION 22 Court power to revoke or vary a disqualification etc
- SECTION 22A Privilege against exposure to penalty - disqualification under section 21
- SECTION 23 APRA may remove a director or senior manager of an ADI or authorised NOHC
- Division 3A - Covered bonds
- SECTION 24 Guide to this Division
- SECTION 25 Application of Division
- SECTION 26 Covered bonds
- SECTION 27 Arrangements involving several ADIs
- SECTION 28 Restrictions on issuing covered bonds - 8% rule
- SECTION 29 Restrictions on issuing covered bonds - APRA directions
- SECTION 30 Cover pool monitors
- SECTION 31 Assets that may be in cover pools
- SECTION 31A Maintenance of cover pools
- SECTION 31B Protection of certain contractual rights
- SECTION 31C Powers and obligations of Banking Act statutory manager or external administrator
- SECTION 31D Prudential standards - treatment of assets and liabilities
- SECTION 31E Prudential standards for covered bonds
- SECTION 31F APRA may direct covered bond special purpose vehicles to return certain assets
- Division 4 - Mobilization of foreign currency
- SECTION 32 Interpretation
- SECTION 33 Transfer of foreign currency to Reserve Bank
- SECTION 34 Payment for transferred foreign currency
- SECTION 35 Sale of foreign currency by Reserve Bank
- Division 5 - Advances
- SECTION 36 Advance policy
- Part IIAA - The Banking Executive Accountability Regime
- Division 1 - Obligations under the Banking Executive Accountability Regime
- Subdivision A - ADIs
- SECTION 37 Obligations of ADIs
- SECTION 37A Minister may exempt ADIs
- SECTION 37AA Inconsistency with corresponding foreign laws
- Subdivision B - Accountable persons
- SECTION 37B Obligations of accountable persons
- SECTION 37BA Meaning of accountable person
- SECTION 37BB Exception for responsibilities excluded by APRA
- SECTION 37BC Inconsistency with corresponding foreign laws
- Division 2 - Accountability obligations
- SECTION 37C The accountability obligations of an ADI
- SECTION 37CA The accountability obligations of an accountable person
- SECTION 37CB Taking reasonable steps
- Division 3 - Key personnel obligations
- SECTION 37D The key personnel obligations of an ADI
- SECTION 37DA People prohibited from being an accountable person
- SECTION 37DB APRA may direct an ADI to reallocate responsibilities
- Division 4 - Deferred remuneration obligations
- SECTION 37E The deferred remuneration obligations of an ADI
- SECTION 37EA Meaning of variable remuneration
- SECTION 37EB Minimum amount of variable remuneration to be deferred
- SECTION 37EC Minimum period of deferral
- SECTION 37ED Exemption for small amounts of variable remuneration
- Division 5 - Notification obligations
- SECTION 37F The notification obligations of an ADI
- SECTION 37FA Accountability statements
- SECTION 37FB Accountability map
- SECTION 37FC Events for which APRA must be notified
- Division 6 - Enforcement and administration
- Subdivision A - Civil penalties
- SECTION 37G Pecuniary penalty for non-compliance with this Part
- Subdivision B - Registration of accountable persons
- SECTION 37H Register of accountable persons
- SECTION 37HA Registration of a person as an accountable person
- Subdivision C - Disqualification of accountable persons
- SECTION 37J APRA may disqualify an accountable person
- SECTION 37JA APRA may vary or revoke a disqualification
- SECTION 37JB Self-incrimination
- SECTION 37JC Allowing a person disqualified by APRA to act as an accountable person
- Division 7 - Miscellaneous
- SECTION 37K General administration of this Part
- SECTION 37KA Indemnifying ADIs and accountable persons
- SECTION 37KB Causes of action not created
- SECTION 37KC Review of operation of Part
- Part IIA - ADI mergers (operation of State and Territory laws)
- SECTION 38A Operation of certain State and Territory laws relating to ADI mergers
- Part IIB - Provisions relating to the non-ADI lenders
- Division 1 - Main concepts
- SECTION 38B Meaning of non-ADI lender and Part IIB provision of finance
- Division 2 - Non-ADI lender rules
- SECTION 38C APRA may make non-ADI lender rules for non-ADI lenders
- SECTION 38D Non-ADI lender rules revoked after 2 years
- SECTION 38E Variation and revocation of non-ADI lender rules
- SECTION 38F Notification and consultation regarding non-ADI lender rules
- SECTION 38G Which non-ADI lender rules, etc., are legislative instruments
- SECTION 38H Review of decisions relating to non-ADI lender rules
- SECTION 38J Division not to limit operation of other provisions
- Division 3 - APRA ' s power to issue directions
- SECTION 38K APRA may give directions in certain circumstances
- SECTION 38L Non-compliance with a direction under section 38K
- Part III - Foreign exchange, foreign investment etc.
