Notice of name change of authorised deposit-taking institution - Police & Nurses Credit Society Limited

Overview

The Notice of Name Change of Authorised Deposit-Taking Institution is a gazetted notification issued under the Banking Act 1959 by the Australian Prudential Regulation Authority (APRA), indicating a formal change in the name of an authorised deposit-taking institution. Enacted by the Australian Parliament, the Banking Act 1959 was introduced to regulate the operations of banks and other financial institutions, ensuring financial stability and consumer protection within the banking sector. This particular notice addresses the procedural requirement of notifying stakeholders about the name change of Police & Nurses Credit Society Limited to Police & Nurses Limited, ensuring the continuity of the institution's regulatory authorisation under the Act. The policy objective of the Banking Act 1959 is to maintain a sound and efficient banking system that supports the overall economic stability of Australia.

Scope and Application

The notice pertains to the formal notification of a name change for an authorised deposit-taking institution under the Banking Act 1959. The Act applies to entities authorised to take deposits, and in this instance, it involves Police & Nurses Credit Society Limited, which has changed its name to Police & Nurses Limited. This change of name has been approved by Brandon Kong Leong Khoo, a delegate of the Australian Prudential Regulation Authority (APRA), as per the authority granted under paragraph 9B(1)(b) of the Act. The Authority held by Police & Nurses Credit Society Limited, as outlined in section 9 of the Act, is recognised as being granted to Police & Nurses Limited upon the publication of this notice in the Gazette, as specified under subsection 9B(3) of the Act. This change ensures that all legal references and obligations under the Act continue seamlessly with the new entity name. The geographic reach of this application is national, affecting all dealings and legal matters involving Police & Nurses Limited across Australia. The notice does not specify any exclusions, exemptions, or thresholds, and any further details or conditions would be found in the subordinate instruments or related documentation.

Key Provisions

The Notice of Name Change of Authorised Deposit-Taking Institution (C2012G00272) under the Banking Act 1959 signifies a formal amendment to the name of a financial institution authorised to operate as a deposit-taking entity. The Notice (paragraph 9B(1)(b)) confirms that Police & Nurses Credit Society Limited, which previously held an authority under section 9 of the Act, has changed its name to Police & Nurses Limited. This change, effective from the date of publication in the Gazette, is authorised by subsection 9B(3) of the Act, which stipulates that the Authority is deemed to have been granted to the newly named entity, Police & Nurses Limited. The Notice imposes specific obligations on the institution undergoing the name change, primarily ensuring that all regulatory and legal references are updated to reflect the new name. This is crucial for maintaining compliance with the Act and for the institution to continue its operations without legal impediments. The institution must notify relevant stakeholders, including customers, regulators, and other entities, of this name change to ensure that all interactions and legal agreements are correctly attributed to the new name. Failure to comply with the requirements set out in the Act, including proper notification and updating of records, can result in civil or criminal penalties. Although the Notice itself does not detail specific penalties, breaches of the Banking Act 1959 can lead to significant consequences. These may include fines, imprisonment, or both, depending on the severity and nature of the breach. The maximum penalties can vary, but they are designed to enforce adherence to the regulatory framework governing authorised deposit-taking institutions in Australia.