BANKING ACT 1959

This compilation was prepared on 16 February 2012
taking into account amendments up to Act No. 147 of 2011

[Note: Section 40(3) ceased operation on 30 January 1976 (see Gazette 1976, No. S17)]

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General's Department, Canberra

Contents

Part I--Preliminary 1

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement [see Note 1] .............................................................. 1

4............ Repeal ................................................................................................. 1

5............ Interpretation ....................................................................................... 1

6............ Application of Act ............................................................................... 8

6A......... Cessation of application of Act to Territory ........................................ 8

6B......... Application of Criminal Code ............................................................. 8

Part II--Provisions relating to the carrying on of banking business 9

Division 1--Authority to carry on banking business 9

7............ Person other than a body corporate must not carry on banking business 9

8............ Only the Reserve Bank and bodies corporate that are ADIs may carry on banking business 9

9............ Authority to carry on banking business ............................................ 10

9A......... Revocation of authority ..................................................................... 12

9B......... Bodies that cease to exist or change their names ............................... 14

9C......... Publication of list of ADIs ................................................................ 15

10.......... APRA to be supplied with certain documents ................................... 15

11.......... APRA may determine that provisions of this Act do not
apply ................................................................................................. 16

Division 1AA--Authority to be a NOHC of an ADI 18

11AA.... Authority to be a NOHC ................................................................... 18

11AB.... Revocation of authority ..................................................................... 19

11AC.... Bodies that cease to exist or change their names ............................... 22

11AD.... Publication of list of NOHCs ............................................................ 22

Division 1A--Prudential supervision and monitoring of ADIs and authorised NOHCs 23

11AF..... APRA may make prudential standards for ADIs and authorised NOHCs 23

11A....... Prudential requirements may also be prescribed by the regulations ... 25

11B....... APRA to monitor prudential matters ................................................. 25

11C....... Division not to limit operation of other provisions ............................ 25

Division 1BA--APRA's power to issue directions 26

Subdivision A--Directions other than to enforce certified industry support contracts 26

11CA.... APRA may give directions in certain circumstances ......................... 26

Subdivision B--Directions to enforce certified industry support contracts 31

11CB..... APRA may certify an industry support contract ............................... 31

11CC..... APRA may direct parties to an industry support contract to comply with the contract 31

Subdivision C--General provisions relating to all directions 32

11CD.... Direction not grounds for denial of obligations ................................. 32

11CE..... Supply of information about issue and revocation of directions ........ 33

11CF..... Secrecy requirements ........................................................................ 34

11CG.... Non-compliance with a direction ....................................................... 34

Division 1B--Provisions relating to certain ADIs 36

11E........ Division 2 not applicable to foreign ADIs ........................................ 36

11F........ Assets of foreign ADIs ..................................................................... 36

Division 2--Protection of depositors 37

Subdivision A--General provisions relating to depositor protection 37

12.......... APRA to protect depositors .............................................................. 37

13.......... ADI to supply information to APRA ................................................ 37

13A....... Consequences of inability or failure of ADI to meet obligations ....... 38

13B....... Investigators--ADI must provide information and facilities ............. 41

13BA.... Start of control of ADI's business by ADI statutory manager .......... 42

13C....... ADI statutory managers--termination of control .............................. 42

Subdivision AA--Recapitalisation directions by APRA 44

13D....... Who this Subdivision applies to ........................................................ 44

13E........ Recapitalisation direction by APRA .................................................. 44

13F........ Additional contents of a recapitalisation direction ............................. 45

13G....... Compliance with a recapitalisation direction ...................................... 45

13H....... APRA must obtain expert's report on the fair value of shares etc. .... 46

13J........ Determination of the fair value of shares by an expert ...................... 47

13K....... Determination of the fair value of rights by an expert ....................... 47

13L........ Ascertaining the fair value of other capital instruments ..................... 48

13M...... Contravention of certain provisions does not affect the validity of recapitalisation direction etc. 48

13N....... Recapitalisation direction not grounds for denial of
obligations ......................................................................................... 48

13P........ Supply of information about issue and revocation of recapitalisation directions 49

13Q....... Non-compliance with a recapitalisation direction .............................. 50

13R....... Exceptions to Part IV of the Competition and Consumer Act 2010 .. 51

Subdivision B--Provisions dealing with control of an ADI's business by an ADI statutory manager 52

14A....... ADI statutory manager's powers and functions ................................ 52

14AA.... ADI statutory manager's additional powers to facilitate recapitalisation .. 54

14AB.... Considering report before acting under section 14AA ...................... 55

14AC.... Act under section 14AA not ground for denying obligation ............. 58

14AD.... APRA may require a person to give information etc. for the purposes of this Division 58

14B....... Administrator in control--additional powers to recommend action by APRA 60

14C....... ADI statutory manager's liabilities and duties ................................... 60

14D....... Administrator in control--additional duties ...................................... 61

14DAA. Administrator in control--additional duties where action may affect financial system stability in Australia 62

14DA.... Administrator in control--additional duties where action may affect financial system stability in New Zealand 62

14E........ Termination of administrator's appointment ...................................... 63

14F........ APRA's powers to apply for ADI to be wound up .......................... 63

15.......... Effect on directors of ADI statutory manager taking control of an ADI's business 64

15A....... Effect on external administrator of ADI statutory manager taking control of an ADI's business 64

15B....... Effect on legal proceedings of ADI statutory manager taking control of an ADI's business 65

15C....... ADI statutory manager being in control not grounds for denial of obligations 66

15D....... Continued application of other provisions ......................................... 66

16.......... Costs of statutory management ......................................................... 66

16A....... APRA must report to Treasurer and publish information about statutory management 67

16AA.... Exceptions to Part IV of the Competition and Consumer Act 2010 .. 67

Division 2AA--Financial claims scheme for account-holders with insolvent ADIs 69

Subdivision A--Preliminary 69

16AB.... Purpose of this Division ................................................................... 69

16AC.... APRA's functions relating to this Division ...................................... 69

Subdivision B--Declaration of ADI 69

16AD.... Declaration that Subdivision C applies in relation to ADI ................. 69

16AE..... Advice and information for decision on making declaration ............. 71

Subdivision C--Payment of account-holders with declared ADI 71

16AF..... Payment of account-holders with declared ADI ................................ 71

16AG.... Limit on payments to account-holder with declared ADI .................. 72

16AH.... Payment ............................................................................................ 73

16AHA. Giving information about payments in a financial year ..................... 74

16AI...... Substitution of APRA for account-holder as ADI's creditor ............ 75

Subdivision D--Administration 76

16AJ..... Requiring assistance .......................................................................... 76

16AK.... Obtaining information relevant to determining and paying entitlements 77

16AL..... Enforcing requirement for assistance or information ......................... 79

16AM... Recovery of overpayments ................................................................ 80

16AN.... APRA may delegate functions and powers under this Division ....... 81

16AO.... APRA's costs of administration ....................................................... 81

Subdivision E--Account-holder's claims against ADI remaining after entitlement 81

16AP..... When this Subdivision applies .......................................................... 81

16AQ.... Liquidator may admit debt or claim without normal proof ................ 82

16AR.... How liquidator must pay distributions to account-holder .................. 82

16AS..... APRA may disclose relevant personal information to liquidator ....... 83

Subdivision F--Disclosure of information relating to new accounts 83

16AT..... APRA or liquidator to disclose information to ADI ......................... 83

Subdivision G--Exceptions to Part IV of the Competition and Consumer Act 2010 84

16AU.... Exceptions to Part IV of the Competition and Consumer Act 2010 .. 84

Division 2A--Auditors of ADIs and authorised NOHCs and their subsidiaries 85

16AV.... Appointed auditor's functions and duties .......................................... 85

16B....... Auditors to give information to APRA on request ............................ 85

16BA.... Requirement for auditors to give information about ADIs ................ 86

16C....... Auditor may provide information to APRA ...................................... 90

16D....... Appointed auditor must notify APRA of attempts to unduly influence etc. the appointed auditor 90

16E........ Giving false or misleading information to auditor ............................. 91

Division 2B--Removal of auditors of ADIs 93

17.......... APRA may remove an auditor of an ADI ......................................... 93

18.......... Referring matters to professional associations for auditors ............... 94

Division 2C--Enforceable undertakings 96

18A....... Enforceable undertakings .................................................................. 96

Division 3--Governance 97

19.......... Disqualified persons must not act for ADIs or authorised NOHCs .. 97

20.......... Who is a disqualified person? ........................................................... 99

21.......... Court power of disqualification ....................................................... 100

22.......... Court power to revoke or vary a disqualification etc. ...................... 102

22A....... Privilege against exposure to penalty--disqualification under section 21 102

23.......... APRA may remove a director or senior manager of an ADI or authorised NOHC 104

Division 3A--Covered bonds 106

24.......... Guide to this Division ..................................................................... 106

25.......... Application of Division ................................................................... 106

26.......... Covered bonds ................................................................................ 106

27.......... Arrangements involving several ADIs ............................................ 107

28.......... Restrictions on issuing covered bonds--8% rule ............................ 108

29.......... Restrictions on issuing covered bonds--APRA directions ............. 108

30.......... Cover pool monitors ....................................................................... 109

31.......... Assets that may be in cover pools ................................................... 110

31A....... Maintenance of cover pools ............................................................ 111

31B....... Protection of certain contractual rights ............................................ 112

31C....... Powers and obligations of ADI statutory manager or external administrator 112

31D....... Prudential standards--treatment of assets and liabilities ................. 112

31E........ Prudential standards for covered bonds .......................................... 113

31F........ APRA may direct covered bond special purpose vehicles to return certain assets 114

Division 4--Mobilization of foreign currency 116

32.......... Interpretation ................................................................................... 116

33.......... Transfer of foreign currency to Reserve Bank ................................ 116

34.......... Payment for transferred foreign currency ........................................ 118

35.......... Sale of foreign currency by Reserve Bank ...................................... 118

Division 5--Advances 119

36.......... Advance policy ............................................................................... 119

Part IIA--ADI mergers (operation of State and Territory laws) 121

38A....... Operation of certain State and Territory laws relating to ADI mergers 121

Part III--Foreign exchange, foreign investment etc. 123

39.......... Power to make regulations .............................................................. 123

39A....... Extra-territorial application of regulations ....................................... 128

