Banking Act 1959 (Cth)

Banking Act 1959

No. 6, 1959

Compilation No. 68

Compilation date: 21 February 2025

Includes amendments: Act No. 14, 2025

About this compilation

This compilation

This is a compilation of the Banking Act 1959 that shows the text of the law as amended and in force on 21 February 2025 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register ( The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

An Act to regulate Banking, to make provision for the Protection of the Currency and of the Public Credit of the Commonwealth, and for other purposes

Part IPreliminary 1Short title

This Act may be cited as the Banking Act 1959.

2Commencement

Except as otherwise provided by this Act, this Act shall come into operation on the day on which the Reserve Bank Act 1959 comes into operation.

2AMain objects of this Act

(1)
The main objects of this Act are:
(a)
to protect the interests of depositors in ADIs in ways that are consistent with the continued development of a viable, competitive and innovative banking industry; and
(b)
to promote financial system stability in Australia.
(2)
This Act, and the prudential standards and non‑ADI lender rules determined by APRA under this Act, achieve this mainly by:
(a)
restricting who can carry on banking business in Australia; and
(b)
providing for the prudential supervision of ADIs by APRA, by APRA determining prudential standards or taking other action to ensure prudent management of ADIs; and
(c)
providing for APRA to manage or respond to circumstances in which the ability of an ADI to meet its obligations may be threatened; and
(d)
providing for certain account‑holders to be paid amounts where the financial claims scheme has been declared to apply in relation to an ADI; and
(f)
for the purposes of paragraph (1)(b)—providing rules in relation to the provision of certain kinds of finance by non‑ADI lenders.
(3)
It is intended that APRA, in taking actions to address risks to financial system stability in Australia, may consider specific sources of systemic risks, whether geographic, sectoral or otherwise.
(4)
This section does not apply to the following:
(a)
Divisions 4 (Mobilization of foreign currency) and 5 (Advances) of Part II;
(b)
Parts III (Foreign exchange, foreign investment etc.), IV (Gold) and V (Interest rates);
(c)
any other provision of this Act, to the extent that it relates to any of the provisions mentioned in paragraph (a) or (b).

4Repeal

The following Acts are repealed:
Banking Act 1945;
Banking Act 1953.

5Interpretation

Definitions
(1)
In this Act, unless the contrary intention appears:
account‑holder means an entity (as defined in section 960‑100 of the Income Tax Assessment Act 1997) that holds in its name, or keeps in its name, (either alone or jointly with another entity) an account or covered financial product with an ADI.
action that is likely to have a detrimental effect on financial system stability in New Zealand includes an action that prevents or interferes with an outsourcing arrangement.
ADI is short for authorised deposit‑taking institution.
administrator, of a body corporate’s business, means an administrator appointed under subsection 13A(1) to take control of the body corporate’s business.
advance includes loan.
appointed auditor means an auditor appointed in accordance with the prudential standards.
approved form means a form approved, in writing, by APRA.
APRA means the Australian Prudential Regulation Authority.
APRA member has the same meaning as in the Australian Prudential Regulation Authority Act 1998.
APRA Special Account has the same meaning as in the Australian Prudential Regulation Authority Act 1998.
APRA staff member has the same meaning as in the Australian Prudential Regulation Authority Act 1998.
ASIC means the Australian Securities and Investments Commission.
Australia includes the Territories.
Australian business assets and liabilities, of a foreign ADI, has the meaning given by subsection 11E(3).
authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force.
authorised NOHC means a body corporate:
(a)
in relation to which an authority under subsection 11AA(2) is in force; and
(b)
that is a NOHC of an ADI or ADIs.
Banking Act statutory manager has the meaning given by subsection 13A(2).
banking business means:
(a)
a business that consists of banking within the meaning of paragraph 51(xiii) of the Constitution; or
(b)
a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of:
(i)
both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or
(ii)
other financial activities prescribed by the regulations for the purposes of this definition.
business day means a day that is not a Saturday, a Sunday or a public holiday or bank holiday in the place concerned.
civil penalty provision: a subsection of this Act (or a section of this Act that is not divided into subsections) is a civil penalty provision if:
(a)
the words “civil penalty” and one or more amounts in penalty units are set out at the foot of the subsection (or section); or
(b)
another provision of this Act specifies that the subsection (or section) is a civil penalty provision.
Note: Schedule 2 deals with contraventions of civil penalty provisions, and treats people who are involved in various ways in such a contravention as if they had contravened the provision concerned.
covered bond has the meaning given by subsection 26(1).
covered bond liabilities has the meaning given by subsections 26(4) and (5).
covered bond special purpose vehicle has the meaning given by subsection 26(1).
covered financial product has the meaning given by subsection (8).
cover pool has the meaning given by subsection 26(3).
declaration time for an ADI means the time the ADI becomes a declared ADI.
declared ADI means an ADI specified in a declaration under section 16AD as an ADI in relation to which Subdivision C of Division 2AA of Part II applies.
direction under this Act means a direction under any of the following provisions:
(a)
section 11CA;
(b)
section 11CC;
(c)
section 13E;
(d)
section 17;
(e)
section 23;
(f)
section 29;
(g)
section 31F.
external administrator means any of the following:
(a)
a liquidator;
(b)
a receiver, manager, managing controller, receiver and manager or other controller (other than a Banking Act statutory manager);
(c)
a voluntary administrator or administrator of a deed of a company arrangement or a scheme manager.
Expressions used in this definition have the same meanings as they have in the Corporations Act 2001.
Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013.
Financial Claims Scheme Special Account has the same meaning as in the Australian Prudential Regulation Authority Act 1998.
financial market has the same meaning as in Chapter 7 of the Corporations Act 2001.
Financial System Stability Special Account means the Financial System Stability Special Account established by section 70E.
foreign ADI means a body corporate that:
(a)
is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution; and
(b)
is authorised to carry on banking business in a foreign country; and
(c)
has been granted an authority under section 9 to carry on banking business in Australia .
holding company, of a body corporate, means another body corporate of which the first body corporate is a subsidiary.
industry support contract means a contract under which emergency financial support is to be provided by parties to the contract to any ADI that is a party to the contract if a specified event occurs. The contract may also deal with matters associated with the provision of the financial support.
insolvent, in relation to a body corporate, means that the body corporate is not able to pay all its debts as and when they become due and payable.
investigator means a person APRA appoints under subsection 13(4), 13A(1) or 61(1).
issuing ADI has the meaning given by subsection 26(6).
lawyer means a duly qualified legal practitioner and, in relation to a person, means such a practitioner acting for the person.
liquidator includes a provisional liquidator.
listing rules has the same meaning as in the Corporations Act 2001.
net credit balance:
(a)
the net credit balance, at a time, of an account means the excess of the balance of the account in credit in favour of the account‑holder at that time over the amount (if any) of fees, charges and duties that are identified under the agreement under which the account is kept and are payable by the account‑holder to the ADI at that time; and
(b)
the net credit balance, at a time, of a covered financial product that is not an account means the amount owed to the account‑holder at that time under the terms of the agreement under which the covered financial product is kept.
New Zealand registered bank means a registered bank, as defined in section 2 of the Reserve Bank of New Zealand Act 1989 of New Zealand, that carries on a business in New Zealand .
NOHC is short for non‑operating holding company.
NOHC authority means an authority under subsection 11AA(2).
NOHC/NOHC subsidiary has the meaning given by subsection 13D(5).
non‑ADI lender has the meaning given by section 38B.
non‑ADI lender rule means a rule under section 38C.
non‑operating holding company means, in relation to a body corporate, a body corporate:
(a)
of which the first body corporate is a subsidiary; and
(b)
that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and
(c)
that is incorporated in Australia .
outsourcing arrangement means an arrangement for the business of a New Zealand registered bank, or functions relating to such business, to be carried on by an entity other than the bank.
Part IIB provision of finance has the meaning given by section 38B.
personal information has the same meaning as in the Privacy Act 1988.
prescribed New Zealand authority means the following:
(a)
the Reserve Bank of New Zealand ;
(b)
an authority of the government of New Zealand that:
(i)
has statutory responsibilities relating to prudential regulation or financial system stability; and
(ii)
is prescribed by the regulations for the purposes of this definition.
protected account has the meaning given by subsections (4), (5), (6) and (7).
prudential matters means matters relating to:
(a)
the conduct of any part of the affairs of, or the structuring or organising of, an ADI, an authorised NOHC, a relevant group of bodies corporate, or a particular member or members of such a group, in such a way as:
(i)
to keep the ADI, NOHC, group or member or members of the group in a sound financial position; or
(ii)
to facilitate resolution of the ADI, NOHC, group or member or members of the group; or
(iii)
to protect the interests of depositors of any ADI; or
(iv)
not to cause or promote instability in the Australian financial system; or
(v)
not to cause or promote instability in the New Zealand financial system; or
(b)
the conduct of any part of the affairs of an ADI, an authorised NOHC, a relevant group of bodies corporate, or a particular member or members of such a group, with integrity, prudence and professional skill.
prudential requirement regulation means a regulation under section 11A.
prudential standard means a standard under section 11AF.
recapitalisation direction means a direction given by APRA under subsection 13E(1) or (1B).
related body corporate, in relation to a body corporate, means a body corporate that is related to the first‑mentioned body, as determined in accordance with subsection 5(2A).
relevant group of bodies corporate has the meaning given by subsection 5(3).
resolution means the process by which APRA or other relevant persons manage or respond to an entity:
(a)
being unable to meet its obligations; or
(b)
being considered likely to be unable, or being considered likely to become unable, to meet its obligations; or
(c)
suspending payment, or being considered likely to suspend payment;
including through the exercise of powers and functions under this Act or another law.
section 9 authority means an authority under subsection 9(3).
senior manager of an ADI or an authorised NOHC or the Australian operations of a foreign ADI means a person who has or exercises any of the senior management responsibilities (within the meaning of the prudential standards) for the ADI or NOHC or for the Australian operations of the foreign ADI, as the case may be.
subsidiary has the meaning given by subsection (2).
the Reserve Bank means the Reserve Bank of Australia .
transferred liabilities determination means a determination under subsection 16AIA(1).
ultimate termination of control has the meaning given by subsection 13C(1).
Subsidiary
(2)
For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Act 2001.
Related bodies corporate
(2A)
For the purposes of this Act, the question whether a body corporate is related to another body corporate is to be determined in the same way as that question is determined for the purposes of the Corporations Act 2001.
Relevant group of bodies corporate
(3)
For the purposes of this Act:
(a)
an ADI and its subsidiaries together constitute a relevant group of bodies corporate; and
(b)
an authorised NOHC and its subsidiaries together also constitute a relevant group of bodies corporate.
Protected account
(4)
Subject to subsections (5), (6) and (7), a protected account is an account or covered financial product that is kept by an account‑holder (whether alone or jointly with one or more other account‑holders) with an ADI and either:
(a)
is an account that is prescribed by the regulations for the purposes of this paragraph; or
(b)
is an account, or covered financial product, that is kept under an agreement between the account‑holder and the ADI requiring the ADI to pay the account‑holder, on demand by the account‑holder or at a time agreed by them, the net credit balance of the account or covered financial product at the time of the demand or the agreed time (as appropriate).
Note: Paragraph (a)—the regulations may prescribe the account by reference to a class of accounts: see subsection 13(3) of the Legislation Act 2003.
(5)
An account is not a protected account on and after 12 October 2011 unless:
(a)
it is recorded in Australian currency; or
(b)
it is kept with an ADI that is a declared ADI on 12 October 2011.
(6)
A covered financial product that is kept with an ADI and is not an account is not a protected account if APRA applies under section 16AAA for an order that the ADI be wound up.
(7)
An account or covered financial product is not a protected account if the account or covered financial product is prescribed by the regulations for the purposes of this subsection.
Note: The regulations may prescribe the account or covered financial product by reference to a class of accounts or financial products: see subsection 13(3) of the Legislation Act 2003.
Covered financial product
(8)
The Minister may declare that a specified financial product is a covered financial product.
Note: The declaration may specify the product by reference to a class of financial products: see subsection 13(3) of the Legislation Act 2003.
(9)
A declaration made under subsection (8), 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.
(10)
Despite subsection 12(1) of the Legislation Act 2003, the declaration or amendment commences from the time it is made.
(11)
Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the declaration or amendment.

