Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 11AAA

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

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

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

The conditions must relate to prudential matters.

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

  (3)   If APRA imposes, varies or revokes the conditions on a body corporate's NOHC authority, APRA must:

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

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

  (4)   The taking of an action is not invalid merely because of a failure to comply with subsection   (3).

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

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

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