Banking Act 1959

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

Division 2 - Protection of depositors  

Subdivision B - Provisions dealing with control of a body corporate ' s business by a Banking Act statutory manager  

SECTION 16A   APRA must report to Treasurer and publish information about statutory management  

(1)   Reports to the Treasurer  

If the Treasurer requests APRA to give him or her a written report concerning the activities of Banking Act statutory managers in respect of specified bodies corporate or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it.

(2)  


If a Banking Act statutory manager takes control of a body corporate ' s business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all Banking Act statutory managers and each ultimate termination of control that occurred during that financial year.

(3)   Requirement to publish notices in Gazette  

If APRA:


(a) takes control of a body corporate ' s business; or


(b) appoints an administrator of a body corporate ' s business; or


(c) makes an ultimate termination of control in respect of a body corporate ' s business;

APRA must publish notice of that fact in the Gazette . However, mere failure to publish such a notice does not affect the validity of the act.




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