Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 8   Transitional, saving and application provisions

Part 1   Transitional provisions relating to transfer from State and Territory regulatory regimes

Division 4   Transitional provisions relating to operation of the Banking Act 1959

7   Certain bodies taken to have authorities to carry on banking business

(1) This item applies to the following bodies:

(a) all bodies that were FIC bodies immediately before the transfer date;

(b) The Cairns Cooperative Weekly Penny Savings Bank Limited ( CCWPSBL ), but only if a determination under subitem (2) is in force immediately before the transfer date.

Note: The Cairns Cooperative Weekly Penny Savings Bank Limited is a body incorporated under the Financial Intermediaries Act 1996 of Queensland.

(2) APRA may, in writing, determine that this item applies to CCWPSBL, but only if the Treasurer and the Queensland Minister responsible for the administration of the Financial Intermediaries Act 1996 of Queensland have agreed that CCWPSBL should be covered by the Banking Act 1959 from the transfer date.

(3) On the transfer date, a body to which this item applies is taken to have been granted an authority under subsection 9(3) of the Banking Act 1959.

(4) APRA may, in writing, determine conditions to which the authority is subject. The determination has effect accordingly.

(5) The authority may be dealt with under the Banking Act 1959 as if it had actually been granted under subsection 9(3) of that Act.

(6) Conditions determined under subitem (4) may be dealt with under the Banking Act 1959 as if they were imposed under subsection 9(4) of that Act.

(7) Subsection 9(7) of the Banking Act 1959 does not apply to:

(a) the grant of an authority that is taken to have occurred under subitem (3); or

(b) the imposition of conditions on that authority under subitem (4).

(8) APRA must give the body written notice of the following:

(a) the fact that the body is taken, by subitem (3), to have been granted an authority under subsection 9(3) of the Banking Act 1959; and

(b) the determination under subitem (4) of conditions to which the authority is subject.

(9) APRA may also give notice of a matter referred to in paragraph (8)(a) or (b) in such other way as APRA considers appropriate.