Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 1B - Provisions relating to certain ADIs  

SECTION 11E   Limited application of Division 2 etc. to foreign ADIs  

(1)  


The provisions listed in subsection (1A) do not apply in relation to:


(a) business of a foreign ADI (other than Australian business assets and liabilities); or


(b) the management of a foreign ADI, to the extent that the management relates to such business of the foreign ADI.

(1A)  


The provisions are as follows:


(a) sections 12 , 13BA and 13C , and Subdivision B of Division 2 (statutory management);


(b) subsections 13A(1) to (2) , to the extent that those subsections relate to statutory management;


(c) sections 62B , 62C , 62D and 62E .

(1B)  


The following provisions do not apply in relation to a foreign ADI:


(a) Division 2 (apart from the provisions in that Division listed in subsection (1A));


(b) Division 2AA .

(2)  


A foreign ADI commits an offence if:


(a) it accepts a deposit from a person in Australia; and


(b) before accepting the deposit, the foreign ADI did not inform the person, in a manner approved by APRA, of the requirements of this Act to which the foreign ADI is not subject because of subsection (1B).


(c) (Repealed by No 154 of 2007)

Penalty: 50 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

(3)  


In this section:

asset
has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999 .

Australian business assets and liabilities
, of a foreign ADI, means the following:


(a) the assets and liabilities of the foreign ADI in Australia;


(b) any other assets and liabilities of the foreign ADI that:


(i) are related to its operations in Australia; and

(ii) if regulations are made for the purposes of this subparagraph - are of a kind specified in those regulations.

liability
has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999 .




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