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

Schedule 2   Other measures: banking

Banking Act 1959

9   After section 13B

Insert:

13BA Start of control of ADI’s business by ADI statutory manager

(1) After the decision that an ADI statutory manager will take control of an ADI’s business is made, APRA must give the ADI written notice that the ADI statutory manager will take, or is taking, control of the business.

Note: Subsections 15A(4) and 16A(3) also require APRA to give notice of the taking of control.

(2) An ADI statutory manager takes control of an ADI’s business:

(a) at the time specified in a notice under this section as the time when the ADI statutory manager takes control of the business (which must not be earlier than the notice is given); or

(b) if a notice under this section does not specify a time as the time when the ADI statutory manager takes control of the business - at the time the notice is given.

(3) A notice under subsection (1) is not a legislative instrument.