6Application of Act

(1)
Nothing in Part II or V, or in sections 61 to 69 (inclusive), applies with respect to State banking.
(2)
Subject to section 6A, this Act extends to all the Territories.

6ACessation of application of Act to Territory

The Treasurer may, by legislative instrument, declare that, on a date specified in the instrument, this Act shall cease to extend to an external Territory specified in the instrument, and, on and after the date specified in such an instrument, this Act does not extend to the Territory so specified and a reference in this Act, other than this section, to a Territory does not include a reference to the Territory so specified.

6BApplication of Criminal Code

The Criminal Code applies to all offences against this Act.

Part IIProvisions relating to the carrying on of banking businessDivision 1Authority to carry on banking business7Person other than a body corporate must not carry on banking business

(1)
A person commits an offence if:
(a)
the person carries on any banking business in Australia; and
(b)
the person is not a body corporate; and
(c)
there is no determination in force under section 11 that this subsection does not apply to the person.
Penalty: 200 penalty units.
Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
(2)
An offence against subsection (1) is an indictable offence.
(3)
If a person carries on banking business in circumstances that give rise to the person committing an offence against subsection (1), the person commits an offence against that subsection in respect of:
(a)
the first day on which the offence is committed; and
(b)
each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).
Note: This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

8Only the Reserve Bank and bodies corporate that are ADIs may carry on banking business

(1)
A body corporate commits an offence if:
(a)
the body corporate carries on any banking business in Australia; and
(b)
the body corporate is not the Reserve Bank; and
(c)
the body corporate is not an ADI; and
(d)
there is no determination in force under section 11 that this subsection does not apply to the body corporate.
Penalty: 200 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

(2)
An offence against subsection (1) is an indictable offence.
(3)
If a body corporate carries on banking business in circumstances that give rise to the body corporate committing an offence against subsection (1), the body corporate commits an offence against that subsection in respect of:
(a)
the first day on which the offence is committed; and
(b)
each subsequent day (if any) on which the circumstances that gave rise to the body corporate committing the offence continue (including the day of conviction for any such offence or any later day).
Note: This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

9Authority to carry on banking business

(2)
A body corporate which desires authority to carry on banking business in Australia may apply in writing to APRA for authority accordingly.
Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998.
(2A)
APRA may, by legislative instrument, set criteria for the granting of an authority to carry on banking business in Australia.
(3)
If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority.
Note: For APRA’s power to revoke an authority, see section 9A.
(3A)
Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of another body corporate that does not hold a NOHC authority.
(4)
If APRA grants an authority under subsection (3), APRA must cause notice of that authority to be published in the Gazette. APRA may also cause notice of that authority to be published in any other way it considers appropriate.
(5)
A failure to comply with subsection (4) does not affect the validity of the authority.
(6)
Part VI applies to a decision to refuse an application under this section.

9AAConditions on an authority

(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 section 9 authority; or
(b)
vary or revoke conditions imposed on the body corporate’s section 9 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)
Without limiting the conditions that APRA may impose on an authority, APRA may make the authority conditional on another body corporate, of which the body corporate is a subsidiary, being an authorised NOHC.
(4)
If APRA imposes, varies or revokes the conditions on a body corporate’s section 9 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.
(5)
The taking of an action is not invalid merely because of a failure to comply with subsection (4).
(6)
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 section 9 authority;
(b)
a decision to vary conditions imposed on a body corporate’s section 9 authority.

9ABBreach of authority conditions

(1)
A body corporate commits an offence if:
(a)
the body corporate does an act or fails to do an act; and
(b)
doing the act or failing to do the act results in a contravention of a condition of the body corporate’s section 9 authority; and
(c)
there is no determination in force under section 11 that this subsection does not apply to the body corporate.
Penalty: 300 penalty units.
(2)
If an individual:
(a)
commits an offence against subsection (1) because of Part 2.4 of the Criminal Code; or
(b)
commits an offence under Part 2.4 of the Criminal Code in relation to an offence against subsection (1);
he or she is punishable, on conviction, by a fine not exceeding 60 penalty units.
(3)
An offence against this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

9ARevocation of authority etc.

(1)
APRA must revoke a body corporate’s section 9 authority if:
(a)
the body corporate, by notice in writing to APRA, requests the revocation of the authority; and
(b)
APRA is satisfied that the revocation of the authority:
(i)
would not be contrary to the national interest; and
(ii)
would not be contrary to the interests of depositors of the body corporate.
(2)
APRA may revoke a body corporate’s section 9 authority if APRA is satisfied that:
(a)
the body corporate has, whether before or after the commencement of this paragraph, provided, in connection with its application for the authority, information that was false or misleading in a material particular; or
(b)
the body corporate has failed to comply with any of the following:
(i)
a requirement of this Act;
(ii)
a requirement of the Financial Sector (Collection of Data) Act 2001;
(iia)
a requirement of the Financial Accountability Regime Act 2023;
(iii)
a requirement of the regulations or any other instrument made under this Act;
(iv)
a requirement of a provision of another law of the Commonwealth, if the provision is specified in the regulations;
(v)
a direction under this Act;
(vi)
a condition of its section 9 authority; or
(c)
it would be contrary to the national interest for the authority to remain in force; or
(d)
it would be contrary to financial system stability in Australia for the authority to remain in force; or
(e)
it would be contrary to the interests of depositors of the body corporate for the authority to remain in force; or
(f)
the body corporate has failed to pay:
(i)
an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or
(ii)
an amount of charge fixed under section 51 of the Australian Prudential Regulation Authority Act 1998; or
(g)
the body corporate is insolvent and is unlikely to return to solvency within a reasonable period of time; or
(h)
the body corporate has ceased to carry on banking business in Australia; or
(j)
the body corporate is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution, and:
(i)
the body corporate is unlikely to be able to meet its liabilities in Australia and is unlikely to be able to do so within a reasonable period of time; or
(ii)
an authority (however described) for the body corporate to carry on banking business in a foreign country has been revoked or otherwise withdrawn in that foreign country;
(k)
if the section 9 authority is to cease to have effect on a day specified in the authority—it is unlikely to be appropriate, at or before that day, to grant the body corporate a section 9 authority that is not subject to a time limit.
The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply.
(3)
Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s section 9 authority unless:
(a)
APRA has given the body corporate a notice in writing advising the body corporate:
(i)
that APRA is considering revoking the authority for the reasons specified in the notice; and
(ii)
that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and
(iii)
of the date by which any submissions must be made; and
(b)
APRA has considered any submissions that were made by the body corporate by the specified date.
(3A)
The date mentioned in subparagraph (3)(a)(iii) must be:
(a)
at least 90 days after the notice under paragraph (3)(a) of this section was given; or
(b)
if the section 9 authority is to cease to have effect on a day specified in the authority—at least 21 days after the notice under paragraph (3)(a) of this section was given.
(4)
APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be:
(a)
contrary to the national interest; or
(b)
contrary to the interests of depositors with the body corporate.
(5)
A revocation of a body corporate’s section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority.
(5A)
The notice of revocation of the authority may state that the authority continues in effect in relation to a specified matter or specified period, as though the revocation had not happened, for the purposes of:
(a)
a specified provision of this Act or the regulations; or
(b)
a specified provision of another law of the Commonwealth that is administered by APRA; or
(c)
a specified provision of the prudential standards;
and the statement has effect accordingly.
(6)
If APRA revokes a body corporate’s section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate.
(7)
A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation.
(8)
Part VI applies to the following decisions under this section:
(a)
a decision to refuse to revoke a body corporate’s section 9 authority;
(b)
a decision to revoke a body corporate’s section 9 authority, unless:
(i)
APRA has determined, under subsection (4), that the procedures in subsection (3) do not apply; or
(ii)
the section 9 authority is an authority that is to cease to have effect on a day specified in the authority.

9BBodies that cease to exist or change their names

(1)
If APRA is satisfied that a body corporate that has been granted a section 9 authority:
(a)
has ceased to exist; or
(b)
has changed its name;
APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate.
(2)
If the body corporate has ceased to exist, its section 9 authority is taken to be revoked on publication of the notice in the Gazette.
(3)
If the body corporate has changed its name, its section 9 authority has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name.

9CPublication of list of ADIs

APRA may, from time to time, publish a list of ADIs:
(a)
in the Gazette; or
(b)
in such other manner as APRA determines.

9DAuthority to carry on banking business for a limited time

(1)
An application under subsection 9(2) may state that the application is for an authority to carry on banking business in Australia for a limited time.
(2)
If APRA grants an authority under subsection 9(3) as a result of an application made in accordance with subsection (1) of this section:
(a)
the authority must state that it ceases to have effect on a day specified in the authority; and
(b)
the authority ceases to have effect at the start of that day (except to the extent, if any, that it is continued in effect under subsection 9A(5A) or section 9F, or extended under section 9E), unless it is revoked earlier.
(3)
The day specified in the authority under paragraph (2)(a) must be:
(a)
2 years after the day APRA grants the authority; or
(b)
if APRA considers that another day is appropriate—that other day.
(4)
Despite subsection 9(6), Part VI does not apply to a decision to refuse an application made in accordance with subsection (1) of this section, or to a decision to specify a particular day in the authority under paragraph (2)(a) of this section.
Application for authority not subject to time limit
(5)
A section 9 authority granted to a body corporate as a result of an application made in accordance with subsection (1) does not prevent the body corporate making, under section 9, a further application for an authority that is not subject to a time limit.
(6)
If APRA decides to grant such an application, APRA may do so by varying the section 9 authority to remove the time limit that applies to the authority under subsection (2).

9EAuthority to carry on banking business in Australia for a limited time – extension

(1)
This section applies to a body corporate’s section 9 authority if the authority is to cease to have effect on a day (the expiry day) specified in the authority.
(2)
APRA may, at any time before the expiry day, vary the authority to change the expiry day to a later day.
(3)
If APRA does so, APRA must:
(a)
give written notice to the body corporate; and
(b)
ensure that notice that the variation has been made is published in the Gazette.
(4)
A failure to comply with subsection (3) does not affect the validity of the variation.