Part IV--Gold 130

40.......... Operation of Part ............................................................................. 130

41.......... Transfer of gold out of Australia ..................................................... 130

42.......... Delivery of gold .............................................................................. 131

43.......... Vesting of gold delivered ................................................................ 132

44.......... Payment for gold ............................................................................. 132

45.......... Limitation of sale and purchase of gold ........................................... 132

46.......... Limitation on working of gold ........................................................ 133

47.......... Application of Part .......................................................................... 134

48.......... Exemptions ..................................................................................... 134

Part V--Interest rates 135

50.......... Control of interest rates ................................................................... 135

Part VI--Reconsideration and Review of decisions 136

51A....... Definitions ...................................................................................... 136

51B....... Reconsideration of decisions ........................................................... 136

51C....... Review of decisions ........................................................................ 137

51D....... Statements to accompany notification of decisions .......................... 138

Part VIA--Protections in relation to information 139

Division 1--Protection for whistleblowers 139

52A....... Disclosures qualifying for whistleblower protection ....................... 139

52B....... Whistleblower protection for disclosures that qualify ..................... 140

52C....... Victimisation of whistleblowers prohibited ..................................... 141

52D....... Right to compensation ..................................................................... 142

52E........ Confidentiality requirement for company, company officers and employees and auditors 142

Division 2--Self-incrimination 145

52F........ Self-incrimination ............................................................................ 145

Part VII--Miscellaneous 146

60.......... Keeping of financial records ............................................................ 146

61.......... APRA may conduct investigations ................................................. 147

62.......... Supply of information ..................................................................... 148

62A....... Notices to APRA ............................................................................ 150

62B....... Involving APRA in applications to appoint external administrators of ADIs 152

62C....... Involving APRA in applications by liquidator ................................ 153

63.......... Restructuring of ADIs .................................................................... 153

64.......... Conditions on consent to restructure an ADI .................................. 155

65.......... ADIs and authorised NOHCs may be directed to comply with Act 156

65A....... Injunctions ...................................................................................... 157

65B....... Civil penalties .................................................................................. 159

66.......... Restriction on use of certain words and expressions ....................... 159

66A....... Restriction on use of expressions authorised deposit-taking institution and ADI 163

67.......... Restriction on establishment or maintenance of representative offices of overseas banks 164

68.......... Bank holidays ................................................................................. 166

69.......... Unclaimed moneys .......................................................................... 166

69AA.... Powers about money of depositors who have died ......................... 169

69C....... Conduct of directors, servants and agents ....................................... 170

69D....... Disclosure of information received under Act prohibited in certain circumstances 171

69E........ Compensation for acquisition of property ....................................... 171

69F........ Severability ..................................................................................... 172

70A....... Protection from liability ................................................................... 174

70B....... Act has effect despite the Corporations Act .................................... 175

70C....... Authorising contracts etc. for protecting depositors' interests and financial system stability 175

70D....... Borrowing funds for payments under authorised contracts
etc. ................................................................................................... 176

70E........ Financial System Stability Special Account .................................... 177

70F........ Credits to the Account ..................................................................... 177

70G....... Purposes of the Account ................................................................. 178

70H....... Debits to reflect reduced amounts specified in authorisations ......... 178

71.......... Regulations ..................................................................................... 178

Schedule 1--State and Territory laws relating to ADI mergers 180

Schedule 2--Civil penalties 181

Part 1--Contravention of a civil penalty provision 181

1............ Federal Court may order person to pay pecuniary penalty for contravening civil penalty provision 181

2............ Contravening a civil penalty provision is not an offence ................. 182

3............ Persons involved in contravening civil penalty provision ............... 182

4............ Recovery of a pecuniary penalty ..................................................... 182

5............ Civil evidence and procedure rules for pecuniary penalty orders .... 182

Part 2--Civil penalty proceedings and criminal proceedings 183

6............ Civil proceedings after criminal proceedings ................................... 183

7............ Criminal proceedings during civil proceedings ............................... 183

8............ Criminal proceedings after civil proceedings ................................... 183

9............ Evidence given in proceedings for penalty not admissible in criminal proceedings 183

Notes 185

Notes to the Banking Act 1959

Note 1

The Banking Act 1959 as shown in this compilation comprises Act No. 6, 1959 amended as indicated in the Tables below.

The Banking Act 1959 was amended by the Banking (Statistics) Regulations (as amended). The amendments made by these Regulations were repealed by Statutory Rules 1989 No. 357. The amendments are incorporated in this compilation.

For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.

All relevant information pertaining to application, saving or transitional provisions prior to 29 June 1998 is not included in this compilation. For subsequent information see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Banking Act 1959	6, 1959	23 Apr 1959	14 Jan 1960 (see Gazette 1960, p. 47)
Banking Act 1965	127, 1965	18 Dec 1965	14 Feb 1966	--
Statute Law Revision (Decimal Currency) Act 1966	93, 1966	29 Oct 1966	1 Dec 1966	--
Banking Act 1967	84, 1967	8 Nov 1967	8 Nov 1967	--
Banking Act 1973	116, 1973	26 Oct 1973	Ss. 1-3, 5, 6 and 11: Royal Assent Remainder: 1 Nov 1973	--
Banking Act (No. 2) 1973	193, 1973	17 Dec 1973	17 Dec 1973	--
Statute Law Revision Act 1973	216, 1973	19 Dec 1973	31 Dec 1973	Ss. 9(1) and 10
as amended by
Statute Law Revision Act 1974	20, 1974	25 July 1974	31 Dec 1973	--
Banking Act 1974	132, 1974	9 Dec 1974	23 Dec 1974 (see Gazette 1974, No. 103D)	Ss. 4-6
Australian Rural Bank Act 1977	156, 1977	10 Nov 1977	Part III (ss. 12-19): 22 Sept 1978 (see Gazette 1978, No. S185) Remainder: Royal Assent	--
as amended by
Primary Industry Bank Amendment Act 1978	78, 1978	22 June 1978	22 June 1978	--
Jurisdiction of Courts (Miscellaneous Amendments) Act 1979	19, 1979	28 Mar 1979	Parts II-XVII (ss. 3-123): 15 May 1979 (see Gazette 1979, No. S86) Remainder: Royal Assent	S. 124
Statute Law (Miscellaneous Amendments) Act (No. 2) 1982	80, 1982	22 Sept 1982	Part XII (ss. 31-33): 1 Oct 1982 (see Gazette 1982, No. S202) (a)	--
Commonwealth Banks Amendment Act 1984	76, 1984	25 June 1984	29 June 1984 (see Gazette 1984, No. S241)	--
Banking Legislation Amendment Act 1986	166, 1986	18 Dec 1986	Ss. 9-11 and Part III (ss. 13-17): 30 Nov 1988 (see Gazette 1988, No. S362) Remainder: 15 Jan 1987	--
Primary Industry Bank Repeal Act 1987	105, 1987	10 Nov 1987	10 Nov 1987	--
Banking Legislation Amendment Act 1989	129, 1989	7 Nov 1989	Ss. 1-3, 26, 29-33, 35, 38 and 40: Royal Assent S. 23(1): 4 May 1989 S. 39: 23 Jan 1988 Remainder: 28 Dec 1989 (see Gazette 1989, No. S383)	Ss. 5(2), 20(2)-(4), 27 and 28
Commonwealth Banks Restructuring Act 1990	118, 1990	28 Dec 1990	S. 62: (b)	S. 5
Bank Integration Act 1991	210, 1991	24 Dec 1991	S. 32: 1 Jan 1993 (see Gazette 1992, No. GN36, p. 2415) (c) Remainder: Royal Assent	--
Banking Legislation Amendment Act 1992	193, 1992	21 Dec 1992	Ss. 4(2), 5(1), 16, 17, 19-21 and 35: 5 Feb 1993 (see s. 2(2), (6) and Gazette 1993, No. GN4, p. 359) Ss. 4(3) and 5(2): 1 July 1994 (see Gazette 1994, No. GN25) Remainder: Royal Assent	Ss. 15-18
Banking (State Bank of South Australia and Other Matters) Act 1994	69, 1994	9 June 1994	Ss. 3, 4, 5(1) and 6(1): 1 July 1994 (see Gazette 1994, No. GN25) Ss. 5(2) and 6(2): 22 June 1995 (see Gazette 1995, No. GN24) Remainder: Royal Assent	Ss. 3, 58 and 61
Banking (Queensland Industry Development Corporation) Amendment Act 1995	99, 1995	15 Sept 1995	15 Sept 1995	--
Commonwealth Bank Sale Act 1995	161, 1995	16 Dec 1995	Schedule (items 3-6): (d)	--
Statute Law Revision Act 1996	43, 1996	25 Oct 1992	Schedule 2 (items 20, 21): (e)	--
Retirement Savings Accounts (Consequential Amendments) Act 1997	62, 1997	28 May 1997	2 June 1997 (see s. 2 and Gazette 1997, No. S202)	--
Financial Laws Amendment Act 1997	107, 1997	30 June 1997	Schedule 1: Royal Assent (f)	--
Financial Sector Reform (Amendments and Transitional Provisions) Act 1998	54, 1998	29 June 1998	Schedule 2 (items 1-85, 87-159): 1 July 1998 (see Gazette 1998, No. S316) (g) Schedule 2 (item 86): 1 July 1999 (see Gazette 1999, No. S289) (g) Schedule 19 (items 1-19): Royal Assent	Sch. 19 (items 1-19) [see Table A]
as amended by
Statute Law Revision Act 2006	9, 2006	23 Mar 2006	Schedule 2 (item 18): (k)	--
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999	44, 1999	17 June 1999	Schedules 2 and 8: Royal Assent (h)	Sch. 8 (items 7-9, 22, 23) [see Table A]
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000	24, 2000	3 April 2000	Schedule 2: Royal Assent (i) Schedule 12 (items 1-3): 3 Apr 2000 (i)	Sch. 12 (items 1-3) [see Table A]
Financial Sector Legislation Amendment Act (No. 1) 2000	160, 2000	21 Dec 2000	Schedule 1 (item 21): Royal Assent Remainder: 18 Jan 2001	Sch. 1 (item 19) [see Table A]
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (items 69-78): 15 July 2001 (see Gazette 2001, No. S285) (j)	Ss. 4-14 [see Note 1]
Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001	121, 2001	24 Sept 2001	Ss. 1-3: Royal Assent Remainder: 1 July 2002 (see s. 2(2) and Gazette 2002, No. GN24)	Sch. 2 (item 18) and Sch. 3 (items 1-4) [see Table A]
Australian Prudential Regulation Authority Amendment Act 2003	42, 2003	24 June 2003	Schedules 1-3: 1 July 2003 (see Gazette 2003, No. S230) Remainder: Royal Assent	Sch. 3 [see Table A]
Financial Sector Legislation Amendment Act (No. 1) 2003	116, 2003	27 Nov 2003	Schedule 2: 28 Nov 2003	--
Statute Law Revision Act 2006	9, 2006	23 Mar 2006	Schedule 1 (item 7): (k)	--
Financial Sector Legislation Amendment (Trans-Tasman Banking Supervision) Act 2006	147, 2006	6 Dec 2006	6 Dec 2006	--
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007	154, 2007	24 Sept 2007	Schedule 1 (items 10-51, 291, 296) and Schedule 4 (items 6-9): Royal Assent Schedule 1 (items 158-166): 1 Jan 2008	Sch. 1 (items 291, 296) and Sch. 4 (item 9) [see Table A]
Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008	25, 2008	26 May 2008	Schedule 1 (items 1-9), Schedule 2 (items 1-6) and Schedule 4 (items 1-14, 43): Royal Assent	Sch. 1 (item 9), Sch. 2 (item 6) and Sch. 4 (item 43) [see Table A]
First Home Saver Accounts (Consequential Amendments) Act 2008	45, 2008	25 June 2008	Schedule 3 (items 10-15): 26 June 2008	--
Statute Law Revision Act 2008	73, 2008	3 July 2008	Schedule 4 (item 89): 4 July 2008	--
First Home Saver Accounts (Further Provisions) Amendment Act 2008	92, 2008	30 Sept 2008	Schedule 2 (items 2, 3): 1 Oct 2008	--
Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008	105, 2008	17 Oct 2008	Schedule 1 (items 1-17, 61, 62): (l) Schedule 2 (items 1-23): 18 Oct 2008	Sch. 1 (items 61, 62) and Sch. 2 (items 6, 10, 13, 15, 19, 21) [see Table A]
Tax Laws Amendment (2009 Measures No. 2) Act 2009	42, 2009	23 June 2009	Schedule 1 (items 1-3): Royal Assent	Sch. 1 (item 2) [see Table A]
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Schedule 2 (items 1-6, 14): 28 Aug 2009	Sch. 2 (item 14) [see Table A]
Tax Laws Amendment (2009 Measures No. 4) Act 2009	88, 2009	18 Sept 2009	Schedule 5 (item 245): Royal Assent	--
Statute Law Revision Act 2010	8, 2010	1 Mar 2010	Schedule 1 (item 5): Royal Assent	--
Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010	82, 2010	29 June 2010	Schedule 1 (items 1-25, 27-46) and Schedule 6 (items 1-29): 27 July 2010 Schedule 1 (item 26): (m)	Sch. 1 (item 46) [see Table A]
Trade Practices Amendment (Australian Consumer Law) Act (No. 2) 2010	103, 2010	13 July 2010	Schedule 6 (items 1, 38, 39, 159): 1 Jan 2011	--
Statute Law Revision Act 2011	5, 2011	22 Mar 2011	Schedule 7 (item 29): 19 Apr 2011	--
Acts Interpretation Amendment Act 2011	46, 2011	27 June 2011	Schedule 2 (items 285-288) and Schedule 3 (items 10, 11): 27 Dec 2011	Sch. 3 (items 10, 11) [see Table A]
Banking Amendment (Covered Bonds) Act 2011	125, 2011	17 Oct 2011	17 Oct 2011	--
Tax Laws Amendment (2011 Measures No. 7) Act 2011	147, 2011	29 Nov 2011	Schedule 5 (items 21-23): Royal Assent	Sch. 5 (item 23) [see Table A]

