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 13J   Determination of the fair value of shares by an expert  

(1)  
In determining the fair value for each share in an ADI for the purposes of paragraph 13H(3)(a) , the expert must:


(a) first, assess the value of the ADI as a whole, in accordance with the assumptions (if any) notified to the expert by the Minister for the valuation of the ADI; and


(b) then, allocate that value among the classes of shares in the ADI that:


(i) have been issued; or

(ii) APRA proposes to direct be issued (taking into account the relative financial risk, and voting and distribution rights, of the classes); and


(c) then, allocate the value of each class pro rata among the shares in that class that:


(i) have been issued; or

(ii) APRA proposes to direct be issued (without allowing a premium or applying a discount for particular shares in that class).

(2)  
The Minister may give the expert written notice of assumptions for the valuation of the company.

(3)  
The Minister may, by further written notice given to the expert, revoke, but not vary, notice of the assumptions.

(4)  
A notice given under subsection (2) or (3) is not a legislative instrument.


 

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