9FAuthority to carry on banking business in Australia for a limited time – continuation after expiry

(1)
This section applies to a body corporate’s section 9 authority if the authority is to cease to have effect on a day (the expiry day) specified in the authority.
(2)
APRA may, at any time before the expiry day, give the body corporate a written notice stating that the authority continues in effect, on and after the expiry day, in relation to a specified matter or specified period for the purposes of:
(a)
a specified provision of this Act or the regulations; or
(b)
a specified provision of another law of the Commonwealth that is administered by APRA; or
(c)
a specified provision of the prudential standards;
and the statement has effect accordingly.

10APRA to be supplied with certain documents

(1)
An application under this Part by a body corporate shall be accompanied by a copy of the Act, charter, deed of settlement, memorandum of association and articles of association of the body corporate, or other document by which the body corporate is constituted.
(2)
Every copy of an Act, charter, deed of settlement, memorandum of association, articles of association or other document furnished to APRA under subsection (1) shall be verified by a statutory declaration made by a senior officer of the body corporate concerned.
(3)
An ADI commits an offence if:
(a)
an alteration is made to the Act, charter, deed of settlement, memorandum of association, articles of association, constitution or other document by which the ADI was constituted as a body corporate; and
(b)
the ADI does not, within 3 months of the making of the alteration, give to APRA a written statement:
(i)
that sets out particulars of the alteration; and
(ii)
that is verified by a statutory declaration made by a senior officer of the ADI; and
(c)
there is no determination in force under section 11 that this subsection does not apply to the ADI.
Penalty: 50 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

11APRA may determine that provisions of this Act do not apply

(1)
APRA may, in writing, determine that any or all of the following provisions of this Act do not apply to a person while the determination is in force:
(a)
a provision of Division 1, 1AA or 1A of Part II (other than section 11A, 11B or 11C);
(b)
section 66;
(c)
section 66A;
(d)
section 67;
(e)
section 69.
(2)
The determination:
(a)
may be expressed to apply to a particular person or to a class of persons; and
(b)
may specify the period during which the determination is in force; and
(c)
may be made subject to specified conditions.
(2A)
If APRA makes a determination that applies to a particular person, APRA must also give the person written notice of the determination.
(3)
A person commits an offence if:
(a)
the person does, or fails to do, an act; and
(b)
doing, or failing to do, the act results in a contravention of a condition to which a determination under this section is subject (being a determination that is in force and that applies to the person).
Penalty: 200 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(3A)
An offence against subsection (3) is an indictable offence.
(3B)
If a person does or fails to do an act in circumstances that give rise to the person committing an offence against subsection (3), the person commits an offence against that subsection in respect of:
(a)
the first day on which the offence is committed; and
(b)
each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).
Note: This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.
(4)
APRA may, in writing, vary or revoke a determination under this section.
(5)
The following instruments made under this section are not legislative instruments:
(a)
a determination that applies to a particular person;
(b)
an instrument varying or revoking a determination that applies to a particular person.
(6)
Otherwise, an instrument made under this section is a legislative instrument.
(7)
Part VI applies to the following decisions under this section:
(a)
a refusal to determine that one or more provisions of this Act do not apply to a particular person;
(b)
a variation or revocation of an order under this section that applies to a particular person.

Division 1AAAuthority to be a NOHC of an ADI11AAAuthority to be a NOHC

(1)
A body corporate may apply in writing to APRA for an authority under this section. The authority operates as an authority in relation to the body corporate and any ADIs that are subsidiaries of the body corporate from time to time.
Note 1: The body corporate may want the authority:
(a) because APRA refuses or may refuse to grant a subsidiary of the body corporate a section 9 authority unless the body corporate holds a NOHC authority (see subsection 9(3A)); or
(b) for a purpose connected with the Financial Sector (Shareholdings) Act 1998.
Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998.
(1A)
APRA may, by legislative instrument, set criteria for the granting of an authority under this section.
(2)
APRA may grant the authority if it considers it is appropriate to do so.
Note: For APRA’s power to revoke the authority, see section 11AB.
(3)
If APRA grants an authority under subsection (2), APRA must cause notice of that authority to be published in the Gazette. APRA may also cause notice of that authority to be published in any other way it considers appropriate.
(4)
A failure to comply with subsection (3) does not affect the validity of the authority.
(5)
Part VI applies to a decision to refuse an application under this section.

11AAAConditions on an authority

(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.

11AABBreach of authority conditions

(1)
A body corporate commits an offence if:
(a)
the body corporate does an act or fails to do an act; and
(b)
doing the act or failing to do the act results in a contravention of a condition of the body corporate’s NOHC authority; and
(c)
there is no determination in force under section 11 that this subsection does not apply to the body corporate.
Penalty: 300 penalty units.
(2)
If an individual:
(a)
commits an offence against subsection (1) because of Part 2.4 of the Criminal Code; or
(b)
commits an offence under Part 2.4 of the Criminal Code in relation to an offence against subsection (1);
he or she is punishable, on conviction, by a fine not exceeding 60 penalty units.
(3)
An offence against this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

11ABRevocation of authority etc.

(1)
APRA must revoke a NOHC authority granted to a body corporate if:
(a)
the body corporate, by notice in writing to APRA, requests the revocation of the authority; and
(b)
APRA is satisfied that revocation of the authority:
(i)
would not be contrary to the national interest; and
(ii)
would not be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate.
(2)
APRA may revoke a NOHC authority granted to a body corporate if APRA is satisfied that:
(aa)
the body corporate has, whether before or after the commencement of this paragraph, provided, in connection with its application for the authority, information that was false or misleading in a material particular; or
(a)
the body corporate has failed to comply with any of the following:
(i)
a requirement of this Act;
(ii)
a requirement of the Financial Sector (Collection of Data) Act 2001;
(iia)
a requirement of the Financial Accountability Regime Act 2023;
(iii)
a requirement of the regulations or any other instrument made under this Act;
(iv)
a requirement of a provision of another law of the Commonwealth, if the provision is specified in the regulations;
(v)
a direction under this Act;
(vi)
a condition of its NOHC authority; or
(b)
the body corporate has ceased to be a NOHC of any ADI or ADIs; or
(c)
it would be contrary to the national interest for the authority to remain in force; or
(ca)
it would be contrary to financial system stability in Australia for the authority to remain in force; or
(d)
it would be contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate for the authority to remain in force; or
(e)
the body corporate has failed to pay:
(i)
an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or
(ii)
an amount of charge fixed under section 51 of the Australian Prudential Regulation Authority Act 1998.
The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply.
(3)
Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate’s NOHC authority unless:
(a)
APRA has given the body corporate a notice in writing advising the body corporate:
(i)
that APRA is considering revoking the authority for the reasons specified in the notice; and
(ii)
that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and
(iii)
of the date by which any submissions must be made (being a date at least 90 days after the giving of the notice); and
(b)
APRA has considered any submissions that were made by the body corporate by the specified date.
(4)
APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be:
(a)
contrary to the national interest; or
(b)
contrary to the interests of depositors of any ADI that is a subsidiary of the body corporate.
(5)
A revocation of a body corporate’s NOHC authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority.
(5A)
The notice of the revocation of the authority may state that the authority continues in effect in relation to a specified matter or specified period, as though the revocation had not happened, for the purposes of:
(a)
a specified provision of this Act or the regulations; or
(b)
a specified provision of another law of the Commonwealth that is administered by APRA; or
(c)
a specified provision of the prudential standards;
and the statement has effect accordingly.
(6)
If APRA revokes a body corporate’s NOHC authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way it considers appropriate.
(7)
A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation.
(8)
Part VI applies to the following decisions under this section:
(a)
a decision to refuse to revoke a NOHC authority granted to a body corporate;
(b)
a decision to revoke a NOHC authority granted to a body corporate, unless APRA has determined, under subsection (4), that the procedures in subsection (3) do not apply.

11ACBodies that cease to exist or change their names

(1)
If APRA is satisfied that a body corporate that has been granted a NOHC authority:
(a)
has ceased to exist; or
(b)
has changed its name;
APRA must cause notice of that fact to be published in the Gazette. APRA may also cause notice of that fact to be published in any other way it thinks appropriate.
(2)
If the body corporate has ceased to exist, any NOHC authority granted to the body corporate that is still in force is taken to be revoked on publication of the notice in the Gazette.
(3)
If the body corporate has changed its name, any NOHC authority granted to the body corporate that is still in force has effect after the publication of the notice in the Gazette as if it had been granted to the body under its changed name.

11ADPublication of list of NOHCs

APRA may, from time to time, publish a list of authorised NOHCs:
(a)
in the Gazette; or
(b)
in such other manner as APRA determines.

11AEAPRA may give notice to ensure that ADI has an authorised NOHC

(1)
This section applies if:
(a)
a body corporate is a holding company of an ADI; and
(b)
the ADI is not a subsidiary of an authorised NOHC.
(2)
APRA may, by notice in writing to the body corporate, require it to ensure, in accordance with the conditions (if any) specified in the notice, that either of the following occurs:
(a)
the body corporate becomes an authorised NOHC of the ADI;
(b)
a subsidiary of the body corporate becomes an authorised NOHC of the ADI.
Note: See Part 4A of the Financial Sector (Transfer and Restructure) Act 1999 for other provisions that deal with a restructure arrangement to make an operating body a subsidiary of a NOHC.
(3)
The notice may deal with the time by which, or period during which, it is to be complied with.
(4)
The body corporate has power to comply with the notice despite anything in its constitution or any contract or arrangement to which it is a party.
(5)
APRA may, by notice in writing to the body corporate, vary the notice mentioned in subsection (2) if, at the time of the variation, it considers that the variation is necessary and appropriate.
(6)
The notice mentioned in subsection (2) has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the notice mentioned in subsection (2) if, at the time of revocation, it considers that the notice is no longer necessary or appropriate.
(7)
Part VI applies to a decision to give a notice under subsection (2).
(8)
Section 11CG applies in relation to a notice to a body corporate under subsection (2) in the same way in which it applies to a direction to an ADI under Subdivision B of Division 1BA.
(9)
However, section 11CG does not apply to a contravention by a body corporate of a requirement in a notice under subsection (2) if:
(a)
the contravention happens merely because APRA refuses to grant the body corporate (or its subsidiary) an authority under subsection 11AA(2); and
(b)
APRA’s reasons for that refusal do not include the reason that one or more conditions specified in the notice are not satisfied.

