Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 16A

Reports to the Treasurer

  (1)   If the Treasurer requests APRA to give him or her a written report concerning the activities of Banking Act statutory managers in respect of specified bodies corporate or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it.

  (2)   If a Banking Act statutory manager takes control of a body corporate's business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all Banking Act statutory managers and each ultimate termination of control that occurred during that financial year.

Requirement to publish notices in Gazette

  (3)   If APRA:

  (a)   takes control of a body corporate's business; or

  (b)   appoints an administrator of a body corporate's business; or

  (c)   makes an ultimate termination of control in respect of a body corporate's business;

    APRA must publish notice of that fact in the Gazette . However, mere failure to publish such a notice does not affect the validity of the act.