Banking Act 1959

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

Division 2AA - Financial claims scheme for account-holders with insolvent ADIs  

Subdivision D - Administration  

SECTION 16AO   APRA ' s costs of administration  

(1)  


The costs incurred by APRA in relation to the exercise of its powers and the performance of its functions under this Division relating to a declared ADI are a debt due by the declared ADI to APRA.

(2)  
The debt is admissible to proof against the declared ADI in the winding up of the ADI.

(3)  
Subsection (1) does not apply to the amounts of entitlements under Subdivision C .

Note:

APRA may be able to recover those amounts through the rights it acquires under section 16AI from the account-holder.




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