Division 1APrudential supervision and monitoring of ADIs and authorised NOHCsSubdivision APrudential supervision and monitoring of ADIs and authorised NOHCs generally11AFAPRA may make prudential standards for ADIs and authorised NOHCs

(1)
APRA may, in writing, determine standards in relation to prudential matters to be complied with by:
(a)
all ADIs; or
(b)
all authorised NOHCs; or
(c)
the subsidiaries of ADIs or authorised NOHCs; or
(d)
a specified class of ADIs, authorised NOHCs or subsidiaries of ADIs or authorised NOHCs; or
(e)
one or more specified ADIs, authorised NOHCs or subsidiaries of ADIs or authorised NOHCs.
(1A)
A standard may impose different requirements to be complied with:
(a)
in different situations; or
(b)
in respect of different activities;
including requirements to be complied with by different classes of ADIs, authorised NOHCs or subsidiaries of ADIs or authorised NOHCs.
(1AA)
Without limiting the prudential matters in relation to which APRA may determine a standard, a standard may require:
(a)
each ADI or authorised NOHC; or
(b)
each ADI or authorised NOHC included in a specified class of ADIs or authorised NOHCs; or
(ba)
each subsidiary of an ADI or of an authorised NOHC; or
(bb)
each subsidiary of an ADI or of an authorised NOHC, included in a specified class of subsidiaries; or
(c)
a specified ADI or authorised NOHC; or
(d)
each of 2 or more specified ADIs or authorised NOHCs; or
(e)
a specified subsidiary of an ADI or of an authorised NOHC; or
(f)
each of 2 or more specified subsidiaries of ADIs or of authorised NOHCs;
to ensure that its subsidiaries (or particular subsidiaries), or it and its subsidiaries (or particular subsidiaries), collectively satisfy particular requirements in relation to prudential matters.
(1AB)
Without limiting the prudential matters in relation to which APRA may determine a standard, a standard may provide for matters relating to:
(a)
the appointment of auditors; or
(b)
the conduct of audits.
(2)
A standard may provide for APRA to exercise powers and discretions under the standard, including (but not limited to) discretions to approve, impose, adjust or exclude specific prudential requirements in relation to one or more specified ADIs or authorised NOHCs, or one or more specified subsidiaries of ADIs or authorised NOHCs.
(3)
APRA may, in writing, vary or revoke a standard.
(3A)
A standard referred to in paragraph (1)(d), or an instrument varying or revoking such a standard, has effect:
(a)
from the day on which the standard, variation or revocation is made; or
(b)
if the standard, variation or revocation specifies a later day—from that later day.
(4A)
If APRA determines or varies a standard referred to in paragraph (1)(e) it must, as soon as practicable:
(a)
give a copy of the standard, or of the variation, to the ADI, authorised NOHC or subsidiary, or to each ADI, authorised NOHC or subsidiary, to which the standard applies; and
(b)
give a copy of the standard, or of the variation, to the Treasurer.
(5A)
If APRA revokes a standard referred to in paragraph (1)(e) it must, as soon as practicable:
(a)
give notice of the revocation to the ADI, authorised NOHC or subsidiary, or to each ADI, authorised NOHC or subsidiary, to which the standard applied; and
(b)
give a copy of the revocation to the Treasurer.
(7)
A failure to comply with subsection (4A) or (5A) does not affect the validity of the action concerned.
(7A)
The following instruments made under this section are not legislative instruments:
(a)
a standard referred to in paragraph (1)(e);
(b)
an instrument varying or revoking a standard referred to in paragraph (1)(e).
(7B)
Otherwise, an instrument made under this section is a legislative instrument.
(7BA)
A standard may provide for a matter by applying, adopting or incorporating, with or without modification, any matter contained in an instrument or other writing as in force or existing from time to time, despite:
(a)
section 46AA of the Acts Interpretation Act 1901; and
(b)
section 14 of the Legislation Act 2003.
(7C)
Part VI applies to the following decisions under this section:
(a)
a decision to determine a standard referred to in paragraph (1)(e);
(b)
a decision to vary such a standard.
(8)
In this section:
Territory means a territory to which this Act extends.

11AGObligation to comply with the prudential standards

An ADI, authorised NOHC or a subsidiary of an ADI or authorised NOHC to which a prudential standard applies must comply with the standard.

11APrudential requirements may also be prescribed by the regulations

The regulations may make provision for and in relation to requiring ADIs, authorised NOHCs, subsidiaries of ADIs and subsidiaries of authorised NOHCs to observe such requirements in relation to prudential matters as are specified in, or ascertained in accordance with, the regulations.

11BAPRA to monitor prudential matters

The functions of APRA include:
(a)
the collection and analysis of information in respect of prudential matters relating to ADIs and authorised NOHCs;
(b)
the encouragement and promotion of the carrying out by ADIs and authorised NOHCs of sound practices in relation to prudential matters; and
(c)
the evaluation of the effectiveness and carrying out of those practices.

11CDivision not to limit operation of other provisions

Nothing in this Division is intended to limit the operation of any other provision of this Act or of the Reserve Bank Act 1959.

Subdivision BConversion and write‑off provisions11CAADefinitions

In this Subdivision:
clearing and settlement facility has the meaning given by the Corporations Act 2001.
conversion and write‑off provisions means the provisions of the prudential standards that relate to the conversion or writing off of:
(a)
Additional Tier 1 and Tier 2 capital; or
(b)
any other instrument.
conversion entity: an entity (the first entity) is a conversion entity for an instrument if:
(a)
the instrument is issued by another entity, or another entity is a party to the instrument; and
(b)
the instrument converts, in accordance with the terms of the instrument, into one or more ordinary shares or mutual equity interests of the first entity.
converts: an instrument converts into one or more ordinary shares or mutual equity interests of an entity including by redeeming or cancelling the instrument or rights under the instrument, and replacing the instrument or rights with ordinary shares or mutual equity interests (as the case requires).
mutual equity interests has the same meaning as in the prudential standards.
operating rules has the same meaning as in the Corporations Act 2001.
related subsidiary of an ADI means a subsidiary of a holding company of the ADI.
specified law means any of the following:
(a)
the Financial Sector (Shareholdings) Act 1998;
(b)
the Foreign Acquisitions and Takeovers Act 1975;
(c)
Chapter 6 of the Corporations Act 2001 (takeovers);
(d)
any other Australian law, or law of a foreign country or part of a foreign country, prescribed by the regulations for the purposes of this paragraph.

11CABConversion and write‑off provisions

Application
(1)
This section applies in relation to an instrument that contains terms that are for the purposes of the conversion and write‑off provisions and that is issued by, or to which any of the following is a party:
(a)
an ADI;
(b)
a holding company of an ADI;
(c)
a subsidiary or related subsidiary of an ADI;
(d)
an entity of a kind prescribed by the regulations for the purposes of this paragraph.
Conversion of instrument despite other laws etc.
(2)
The instrument may be converted in accordance with the terms of the instrument despite:
(a)
any Australian law or any law of a foreign country or a part of a foreign country, other than a specified law; and
(b)
the constitution of any of the following entities (the relevant entity):
(i)
the entity issuing the instrument;
(ii)
any entity that is a party to the instrument;
(iii)
any conversion entity for the instrument; and
(c)
any contract or arrangement to which a relevant entity is a party; and
(d)
any listing rules or operating rules of a financial market in whose official list a relevant entity is included; and
(e)
any operating rules of a clearing and settlement facility through which the instrument is traded.
Write‑off of instrument despite other laws etc.
(3)
The instrument may be written off in accordance with the terms of the instrument despite:
(a)
any Australian law or any law of a foreign country or a part of a foreign country; and
(b)
the constitution of either of the following entities (the relevant entity):
(i)
the entity issuing the instrument;
(ii)
any entity that is a party to the instrument; and
(c)
any contract or arrangement to which a relevant entity is a party; and
(d)
any listing rules or operating rules of a financial market in whose official list a relevant entity is included; and
(e)
any operating rules of a clearing and settlement facility through which the instrument is traded.

11CACConversion or write‑off etc. not grounds for denial of obligations

(1)
This section applies if an entity (the first entity) is party to a contract, whether the proper law of the contract is:
(a)
Australian law (including the law of a State or Territory); or
(b)
law of a foreign country (including the law of part of a foreign country).
(2)
None of the matters mentioned in subsection (3) allows the contract, or a party to the contract (other than the first entity), to do any of the following:
(a)
deny any obligation under the contract;
(b)
accelerate any debt under the contract;
(c)
close out any transaction relating to the contract;
(d)
enforce any security under the contract.
(3)
The matters are as follows:
(a)
a relevant instrument being converted in accordance with the terms of the instrument;
(b)
a relevant instrument being written off in accordance with the terms of the instrument;
(c)
the making of a determination (however described) by APRA that results in a relevant instrument being required to be converted or written off in accordance with the terms of the instrument.
(4)
In this section:
relevant instrument means:
(a)
an instrument to which section 11CAB applies:
(i)
that is issued by the first entity; or
(ii)
to which the first entity is a party; or
(iii)
for which the first entity is a conversion entity; or
(b)
if the first entity is a body corporate that is a member of a relevant group of bodies corporate—an instrument to which section 11CAB applies:
(i)
that is issued by another member of the group; or
(ii)
to which another member of the group is a party; or
(iii)
for which another member of the group is a conversion entity.

Division 1BAAPRA’s power to issue directionsSubdivision ADirections other than to enforce certified industry support contracts11CAAPRA may give directions in certain circumstances

(1)
APRA may give a body corporate that is an ADI or an authorised NOHC a direction of a kind specified in subsection (2) if APRA has reason to believe that:
(a)
the body corporate has contravened a provision of:
(i)
this Act; or
(ii)
the Financial Sector (Collection of Data) Act 2001; or
(b)
the body corporate has contravened a prudential requirement regulation or a prudential standard; or
(c)
the body corporate is likely to contravene this Act, a prudential requirement regulation, a prudential standard or the Financial Sector (Collection of Data) Act 2001, and the direction is reasonably necessary for one or more prudential matters relating to the body corporate; or
(d)
the body corporate has contravened a condition or direction under this Act or the Financial Sector (Collection of Data) Act 2001; or
(e)
the direction is necessary in the interests of:
(i)
if the body corporate is an ADI—depositors of the ADI; or
(ii)
if the body corporate is an authorised NOHC—depositors of any ADI that is a subsidiary of the NOHC; or

