Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Minister may declare that Subdivision C applies in relation to a specified ADI if any of the following requirements are satisfied:
(a) APRA has applied under section 16AAA for the ADI to be wound up;
(b) a Banking Act statutory manager is in control of the ADI's business.
Note: The Minister cannot make a declaration under this subsection in relation to a foreign ADI (see section 11E).
Declaration to specify amount for meeting entitlements
(2) The declaration must also specify the amount (if any) that is to be credited to the Financial Claims Scheme Special Account in connection with the application of Subdivision C in relation to the declared ADI. If APRA's application under section 16AAA was made on or after 12 October 2011, the amount must not be more than $20,000,000,000.
Declaration to specify amount for administration
(3) The declaration must also specify the amount (if any) that is to be credited to the APRA Special Account in connection with the administration of this Division in relation to the declared ADI. The amount must not be more than $100,000,000.
Amendment of specification of amounts
(4) The Minister may amend a declaration made under subsection (1), but only to change the specification of an amount under subsection (2) or (3), within the limit set in that subsection.
Declaration cannot be revoked
(5) The Minister cannot revoke a declaration made under subsection (1).
Declaration or amendment not disallowable
(6) A declaration made under subsection (1), or an amendment of the declaration, is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to the declaration or amendment.
Note: Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 does not apply to the declaration or amendment: see regulations made for the purposes of paragraph 54(2)(b) of that Act.
Effect of declaration or amendment
(7) The declaration or amendment:
(a) commences from the time it is made, despite subsection 12(1) of the Legislation Act 2003 ; and
(b) has effect according to its terms.
(7A) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the declaration or amendment.
Declaration not to specify ADI by reference to class
(8) Subsection 13(3) of the Legislation Act 2003 does not apply to a declaration under subsection (1) specifying an ADI.
Note: This ensures that a declaration must specify an ADI individually, and cannot specify it by reference to a class of ADIs.