Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 2 - Protection of depositors  

Subdivision AA - Recapitalisation directions by APRA  

SECTION 13G   Compliance with a recapitalisation direction  

Giving members of the ADI notice of share issue etc.

(1)  
As soon as practicable after an ADI issues shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction, the ADI must give written notice to the persons who were members (under section 231 of the Corporations Act 2001 ) of the ADI just before the issue.

(2)  
The notice must:


(a) identify the issue; and


(b) explain the effect of the issue of the shares, rights to acquire shares, or other capital instruments on the members ' interests. Issue or acquisition of shares etc. despite other laws etc.

(3)  


An ADI may issue or acquire shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction despite:


(a) the Corporations Act 2001 (without limiting the scope of section 70B of this Act); and


(b) the ADI ' s constitution; and


(c) any contract or arrangement to which the ADI is a party; and


(d) any listing rules of a financial market in whose official list the ADI is included.




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