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 13G   Compliance with a recapitalisation direction  

Giving members of the ADI notice of share issue etc.

(1)  
As soon as practicable after an ADI issues shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction, the ADI must give written notice to the persons who were members (under section 231 of the Corporations Act 2001 ) of the ADI just before the issue.

(2)  
The notice must:


(a) identify the issue; and


(b) explain the effect of the issue of the shares, rights to acquire shares, or other capital instruments on the members ' interests. Issue or acquisition of shares etc. despite other laws etc.

(3)  


An ADI may issue or acquire shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction despite:


(a) the Corporations Act 2001 (without limiting the scope of section 70B of this Act); and


(b) the ADI ' s constitution; and


(c) any contract or arrangement to which the ADI is a party; and


(d) any listing rules of a financial market in whose official list the ADI is included.


 

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.