Notice of name change of authorised deposit- taking institution
Banking Act 1959
I, Keith Chapman, a delegate of APRA, under paragraph 9B(1)(b) of the Banking Act 1959 (the Act), am satisfied that Qantas Staff Credit Union Limited ABN 53 087 650 557, which holds an authority under section 9 of the Act (the Authority), has changed its name to Qudos Mutual Ltd ABN 53 087 650 557.
Under subsection 9B(3) of the Act, the Authority is taken to have effect, after publication of this Notice in the Gazette, as if it had been granted to Qudos Mutual Ltd.
Dated 21 December 2015
[Signed]
Keith Chapman
Executive General Manager Specialised Institutions Division
Interpretation Document ID: 220360
In this Notice
APRA means the Australian Prudential Regulation Authority.
18/12/2015
Overview
The Banking Act 1959, enacted by the Commonwealth Parliament, was introduced to regulate the operations of banking institutions in Australia, ensuring financial stability and consumer protection. In this context, the Notice of name change of authorised deposit-taking institution is a crucial administrative action under the Banking Act. The Notice, published on 18 December 2015, formalises the name change of Qantas Staff Credit Union Limited to Qudos Mutual Ltd, reflecting the institution’s evolution and rebranding while ensuring continuity under the existing regulatory framework. Keith Chapman, a delegate of the Australian Prudential Regulation Authority (APRA), authorised the name change, ensuring it complies with the statutory requirements of the Act, thereby maintaining the institution's standing and regulatory obligations.
Scope and Application
The Notice of name change of authorised deposit-taking institution under the Banking Act 1959 applies specifically to the Qantas Staff Credit Union Limited, which has transitioned to being known as Qudos Mutual Ltd. This legislative update concerns an authorised deposit-taking institution that holds an authority under section 9 of the Act. The Australian Prudential Regulation Authority (APRA) is responsible for overseeing and regulating such institutions in Australia, and this Notice serves to legally formalise the name change of the institution as recognised under the Act. The Authority, previously held by Qantas Staff Credit Union Limited, is now deemed to be granted to Qudos Mutual Ltd, effective from the publication of this Notice in the Gazette. This change does not alter the institution's operational scope or regulatory responsibilities, but rather updates its official nomenclature. The Notice confirms that the Authority will continue to apply to the institution under its new name, ensuring compliance with the regulatory framework provided by the Banking Act 1959.
Key Provisions
The key operative sections of the Notice of Name Change of Authorised Deposit-Taking Institution (section 9B(1)(b)) under the Banking Act 1959 detail the formal approval process for a change in the name of an institution that holds a banking authority. Section 9B(3) of the Act specifies that the Authority, once the new name is published in the Gazette, will be deemed to have been granted to the institution under its new name. This means that the legal standing and permissions of the institution remain unchanged, despite the name alteration. The Notice confirms that the Australian Prudential Regulation Authority (APRA) has granted approval for the name change of Qantas Staff Credit Union Limited to Qudos Mutual Ltd.
The obligations and requirements imposed by the Act on the parties involved are clear and straightforward. The institution, previously known as Qantas Staff Credit Union Limited, must formally notify APRA of the intent to change its name. Once APRA is satisfied that all conditions and requirements for the name change have been met, the Authority will be amended to reflect the new name. This ensures that the institution’s regulatory status remains intact and that all legal documentation, contracts, and public records are updated to reflect the new name. The process is designed to maintain transparency and continuity in the regulation and operation of financial institutions.
Under the Banking Act 1959, there are specific consequences for non-compliance with the statutory requirements for name changes. If an institution fails to comply with the notification and approval process, it could face significant legal repercussions. Although the Notice itself does not detail specific penalties, breaches of the Act could lead to enforcement actions by APRA, including fines and potential revocation of the institution's banking authority. The severity of the penalties would depend on the nature and extent of the breach, with the Act providing a framework for regulatory oversight to ensure compliance.