Commencement information
5. Schedule 1, item 7	Immediately after the commencement of item 98 of Schedule 2 to the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998.	1 July 1998
33. Schedule 2, item 18	Immediately after the time specified in the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 for the commencement of item 99 of Schedule 2 to that Act.	1 July 1998

Provision(s)	Commencement	Date/Details
2. Schedule 1	Immediately after the provision(s) covered by table item 3.	18 October 2008
3. Schedules 2 to 5	The day after this Act receives the Royal Assent.	18 October 2008

Provision(s)	Commencement	Date/Details
3. Schedule 1, item 26	The later of: (a) the same time as the provision(s) covered by table item 2; and (b) immediately after the commencement of Schedule 5 to the Trade Practices Amendment (Australian Consumer Law) Act (No. 2) 2010. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.	1 January 2011 (paragraph (b) applies)

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
Part I
S. 3 .....................................	rep. No. 116, 1973
Subhead. to s. 5(1)............	ad. No. 105, 2008
Subhead. to s. 5(2)............	ad. No. 105, 2008
Subhead. to s. 5(3)............	ad. No. 105, 2008
S. 5 .....................................	am. No. 84, 1967; No. 116, 1973; No. 156, 1977 (as am. by No. 78, 1978); No. 76, 1984; No. 105, 1987; No. 129, 1989; No. 118, 1990; No. 210, 1991; No. 193, 1992; No. 69, 1994; Nos. 99 and 161, 1995; No. 54, 1998; No. 44, 1999; No. 24, 2000; No. 55, 2001; Nos. 42 and 116, 2003; No. 147, 2006; No. 154, 2007; No. 105, 2008; No. 82, 2010; No. 125, 2011
S. 6 .....................................	am. No. 116, 1973; No. 193, 1992; No. 69, 1994; No. 99, 1995; No. 54, 1998
S. 6A ..................................	ad. No. 116, 1973
	am. No. 129, 1989; No. 46, 2011
S. 6B...................................	ad. No. 44, 1999
Part II
Division 1
S. 7......................................	am. No. 93, 1966; No. 129, 1989
	rs. No. 44, 1999
	am. No. 154, 2007; No. 82, 2010
S. 8......................................	am. No. 93, 1966; No. 129, 1989
	rs. No. 44, 1999
	am. No. 154, 2007; No. 82, 2010
Note to s. 8.........................	ad. No. 54, 1998
	rs. No. 44, 1999
S. 9 .....................................	am. No. 93, 1966; No. 116, 1973; No. 129, 1989; No. 193, 1992; No. 69, 1994; No. 54, 1998; No. 44, 1999; No. 154, 2007; No. 25, 2008; No. 82, 2010
Note to s. 9(2)....................	ad. No. 54, 1998
S. 9A ..................................	ad. No. 84, 1967
	am. No. 116, 1973
	rep. No. 193, 1992
	ad. No. 54, 1998
	am. No. 121, 2001; No. 116, 2003; No. 147, 2006; No. 25, 2008; No. 82, 2010; No. 125, 2011
Ss. 9B, 9C...........................	ad. No. 54, 1998
Heading to s. 10................	am. No. 54, 1998
S. 10 ...................................	am. No. 93, 1966; No. 84, 1967; No. 156, 1977 (as am. by No. 78, 1978); No. 105, 1987; No. 129, 1989; No. 193, 1992; No. 54, 1998; No. 44, 1999; No. 154, 2007; No. 82, 2010
Heading to s. 11................	rs. No. 54, 1998
S. 11 ...................................	am. No. 93, 1966; No. 129, 1989; No. 54, 1998; No. 44, 1999; No. 154, 2007; No. 25, 2008; Nos. 8 and 82, 2010
Division 1AA
Div. 1AA of Part II...............	ad. No. 54, 1998
S. 11AA...............................	ad. No. 54, 1998
	am. No. 44, 1999; No. 154, 2007; No. 25, 2008; No. 82, 2010
S. 11AB...............................	ad. No. 54, 1998
	am. No. 121, 2001; No. 116, 2003; No. 147, 2006; No. 25, 2008; No. 82, 2010
Ss. 11AC, 11AD..................	ad. No. 54, 1998
Division 1A
Heading to Div. 1A of ....... Part II	rs. No. 54, 1998
Div. 1A of Part II ................	ad. No. 129, 1989
S. 11AF...............................	ad. No. 54, 1998
	am. No. 44, 1999; No. 116, 2003; No. 154, 2007; No. 25, 2008; No. 82, 2010
Heading to s. 11A..............	am. No. 54, 1998
S. 11A.................................	ad. No. 129, 1989
	am. No. 54, 1998
Heading to s. 11B..............	am. No. 54, 1998
S. 11B.................................	ad. No. 129, 1989
	am. No. 54, 1998
S. 11C.................................	ad. No. 129, 1989
Division 1BA
Div. 1BA of Part II...............	ad. No. 54, 1998
Subdivision A
Heading to Subdiv. A of.... Div. 1BA of Part II	rs. No. 44, 1999
S. 11CA...............................	ad. No. 54, 1998
	am. No. 44, 1999; No. 160, 2000; Nos. 55 and 121, 2001; No. 116, 2003; No. 147, 2006; Nos. 25 and 45, 2008; No. 82, 2010; No. 125, 2011
Subdivision B
Heading to Subdiv. B of.... Div. 1BA of Part II	rs. No. 44, 1999
Heading to s. 11CB...........	am. No. 44, 1999
S. 11CB...............................	ad. No. 54, 1998
	am. No. 44, 1999; No. 25, 2008
Heading to s. 11CC...........	am. No. 44, 1999
S. 11CC..............................	ad. No. 54, 1998
	am. No. 44, 1999; No. 25, 2008
Subdivision C
S. 11CD..............................	ad. No. 54, 1998
	am. No. 116, 2003; No. 105, 2008; No. 125, 2011
S. 11CE...............................	ad. No. 54, 1998
	am. No. 125, 2011
S. 11CF...............................	ad. No. 54, 1998
S. 11CG..............................	ad. No. 54, 1998
	am. No. 44, 1999; No. 55, 2001; No. 116, 2003; No. 154, 2007; No. 82, 2010; No. 125, 2011
Division 1B
Heading to Div. 1B of ....... Part II	rs. No. 54, 1998
Div. 1B of Part II ................	ad. No. 193, 1992
S. 11D.................................	ad. No. 193, 1992
	am. No. 54, 1998
	rep. No. 82, 2010
Heading to s. 11E..............	am. No. 54, 1998
S. 11E.................................	ad. No. 193, 1992
	am. No. 54, 1998; No. 44, 1999; No. 154, 2007; No. 82, 2010
Heading to s. 11F..............	am. No. 54, 1998
S. 11F.................................	ad. No. 193, 1992
	am. No. 54, 1998
Division 2
Subdivision A
Heading to Subdiv. A of.... Div. 2 of Part II	ad. No. 54, 1998
Heading to s. 12................	am. No. 54, 1998
S. 12....................................	am. No. 54, 1998; No. 147, 2006
S. 13 ...................................	am. No. 116, 1973; No. 129, 1989
	rs. No. 54, 1998
	am. No. 44, 1999; No. 160, 2000; No. 154, 2007; No. 82, 2010
Heading to s. 13A .............	am. No. 160, 2000
Subhead. to s. 13A(4)........	ad. No. 105, 2008
S. 13A.................................	ad. No. 54, 1998
	am. No. 44, 1999; No. 160, 2000; No. 154, 2007; No. 105, 2008; No. 82, 2010; No. 125, 2011
S. 13B.................................	ad. No. 54, 1998
	am. No. 44, 1999; No. 160, 2000; No. 154, 2007; No. 82, 2010
S. 13BA...............................	ad. No. 105, 2008
S. 13C.................................	ad. No. 54, 1998
	am. No. 55, 2001
Subdivision AA
Subdiv. AA of Div. 2 of...... Part II	ad. No. 82, 2010
Ss. 13D-13H......................	ad. No. 82, 2010
Ss. 13J-13N.......................	ad. No. 82, 2010
Ss. 13P, 13Q......................	ad. No. 82, 2010
Heading to s. 13R.............	am. No. 82, 2010
S. 13R.................................	ad. No. 82, 2010
	am. No. 82, 2010
S. 14 ...................................	am. No. 93, 1966; No. 116, 1973; No. 19, 1979; No. 129, 1989
	rep. No. 54, 1998
Subdivision B
Subdiv. B of Div. 2 of......... Part II	ad. No. 54, 1998
S. 14A.................................	ad. No. 54, 1998
	am. No. 44, 1999; No. 116, 2003; No. 154, 2007; No. 105, 2008; No. 82, 2010
Ss. 14AA-14AC..................	ad. No. 105, 2008
S. 14AD...............................	ad. No. 82, 2010
S. 14B.................................	ad. No. 54, 1998
	am. No. 125, 2011
Subhead. to s. 14C(4) ......	am. No. 55, 2001
S. 14C.................................	ad. No. 54, 1998
	am. No. 55, 2001
S. 14D.................................	ad. No. 54, 1998
S. 14DAA............................	ad. No. 105, 2008
S. 14DA...............................	ad. No. 147, 2006
S. 14E.................................	ad. No. 54, 1998
S. 14F.................................	ad. No. 54, 1998
	am. No. 55, 2001; No. 105, 2008; No. 82, 2010
S. 15....................................	am. No. 129, 1989
	rs. No. 54, 1998
	am. No. 55, 2001
S. 15A.................................	ad. No. 54, 1998
	am. No. 55, 2001; No. 105, 2008
S. 15B.................................	ad. No. 54, 1998
	am. No. 105, 2008
S. 15C.................................	ad. No. 54, 1998
	rs. No. 105, 2008
S. 15D.................................	ad. No. 105, 2008
S. 16....................................	am. No. 93, 1966; No. 129, 1989
	rs. No. 54, 1998
S. 16A.................................	ad. No. 54, 1998
Heading to s. 16AA...........	am. No. 103, 2010
S. 16AA...............................	ad. No. 105, 2008
	am. No. 103, 2010
Division 2AA
Div. 2AA of Part II...............	ad. No. 105, 2008
Subdivision A
Ss. 16AB, 16AC..................	ad. No. 105, 2008
Subdivision B
Ss. 16AD, 16AE..................	ad. No. 105, 2008
Subdivision C
S. 16AF...............................	ad. No. 105, 2008
	am. No. 82, 2010
S. 16AG..............................	ad. No. 105, 2008
Note to s. 16AG(3).............	am. No. 46, 2011
S. 16AH...............................	ad. No. 105, 2008
S. 16AHA............................	ad. No. 42, 2009
S. 16AI................................	ad. No. 105, 2008
Subdivision D
S. 16AJ...............................	ad. No. 105, 2008
	am. No. 82, 2010
S. 16AK...............................	ad. No. 105, 2008
	am. No. 42, 2009; No. 82, 2010
Ss. 16AL-16AN..................	ad. No. 105, 2008
S. 16AO..............................	ad. No. 105, 2008
	am. No. 82, 2010
Subdivision E
Ss. 16AP-16AS..................	ad. No. 105, 2008
Subdivision F
S. 16AT...............................	ad. No. 105, 2008
Subdivision G
Heading to Subdiv. G of... Div. 2AA of Part II	rs. No. 103, 2010
Heading to s. 16AU...........	am. No. 103, 2010
S. 16AU...............................	ad. No. 105, 2008
	am. No. 103, 2010
Division 2A
Div. 2A of Part II.................	ad. No. 54, 1998
S. 16AV...............................	ad. No. 82, 2010
Heading to s. 16B..............	rs. No. 154, 2007
S. 16B.................................	ad. No. 54, 1998
	am. No. 44, 1999; No. 121, 2001; No. 116, 2003; No. 154, 2007; No. 82, 2010
S. 16BA...............................	ad. No. 154, 2007
	am. No. 82, 2010; No. 125, 2011
S. 16C.................................	ad. No. 54, 1998
	am. No. 121, 2001
	rs. No. 116, 2003
Ss. 16D, 16E.......................	ad. No. 82, 2010
Division 2B
Div. 2B of Part II.................	ad. No. 116, 2003
