Banking Act 1959

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

Division 1 - Authority to carry on banking business  

SECTION 9AA   Conditions on an authority  

APRA may, at any time, by giving written notice to a body corporate:

(a) impose conditions, or additional conditions, on the body corporate ' s section 9 authority; or

(b) vary or revoke conditions imposed on the body corporate ' s section 9 authority.

The conditions must relate to prudential matters.

A condition may be expressed to have effect despite anything in the prudential standards or the regulations.

Without limiting the conditions that APRA may impose on an authority, APRA may make the authority conditional on another body corporate, of which the body corporate is a subsidiary, being an authorised NOHC.

If APRA imposes, varies or revokes the conditions on a body corporate ' s section 9 authority, APRA must:

(a) give written notice to the body corporate; and

(b) ensure that notice that the action has been taken is published in the Gazette .

The taking of an action is not invalid merely because of a failure to comply with subsection (4).

Part VI applies to the following decisions made under this section:

(a) a decision to impose conditions, or additional conditions, on a body corporate ' s section 9 authority;

(b) a decision to vary conditions imposed on a body corporate ' s section 9 authority.


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.