(f)
the body corporate is, or is about to become, unable to meet its liabilities; or
(g)
there is, or there might be, a material risk to the security of the body corporate’s assets; or
(h)
there has been, or there might be, a material deterioration in the body corporate’s financial condition; or
(i)
the body corporate is conducting its affairs in an improper or financially unsound way; or
(j)
the failure to issue a direction would materially prejudice the interests of:
(i)
if the body corporate is an ADI—depositors of the ADI; or
(ii)
if the body corporate is an authorised NOHC—depositors of any ADI that is a subsidiary of the NOHC; or
(k)
the body corporate is conducting its affairs in a way that may cause or promote instability in the Australian financial system.
(1AA)
APRA may give a body corporate that is an ADI or is an authorised NOHC a direction of a kind specified in subsection (2) if APRA has reason to believe that:
(a)
a subsidiary of the body corporate has contravened a provision of:
(i)
this Act; or
(ii)
the Financial Sector (Collection of Data) Act 2001; or
(b)
a subsidiary of the body corporate has contravened a prudential requirement regulation or a prudential standard; or
(c)
a subsidiary of the body corporate is likely to contravene this Act, a prudential requirement regulation, a prudential standard or the Financial Sector (Collection of Data) Act 2001; or
(d)
the direction is in respect of a subsidiary of the body corporate and is necessary in the interests of:
(i)
if the body corporate is an ADI—depositors of the ADI; or
(ii)
if the body corporate is an authorised NOHC—depositors of any ADI that is a subsidiary of the NOHC; or
(e)
a subsidiary of the body corporate is, or is about to become, unable to meet the subsidiary’s liabilities; or
(f)
there is, or there might be, a material risk to the security of the assets of a subsidiary of the body corporate; or
(g)
there has been, or there might be, a material deterioration in the financial condition of a subsidiary of the body corporate; or
(h)
a subsidiary of the body corporate is conducting the subsidiary’s affairs in an improper or financially unsound way; or
(j)
a subsidiary of the body corporate is conducting the subsidiary’s affairs in a way that may cause or promote instability in the Australian financial system; or
(k)
a subsidiary of the body corporate is conducting the subsidiary’s affairs in a way that may cause it to be unable to continue to supply services to:
(i)
if the body corporate is an ADI—the ADI; or
(ii)
if the body corporate is an authorised NOHC—any ADI that is a subsidiary of the NOHC; or
(l)
the direction is in respect of a subsidiary of the body corporate and the failure to issue a direction would materially prejudice the interests of:
(i)
if the body corporate is an ADI—depositors of the ADI; or
(ii)
if the body corporate is an authorised NOHC—depositors of any ADI that is a subsidiary of the NOHC.
(1AB)
However, APRA can only make a direction as a result of a ground referred to in paragraph (1AA)(a), (b), (c), (e), (f), (g), (h) or (k) if APRA considers that the direction is reasonably necessary for one or more prudential matters relating to the body corporate.
(1AC)
APRA may give a body corporate that is a subsidiary of an ADI or of an authorised NOHC a direction of a kind specified in subsection (2) if:
(a)
APRA has given the ADI or authorised NOHC a direction under subsection (1AA) because one or more of the grounds referred to in that subsection have been satisfied in respect of the subsidiary; or
(b)
APRA may give the ADI or authorised NOHC a direction under subsection (1AA) because one or more of the grounds referred to in that subsection have been satisfied in respect of the subsidiary.
(1AD)
APRA cannot give a direction under subsection (1AC) to a body corporate of a kind specified in regulations (if any) made for the purposes of this subsection.
(1AE)
Subsections (1), (1AA) and (1AC) do not limit each other.
(1A)
The direction must:
(a)
be given by notice in writing to the body corporate; and
(b)
specify:
(i)
in the case of a direction under subsection (1AC)—the ground referred to in subsection (1AA) as a result of which the direction is given; or
(ii)
otherwise—the ground referred to in subsection (1) or (1AA) as a result of which the direction is given.
(1B)
In deciding whether to give a direction under subsection (1), (1AA) or (1AC) to a body corporate, APRA may disregard any external support for the body corporate.
(1C)
The regulations may specify that a particular form of support is not external support for the purposes of subsection (1B).
(2)
The kinds of direction that the body corporate may be given are directions to do, or to cause a body corporate that is its subsidiary to do, any one or more of the following:
(aa)
to comply with the whole or a part of:
(i)
this Act; or
(ii)
the Financial Sector (Collection of Data) Act 2001;
(ab)
to comply with the whole or a part of a condition or direction referred to in paragraph (1)(d);
(a)
to comply with the whole or a part of a prudential requirement regulation or a prudential standard;
(b)
to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA;
(c)
to remove a director or senior manager of the body corporate from office;
(d)
to ensure a director or senior manager of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA;
(e)
to appoint a person or persons as a director or senior manager of the body corporate for such term as APRA directs;
(f)
to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs;
(g)
not to give any financial accommodation to any person;
(h)
not to accept the deposit of any amount;
(i)
not to borrow any amount;
(j)
not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given;
(k)
not to repay any amount paid on shares;
(l)
not to pay a dividend on any shares;
(m)
not to repay any money on deposit or advance;
(n)
not to pay or transfer any amount or asset to any person, or create an obligation (contingent or otherwise) to do so;
(o)
not to undertake any financial obligation (contingent or otherwise) on behalf of any other person;
(p)
to make changes to the body corporate’s systems, business practices or operations;
(q)
to reconstruct, amalgamate or otherwise alter all or part of any of the following:
(i)
the business, structure or organisation of the body corporate;
(ii)
the business, structure or organisation of the group constituted by the body corporate and its subsidiaries;
(r)
to do, or to refrain from doing, anything else in relation to the affairs of the body corporate.
A direction under paragraph (n) not to pay or transfer any amount or asset does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution.
(2AA)
However, APRA must not direct, or give a direction that would cause or require, a covered bond special purpose vehicle to:
(a)
deal, or not deal, with an asset to the extent that the asset secures covered bond liabilities of an ADI; or
(b)
make a payment, or not make a payment, in relation to a covered bond liability of an ADI.
Note: Covered bond special purpose vehicles hold assets that secure liabilities in relation to covered bonds: see Division 3A of Part II.
(2A)
Without limiting the generality of subsection (2), a direction referred to in a paragraph of that subsection may:
(a)
deal with some only of the matters referred to in that paragraph; or
(b)
deal with a particular class or particular classes of those matters; or
(c)
make different provision with respect to different matters or different classes of matters.
(2AAA)
The kinds of direction that may be given as mentioned in subsection (2) are not limited by any other provision in this Part (apart from subsection (2AA)).
(2AAB)
The kinds of direction that may be given as mentioned in a particular paragraph of subsection (2) are not limited by any other paragraph of that subsection.
(2B)
Without limiting the generality of paragraph (2)(r), a direction under that paragraph to a foreign ADI may be any one or more of the following:
(a)
a direction that the ADI act in a way so as to ensure that:
(i)
a particular asset, or a particular class of assets, of the ADI is returned to the control (however described) of the part of the ADI’s banking business that is carried on in Australia; or
(ii)
a particular liability, or a particular class of liabilities, of the ADI ceases to be the responsibility (however described) of the part of the ADI’s banking business that is carried on in Australia;
(b)
a direction that the ADI not act in a way that has the result that:
(i)
a particular asset, or a particular class of assets, of the ADI ceases to be under the control (however described) of the part of the ADI’s banking business that is carried on in Australia; or
(ii)
a particular liability, or a particular class of liabilities, of the ADI becomes the responsibility (however described) of the part of the ADI’s banking business that is carried on in Australia.
(3)
The direction may deal with the time by which, or period during which, it is to be complied with.
(4)
The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party.
(4A)
If the direction requires the body corporate to cause a subsidiary to do, or to refrain from doing, an act or thing:
(a)
the body corporate has power to cause the subsidiary to do, or to refrain from doing, the act or thing; and
(b)
the subsidiary has power to do, or to refrain from doing, the act or thing;
despite anything in the subsidiary’s constitution or any contract or arrangement to which the subsidiary is a party.
(4B)
APRA may, by notice in writing to the body corporate, vary the direction if, at the time of the variation, it considers that the variation is necessary and appropriate.
(5)
The direction has effect until APRA revokes it by notice in writing to the body corporate. APRA may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate.
(5A)
Part VI applies to a decision to give a direction:
(a)
under subsection (1) as a result of the ground referred to in paragraph (1)(a), (b), (c), (d) or (e); or
(b)
under subsection (1AA) as a result of the ground referred to in paragraph (1AA)(a), (b), (c) or (d); or
(c)
under subsection (1AC) as a result of the ground referred to in paragraph (1AC)(a) or (b), to the extent that the paragraph relates to a ground referred to in paragraph (1AA)(a), (b), (c) or (d).
(6)
In this section, director has the same meaning as it has in the Corporations Act 2001, and the affairs of a body corporate include those set out in section 53 of that Act.
Note 1: Senior manager is defined in section 5 of this Act.
Note 2: For further information about directions, see Subdivision C.

Subdivision BDirections to enforce certified industry support contracts11CBAPRA may certify an industry support contract

(1)
APRA may certify an industry support contract if all of the parties to the contract make a written request to APRA that the contract be certified and APRA considers it appropriate to certify the contract. The certification must be by notice in writing to the parties to the contract.
(2)
Part VI applies to a refusal under this section to certify an industry support contract.

11CCAPRA may direct parties to an industry support contract to comply with the contract

(1)
APRA may direct any ADI that is a party to an industry support contract that is certified under section 11CB to carry out, or cease to carry out, specified acts if APRA considers:
(a)
that carrying out, or ceasing to carry out, those acts, is necessary in order for the terms of the contract to be fulfilled; and
(b)
that the direction is in the interests of the depositors of one or more of the ADIs that are parties to the contract.
The direction must be by notice in writing to the ADI.
(2)
The direction may deal with the time by which, or period during which, it is to be complied with.
(3)
The ADI has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party.
(3A)
APRA may vary the direction if, at the time of the variation, it considers that the variation is necessary and appropriate.
(4)
The direction has effect until:
(a)
APRA revokes the direction by notice in writing to the ADI (see subsection (5)); or
(b)
APRA revokes the certification of the industry support contract by notice in writing to the ADIs that are parties to it (see subsection (6)).
(5)
APRA may revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate.
(6)
APRA may revoke the certification of the industry support contract if it considers that it is appropriate to do so for any reason.
(7)
Part VI applies to the following decisions made under this section:
(a)
a decision to give a direction;
(b)
a decision to vary a direction;
(c)
a revocation of the certification of an industry support contract.

Subdivision CGeneral provisions relating to all directions11CDDirection not grounds for denial of obligations

(1)
This section applies if a body corporate is party to a contract, whether the proper law of the contract is:
(a)
Australian law (including the law of a State or Territory); or
(b)
law of a foreign country (including the law of part of a foreign country).
(1A)
None of the matters mentioned in subsection (1B) allows the contract, or a party to the contract (other than the body corporate), to do any of the following:
(a)
deny any obligations under the contract;
(b)
accelerate any debt under the contract;
(c)
close out any transaction relating to the contract;
(d)
enforce any security under the contract.
This subsection has effect subject to subsections (2) and (3) of this section and section 31B.
(1B)
The matters are as follows:
(a)
the body corporate being given a direction by APRA under Subdivision A or B or section 29;
(b)
if the body corporate is a member of a relevant group of bodies corporate—another member of the group being given a direction by APRA under Subdivision A or B or section 29.
(2)
If the body corporate is prevented from fulfilling its obligations under the contract because of a direction under Subdivision A, other than a direction under paragraph 11CA(2)(m), or because of a direction under section 29, the other party or parties to the contract are, subject to any orders made under subsection (3), relieved from obligations owed to the body corporate under the contract.
(3)
A party to a contract to which subsection (2) applies may apply to the Federal Court of Australia for an order relating to the effect on the contract of a direction under Subdivision A or section 29. The order may deal with matters including (but not limited to):
(a)
requiring a party to the contract to fulfil an obligation under the contract despite subsection (2);
(b)
obliging a party to the contract to take some other action (for example, paying money or transferring property) in view of obligations that were fulfilled under the contract before the direction was made.
The order must not require a person to take action that would contravene the direction, or any other direction under Subdivision A or section 29.