S. 17 ...................................	am. No. 84, 1967; No. 116, 1973; No. 156, 1977 (as am. by No. 78, 1978); No. 105, 1987
	rs. No. 129, 1989
	rep. No. 54, 1998
	ad. No. 116, 2003
	am. No. 25, 2008; No. 82, 2010
S. 18....................................	rs. No. 129, 1989
	rep. No. 54, 1998
	ad. No. 116, 2003
	rs. No. 154, 2007
Division 2C
Div. 2C of Part II.................	ad. No. 154, 2007
S. 18A.................................	ad. No. 154, 2007
	am. No. 45, 2008
Division 3
Div. 3 of Part II ..................	rs. No. 129, 1989
	rep. No. 54, 1998
	ad. No. 116, 2003
Heading to s. 19................	am. No. 54, 1998
	rep. No. 54, 1998
	ad. No. 116, 2003
S. 19....................................	rs. No. 129, 1989
	am. No. 54, 1998
	rep. No. 54, 1998
	ad. No. 116, 2003
	am. No. 25, 2008
S. 20....................................	rs. No. 129, 1989
	am. No. 54, 1998
	rep. No. 54, 1998
	ad. No. 116, 2003
	am. No. 25, 2008
Note to s. 20(1)..................	am. No. 25, 2008
S. 21....................................	rs. No. 129, 1989
	am. No. 54, 1998
	rep. No. 54, 1998
	ad. No. 116, 2003
	rs. No. 25, 2008
Heading to s. 22................	am. No. 54, 1998
	rep. No. 54, 1998
	ad. No. 116, 2003
	rs. No. 25, 2008
S. 22 ...................................	am. No. 116, 1973
	rs. No. 129, 1989
	am. No. 54, 1998
	rep. No. 54, 1998
	ad. No. 116, 2003
	rs. No. 25, 2008
S. 22A.................................	ad. No. 82, 2010
S. 23....................................	rs. No. 129, 1989
	am. No. 54, 1998; No. 44, 1999
	rep. No. 54, 1998
	ad. No. 116, 2003
	am. No. 25, 2008
Division 3A
Div. 3A of Part II ................	ad. No. 125, 2011
S. 24....................................	rs. No. 129, 1989
	am. No. 54, 1998
	rep. No. 54, 1998
	ad. No. 125, 2011
S. 25 ...................................	am. No. 116, 1973; No. 216, 1973 (as am. by No. 20, 1974)
	rs. No. 129, 1989
	am. No. 54, 1998
	rep. No. 54, 1998
	ad. No. 125, 2011
S. 26 ...................................	am. No. 93, 1966; No. 116, 1973
	rep. No. 129, 1989
	ad. No. 125, 2011
S. 27 ...................................	am. No. 127, 1965
	rep. No. 129, 1989
	ad. No. 125, 2011
Ss. 28, 29 ...........................	rep. No. 129, 1989
	ad. No. 125, 2011
Ss. 30, 31 ...........................	am. No. 116, 1973
	rep. No. 129, 1989
	ad. No. 125, 2011
Ss. 31A-31F.......................	ad. No. 125, 2011
Division 4
S. 32....................................	am. No. 54, 1998
S. 33 ...................................	am. No. 93, 1966; No. 116, 1973; No. 129, 1989; No. 54, 1998 (as am. by No. 9, 2006); No. 44, 1999; No. 9, 2006; No. 154, 2007; No. 82, 2010
S. 34 ...................................	am. No. 129, 1989; No. 54, 1998
S. 35....................................	am. No. 54, 1998
Division 5
S. 36 ...................................	am. No. 93, 1966; No. 84, 1967; No. 116, 1973; No. 156, 1977 (as am. by No. 78, 1978); No. 105, 1987; No. 129, 1989; No. 54, 1998; No. 44, 1999; No. 154, 2007; No. 82, 2010
Div. 6 of Part II ..................	rep. No. 129, 1989
S. 37 ...................................	am. No. 93, 1966; No. 116, 1973
	rep. No. 129, 1989
S. 38 ...................................	rep. No. 129, 1989
Part IIA
Heading to Part IIA............	rs. No. 54, 1998
Part IIA................................	ad. No. 80, 1982
Heading to s. 38A..............	am. No. 44, 1999
S. 38A ................................	ad. No. 80, 1982
	am. No. 107, 1997; No. 54, 1998
Part III
Part III.................................	rs. No. 132, 1974
S. 39 ...................................	am. No. 93, 1966; No. 193, 1973
	rs. No. 132, 1974
	am. No. 129, 1989; No. 107, 1997
S. 39A.................................	ad. No. 132, 1974
	am. No. 129, 1989
S. 39B ................................	ad. No. 132, 1974
	am. No. 129, 1989
	rep. No. 88, 2009
Part IV
S. 40 ...................................	am. No. 129, 1989
S. 41....................................	am. No. 44, 1999; No. 154, 2007; No. 82, 2010
S. 42 ...................................	am. No. 129, 1989; No. 43, 1996; No. 107, 1997; No. 44, 1999; No. 154, 2007; No. 82, 2010
S. 43 ...................................	am. No. 129, 1989
S. 44 ...................................	am. No. 116, 1973
Ss. 45, 46 ...........................	am. No. 129, 1989; No. 44, 1999; No. 154, 2007; No. 82, 2010
S. 49 ...................................	am. No. 93, 1966; No. 116, 1973
	rep. No. 129, 1989
Part V
S. 50 ...................................	am. No. 93, 1966; No. 129, 1989; No. 54, 1998
Part VI
Heading to Part VI.............	rs. No. 44, 1999
	rep. No. 121, 2001
	ad. No. 116, 2003
Part VI ................................	rs. No. 129, 1989
	rep. No. 121, 2001
	ad. No. 116, 2003
S. 51A.................................	ad. No. 116, 2003
	am. No. 45, 2008
S. 51B.................................	ad. No. 116, 2003
	am. No. 82, 2010
S. 51C.................................	ad. No. 116, 2003
	am. No. 25, 2008
S. 51D.................................	ad. No. 116, 2003
	am. No. 82, 2010
Heading to s. 51................	am. No. 54, 1998
	rep. No. 121, 2001
S. 51 ...................................	am. No. 84, 1967; No. 116, 1973; No. 156, 1977 (as am. by No. 78, 1978); No. 105, 1987
	rs. No. 129, 1989
	am. No. 54, 1998
	rep. No. 121, 2001
S. 52 ...................................	am. Statutory Rules 1962 No. 92; No. 93, 1966; No. 166, 1986
	rs. No. 129, 1989
	rep. No. 54, 1998
Part VIA
Part VIA...............................	ad. No. 154, 2007
Division 1
S. 52A.................................	ad. No. 154, 2007
	am. No. 82, 2010
Ss. 52B-52D.......................	ad. No. 154, 2007
S. 52E.................................	ad. No. 154, 2007
	am. No. 82, 2010
Division 2
S. 52F.................................	ad. No. 154, 2007
S. 53 ...................................	am. Statutory Rules 1962 No. 92; No. 93, 1966; No. 116, 1973
	rep. No. 129, 1989
S. 54 ...................................	am. No. 93, 1966; No. 166, 1986
	rep. No. 129, 1989
S. 55 ...................................	am. No. 166, 1986
	rep. No. 129, 1989
Ss. 56, 57 ...........................	rep. No. 129, 1989
S. 58 ...................................	am. No. 166, 1986
	rep. No. 129, 1989
S. 59....................................	rep. No. 129, 1989
Part VII
S. 60....................................	rep. No. 129, 1989
	ad. No. 82, 2010
S. 61 ...................................	am. No. 93, 1966
	rs. No. 129, 1989; No. 54, 1998
	am. No. 44, 1999
	rs. No. 116, 2003
	am. No. 154, 2007; No. 82, 2010
S. 62 ...................................	am. No. 93, 1966; No. 129, 1989
	rs. No. 54, 1998
	am. No. 44, 1999; No. 160, 2000; No. 121, 2001; No. 116, 2003; No. 154, 2007; No. 82, 2010
Subhead. to s. 62A(1)........	ad. No. 154, 2007
S. 62A.................................	ad. No. 116, 2003
	am. No. 154, 2007; No. 45, 2008; No. 82, 2010; No. 125, 2011
Ss. 62B, 62C.......................	ad. No. 105, 2008
Heading to s. 63................	am. No. 54, 1998
S. 63 ...................................	am. No. 93, 1966; No. 116, 1973; No. 129, 1989; No. 69, 1994; No. 54, 1998; No. 44, 1999; Nos. 24 and 160, 2000; No. 55, 2001; No. 42, 2003; No. 154, 2007; No. 73, 2008; No. 82, 2010
S. 63A ................................	ad. No. 84, 1967
	am. No. 129, 1989
	rep. No. 193, 1992
S. 63B ................................	ad. No. 156, 1977 (as am. by No. 78, 1978)
	rep. No. 105, 1987
S. 64 ...................................	am. No. 93, 1966; No. 129, 1989
	rep. No. 54, 1998
	ad. No. 160, 2000
Heading to s. 65................	am. No. 54, 1998
S. 65 ...................................	am. No. 116, 1973; No. 19, 1979; No. 129, 1989; No. 54, 1998
S. 65A ................................	ad. No. 160, 2000
	am. No. 75, 2009
S. 65B.................................	ad. No. 105, 2008
Heading to s. 66................	rs. No. 54, 1998
S. 66....................................	am. No. 93, 1966
	rs. No. 129, 1989
	am. No. 54, 1998; No. 44, 1999; No. 154, 2007; No. 25, 2008; No. 82, 2010
S. 66A.................................	ad. No. 54, 1998
	am. No. 44, 1999; No. 154, 2007; No. 82, 2010
S. 67....................................	am. No. 93, 1966
	rs. No. 129, 1989
	am. No. 54, 1998; No. 44, 1999; No. 154, 2007; No. 25, 2008; No. 82, 2010
S. 68 ...................................	am. No. 116, 1973; No. 44, 1999
S. 69 ...................................	am. No. 93, 1966; No. 84, 1967; No. 116, 1973; No. 156, 1977 (as am. by No. 78, 1978); No. 19, 1979; No. 105, 1987; No. 129, 1989; No. 193, 1992; No. 62, 1997; No. 44, 1999; No. 160, 2000; No. 154, 2007; No. 92, 2008; No. 82, 2010; Nos. 5 and 147, 2011
Note to s. 69(3)..................	ad. No. 92, 2008
S. 69AA...............................	ad. No. 54, 1998
S. 69A ................................	ad. No. 129, 1989
	am. No. 193, 1992; No. 107, 1997; No. 54, 1998
	rep. No. 44, 1999
S. 69B ................................	ad. No. 129, 1989
	rep. No. 107, 1997
S. 69C ................................	ad. No. 129, 1989
	am. No. 44, 1999
Note to s. 69C ...................	ad. No. 44, 1999
S. 69D ................................	ad. No. 193, 1992
	rs. No. 107, 1997
	am. No. 54, 1998
S. 69E.................................	ad. No. 54, 1998
S. 69F.................................	ad. No. 54, 1998
	am. No. 116, 2003
S. 70 ...................................	am. No. 116, 1973; No. 129, 1989
	rep. No. 69, 1994
S. 70A ................................	ad. No. 129, 1989
	rs. No. 54, 1998; No. 116, 2003
Heading to s. 70B .............	am. No. 55, 2001
S. 70B.................................	ad. No. 54, 1998
	am. No. 55, 2001
Ss. 70C-70H......................	ad. No. 105, 2008
S. 71 ...................................	am. No. 93, 1966; No. 129, 1989; No. 107, 1997; No. 54, 1998; No. 44, 1999
The Schedules
First Schedule ..................	am. No. 216, 1973 (as am. by No. 20, 1974)
	rs. No. 129, 1989; No. 193, 1992
	rep. No. 54, 1998
Second Schedule .............	am. Statutory Rules 1962 No. 92; No. 127, 1965; No. 93, 1966; No. 84, 1967; No. 116, 1973; No. 76, 1984
	rep. No. 129, 1989
Schedule 1
Heading to Third .............. Schedule	rep. No. 54, 1998
Heading to Schedule 1.....	ad. No. 54, 1998
	rs. No. 44, 1999
Third Schedule .................	ad. No. 80, 1982
Schedule 2
Schedule 2.........................	ad. No. 105, 2008
Part 1
Cc. 1-5...............................	ad. No. 105, 2008
Part 2
Cc. 6-9...............................	ad. No. 105, 2008

