Banking Act 1959

Part IX - Miscellaneous  

SECTION 70AA   Protection from liability - directions and secrecy  

(1)    
An action, suit or proceeding (whether criminal or civil) does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person if:

(a) the person does the thing, or omits to do the thing, for the purpose of any of the following:

(i) complying with a direction under this Act given by APRA to a body corporate;

(ii) complying with section 11CI (secrecy) in relation to a direction under this Act given by APRA to a body corporate; and

(b) it is reasonable for the person to do the thing, or to omit to do the thing, in order to achieve that purpose; and

(c) the person is any of the following:

(i) an officer or senior manager of the body corporate, or of a member of a relevant group of bodies corporate of which the body corporate is also a member;

(ii) an employee or agent of the body corporate, or of a member of a relevant group of bodies corporate of which the body corporate is also a member;

(iii) the body corporate or a member of a relevant group of bodies corporate of which the body corporate is also a member.

(2)    
For the purposes of paragraph (1)(b), treat it as reasonable for a person to do a thing, or to omit to do a thing, in order to achieve a purpose unless no reasonable person in that person ' s position would do the thing, or omit to do the thing, in order to achieve that purpose.

(3)    
In this section:

employee
of a body corporate includes a person engaged to provide advice or services to the body corporate.

officer
has the meaning given by section 9 of the Corporations Act 2001 .