Commonwealth Consolidated Regulations

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 14

    For paragraph   53(3)(b) of the Act, the following persons are prescribed:

  (a)   if the body corporate is not an ADI:

  (i)   the Chief Executive Officer of the body corporate; or

  (ii)   if the body corporate does not have a Chief Executive Officer--the person who:

  (A)   is responsible for managing the affairs of the body corporate; and

  (B)   has authority to make decisions in relation to the allocation of resources so that the body corporate complies with the Act;

  (b)   if the body corporate is an ADI:

  (i)   the Chief Executive Officer of the body corporate; or

  (ii)   a person who satisfies the criteria to be fit and proper to hold a responsible person position under Prudential Standard APS 520.

Note:   Prudential Standard APS 520 is in Schedule   1 to the Banking (prudential standard) determination No.   1 of 2006--Prudential Standard APS 520 Fit and Proper .