Table A

Application, saving or transitional provisions

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 (No. 54, 1998)

Schedule 19

1 Interpretation

In this Part:

amended Act means the Banking Act 1959 as in force immediately after the APRA commencement.

APRA means the Australian Prudential Regulation Authority.

APRA commencement means the commencement of the Australian Prudential Regulation Authority Act 1998.

old Act means the Banking Act 1959 as in force immediately before the APRA commencement.

2 Treatment of section 9 authorities

(1) This item applies to an authority that, immediately before the APRA commencement, was:

(a) in force under section 9 of the old Act; or

(b) deemed by subsection 9(1) of the old Act to be an authority under section 9 of that Act.

(2) The authority is to be taken, after that commencement, to be an authority under subsection 9(3) of the amended Act.

(3) Any conditions to which the authority was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions imposed under subsection 9(4) of the amended Act.

3 Treatment of undetermined applications for section 9 authorities

An application for an authority under section 9 of the old Act made, but not determined, before the APRA commencement is to be treated, after that commencement, as if it were an application for an authority under subsection 9(3) of the amended Act.

4 Treatment of obligations to publish notices in relation to section 9 authorities

An obligation under section 9 of the old Act to publish notice of a matter in relation to, or to the holder of, an authority, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge.

5 Treatment of bodies covered by State and Territory Financial Institutions Codes

(1) Subject to subitem (2), APRA may, in writing, determine that a specified FIC body, or each body in a specified class of FIC bodies, is taken to be granted an authority under subsection 9(3) of the amended Act on a specified date.

(2) APRA's power to make a determination under subitem (1) that covers a particular FIC body (whether individually or as a member of a class of bodies) is subject to the following qualifications:

(a) APRA must not make a determination covering the FIC body unless the Treasurer and the relevant State or Territory Minister have agreed that the body, or a class of bodies that includes the body, should be covered by the amended Act from a specified date; and

(b) the date specified in the determination as mentioned in subitem (1) must be the specified date referred to in paragraph (a).

(3) The determination may specify conditions to which an authority that is taken to have been granted because of subitem (1) is subject.

(4) The determination has effect accordingly.

(5) The determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

(6) Subsection 9(7) of the amended Act does not apply to:

(a) a grant of an authority that is taken to have occurred under subitem (1); or

(b) the imposition of conditions on an authority under subitem (3).

(7) In this item:

FIC body means a body that is a financial institution for the purposes of any of the Financial Institutions Codes.

