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 managers powers to alter ADIs constitution etc.
(5A) An ADI statutory manager may, if the ADI concerned is registered under the Corporations Act 2001, alter the ADIs 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 managers functions and duties, or the exercise of the ADI statutory managers other powers, under this Division in relation to the ADI; and
(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 ADIs 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.