Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 3 - Key personnel obligations  

SECTION 37DA   People prohibited from being an accountable person  

(1)  
A person is prohibited from being an accountable person if the person:


(a) is not registered under Subdivision B of Division 6 ; or


(b) is disqualified under section 37J .

(2)  
However, if a person becomes an accountable person of an ADI, or a subsidiary of an ADI, by filling a temporary vacancy or a vacancy that was not foreseen at the time it arose, paragraph (1)(a) does not apply to the person until the person has been an accountable person for:


(a) 28 days; or


(b) such other period as is determined under subsection (3) or (4).

(3)  
APRA may, by written notice given to an ADI, determine a period for the purposes of paragraph (2)(b) in relation to the ADI or a subsidiary of the ADI.

(4)  
APRA may, by legislative instrument, determine a period for the purposes of paragraph (2)(b).


 

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