11CESupply of information about issue and revocation of directions

Power to publish notice of directions in Gazette
(1)
APRA may publish in the Gazette notice of any direction made under Subdivision A or B or section 29. The notice must include the name of the ADI, authorised NOHC or other body corporate given the direction and a summary of the direction.
Requirement to publish notice of revocation of certain directions in Gazette
(2)
If APRA publishes notice of a direction made under Subdivision A or B or section 29 and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation.
Requirement to provide information about direction to Treasurer and Reserve Bank
(3)
If the Treasurer or the Reserve Bank requests APRA to provide information about:
(a)
any directions under Subdivision A or B or section 29 in respect of a particular ADI, authorised NOHC or other body corporate; or
(b)
any directions made during a specified period under Subdivision A or B or section 29 in respect of any ADIs, authorised NOHCs or other bodies corporate;
APRA must comply with the request.
Power to inform Treasurer and Reserve Bank of direction
(4)
APRA may provide any information that it considers appropriate to the Treasurer or the Reserve Bank about any directions, or revocations of directions, made under Subdivision A or B or section 29, in respect of any ADI, authorised NOHC or other body corporate, at any time.
Requirement to inform Treasurer and Reserve Bank of revocation of direction if informed of making of direction
(5)
If APRA provides the Treasurer or the Reserve Bank with information about a direction and then later revokes the direction, APRA must notify that person of the revocation of the direction as soon as practicable after the revocation. Failure to notify the person does not affect the validity of the revocation.

11CGNon‑compliance with a direction

(1)
An ADI, authorised NOHC or other body corporate commits an offence if:
(a)
it does, or fails to do, an act; and
(b)
doing, or failing to do, the act results in a contravention of a direction given to it under Subdivision A or B or section 17, 23 or 29.
Penalty: 50 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(1A)
If an ADI, authorised NOHC or other body corporate does or fails to do an act in circumstances that give rise to the ADI, NOHC or other body corporate committing an offence against subsection (1), the ADI, NOHC or other body corporate commits an offence against that subsection in respect of:
(a)
the first day on which the offence is committed; and
(b)
each subsequent day (if any) on which the circumstances that gave rise to the ADI, NOHC or other body corporate committing the offence continue (including the day of conviction for any such offence or any later day).
Note: This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.
(2)
An officer of an ADI, authorised NOHC or other body corporate commits an offence if:
(a)
the officer fails to take reasonable steps to ensure that the ADI, NOHC or other body corporate complies with a direction given to it under Subdivision A or B or section 17, 23 or 29; and
(b)
the officer’s duties include ensuring that the ADI, NOHC or other body corporate complies with the direction, or with a class of directions that includes the direction.
Penalty: 50 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(2A)
If an officer of an ADI, authorised NOHC or other body corporate fails to take reasonable steps to ensure that the ADI, NOHC or other body corporate complies with a direction given to it under Subdivision A or B or section 17, 23 or 29 in circumstances that give rise to the officer committing an offence against subsection (2), the officer commits an offence against that subsection in respect of:
(a)
the first day on which the offence is committed; and
(b)
each subsequent day (if any) on which the circumstances that gave rise to the officer committing the offence continue (including the day of conviction for any such offence or any later day).

