Banking Act 1959

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

Division 2 - Protection of depositors  

Subdivision AA - Recapitalisation directions by APRA  

SECTION 13D   Who this Subdivision applies to  

This Subdivision applies to an ADI that:

(a) is a company that:

(i) is registered under the Corporations Act 2001 ; and

(ii) has a share capital; and

(b) does not have a Banking Act statutory manager.

Subsections (3) and (4) apply if:

(a) APRA has given a recapitalisation direction to an ADI under subsection 13E(1) (the primary recapitalisation direction ); and

(b) the ADI is a subsidiary of a NOHC/NOHC subsidiary; and

(c) the NOHC/NOHC subsidiary is a company that:

(i) is registered under the Corporations Act 2001 ; and

(ii) has a share capital; and

(d) the NOHC/NOHC subsidiary does not have a Banking Act statutory manager.

This Subdivision applies to the NOHC/NOHC subsidiary in the same way that it does to an ADI.

However, disregard the following provisions in applying this Subdivision to the NOHC/NOHC subsidiary:

(a) subsection 13E(1) ;

(b) subsection 13F(1) .

In this section:

NOHC/NOHC subsidiary
means a body corporate that is any of the following:

(a) an authorised NOHC;

(b) a subsidiary of an authorised NOHC.


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