Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 38F

Notification

  (1)   If APRA makes or varies a non - ADI lender rule referred to in paragraph   38C(2)(c) it must, as soon as practicable, give a copy of the rule, or of the variation, to the non - ADI lender, or to each non - ADI lender, to which the rule applies.

  (2)   If APRA revokes a non - ADI lender rule referred to in paragraph   38C(2)(c) it must, as soon as practicable, give notice of the revocation to the non - ADI lender, or to each non - ADI lender, to which the rule applied.

  (3)   If APRA extends the period mentioned in subsection   38D(1) in relation to a non - ADI lender rule referred to in paragraph   38C(2)(c) it must, as soon as practicable, give notice of the extension to the non - ADI lender, or to each non - ADI lender, to which the rule applies.

Consultation

  (4)   Before making a non - ADI lender rule, or varying or revoking a non - ADI lender rule, APRA must consult with ASIC.

  (5)   A failure to comply with subsection   (4) does not affect the validity of the action concerned.