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(c) (Repealed by No 154 of 2007)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 .


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.