Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)

Schedule 1   Streamlining prudential regulation

Part 5   Application, transitional and saving provisions

291   Saving provision for section 11 orders (Banking Act)

(1) This item applies to an order that was in force under section 11 of the Banking Act 1959 immediately before that section was amended by this Act.

(2) To the extent that it relates to a provision of the Banking Act 1959 referred to in section 11 as amended by this Act, the order:

(a) continues in force after the commencement of the amendments, as if it were a determination made under section 11 as amended; and

(b) may be varied or revoked by APRA under section 11 as amended.

(3) An order or part of an order to which subitem (2) does not apply ceases to have effect at the time the amendments of section 11 made by this Act commence.