Banking Act 1959
View history note
Hide history noteWhen an ADI becomes a declared ADI, then, by force of this subsection, the right of an account-holder who has a protected account with the ADI to be paid an amount by the ADI in connection with the account:
(a) is reduced to the extent of the account-holder ' s entitlement under this Subdivision connected with the account; and
(b) to the extent of the reduction, becomes a right of APRA.
(2)
APRA may exercise or assign a right it has under paragraph (1)(b).
Note:
Under section 11 of the Australian Prudential Regulation Authority Act 1998 , APRA ' s property is generally held on behalf of the Commonwealth.
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