Financial Institutions Code means any of the following Codes of a State or Territory:

(a) the Financial Institutions (NSW) Code of New South Wales;

(b) the Financial Institutions (Victoria) Code of Victoria;

(d) the Financial Institutions (Western Australia) Code of Western Australia;

(e) the Financial Institutions (South Australia) Code of South Australia;

(f) the Financial Institutions (Tasmania) Code of Tasmania;

(g) the Financial Institutions (ACT) Code of the Australian Capital Territory;

(h) the Financial Institutions (NT) Code of the Northern Territory.

relevant State or Territory Minister, in relation to a body that is a financial institution under the Financial Institutions Code of a particular State or Territory, means the State or Territory Minister with responsibility for the administration of that Financial Institutions Code.

6 Treatment of exemptions under section 11

(1) An order in force immediately before the APRA commencement under section 11 of the old Act continues to have effect after that commencement as if it were an order under subsection 11(1) of the amended Act.

(2) Any conditions to which the order was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under subsection 11(2) of the amended Act.

7 Treatment of subsection 11E(2) approvals

An approval by the Governor of the Reserve Bank in force under subsection 11E(2) of the old Act immediately before the APRA commencement is to be taken, after that commencement, to be an approval by APRA under subsection 11E(2) of the amended Act.

8 Treatment of matters under depositor protection provisions

(1) The following provisions apply in relation to matters under provisions of Division 2 of Part II of the old Act (including matters under those provisions as applying for the purpose of subsection 65(3) of the old Act):

(a) an obligation to provide information to the Reserve Bank, or to inform the Reserve Bank of a matter, under a provision of the Division, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA, or to inform APRA of the matter;

(b) an appointment of an investigator under a provision of the Division, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 13 or 13A of the amended Act;

(c) if the Reserve Bank is, immediately before the APRA commencement, in control of an institution's business under a provision of the Division, the Reserve Bank is to transfer the control of the institution's business to APRA, and the provisions of Division 2 of Part II of the amended Act apply in relation to APRA being in control of the institution's business;

(d) proceedings under subsection 14(6) of the old Act that have not been completed by the APRA commencement lapse;

(e) an obligation on the Reserve Bank under a provision of the Division to publish notice of a matter, being an obligation that is undischarged as at the APRA commencement, becomes, on that commencement, an obligation that APRA is to discharge;

(f) an authorisation that is in force under subsection 16(2) of the old Act immediately before the APRA commencement has effect, after that commencement, as if it were an authorisation under subsection 13A(4) of the amended Act.

(2) The regulations may make provision dealing with how the transfer of control of an institution's business as mentioned in paragraph (1)(c) is to occur, or otherwise relating to such a transfer.

(3) Section 15 of the old Act continues to have effect (despite its repeal) after the APRA commencement in relation to things done or omitted to be done before that commencement.

9 Treatment of instruments under Division 3 of Part II

An instrument in force immediately before the APRA commencement under a provision of Division 3 of Part II of the old Act, being a provision that is amended by this Act, continues to have effect after that commencement (as far as practicable and subject to later instruments) as if it covered ADIs in the same way as it covers banks.

10 Reserve Bank to repay non-callable deposits on repeal of Division 3 of Part II

On the repeal of Division 3 of Part II of the Banking Act 1959, the Reserve Bank is to repay to an ADI the amount then standing to the credit of the ADI's Non-callable Deposit Account. The repayment is to be made as soon as practicable after the repeal takes effect.

Note: Schedule 2 provides for the repeal of the Division. The repeal takes effect on a separate day to be Proclaimed (rather than on the APRA commencement).

11 Treatment of regulations under Part V

Regulations in force immediately before the APRA commencement under section 50 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks.

12 Treatment of regulations under Part VI

Regulations in force immediately before the APRA commencement under section 51 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if they covered ADIs in the same way as they cover banks.

13 Treatment of investigations under section 61

An appointment of an investigator under section 61 of the old Act, being an appointment that is still in force immediately before the APRA commencement, has effect after that commencement as if it were an appointment by APRA under section 61 of the amended Act.

14 Treatment of obligations under section 62

An obligation to provide information to the Reserve Bank under section 62 of the old Act, being an obligation that is undischarged as at the APRA commencement, becomes, on the APRA commencement, an obligation to provide the information to APRA.

15 Assumption of control of business under section 65

(1) An order in force in relation to an institution immediately before the APRA commencement under section 65 of the old Act continues to have effect after that commencement as if it authorised APRA to assume control of, and to carry on, the institution's business.

(2) If the Reserve Bank is, immediately before the APRA commencement, in control of an institution's business under section 65 of the old Act, the Reserve Bank is to transfer the control of the institution's business to APRA, and the provisions of Subdivision B of Division 2 of the amended Act apply in relation to APRA being in control of the institution's business in accordance with subsection 65(3) of that Act.

(3) The regulations may make provision dealing with how the transfer of control of an institution's business as mentioned in subitem (2) is to occur, or otherwise relating to such a transfer.

16 Treatment of consents under section 66

(1) A consent in force immediately before the APRA commencement under section 66 of the old Act continues to have effect after that commencement as if it were a consent under section 66 of the amended Act.

(2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 66 of the amended Act.

17 Continued use of words by banks

(1) This item applies to an institution that, immediately before the APRA commencement was a bank that was assuming or using a bank-related word in relation to a financial business (within the meaning of section 66 of the old Act).

(2) The institution is taken, on the APRA commencement, to have been granted a consent under section 66 of the amended Act covering the assumption or use of the word.

18 Treatment of consents under section 67

(1) A consent in force immediately before the APRA commencement under section 67 of the old Act continues to have effect after that commencement as if it were a consent under section 67 of the amended Act.

(2) Any conditions to which the consent was subject immediately before the APRA commencement are to be taken, after that commencement, to be conditions applying under section 67 of the amended Act.

19 Treatment of regulations under section 71

Regulations in force immediately before the APRA commencement under section 71 of the old Act continue to have effect after that commencement (as far as practicable and subject to later regulations) as if:

(a) they covered ADIs in the same way as they cover banks; and

(b) references in them to the Reserve Bank were instead references to APRA.

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (No. 44, 1999)

Schedule 8

7 Certain bodies taken to have authorities to carry on banking business

(1) This item applies to the following bodies:

(a) all bodies that were FIC bodies immediately before the transfer date;

(b) The Cairns Cooperative Weekly Penny Savings Bank Limited (CCWPSBL), but only if a determination under subitem (2) is in force immediately before the transfer date.

Note: The Cairns Cooperative Weekly Penny Savings Bank Limited is a body incorporated under the Financial Intermediaries Act 1996 of Queensland.

(2) APRA may, in writing, determine that this item applies to CCWPSBL, but only if the Treasurer and the Queensland Minister responsible for the administration of the Financial Intermediaries Act 1996 of Queensland have agreed that CCWPSBL should be covered by the Banking Act 1959 from the transfer date.

(3) On the transfer date, a body to which this item applies is taken to have been granted an authority under subsection 9(3) of the Banking Act 1959.

(4) APRA may, in writing, determine conditions to which the authority is subject. The determination has effect accordingly.

(5) The authority may be dealt with under the Banking Act 1959 as if it had actually been granted under subsection 9(3) of that Act.

(6) Conditions determined under subitem (4) may be dealt with under the Banking Act 1959 as if they were imposed under subsection 9(4) of that Act.

(7) Subsection 9(7) of the Banking Act 1959 does not apply to:

(a) the grant of an authority that is taken to have occurred under subitem (3); or

(b) the imposition of conditions on that authority under subitem (4).

(8) APRA must give the body written notice of the following:

(a) the fact that the body is taken, by subitem (3), to have been granted an authority under subsection 9(3) of the Banking Act 1959; and

(b) the determination under subitem (4) of conditions to which the authority is subject.

(9) APRA may also give notice of a matter referred to in paragraph (8)(a) or (b) in such other way as APRA considers appropriate.

8 Bodies taken to have consent for use of certain expressions

(1) A body that, immediately before the transfer date:

(a) was a society, services corporation or association as defined in section 3 of a Financial Institutions Code; and

(b) was trading or carrying on business (within the meaning of section 144 of that Code) under a name or title of which words, abbreviations or symbols covered by paragraph 144(2)(a) of that Code formed part;

is taken, on the transfer date, to have been granted a consent under section 66 of the Banking Act 1959 covering the body trading or carrying on business under that name or title. The consent may be dealt with under that Act as if it had actually been granted under section 66 of that Act.

(2) An exemption in force under subsection 144(4) of a Financial Institutions Code immediately before the transfer date continues to have effect from that date, and may be dealt with, as if it were a consent under section 66 of the Banking Act 1959. Any conditions to which the exemption was subject immediately before the transfer date are to be taken, from that date, to be, and may be dealt with as if they were, conditions applying under section 66 of the Banking Act 1959.

9 Unclaimed money

(1) This item applies to each body that is taken by subitem 7(3) to have been granted an authority under subsection 9(3) of the Banking Act 1959.

(2) An amount of money in respect of which notification action has been taken before the transfer date by a body to which this item applies under an unclaimed money law is not unclaimed moneys for the purposes of section 69 of the Banking Act 1959.

(3) For the avoidance of doubt, it is declared that, subject to subitem (2), an amount of money that, on the transfer date, satisfies the description of unclaimed moneys in section 69 of the Banking Act 1959 is unclaimed moneys for the purposes of that section even though, for any reason, the amount was not, immediately before that date, unclaimed money, or unclaimed moneys, within the meaning of an unclaimed money law.

(4) If, but for this item, a body to which this item applies would be required to deliver a Commonwealth unclaimed money statement on or before the 31 March next following the transfer date, then:

(a) the body may, but is taken not to be required to, deliver a Commonwealth unclaimed money statement on or before that 31 March; and

(b) if the body does not deliver a Commonwealth unclaimed money statement on or before that 31 March--the amounts that would have been included in that statement must (if they are still unclaimed money) be included in the next Commonwealth unclaimed money statement delivered by the body.

(5) The Treasurer, or an authorized officer (within the meaning of section 69 of the Banking Act 1959), may, in relation to a specified body to which this item applies, determine in writing that subsection 69(5) of the Banking Act 1959 has effect in relation to the first Commonwealth unclaimed money statement delivered by the body after the transfer date as if it required the amount shown in the statement to be paid to the Commonwealth:

(a) on a specified date or at the end of a specified period; or

(b) in accordance with a specified scheme for payment by instalments.

