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

241   Subsection 62B(4)

Repeal the subsection, substitute:

Offence

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

(a) the person:

(i) makes an application to a court under Chapter 5 of the Corporations Act 2001 for the appointment of an external administrator of an ADI or of an authorised NOHC of an ADI; or

(ii) makes another kind of application (whether or not to a court) for the appointment of an external administrator of an ADI or of an authorised NOHC of an ADI; or

(iii) appoints an external administrator of an ADI or of an authorised NOHC of an ADI (otherwise than as the result of an application made by another person); and

(b) APRA did not give the person written notice, before the person made the application or appointment, of APRA's consent to the person making the application or appointment, in accordance with subsection (1B); and

(c) at least one week before making the application or appointment:

(i) if there is an approved form for the purposes of this paragraph - the person did not give APRA notice in the approved form indicating that the person proposed to make the application or appointment; or

(ii) otherwise - the person did not give APRA written notice indicating that the person proposed to make the application or appointment.

Penalty: 60 penalty units.