Banking Act 1959
APRA may direct any ADI that is a party to an industry support contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers:
(a) that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and
(b) that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract.
The direction must be by notice in writing to the ADI.(2)
The direction may deal with the time by which, or period during which, it is to be complied with. (3)
The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party. (3A)
APRA may vary the direction if, at the time of the variation, it considers that the variation is necessary and appropriate.
The direction has effect until:
(a) APRA revokes the direction by notice in writing to the ADI (see subsection (5)); or
(b) APRA revokes the certification of the industry support contract by notice in writing to the ADIs that are parties to it (see subsection (6)). (5)
APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate. (6)
APRA may revoke the certification of the industry support contract if it considers that it is appropriate to do so for any reason. (7)
Part VI applies to the following decisions made under this section:
(a) a decision to give a direction;
(b) a decision to vary a direction;
(c) a revocation of the certification of an industry support contract.
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