Note: A body may be specified by name, by inclusion in a specified class or in some other way.

(6) A person must not, under subitem (5), make a determination that would result in an amount being required to be paid to the Commonwealth more than 5 years after the date on which the amount would otherwise have had to be paid to the Commonwealth.

(7) A determination under subitem (5) has effect accordingly.

(8) In this item:

Commonwealth unclaimed money statement means a statement under subsection 69(3) of the Banking Act 1959.

notification action means:

(a) in relation to the unclaimed money law of Victoria, Queensland, South Australia, Tasmania, the Australian Capital Territory or the Northern Territory--enter, or enter particulars of, unclaimed money, or unclaimed moneys, (within the meaning of that law) in a register in accordance with that law; or

(b) in relation to the unclaimed money law of New South Wales--lodge a return with the Chief Commissioner (within the meaning of that law) relating to unclaimed money (within the meaning of that law) in accordance with that law; or

(c) in relation to the unclaimed money law of Western Australia--notify the Treasurer of particulars of unclaimed money (within the meaning of that law) in accordance with that law.

unclaimed money law means:

(a) the Unclaimed Money Act 1995 of New South Wales;

(b) the Unclaimed Moneys Act 1962 of Victoria;

(d) the Unclaimed Money Act 1990 of Western Australia;

(e) the Unclaimed Moneys Act 1891 of South Australia;

(f) the Unclaimed Moneys Act 1918 of Tasmania;

(g) the Unclaimed Moneys Act 1950 of the Australian Capital Territory;

(h) the Companies (Unclaimed Assets and Moneys) Act of the Northern Territory.

Note: For the transitional provisions relating to the operation of the Financial Sector (Shareholdings) Act 1998, see the amendment made by item 45 of Schedule 7 to this Act.

22 Regulations may deal with transitional, saving or application matters

(1) The regulations may deal with matters of a transitional, saving or application nature relating to:

(a) the transition from the application of provisions of the replaced legislation to the application of provisions of the Banking Act 1959, the Life Insurance Act 1995, the Financial Sector (Transfers of Business) Act 1999, the Financial Sector (Shareholdings) Act 1998 or the Australian Prudential Regulation Authority Act 1998; or

(b) the transition, for The Cairns Cooperative Weekly Penny Savings Bank Limited, from the application of provisions of the Financial Intermediaries Act 1996 of Queensland to the application of provisions of any of the Acts referred to in paragraph (a); or

(2) Without limiting subitem (1), the regulations may provide for a matter to be dealt with, wholly or partly, in any of the following ways:

(a) by applying (with or without modifications) to the matter:

(i) provisions of a law of the Commonwealth, or of a State or Territory; or

(ii) provisions of a repealed or amended law of the Commonwealth, or of a State or Territory, in the form that those provisions took before the repeal or amendment; or

(iii) a combination of provisions referred to in subparagraphs (i) and (ii);

(b) by otherwise specifying rules for dealing with the matter;

(c) by specifying a particular consequence of the matter, or of an outcome of the matter, for the purposes of a law of the Commonwealth.

(3) Without limiting subitems (1) and (2), the regulations may provide for the continued effect, for the purposes of a provision of a law of the Commonwealth, of a thing done or instrument made, or a class of things done or instruments made, before the transfer date under or for the purposes of a provision of a law of a State or Territory. In the case of an instrument or class of instruments, the regulations may provide for the instrument or instruments to continue to have effect subject to modifications.

(4) Without limiting subitem (3), regulations providing for the continued effect of things done or instruments made may permit all or any of the following matters to be determined in writing by a specified person, or by a person included in a specified class of persons:

(a) the identification of a thing done or instrument made, or a class of things done or instruments made, that is to continue to have effect;

(b) the purpose for which a thing done or instrument made, or a class of things done or instruments made, is to continue to have effect;

(c) any modifications subject to which an instrument made, or a class of instruments made, is to continue to have effect.

(5) Despite subsection 48(2) of the Acts Interpretation Act 1901, regulations for the purposes of this item:

(a) may be expressed to take effect from a date before the regulations are notified in the Gazette; and

(b) may provide for a determination of a kind referred to in subitem (4) to take effect from a date before the determination is made (including a date before the regulations are notified in the Gazette).

(6) In this item, a reference to a law, whether of the Commonwealth or of a State or Territory, includes a reference to an instrument made under such a law.

(7) In this item:

replaced legislation means:

(a) the AFIC Codes; and

(b) the Financial Institutions Codes; and

(d) the Australian Financial Institutions Commission Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 21 of the Australian Financial Institutions Commission Act 1992 of Queensland; and

(e) the Financial Institutions (Queensland) Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 30 of the Financial Institutions (Queensland) Act 1992 of Queensland; and

(f) the Friendly Societies (Victoria) Act 1996 of Victoria, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in the Schedule to the Friendly Societies (Victoria) Act 1996 of Victoria; and

(g) the Friendly Societies (Western Australia) Act 1999; and

(h) any other law of a State or Territory prescribed by the regulations for the purposes of this definition.

23 Power to make regulations

The Governor-General may make regulations, not inconsistent with this Act, prescribing matters required or permitted by this Act to be prescribed.

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 (No. 24, 2000)

Schedule 12

1 Definitions

In this Part:

Collection Act means the Financial Institutions Supervisory Levies Collection Act 1998.

deferred payment day means the day that is 6 weeks after the day on which this Part commences.

Imposition Act means any of the following Acts:

(a) the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998;

(b) the General Insurance Supervisory Levy Imposition Act 1998;

(d) the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998;

(e) the Superannuation Supervisory Levy Imposition Act 1998.

levy paying entity has the same meaning as in the Collection Act.

Validation Act means any of the following Acts:

(a) the Authorised Non-operating Holding Companies Supervisory Levy Determination Validation Act 2000;

(b) the General Insurance Supervisory Levy Determination Validation Act 2000;

(d) the Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000;

(e) the Superannuation Supervisory Levy Determination Validation Act 2000.

2 Deferral of date for paying levy

(1) This item applies to a levy paying entity if, because of section 4 of a Validation Act:

(a) the entity is liable to pay levy imposed by an Imposition Act; and

(b) the levy payable by the entity would, apart from this item, have been due and payable under section 9 of the Collection Act before the deferred payment day.

(2) The levy payable by the entity is taken to be due and payable on the deferred payment day, despite section 9 of the Collection Act.

Note: This provision affects the calculation of late payment penalty (if any) under section 10 of the Collection Act.

3 No retrospective criminal liability

Nothing in this Part or the Validation Acts is taken to make a person criminally liable in respect of acts or omissions of the person before the day on which this Part commences, if the person would not have been so liable had this Part and the Validation Acts not been enacted.

Financial Sector Legislation Amendment Act (No. 1) 2000 (No. 160, 2000)

Schedule 1

19 Application of new section 64

Section 64 of the Banking Act 1959 does not apply to a consent given before the commencement of that section.

Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001 (No. 121, 2001)

Schedule 2

18 Application

(1) The amendments made by this Part apply to a financial sector entity (within the meaning of the Financial Sector (Collection of Data) Act 2001) that is a body referred to in subitem (2) only on and after the day on which the reporting standards determined under section 13 of that Act begin to apply under section 15 of that Act to a class or kind of financial sector entities in which that body is included.

(2) The bodies are:

(a) ADIs; and

(b) authorised NOHCs; and

(d) subsidiaries of authorised NOHCs.

(3) Expressions used in subitem (2) have the same meanings as in the Banking Act 1959.

Schedule 3

1 Treatment of certain exemptions and determinations in connection with obligations of corporations to register

An exemption or determination by the Reserve Bank that was in force immediately before the commencement of this Schedule under paragraph 8(2)(l) of the Financial Corporations Act 1974 continues to have effect as if it were an exemption or determination by APRA under paragraph 7(2)(j) of the Financial Sector (Collection of Data) Act 2001.

2 Former Register of Corporations

On the commencement of this Schedule, the Register of Corporations that, immediately before that commencement, was kept by the Reserve Bank under subsection 9(9) of the Financial Corporations Act 1974 continues in existence as the Register of Entities kept by APRA under section 8 of the Financial Sector (Collection of Data) Act 2001.

3 Former list of registered corporations and categories

(1) On the commencement of this Schedule:

(a) the list (the former list) of registered corporations, divided into categories, that, immediately before that commencement, was prepared by the Reserve Bank under section 10 of the Financial Corporations Act 1974 continues in existence as a list (the new list) of the names of registered entities, divided into categories, kept by APRA under subsection 11(1) of the Financial Sector (Collection of Data) Act 2001; and

(b) a reference in any instrument having effect under an Act to a corporation included in a particular category in the former list is taken to be a reference to that corporation in its capacity as a registered entity included in the corresponding category in the new list.

(2) An obligation on the Reserve Bank to publish notice, or to notify a person, of a matter under section 10 of the Financial Corporations Act 1974, being an obligation that is undischarged as at the commencement of this Schedule, becomes, on that commencement, an obligation that APRA is to discharge in respect of the corresponding matter under section 11 of the Financial Sector (Collection of Data) Act 2001.

(3) A determination by the Reserve Bank that was in force under a provision of section 10 of the Financial Corporations Act 1974 immediately before the commencement of this Schedule continues to have effect, after that commencement, as if it were a determination by APRA under the corresponding provision of section 11 of the Financial Sector (Collection of Data) Act 2001.

(4) A request to the Reserve Bank under subsection 10(7) of the Financial Corporations Act 1974 that has not been dealt with by the commencement of this Schedule is, after that commencement, to be dealt with by APRA as if it were a request under subsection 11(7) of the Financial Sector (Collection of Data) Act 2001.

4 Definitions

In this Schedule:

APRA means the Australian Prudential Regulation Authority.

Reserve Bank means the Reserve Bank of Australia.

Australian Prudential Regulation Authority Amendment Act 2003
(No. 42, 2003)

Schedule 3

1 Definitions

In this Schedule:

amended Act means the Australian Prudential Regulation Authority Act 1998 as in force after the commencement of the amendments.

commencement of the amendments means the commencement of the amendments made by Schedule 1.

old Act means the Australian Prudential Regulation Authority Act 1998 as in force immediately before the commencement of the amendments.