- SECTION 39 Power to make regulations
- SECTION 39A Extra-territorial application of regulations
- SECTION 39B Granting of authorities by Reserve Bank subject to taxation clearance
- Part IV - Gold
- SECTION 40 Operation of Part
- SECTION 41 Transfer of gold out of Australia
- SECTION 42 Delivery of gold
- SECTION 43 Vesting of gold delivered
- SECTION 44 Payment for gold
- SECTION 45 Limitation of sale and purchase of gold
- SECTION 46 Limitation on working of gold
- SECTION 47 Application of Part
- SECTION 48 Exemptions
- Part V - Interest rates
- SECTION 50 Control of interest rates
- Part VI - Collection and publication of information about ADIs, authorised NOHCs and their subsidiaries
- SECTION 51 Collection and publication of information about ADIs, authorised NOHCs and their subsidiaries
- Part VI - Reconsideration and Review of decisions
- SECTION 51A Definitions
- SECTION 51B Reconsideration of decisions
- SECTION 51C Review of decisions
- SECTION 51D Statements to accompany notification of decisions
- Part VIA - Protections in relation to information
- Division 1 - Protection for whistleblowers
- SECTION 52A Disclosures qualifying for whistleblower protection
- SECTION 52B Whistleblower protection for disclosures that qualify
- SECTION 52C Victimisation of whistleblowers prohibited
- SECTION 52D Right to compensation
- SECTION 52E Confidentiality requirement for company, company officers and employees and auditors
- SECTION 52F Self-incrimination
- Part VII - Financial records
- SECTION 60 Keeping of financial records
- Part VIII - Powers of APRA
- Division 1 - Investigations
- SECTION 61 APRA may conduct investigations
- SECTION 61A Investigator may require production of books etc.
- SECTION 61B Concealing books, accounts or documents relevant to investigation
- Division 2 - Examinations
- SECTION 61C Notice requiring appearance for examination
- SECTION 61D Conduct of examinations
- SECTION 61E Who may be present at examinations
- SECTION 61F Record of examination
- SECTION 61G Offences
- Division 3 - Evidentiary use of certain material
- SECTION 61H Statements made at an examination - proceedings against examinee
- SECTION 61J Statements made at an examination - other proceedings
- SECTION 61K Weight of evidence under section 61J
- SECTION 61L Objection to admission of statements made at examination
- SECTION 61M Copies of, or extracts from, certain books, accounts and documents
- SECTION 61N Report under section 61
- SECTION 61P Exceptions to admissibility of report
- SECTION 61Q Material otherwise admissible
- Division 4 - Information
- SECTION 62 Supply of information
- Division 5 - Miscellaneous
- SECTION 62AA Legal professional privilege
- SECTION 62AB Powers of Court relating to non-compliance with this Act
- Part IX - Miscellaneous
- SECTION 62A Notices to APRA
- SECTION 62B Involving APRA in proposed appointment of external administrators of ADIs and NOHCs
- SECTION 62C Involving APRA in applications by liquidator
- SECTION 62D Application by APRA for directions
- SECTION 62E APRA may request information from liquidator
- SECTION 63 Restructuring of ADIs
- SECTION 64 Conditions on consent to restructure an ADI
- SECTION 65 ADIs etc. may be directed to comply with Act
- SECTION 65A Injunctions
- SECTION 65B Civil penalties
- SECTION 66 Restriction on use of certain words and expressions
- SECTION 66AA Use of the word bank by ADIs
- SECTION 66A Restriction on use of expressions authorised deposit-taking institution and ADI
- SECTION 67 Restriction on establishment or maintenance of representative offices of overseas banks
- SECTION 68 Bank holidays
- SECTION 69 Unclaimed moneys
- SECTION 69A Disclosure of information relating to unclaimed moneys
- SECTION 69B Powers about money of depositors who have died
- SECTION 69BA Institution of offence proceedings no bar to winding up
- SECTION 69C Conduct of directors, employees and agents
- SECTION 69D Disclosure of information received under Act prohibited in certain circumstances
- SECTION 69E Compensation for acquisition of property
- SECTION 69F Severability
- SECTION 70A Protection from liability - general
- SECTION 70AA Protection from liability - directions and secrecy
- SECTION 70AB Protection from liability - provisions do not limit each other
- SECTION 70B Act has effect despite the Corporations Act
- SECTION 70C Authorising contracts etc. for protecting depositors ' interests and financial system stability
- SECTION 70D Borrowing funds for payments under authorised contracts etc.
- SECTION 70E Financial System Stability Special Account
- SECTION 70F Credits to the Account
- SECTION 70G Purposes of the Account
- SECTION 70H Debits to reflect reduced amounts specified in authorisations
- SECTION 71 Regulations
- Schedule 2 - Civil penalties
- Part 1 - Contravention of a civil penalty provision
- 1 Federal Court may order person to pay pecuniary penalty for contravening civil penalty provision
- 2 Contravening a civil penalty provision is not an offence
- 3 Persons involved in contravening civil penalty provision
- 4 Recovery of a pecuniary penalty
- 5 Civil evidence and procedure rules for pecuniary penalty orders
- Part 2 - Civil penalty proceedings and criminal proceedings
- 6 Civil proceedings after criminal proceedings
- 7 Criminal proceedings during civil proceedings
- 8 Criminal proceedings after civil proceedings
- 9 Evidence given in proceedings for penalty not admissible in criminal proceedings
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