Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 (105 of 2008)

Schedule 2   Other measures: banking

Banking Act 1959

22   After section 62A

Insert:

62B Involving APRA in applications to appoint external administrators of ADIs

(1) Before a person other than APRA makes an application to a court under Chapter 5 of the Corporations Act 2001 for the appointment of an external administrator of an ADI, the person must give APRA written notice that the person proposes to make the application.

(2) APRA is entitled to be heard on the application.

(3) After receiving the notice, APRA may request the person to provide details of the proposed application.

Offence

(4) A person (other than APRA) commits an offence if:

(a) the person makes an application to a court under Chapter 5 of the Corporations Act 2001 for the appointment of an external administrator of an ADI; and

(b) before making the application, the person did not give APRA written notice indicating that the person proposed to make the application.

Penalty: 60 penalty units.

(5) An offence against subsection (4) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

62C Involving APRA in applications by liquidator

(1) Before making an application to a court in relation to a matter arising under the winding-up of an ADI, a liquidator must give APRA written notice that the liquidator proposes to make the application.

(2) The notice must include details of the proposed application.

(3) APRA is entitled to be heard on the application.