Consent to reconstruction of an authorised deposit-taking institution
Banking Act 1959
TO: Queensland Professional Credit Union Ltd ABN 81 087 651 045 (the body corporate) SINCE
- the body corporate is an ADI for the purposes of the Banking Act 1959 (the Act); and
B. the body corporate proposes to effect a reconstruction, as described in the attached Schedule (the reconstruction); and
C. I have taken into account the national interest; and
D. I have considered whether the body corporate has complied with any applicable guidelines in effecting a demutualisation.
I, Keith Chapman, a delegate of the Treasurer, under subsection 63(1) of the Act, CONSENT to the reconstruction.
Dated 28 April 2016
[Signed]
Keith Chapman
Executive General Manager Specialised Institutions Division
Interpretation Document ID: 221941
In this Notice
APRA means the Australian Prudential Regulation Authority.
ADI is short for authorised deposit-taking institution and has the meaning given in subsection 5(1) of the Act.
foreign ADI has the meaning given in subsection 5(1) of the Act.
Note 1
By virtue of subsection 63(2) of the Act, any arrangement, agreement or reconstruction and any
such sale or disposal in pursuance of any such agreement or arrangement, entered into without the prior consent of the Treasurer is void and of no effect. Subsection 63(3) provides that the consent of the Treasurer shall not be unreasonably withheld.
Note 2
Under subsection 63(1AA) of the Act, the Treasurer must arrange for notice of this consent to be
published in the Gazette as soon as practicable.
Note 3
Under subsection 63(1) of the Act, an ADI, other than a foreign ADI, is guilty of an offence if the
ADI enters into an arrangement or agreement for the sale or disposal of its business or for carrying on business in partnership with another ADI, or effects a reconstruction of the ADI, without the Treasurer’s prior consent in writing. The maximum penalty is 200 penalty units.
Note 4
offence.
Note 5
Under subsection 63(1A) of the Act, an offence against subsection 63(1) of the Act is an indictable
Under paragraph 63(5)(a) of the Act, the Treasurer may, in writing, delegate all or any of his or her
powers under subsection 63 to APRA, an APRA member or an APRA staff member.
Note 6
By virtue of subsection 63(6) of the Act, a reference to reconstruction of an ADI includes a
reference to a demutualisation of an ADI. The meaning of demutualisation may be defined by regulations made for the purposes of section 63 (see subsection 63(7) of the Act). The Treasurer may, by legislative instrument, determine guidelines as to acceptable standards of disclosure of information by an ADI (other than a foreign ADI) to its members in respect of a proposed demutualisation of the ADI (see subsection 63(8) of the Act). Under subsection 63(9) of the Act, in deciding whether to give consent to the ADI effecting a demutualisation, the Treasurer must consider whether an ADI has complied with the guidelines (if any).
Schedule