ed C55
am No 130, 2020; No 127, 2021; No 68, 2023; No 76, 2023
s 6.............................................	am No 116, 1973; No 193, 1992; No 69, 1994; No 99, 1995; No 54, 1998
s 6A...........................................	ad No 116, 1973
am No 129, 1989; No 46, 2011; No 64, 2020
s 6B...........................................	ad No 44, 1999
Part II
Division 1
s 7.............................................	am No 93, 1966; No 129, 1989
rs No 44, 1999
am No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016
s 8.............................................	am No 93, 1966; No 129, 1989
rs No 44, 1999
am No 54, 1998; No 44, 1999; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016
s 9.............................................	am No 93, 1966; No 116, 1973; No 129, 1989; No 193, 1992; No 69, 1994; No 54, 1998; No 44, 1999; No 154, 2007; No 25, 2008; No 82, 2010 (as am by No 136, 2012); No 4, 2016; No 9, 2018; No 10, 2018
s 9AA........................................	ad No 10, 2018
s 9AB........................................	ad No 10, 2018
s 9A...........................................	ad No 84, 1967
am No 116, 1973
rep No 193, 1992
ad No 54, 1998
am No 121, 2001; No 116, 2003; No 147, 2006; No 25, 2008; No 82, 2010; No 125, 2011; No 10, 2018; No 142, 2018; No 68, 2023
s 9B...........................................	ad No 54, 1998
s 9C...........................................	ad No 54, 1998
s 9D...........................................	ad No 142, 2018
s 9E...........................................	ad No 142, 2018
s 9F...........................................	ad No 142, 2018
s. 10...........................................	am. No. 93, 1966; No. 84, 1967; No. 156, 1977 (as am. by No. 78, 1978); No. 105, 1987; No. 129, 1989; No. 193, 1992; No. 54, 1998; No. 44, 1999; No. 154, 2007; No. 82, 2010 (as am. by No. 136, 2012); No 4, 2016
s. 11...........................................	am. No. 93, 1966; No. 129, 1989; No. 54, 1998; No. 44, 1999; No. 154, 2007; No. 25, 2008; No. 8, 2010; No. 82, 2010 (as am. by No. 136, 2012); No 4, 2016
Division 1AA
Division 1AA.............................	ad No 54, 1998
s 11AA......................................	ad No 54, 1998
am No 44, 1999; No 154, 2007; No 25, 2008; No 82, 2010 (as am by No 136, 2012); No 4, 2016; No 10, 2018
s 11AAA....................................	ad No 10, 2018
s 11AAB....................................	ad No 10, 2018
s 11AB.......................................	ad No 54, 1998
am No 121, 2001; No 116, 2003; No 147, 2006; No 25, 2008; No 82, 2010; No 10, 2018; No 68, 2023
s 11AC.......................................	ad No 54, 1998
s 11AD......................................	ad No 54, 1998
s 11AE.......................................	ad No 10, 2018
Division 1A
Division 1A heading....................	rs No 54, 1998
Division 1A................................	ad No 129, 1989
Subdivision A
Subdivision A heading.................	ad No 10, 2018
s 11AF.......................................	ad No 54, 1998
am No 44, 1999; No 116, 2003; No 154, 2007; No 25, 2008; No 82, 2010; No 126, 2015; No 5, 2018; No 10, 2018; No 142, 2018; No 68, 2023
s 11AG......................................	ad No 10, 2018
s 11A.........................................	ad No 129, 1989
am No 54, 1998; No 10, 2018
s 11B.........................................	ad No 129, 1989
am No 54, 1998
s 11C.........................................	ad No 129, 1989
Subdivision B
Subdivision B.............................	ad No 10, 2018
s 11CAA....................................	ad No 10, 2018
am No 76, 2023
s 11CAB....................................	ad No 10, 2018
s 11CAC....................................	ad No 10, 2018
Division 1BA
Division 1BA.............................	ad. No. 54, 1998
Subdivision A
Subdivision A heading.................	rs. No. 44, 1999
s 11CA.......................................	ad No 54, 1998
am No 44, 1999; No 160, 2000; No 55, 2001; No 121, 2001; No 116, 2003; No 147, 2006; No 25, 2008; No 45, 2008; No 82, 2010; No 125, 2011; No 70, 2015; No 10, 2018
Subdivision B
Subdivision B heading.................	rs No 44, 1999
s. 11CB......................................	ad. No. 54, 1998
am. No. 44, 1999; No. 25, 2008
s. 11CC......................................	ad. No. 54, 1998
am. No. 44, 1999; No. 25, 2008
Subdivision C
s 11CD.......................................	ad No 54, 1998
am No 116, 2003; No 105, 2008; No 125, 2011; No 43, 2016; No 10, 2018
s 11CE.......................................	ad No 54, 1998
am No 125, 2011; No 10, 2018
s 11CF.......................................	ad No 54, 1998
rep No 10, 2018
s 11CG.......................................	ad No 54, 1998
am No 44, 1999; No 55, 2001; No 116, 2003; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 125, 2011; No 4, 2016; No 5, 2018; No 10, 2018; No 68, 2023
Subdivision D
Subdivision D.............................	ad No 10, 2018
s 11CH.......................................	ad No 10, 2018
s 11CI........................................	ad No 10, 2018
s 11CJ........................................	ad No 10, 2018
s 11CK.......................................	ad No 10, 2018
s 11CL.......................................	ad No 10, 2018
s 11CM......................................	ad No 10, 2018
am No 49, 2019; No 64, 2021
s 11CN.......................................	ad No 10, 2018
s 11CO.......................................	ad No 10, 2018
s 11CP.......................................	ad No 10, 2018
Division 1B
Division 1B heading....................	rs. No. 54, 1998
Division 1B................................	ad. No. 193, 1992
s. 11D........................................	ad. No. 193, 1992
am. No. 54, 1998
rep. No. 82, 2010
s 11E.........................................	ad No 193, 1992
am No 54, 1998; No 44, 1999; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016; No 10, 2018; No 49, 2019
s 11EA.......................................	ad No 10, 2018
s 11F..........................................	ad No 193, 1992
am No 54, 1998; No 10, 2018
Division 2
Subdivision A
Subdivision A heading.................	ad No 54, 1998
s. 12...........................................	am. No. 54, 1998; No. 147, 2006
s. 13...........................................	am. No. 116, 1973; No. 129, 1989
rs. No. 54, 1998
am. No. 44, 1999; No. 160, 2000; No. 154, 2007; No. 82, 2010 (as am. by No. 136, 2012); No 4, 2016; No 11, 2016
s 13A.........................................	ad No 54, 1998
am No 44, 1999; No 160, 2000; No 154, 2007; No 105, 2008; No 82, 2010 (as am by No 136, 2012); No 125, 2011; No 4, 2016; No 11, 2016; No 10, 2018
s. 13B........................................	ad. No. 54, 1998
am. No. 44, 1999; No. 160, 2000; No. 154, 2007; No. 82, 2010 (as am. by No. 136, 2012); No 4, 2016
s 13BA.......................................	ad No 105, 2008
am No 10, 2018
s 13C.........................................	ad No 54, 1998
am No 55, 2001; No 10, 2018
Subdivision AA
Subdivision AA..........................	ad No 82, 2010
s 13D.........................................	ad No 82, 2010
rs No 10, 2018
s 13E.........................................	ad No 82, 2010
am No 10, 2018
s 13F..........................................	ad No 82, 2010
am No 10, 2018
s 13G.........................................	ad No 82, 2010
am No 10, 2018
s 13H.........................................	ad No 82, 2010
am No 10, 2018
s 13J..........................................	ad No 82, 2010
s 13K.........................................	ad No 82, 2010
s 13L.........................................	ad No 82, 2010
s 13M........................................	ad No 82, 2010
s 13N.........................................	ad No 82, 2010
am No 43, 2016
rs No 10, 2018
s 13P..........................................	ad No 82, 2010
am No 10, 2018
s 13Q.........................................	ad No 82, 2010
s 13R.........................................	ad No 82, 2010
am No 82, 2010
s 14............................................	am No 93, 1966; No 116, 1973; No 19, 1979; No 129, 1989
rep No 54, 1998
Subdivision B
Subdivision B heading.................	rs No 10, 2018
Subdivision B.............................	ad No 54, 1998
s 14A.........................................	ad No 54, 1998
am No 44, 1999; No 116, 2003; No 154, 2007; No 105, 2008; No 82, 2010 (as am by No 136, 2012); No 4, 2016; No 10, 2018; No 49, 2019
s 14AAA....................................	ad No 10, 2018
s 14AA......................................	ad No 105, 2008
am No 10, 2018
s 14AB.......................................	ad No 105, 2008
am No 10, 2018
s 14AC.......................................	ad No 105, 2008
am No 43, 2016
rs No 10, 2018
s 14AD......................................	ad No 82, 2010
am No 10, 2018
s 14B.........................................	ad No 54, 1998
am No 125, 2011; No 10, 2018
s 14C.........................................	ad No 54, 1998
am No 55, 2001; No 10, 2018; No 6, 2020
s 14CA.......................................	ad No 10, 2018
am No 6, 2020
s 14D.........................................	ad No 54, 1998
am No 10, 2018
s 14DAA....................................	ad No 105, 2008
am No 10, 2018
s 14DA......................................	ad No 147, 2006
am No 10, 2018
s 14E.........................................	ad No 54, 1998
am No 10, 2018
s 14F..........................................	ad No 54, 1998
am No 55, 2001; No 105, 2008; No 82, 2010
rep No 10, 2018
s 15............................................	am No 129, 1989
rs No 54, 1998
am No 55, 2001; No 10, 2018
s 15A.........................................	ad No 54, 1998
am No 55, 2001; No 105, 2008; No 10, 2018
s 15B.........................................	ad No 54, 1998
am No 105, 2008
rs No 10, 2018
s 15BA.......................................	ad No 10, 2018
s 15BB.......................................	ad No 10, 2018
s 15BC.......................................	ad No 10, 2018
s 15BD.......................................	ad No 10, 2018
am No 87, 2024
s 15BE.......................................	ad No 10, 2018
s 15C.........................................	ad No 54, 1998
rs No 105, 2008
am No 43, 2016
rs No 10, 2018
s 15D.........................................	ad No 105, 2008
rs No 10, 2018
am No 68, 2023
s 16............................................	am No 93, 1966; No 129, 1989
rs No 54, 1998
am No 10, 2018
s 16A.........................................	ad No 54, 1998
am No 10, 2018
s 16AA......................................	ad No 105, 2008
am No 103, 2010; No 10, 2018
Subdivision C
Subdivision C.............................	ad No 10, 2018
s 16AAA....................................	ad No 10, 2018
Division 2AA
Division 2AA.............................	ad No 105, 2008
Subdivision A
s 16AB.......................................	ad No 105, 2008
am No 10, 2018
s 16AC.......................................	ad No 105, 2008
Subdivision B
s 16AD......................................	ad No 105, 2008
am No 126, 2015; No 10, 2018
s 16AE.......................................	ad. No. 105, 2008
Subdivision C
s 16AF.......................................	ad No 105, 2008
am No 82, 2010
s 16AG......................................	ad No 105, 2008
am No 46, 2011
s 16AH......................................	ad No 105, 2008
s 16AHA....................................	ad No 42, 2009
am No 10, 2018
s 16AI........................................	ad No 105, 2008
s 16AIA.....................................	ad No 10, 2018
s 16AIB.....................................	ad No 10, 2018
s 16AIC.....................................	ad No 10, 2018
Subdivision D
s 16AJ........................................	ad No 105, 2008
am No 82, 2010; No 10, 2018
s 16AK......................................	ad No 105, 2008
am No 42, 2009; No 82, 2010; No 10, 2018
s 16AL.......................................	ad No 105, 2008
am No 10, 2018
s 16AM......................................	ad No 105, 2008
s 16AN......................................	ad No 105, 2008
s 16AO......................................	ad No 105, 2008
am No 82, 2010
Subdivision E
ss. 16AP–16AS...........................	ad. No. 105, 2008
Subdivision F
s 16AT.......................................	ad No 105, 2008
Subdivision G
Subdivision G heading.................	rs No 103, 2010
s 16AU......................................	ad No 105, 2008
am No 103, 2010
Division 2A
Division 2A................................	ad No 54, 1998
s 16AV......................................	ad No 82, 2010
am No 10, 2018
s 16B.........................................	ad No 54, 1998
am No 44, 1999; No 121, 2001; No 116, 2003; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016; No 68, 2023
s 16BA.......................................	ad No 154, 2007
am No 82, 2010; No 125, 2011; No 10, 2018
ed C50
am No 68, 2023
s 16C.........................................	ad No 54, 1998
am No 121, 2001
rs No 116, 2003
am No 68, 2023
s 16D.........................................	ad No 82, 2010
s 16E.........................................	ad No 82, 2010
Division 2B
Division 2B................................	ad No 116, 2003
s 17............................................	am No 84, 1967; No 116, 1973; No 156, 1977 (as am by No 78, 1978); No 105, 1987
rs No 129, 1989
rep No 54, 1998
ad No 116, 2003
am No 25, 2008; No 82, 2010; No 68, 2023
s 18............................................	rs No 129, 1989
rep No 54, 1998
ad No 116, 2003
rs No 154, 2007
am No 11, 2016
Division 2C
Division 2C................................	ad No 154, 2007
s 18A.........................................	ad No 154, 2007
am No 45, 2008; No 70, 2015
Division 3
Division 3..................................	rs No 129, 1989
rep No 54, 1998
ad No 116, 2003
s 19............................................	rs No 129, 1989
am No 54, 1998
rep No 54, 1998
ad No 116, 2003
am No 25, 2008
s 20............................................	rs No 129, 1989
am No 54, 1998
rep No 54, 1998
ad No 116, 2003
am No 25, 2008; No 68, 2023
s. 21...........................................	rs. No. 129, 1989
am. No. 54, 1998
rep. No. 54, 1998
ad. No. 116, 2003
rs. No. 25, 2008
s. 22...........................................	am. No. 116, 1973
rs. No. 129, 1989
am. No. 54, 1998
rep. No. 54, 1998
ad. No. 116, 2003
rs. No. 25, 2008
s 22A.........................................	ad No 82, 2010
am No 39, 2024
s. 23...........................................	rs. No. 129, 1989
am. No. 54, 1998; No. 44, 1999
rep. No. 54, 1998
ad. No. 116, 2003
am. No. 25, 2008
Division 3A
Division 3A................................	ad No 125, 2011
s. 24...........................................	rs. No. 129, 1989
am. No. 54, 1998
rep. No. 54, 1998
ad. No. 125, 2011
s. 25...........................................	am. No. 116, 1973; No. 216, 1973 (as am. by No. 20, 1974)
rs. No. 129, 1989
am. No. 54, 1998
rep. No. 54, 1998
ad. No. 125, 2011
s. 26...........................................	am. No. 93, 1966; No. 116, 1973
rep. No. 129, 1989
ad. No. 125, 2011
s. 27...........................................	am. No. 127, 1965
rep. No. 129, 1989
ad. No. 125, 2011
s 28............................................	rep No 129, 1989
ad No 125, 2011
s 29............................................	rep No 129, 1989
ad No 125, 2011
am No 10, 2018
ss. 30, 31....................................	am. No. 116, 1973
rep. No. 129, 1989
ad. No. 125, 2011
s 31A.........................................	ad No 125, 2011
s 31B.........................................	ad No 125, 2011
am No 10, 2018
s 31C.........................................	ad No 125, 2011
am No 10, 2018
s 31D.........................................	ad No 125, 2011
s 31E.........................................	ad No 125, 2011
s 31F..........................................	ad No 125, 2011
am No 10, 2018
Division 4
s. 32...........................................	am. No. 54, 1998
s. 33...........................................	am. No. 93, 1966; No. 116, 1973; No. 129, 1989; No. 54, 1998 (as am. by No. 9, 2006); No. 44, 1999; No. 9, 2006; No. 154, 2007; No. 82, 2010 (as am. by No. 136, 2012); No 4, 2016
s. 34...........................................	am. No. 129, 1989; No. 54, 1998
s. 35...........................................	am. No. 54, 1998
Division 5
s. 36...........................................	am. No. 93, 1966; No. 84, 1967; No. 116, 1973; No. 156, 1977 (as am. by No. 78, 1978); No. 105, 1987; No. 129, 1989; No. 54, 1998; No. 44, 1999; No. 154, 2007; No. 82, 2010 (as am. by No. 136, 2012); No 4, 2016
Division 6..................................	rep No 129, 1989
s. 37...........................................	am. No. 93, 1966; No. 116, 1973
rep. No. 129, 1989
s. 38...........................................	rep. No. 129, 1989
Part IIAA...................................	ad No 5, 2018
rep No 68, 2023
s 37............................................	ad No 5, 2018
rep No 68, 2023
s 37A.........................................	ad No 5, 2018
rep No 68, 2023
s 37AA......................................	ad No 5, 2018
rep No 68, 2023
s 37B.........................................	ad No 5, 2018
rep No 68, 2023
s 37BA.......................................	ad No 5, 2018
rep No 68, 2023
s 37BB.......................................	ad No 5, 2018
rep No 68, 2023
s 37BC.......................................	ad No 5, 2018
rep No 68, 2023
s 37C.........................................	ad No 5, 2018
rep No 68, 2023
s 37CA.......................................	ad No 5, 2018
rep No 68, 2023
s 37CB.......................................	ad No 5, 2018
rep No 68, 2023
s 37D.........................................	ad No 5, 2018
rep No 68, 2023
s 37DA......................................	ad No 5, 2018
rep No 68, 2023
s 37DB.......................................	ad No 5, 2018
rep No 68, 2023
s 37E.........................................	ad No 5, 2018
rep No 68, 2023
s 37EA.......................................	ad No 5, 2018
rep No 68, 2023
s 37EB.......................................	ad No 5, 2018
rep No 68, 2023
s 37EC.......................................	ad No 5, 2018
rep No 68, 2023
s 37ED.......................................	ad No 5, 2018
rep No 68, 2023
s 37F..........................................	ad No 5, 2018
rep No 68, 2023
s 37FA.......................................	ad No 5, 2018
rep No 68, 2023
s 37FB.......................................	ad No 5, 2018
rep No 68, 2023
s 37FC.......................................	ad No 5, 2018
rep No 68, 2023
s 37G.........................................	ad No 5, 2018
rep No 68, 2023
s 37H.........................................	ad No 5, 2018
rep No 68, 2023
s 37HA......................................	ad No 5, 2018
rep No 68, 2023
s 37J..........................................	ad No 5, 2018
rep No 68, 2023
s 37JA........................................	ad No 5, 2018
rep No 68, 2023
s 37JB........................................	ad No 5, 2018
rep No 68, 2023
s 37JC........................................	ad No 5, 2018
rep No 68, 2023
s 37K.........................................	ad No 5, 2018
rep No 68, 2023
s 37KA......................................	ad No 5, 2018
rep No 68, 2023
s 37KB.......................................	ad No 5, 2018
rep No 68, 2023
s 37KC.......................................	ad No 5, 2018
rep No 5, 2018
Part IIA
Part IIA heading..........................	rs. No. 54, 1998
Part IIA......................................	ad. No. 80, 1982
s. 38A........................................	ad. No. 80, 1982
am. No. 107, 1997; No. 54, 1998; No 44, 1999; No 59, 2015
Part IIB
Part IIB......................................

