Banking Act 1959

Part IX - Miscellaneous  

SECTION 64   Conditions on consent to restructure an ADI  

The Treasurer's consent under subsection 63(1) is subject to the conditions (if any) imposed by the Treasurer on the consent.

The Treasurer may, by written notice given to the person who has been given the consent:

(a) impose conditions, or further conditions, on the consent; or

(b) revoke or vary any condition imposed on the consent; or

(c) revoke the consent if the Treasurer is satisfied that there has been a contravention of a condition to which the consent is subject.

The Treasurer must arrange for a copy of a notice that has been given under subsection (2) to be published in the Gazette as soon as practicable.

The Treasurer's powers under subsection (2) may be exercised on the Treasurer's own initiative. The Treasurer's powers under paragraph (2)(a) or (b) may be exercised on application made to the Treasurer by the person who has been given the consent.

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