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BANKING ACT 1959 !!!The following amendment (No. 9, 2006) has not been incorporated. - List of Sections

Section

Compilation Information

Long Title

BANKING ACT 1959
Part I—Preliminary

1. Short title [ see Note 1]
2. Commencement [ see Note 1]
4. Repeal
5. Interpretation
6. Application of Act
6A. Cessation of application of Act to Territory
6B. Application of Criminal Code
BANKING ACT 1959
Part II—Provisions relating to the carrying on of banking business

BANKING ACT 1959
Division 1—Authority to carry on banking business


7. Person other than a body corporate must not carry on banking business
8. Only the Reserve Bank and bodies corporate that are ADIs may carry on banking business
9. Authority to carry on banking business
9A. Revocation of authority
9B. Bodies that cease to exist or change their names
9C. Publication of list of ADIs
10. APRA to be supplied with certain documents
11. APRA may determine that provisions of this Act do not apply
BANKING ACT 1959
Division 1AA—Authority to be a NOHC of an ADI


11AA. Authority to be a NOHC
11AB. Revocation of authority
11AC. Bodies that cease to exist or change their names
11AD. Publication of list of NOHCs
BANKING ACT 1959
Division 1A—Prudential supervision and monitoring of ADIs and
authorised NOHCs


11AF. APRA may make prudential standards for ADIs and authorised NOHCs
11A. Prudential requirements may also be prescribed by the regulations
11B. APRA to monitor prudential matters
11C. Division not to limit operation of other provisions
BANKING ACT 1959
Division 1BA—APRA's power to issue directions


BANKING ACT 1959
Subdivision A—Directions other than to enforce certified industry
support contracts


11CA. APRA may give directions in certain circumstances
BANKING ACT 1959
Subdivision B—Directions to enforce certified industry support
contracts


11CB. APRA may certify an industry support contract
11CC. APRA may direct parties to an industry support contract to comply with the contract
BANKING ACT 1959
Subdivision C—General provisions relating to all directions


11CD. Direction not grounds for denial of obligations
11CE. Supply of information about issue and revocation of directions
11CF. Secrecy requirements
11CG. Non-compliance with a direction
BANKING ACT 1959
Division 1B—Provisions relating to certain ADIs


11D. Interpretation
11E. Division 2 not applicable to foreign ADIs
11F. Assets of foreign ADIs
BANKING ACT 1959
Division 2—Protection of depositors


BANKING ACT 1959
Subdivision A—General provisions relating to depositor protection


12. APRA to protect depositors
13. ADI to supply information to APRA
13A. Consequences of inability or failure of ADI to meet obligations
13B. Investigators—ADI must provide information and facilities
13C. ADI statutory managers—termination of control
BANKING ACT 1959
Subdivision B—Provisions dealing with control of an ADI's
business by an ADI statutory manager


14A. ADI statutory manager's powers and functions
14B. Administrator in control—additional powers to recommend action by APRA
14C. ADI statutory manager's liabilities and duties
14D. Administrator in control—additional duties
14E. Termination of administrator's appointment
14F. APRA's powers to apply for ADI to be wound up
15. Effect on directors of ADI statutory manager taking control of an ADI's business
15A. Effect on external administrator of ADI statutory manager taking control of an ADI's business
15B. Effect on legal proceedings of ADI statutory manager taking control of an ADI's business
15C. ADI statutory manager being in control not grounds for denial of obligations
16. Costs of statutory management
16A. APRA must report to Treasurer and publish information about statutory management
BANKING ACT 1959
Division 2A—Auditors of ADIs and authorised NOHCs and their
subsidiaries


16B. Requirements for auditors and people who have been auditors to give information to APRA
16C. Auditor may provide information to APRA
BANKING ACT 1959
Division 2B—Removal of auditors of ADIs


17. APRA may remove an auditor of an ADI
18. Referring matters to the professional associations for auditors
BANKING ACT 1959
Division 3—Governance


19. Disqualified persons must not act for ADIs or authorised NOHCs
20. Who is a disqualified person ?
21. APRA may disqualify person
22. APRA may determine that a person is not a disqualified person
23. APRA may remove a director or senior manager of an ADI or authorised NOHC
BANKING ACT 1959
Division 4—Mobilization of foreign currency


32. Interpretation
33. Transfer of foreign currency to Reserve Bank [ see Note 2]
34. Payment for transferred foreign currency
35. Sale of foreign currency by Reserve Bank
BANKING ACT 1959
Division 5—Advances


36. Advance policy
BANKING ACT 1959
Part IIA—ADI mergers (operation of State and Territory
laws)

38A. Operation of certain State and Territory laws relating to ADI mergers
BANKING ACT 1959
Part III—Foreign exchange, foreign investment etc.

39. Power to make regulations
39A. Extra-territorial application of regulations
39B. Granting of authorities by Reserve Bank subject to taxation clearance
BANKING ACT 1959
Part IV—Gold

40. Operation of Part [ see Note 2]
41. Transfer of gold out of Australia
42. Delivery of gold
43. Vesting of gold delivered
44. Payment for gold
45. Limitation of sale and purchase of gold
46. Limitation on working of gold
47. Application of Part
48. Exemptions
BANKING ACT 1959
Part V—Interest rates

50. Control of interest rates
BANKING ACT 1959
Part VI—Reconsideration and Review of decisions

51A. Definitions
51B. Reconsideration of decisions
51C. Review of decisions
51D. Statements to accompany notification of decisions
BANKING ACT 1959
Part VII—Miscellaneous

61. APRA may conduct investigations
62. Supply of information
62A. Notices to APRA
63. Restructuring of ADIs
64. Conditions on consent to restructure an ADI
65. ADIs and authorised NOHCs may be directed to comply with Act
65A. Injunctions
66. Restriction on use of certain words and expressions
66A. Restriction on use of expressions authorised deposit-taking institution and ADI
67. Restriction on establishment or maintenance of representative offices of overseas banks
68. Bank holidays
69. Unclaimed moneys
69AA. Powers about money of depositors who have died
69C. Conduct of directors, servants and agents
69D. Disclosure of information received under Act prohibited in certain circumstances
69E. Compensation for acquisition of property
69F. Severability
70A. Protection from liability
70B. Act has effect despite the Corporations Act
71. Regulations
BANKING ACT 1959
The Schedules
Schedule 1—State and Territory laws relating to ADI mergers

BANKING ACT 1959
Notes to the Banking Act 1959

Note 2

Table A

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