Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 (10 of 2018)

Schedule 1   Amendment of the Banking Act 1959

Part 1   Main amendments

Banking Act 1959

215   Subsection 16AD(1)

Repeal the subsection, substitute:

(1) The Minister may declare that Subdivision C applies in relation to a specified ADI if any of the following requirements are satisfied:

(a) APRA has applied under section 16AAA for the ADI to be wound up;

(b) a Banking Act statutory manager is in control of the ADI's business.

Note: The Minister cannot make a declaration under this subsection in relation to a foreign ADI (see section 11E).