ad No 9, 2018
Division 1
s 38B.........................................	ad No 9, 2018
am No 76, 2023
Division 2
s 38C.........................................	ad No 9, 2018
s 38D.........................................	ad No 9, 2018
s 38E.........................................	ad No 9, 2018
s 38F..........................................	ad No 9, 2018
s 38G.........................................	ad No 9, 2018
s 38H.........................................	ad No 9, 2018
s 38J..........................................	ad No 9, 2018
Division 3
s 38K.........................................	ad No 9, 2018
s 38L.........................................	ad No 9, 2018
Part III
Part III.......................................	rs. No. 132, 1974
s. 39...........................................	am. No. 93, 1966; No. 193, 1973
rs. No. 132, 1974
am. No. 129, 1989; No. 107, 1997
s. 39A........................................	ad. No. 132, 1974
am. No. 129, 1989
s. 39B........................................	ad. No. 132, 1974
am. No. 129, 1989
rep. No. 88, 2009
Part IV
Part IV.......................................	exp 30 Jan 1976 (s 40(3) and gaz 1976, No S17)
s 40............................................	exp 30 Jan 1976 (s 40(3) and gaz 1976, No S17)
am No 129, 1989
s 41............................................	exp 30 Jan 1976 (s 40(3) and gaz 1976, No S17)
am No 44, 1999; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016
s 42............................................	exp 30 Jan 1976 (s 40(3) and gaz 1976, No S17)
am No 129, 1989; No 43, 1996; No 107, 1997; No 44, 1999; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016
s 43............................................	exp 30 Jan 1976 (s 40(3) and gaz 1976, No S17)
am No 129, 1989
s 44............................................	am No 116, 1973
exp 30 Jan 1976 (s 40(3) and gaz 1976, No S17)
s 45............................................	exp 30 Jan 1976 (s 40(3) and gaz 1976, No S17)
am No 129, 1989; No 44, 1999; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016
s 46............................................	exp 30 Jan 1976 (s 40(3) and gaz 1976, No S17)
am No 129, 1989; No 44, 1999; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016
s 47............................................	exp 30 Jan 1976 (s 40(3) and gaz 1976, No S17)
s 48............................................	exp 30 Jan 1976 (s 40(3) and gaz 1976, No S17)
s 49............................................	am No 93, 1966; No 116, 1973
exp 30 Jan 1976 (s 40(3) and gaz 1976, No S17)
rep No 129, 1989
Part V
s. 50...........................................	am. No. 93, 1966; No. 129, 1989; No. 54, 1998
Part VI
Part VI heading...........................	rs No 44, 1999
rep No 121, 2001
ad No 116, 2003
Part VI.......................................	rs. No. 129, 1989
rep. No. 121, 2001
ad. No. 116, 2003
s 51A.........................................	ad No 116, 2003
am No 45, 2008; No 70, 2015; No 39, 2024
s. 51B........................................	ad. No. 116, 2003
am. No. 82, 2010 (as am. by No. 136, 2012)
s 51C.........................................	ad No 116, 2003
am No 25, 2008; No 39, 2024; No 14, 2025
s 51D.........................................	ad No 116, 2003
am No 82, 2010 (as am by No 136, 2012); No 39, 2024
s. 51...........................................	am. No. 84, 1967; No. 116, 1973; No. 156, 1977 (as am. by No. 78, 1978); No. 105, 1987
rs. No. 129, 1989
am. No. 54, 1998
rep. No. 121, 2001
s. 52...........................................	am. Statutory Rules 1962 No. 92; No. 93, 1966; No. 166, 1986
rs. No. 129, 1989
rep. No. 54, 1998
Part VIA
Part VIA....................................	ad No 154, 2007
am No 10, 2019
Division 1..................................	rep No 10, 2019
s 52A.........................................	ad No 154, 2007
am No 82, 2010; No 10, 2018
rep No 10, 2019
s 52B.........................................	ad No 154, 2007
rep No 10, 2019
s 52C.........................................	rep No 10, 2019
s 52D.........................................	rep No 10, 2019
s 52E.........................................	ad No 154, 2007
am No 82, 2010; No 10, 2018
rep No 10, 2019
Division 2 heading......................	rep No 10, 2019
s 52F..........................................	ad No 154, 2007
am No 5, 2018
s. 53...........................................	am. Statutory Rules 1962 No. 92; No. 93, 1966; No. 116, 1973
rep. No. 129, 1989
s. 54...........................................	am. No. 93, 1966; No. 166, 1986
rep. No. 129, 1989
s. 55...........................................	am. No. 166, 1986
rep. No. 129, 1989
ss. 56, 57....................................	rep. No. 129, 1989
s. 58...........................................	am. No. 166, 1986
rep. No. 129, 1989
s. 59...........................................	rep. No. 129, 1989
Part VII
Part VII heading..........................	rs No 5, 2018
s. 60...........................................	rep. No. 129, 1989
ad. No. 82, 2010
Part VIII
Part VIII heading........................	ad No 5, 2018
Division 1
Division 1 heading......................	ad No 5, 2018
s. 61...........................................	am. No. 93, 1966
rs. No. 129, 1989; No. 54, 1998
am. No. 44, 1999
rs. No. 116, 2003
am. No. 154, 2007; No. 82, 2010 (as am. by No. 136, 2012); No 11, 2016
s 61A.........................................	ad No 5, 2018
s 61B.........................................	ad No 5, 2018
Division 2
Division 2..................................	ad No 5, 2018
s 61C.........................................	ad No 5, 2018
s 61D.........................................	ad No 5, 2018
s 61E.........................................	ad No 5, 2018
s 61F..........................................	ad No 5, 2018
s 61G.........................................	ad No 5, 2018
Division 3
Division 3..................................	ad No 5, 2018
s 61H.........................................	ad No 5, 2018
s 61J..........................................	ad No 5, 2018
s 61K.........................................	ad No 5, 2018
s 61L.........................................	ad No 5, 2018
s 61M........................................	ad No 5, 2018
s 61N.........................................	ad No 5, 2018
s 61P..........................................	ad No 5, 2018
s 61Q.........................................	ad No 5, 2018
Division 4
Division 4 heading......................	ad No 5, 2018
s 62............................................	am No 93, 1966; No 129, 1989
rs No 54, 1998
am No 44, 1999; No 160, 2000; No 121, 2001; No 116, 2003; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016; No 11, 2016
Division 5
Division 5..................................	ad No 5, 2018
s 62AA......................................	ad No 5, 2018
ed C52
s 62AB.......................................	ad No 5, 2018
Part IX
Part IX heading...........................	ad No 5, 2018
s 62A.........................................	ad No 116, 2003
am No 154, 2007; No 45, 2008; No 82, 2010; No 125, 2011; No 70, 2015
s 62B.........................................	ad No 105, 2008
am No 10, 2018
s 62C.........................................	ad No 105, 2008
am No 10, 2018
s 62D.........................................	ad No 10, 2018
s 62E.........................................	ad No 10, 2018
s 63............................................	am No 93, 1966; No 116, 1973; No 129, 1989; No 69, 1994; No 54, 1998; No 44, 1999; No 24, 2000; No 160, 2000; No 55, 2001; No 42, 2003; No 154, 2007; No 73, 2008; No 82, 2010 (as am by No 136, 2012); No 4, 2016
s 63A.........................................	ad No 84, 1967
am No 129, 1989
rep No 193, 1992
s 63B.........................................	ad No 156, 1977 (as am by No 78, 1978)
rep No 105, 1987
s 64............................................	am No 93, 1966; No 129, 1989
rep No 54, 1998
ad No 160, 2000
s 65............................................	am No 116, 1973; No 19, 1979; No 129, 1989; No 54, 1998; No 10, 2018
s 65A.........................................	ad No 160, 2000
am No 75, 2009; No 9, 2018
s 65B.........................................	ad No 105, 2008
s 66............................................	am No 93, 1966
rs No 129, 1989
am No 54, 1998; No 44, 1999; No 154, 2007; No 25, 2008; No 82, 2010 (as am by No 136, 2012); No 4, 2016; No 9, 2018
s 66AA......................................	ad No 9, 2018
s 66A.........................................	ad No 54, 1998
am No 44, 1999; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016
s 67............................................	am No 93, 1966
rs No 129, 1989
am No 54, 1998; No 44, 1999; No 154, 2007; No 25, 2008; No 82, 2010 (as am by No 136, 2012); No 4, 2016
s 68............................................	am No 116, 1973; No 44, 1999
s 69............................................	am No 93, 1966; No 84, 1967; No 116, 1973; No 156, 1977 (as am by No 78, 1978); No 19, 1979; No 105, 1987; No 129, 1989; No 193, 1992; No 62, 1997; No 44, 1999; No 160, 2000; No 154, 2007; No 92, 2008; No 82, 2010 (as am by No 136, 2012); No 5, 2011; No 147, 2011; No 176, 2012; No 90, 2013; No 34, 2014; No 62, 2014; No 70, 2015; No 126, 2015; No 129, 2015; No 4, 2016; No 74, 2023
s 69AA......................................	ad No 54, 1998
s 69A.........................................	ad No 129, 1989
am No 193, 1992; No 107, 1997; No 54, 1998
rep No 44, 1999
ad No 129, 2015
s 69B.........................................	ad No 129, 1989
rep No 107, 1997
s 69B (prev s 69AA)....................	renum No 129, 2015
s 69BA.......................................	ad No 10, 2018
ed C50
am No 68, 2023
s 69C.........................................	ad No 129, 1989
am No 44, 1999, No 5, 2015
s 69D.........................................	ad No 193, 1992
rs No 107, 1997
am No 54, 1998
s 69E.........................................	ad No 54, 1998
s 69F..........................................	ad No 54, 1998
am No 116, 2003; No 10, 2018
s 70............................................	am No 116, 1973; No 129, 1989
rep No 69, 1994
s 70A.........................................	ad No 129, 1989
rs No 54, 1998; No 116, 2003
am No 10, 2018
s 70AA......................................	ad No 10, 2018
s 70AB.......................................	ad No 10, 2018
s 70B.........................................	ad No 54, 1998
am No 55, 2001
s 70C.........................................	ad No 105, 2008
am No 62, 2014; No 126, 2015
s 70D.........................................	ad No 105, 2008
s 70E.........................................	ad No 105, 2008
am No 62, 2014
s 70F..........................................	ad No 105, 2008
am No 62, 2014
s 70G.........................................	ad No 105, 2008
rs No 62, 2014
s 70H.........................................	ad No 105, 2008
s 71............................................	am No 93, 1966; No 129, 1989; No 107, 1997; No 54, 1998; No 44, 1999
The Schedules
First Schedule.............................	am. No. 216, 1973 (as am. by No. 20, 1974)
rs. No. 129, 1989; No. 193, 1992
rep. No. 54, 1998
Second Schedule.........................	am. Statutory Rules 1962 No. 92; No. 127, 1965; No. 93, 1966; No. 84, 1967; No. 116, 1973; No. 76, 1984
rep. No. 129, 1989
Schedule 1
Heading to Third......................... Schedule	rep. No. 54, 1998
Heading to Schedule 1.................	ad. No. 54, 1998
rs. No. 44, 1999
Third Schedule............................	ad. No. 80, 1982
Schedule 2
Schedule 2..................................	ad. No. 105, 2008
Part 1
cc. 1–5.......................................	ad. No. 105, 2008
Part 2
cc. 6–9.......................................	ad. No. 105, 2008