Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 (105 of 2008)

Schedule 2   Other measures: banking

Banking Act 1959

11   After subsection 14A(5)


ADI statutory manager’s powers to alter ADI’s constitution etc.

(5A) An ADI statutory manager may, if the ADI concerned is registered under the Corporations Act 2001, alter the ADI’s constitution, rules or other arrangements for governance if the alteration:

(a) is necessary or convenient for enabling or facilitating the performance of the ADI statutory manager’s functions and duties, or the exercise of the ADI statutory manager’s other powers, under this Division in relation to the ADI; and

(b) promotes:

(i) the protection of depositors of the ADI; and

(ii) financial system stability in Australia.

(5B) An ADI statutory manager may do an act under subsection (5A) despite:

(a) the Corporations Act 2001; and

(b) the ADI’s constitution; and

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

(d) any listing rules (as defined in section 761A of the Corporations Act 2001) of a financial market (as defined in that section) in whose official list the ADI is included.