Notice of name change of authorised deposit- taking institution - Maritime, Mining & Power Credit Union Limited

Overview

The Banking Act 1959 was enacted to regulate the banking industry in Australia, ensuring stability and confidence in the financial system. The Act was introduced to address the need for oversight and regulation of authorised deposit-taking institutions (ADIs), including banks, credit unions, and building societies. This legislation is overseen by the Australian Prudential Regulation Authority (APRA), which is responsible for prudential supervision of financial institutions. The policy objective of the Act is to maintain the safety and soundness of ADIs, protect consumers, and promote competition in the banking sector. The notice published in the Gazette on 1 March 2017 informs the public of a name change by an authorised deposit-taking institution, Maritime, Mining & Power Credit Union Limited, to Unity Bank Limited, with the change taking effect after the notice was published. The notice confirms that the authority granted to Maritime, Mining & Power Credit Union Limited under the Act is now granted to Unity Bank Limited, ensuring continuity of regulation and oversight.

Scope and Application

The notice pertains to the Banking Act 1959, which governs the operations of authorised deposit-taking institutions in Australia. Specifically, this notice addresses the change of name of Maritime, Mining & Power Credit Union Limited to Unity Bank Limited, both of which hold an authority under the Act. Keith Chapman, a delegate of the Australian Prudential Regulation Authority (APRA), has determined that the name change is permissible under paragraph 9B(1)(b) of the Act, and the Authority held by the original institution is now deemed to apply to the new entity, Unity Bank Limited, following the publication of this notice in the Gazette. The Act applies to authorised deposit-taking institutions such as credit unions and banks, regulating their conduct and transactions within Australia. The notice extends the application of the existing authorisation to the newly named institution, ensuring continuity in regulatory oversight and compliance requirements without the need for a new application process.

Key Provisions

The main operative sections of this Notice under the Banking Act 1959 pertain to the name change of Maritime, Mining & Power Credit Union Limited to Unity Bank Limited. Specifically, section 9B(1)(b) empowers a delegate of the Australian Prudential Regulation Authority (APRA), in this case Keith Chapman, to issue a notice confirming a name change of an authorised deposit-taking institution. This notice is issued when the delegate is satisfied that the institution has indeed changed its name, as stated in section 9B(3) of the Act. The Authority, which was initially granted to Maritime, Mining & Power Credit Union Limited, is now deemed to apply to Unity Bank Limited following the publication of this Notice in the Gazette. The Act imposes certain obligations and requirements on the parties it governs. The institution, in this instance Maritime, Mining & Power Credit Union Limited, must ensure that the name change is valid and in compliance with the provisions of the Banking Act 1959. Once the delegate of APRA is satisfied with the change, they must issue a formal notice as required under section 9B(1)(b). This notice must then be published in the Gazette to signify the change of name officially. Unity Bank Limited, as the new entity, must also comply with all the conditions and requirements that were applicable to the previous institution under its Authority. The Banking Act 1959 also outlines consequences for non-compliance or breaches related to the name change. While the specific penalties are not detailed in this particular Notice, the Act generally provides for various civil and criminal penalties for breaches. These may include fines, imprisonment, or other sanctions depending on the severity and nature of the breach. The precise penalties would be determined based on the specific provisions of the Act that are contravened. The overarching aim of these provisions is to ensure that the authorised deposit-taking institutions operate within the legal framework set by the Act, maintaining the integrity and stability of the financial system.