2 APRA's corporate existence is continued

(1) The body corporate that was, immediately before the commencement of the amendments, the Australian Prudential Regulation Authority (APRA) continues in existence after that commencement by force of this item under the corporate structure provided for by the amended Act.

Note: Rights, liabilities and obligations as between APRA and other people, and things done by or on behalf of APRA, or in relation to APRA, are therefore not affected by the restructure of APRA.

(2) However, this does not imply that any person who, immediately before the commencement of the amendments, was a member of APRA's Board, or was APRA's Chief Executive Officer, continues to hold office after that commencement.

Note: These people cease to hold office on the commencement of the amendments because of the repeal of the provisions under which they were appointed.

3 Continued protection from liability

Section 58 of the old Act continues to apply in relation to conduct, before the commencement of the amendments, of APRA's Board, a member of APRA's Board or an agent of a member of APRA's Board.

Note: The reference to a member of APRA's Board covers APRA's Chief Executive Officer.

4 Continued effect of certain delegations

(1) A delegation in force, immediately before the commencement of the amendments, under subsection 15(1) or (2) of the old Act continues to have effect after that commencement as if it were a delegation under APRA's seal under that subsection of the amended Act. If the delegation was to one or more members of APRA's Board, it continues to have effect as if it were a delegation to any APRA member.

(2) A direction in force, immediately before the commencement of the amendments, under subsection 15(3) of the old Act continues to have effect after that commencement, in relation to a delegation to which subitem (1) applies, as if it were a direction given by APRA under that subsection of the amended Act.

(3) A delegation to one or more members of APRA's Board in force, immediately before the commencement of the amendments, under a provision amended by Schedule 2 continues to have effect after that commencement as if it were a delegation under the amended provision to any APRA member.

Note: Delegations in favour of APRA, or APRA staff members, are not affected by the Schedule 2 amendments.

5 Continued effect of determinations of terms and conditions for staff and consultants

A determination of terms and conditions in force, immediately before the commencement of the amendments, under subsection 45(2) or 47(2) of the old Act continues to have effect after that commencement as if it were a determination by APRA under that subsection of the amended Act.

6 Continued effect of approvals under paragraph 56(5)(b)

An approval in force, immediately before the commencement of the amendments, under paragraph 56(5)(b) of the old Act continues to have effect after that commencement as if it were an approval by APRA under that paragraph of the amended Act.

7 Continued or extended effect of certain regulations

(1) Regulations in force, immediately before the commencement of the amendments, under paragraph (k) of the definition of Act covered by this section in subsection 56(1) of the old Act continue to have effect after that commencement as if they were made under paragraph (o) of the definition of prudential regulation framework law in subsection 3(1) of the amended Act, but only as that paragraph applies for the purposes of section 56 of the amended Act.

(2) Regulations in force, immediately before the commencement of the amendments, under paragraph 56(5)(a) of the old Act have effect after that commencement (in addition to the effect they continue to have for that paragraph of the amended Act) as if they were also made under subsection 10A(1) of the amended Act.

8 Delegations by ASIC to APRA staff members

(1) Subsection 102(2A) of the Australian Securities and Investments Commission Act 2001 has effect after the commencement of the amendments as if the reference in that subsection to the Chief Executive Officer of APRA were instead a reference to APRA.

(2) For the purposes of that subsection as it continues to have effect, an agreement to a delegation, in force under that subsection immediately before the commencement of the amendments, continues to have effect after that commencement as if it were given by APRA.

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (No. 154, 2007)

Schedule 1

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.

296 Regulations may prescribe matters

The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) in relation to the amendments or repeals made by this Schedule.

Schedule 4

9 Saving provision

Instruments in force under subsection 66(5) of the Banking Act 1959 immediately before the commencement of item 8 continue in force, on and after that commencement, according to their terms and subject to the Legislative Instruments Act 2003, as if they had been made under that provision of the Banking Act 1959 as amended by this Act.

Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 (No. 25, 2008)

Schedule 1

9 Application and transitional provisions

Disqualifications

(1) For the purposes of the Banking Act 1959, a disqualification by APRA that is in force under section 21 of that Act immediately before this item commences continues in force after this item commences.

(2) For the purposes of the Banking Act 1959, a reference in column 1 of the table in the provision of the Banking Act 1959 (as in force immediately after this item commences) referred to in column 2 is taken to include the reference in column 3.

New references to court orders to include references to disqualifications by APRA
Item	Column 1 Reference	Column 2 Provision of the Banking Act	Column 3 Reference taken to be included
1	a person who was disqualified under section 21	section 19 and paragraph 22(1)(a)	a person who was disqualified under section 21 under a disqualification that is continued in force under subitem (1)
2	a person disqualified under section 21 by the Federal Court of Australia	paragraph 20(1)(f)	a person disqualified under section 21 by APRA under a disqualification that is continued in force under subitem (1)
3	an order made under section 21	paragraph 22(1)(a) and subsection 22(2)	a disqualification made under section 21 that is continued in force under subitem (1)

(3) Section 21 of the Banking Act 1959 (as in force immediately after this item commences) applies in relation to any conduct engaged in by a person, whether before or after this item commences.

Waivers of disqualifications

(4) If:

(a) a person applies to APRA for a determination under section 22 of the Banking Act 1959 that the person is not a disqualified person; and

(b) APRA has not made a decision on the application at the time this item commences;

the application is taken to be withdrawn at that time.

Note: See subitem (7) for the treatment of a decision by APRA under section 22 of the Banking Act 1959 in respect of which review proceedings are on foot at commencement.

(5) A determination under section 22 of the Banking Act 1959 that is in force immediately before this item commences continues in force after that time. However, APRA may not revoke the determination.

(6) If:

(a) a determination in relation to a person continues in force under subitem (5); and

(b) after this item commences, an order is made under section 21 of the Banking Act 1959 (as in force at that time) that the person is disqualified from being or acting as a person referred to in subsection 21(2) of that Act;

the determination ceases to be in force.

Review proceedings on foot at commencement

(7) The amendments to the Banking Act 1959 made by this Schedule do not affect:

(a) any request, in relation to a decision made under section 21 or 22 of that Act, for a review that is pending under section 51B of that Act immediately before the commencement of this item; or

(b) any proceeding, in relation to a decision under section 21 or 22 of that Act that has been confirmed or varied under subsection 51B(3) of that Act, that is pending before the Administrative Appeals Tribunal immediately before the commencement of this item; or

(8) If a disqualification by APRA under section 21, or a determination under section 22, of the Banking Act 1959 is confirmed or varied as a result of a request, proceeding or appeal referred to in subitem (7), the disqualification or determination is, for the purposes of subitem (1) or (5) (as the case requires), taken to have been in force immediately before this item commences.

Schedule 2

6 Application

(1) The amendments made by items 1 to 3 and 5 of this Schedule apply to any direction given after this item commences.

(2) The amendment made by item 4 of this Schedule applies to any direction, whether given before or after this item commences.

Schedule 4

43 Application

The amendments made by this Schedule apply to decisions made on or after the day on which this Schedule commences.

Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 (No. 105, 2008)

Schedule 1

61 Application--declaration of ADIs and general insurers

Subsection 16AD(1) of the Banking Act 1959 permits the Minister to make a declaration on or after the commencement of the subsection if the condition in the subsection for making the declaration is met at any time before or on the making of the declaration (whether that time is before, on or after the commencement of the subsection).

62 Transitional--Product Disclosure Statements

Despite Chapter 7 of the Corporations Act 2001, a Product Disclosure Statement (as defined in that Chapter) given within 18 months after the commencement of this Schedule need not contain information relating to Division 2AA of Part II of the Banking Act 1959 or Part VC of the Insurance Act 1973.

Schedule 2

6 Application

The amendments of section 11CD of the Banking Act 1959 made by this Schedule apply to contracts made after the commencement of this Schedule.

10 Application

Section 13BA of the Banking Act 1959 applies in relation to decisions made on or after the commencement of that section that an ADI statutory manager will take control of an ADI's business.

13 Application

(1) Subsections 14(5A) and (5B), and section 14AA, of the Banking Act 1959 apply to an ADI statutory manager that takes control of an ADI's business before, on or after the commencement of this Schedule.

(2) Section 14AC of that Act applies to contracts made after the commencement of this Schedule.

15 Application

Section 14DAA of the Banking Act 1959 applies to an administrator of an ADI's business appointed on or after the commencement of that section.

19 Application

Section 15C of the Banking Act 1959 (as amended by this Schedule) applies to contracts made after the commencement of this Schedule.

21 Application

Section 16AA of the Banking Act 1959 applies to acquisitions occurring on or after the commencement of that section.

Tax Laws Amendment (2009 Measures No. 2) Act 2009 (No. 42, 2009)

Schedule 1

2 Application of section 16AHA

Section 16AHA of the Banking Act 1959 applies in relation to amounts paid or applied before, on or after the commencement of the section.

Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009 (No. 75, 2009)

Schedule 2

14 Application

The amendments made by this Schedule apply in relation to applications for injunctions made on or after the commencement of this Schedule, whether the conduct, refusal or failure that is the subject of the application occurred before, on or after that commencement.

Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (No. 82, 2010)

Schedule 1

46 Application--priorities for application of the assets of an ADI in Australia

Subsection 13A(3) of the Banking Act 1959, as amended by this Schedule, applies to an ADI that becomes unable to meet the ADI's obligations, or suspends payment, on or after the commencement of this item.

Acts Interpretation Amendment Act 2011 (No. 46, 2011)

Schedule 3

10 Saving--appointments

The amendments made by Schedule 2 do not affect the validity of an appointment that was made under an Act before the commencement of this item and that was in force immediately before that commencement.

11 Transitional regulations

The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments and repeals made by Schedules 1 and 2.

Tax Laws Amendment (2011 Measures No. 7) Act 2011 (No. 147, 2011)

Schedule 5

23 Application of amendments

The amendments made by this Part apply in relation to statements to be delivered:

(a) within 3 months after 31 December 2012; and

(b) within 3 months after the 31 December in each later year.

Commonwealth Consolidated Acts

BANKING ACT 1959 - NOTES

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
5. Schedule 1, item 7	Immediately after the commencement of item 98 of Schedule 2 to the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998.	1 July 1998
33. Schedule 2, item 18	Immediately after the time specified in the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 for the commencement of item 99 of Schedule 2 to that Act.	1 July 1998