Banking Act 1959

Subdiv B heading substituted by No 10 of 2018, s 3 and Sch 1 item 104, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. The heading formerly read:

Subdivision B - Provisions dealing with control of an ADI ' s business by an ADI statutory manager

S 14F repealed by No 10 of 2018, s 3 and Sch 1 item 163, effective 5 March 2018. For application provisions, see note under Subdiv D heading of Pt II Div 1BA. S 14F formerly read:

SECTION 14F APRA ' s powers to apply for ADI to be wound up  
(1) Power to apply for ADI to be wound up  

APRA may apply to the Federal Court of Australia for an order that an ADI be wound up if:

(a) an ADI statutory manager is in control of the ADI ' s business; and

(b) APRA considers that the ADI is insolvent and could not be restored to solvency within a reasonable period.

(2)
The winding up of the ADI is to be conducted in accordance with the Corporations Act 2001 .

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History

S 14F(2) amended by No 82 of 2010, s 3 and Sch 1 item 28, by omitting " under which the ADI is incorporated or is taken to be incorporated " after " Corporations Act 2001 " , effective 27 July 2010.

Notifying Minister of application

(3)
If APRA makes an application under subsection (1), APRA must inform the Minister of the application as soon as possible.

Note:

Once informed, the Minister may choose to apply Subdivision C of Division 2AA in relation to the ADI so some depositors can receive payments earlier than they would in the winding up of the ADI.

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History

S 14F(3) inserted by No 105 of 2008, s 3 and Sch 1 item 14, effective 18 October 2008.