Notice of name change of authorised deposit-taking institution - Summerland Credit Union Limited

Overview

The Banking Act 1959, enacted by the Australian Parliament, establishes a comprehensive regulatory framework for authorised deposit-taking institutions (ADIs) in Australia, aiming to protect depositors, promote financial system stability and maintain confidence in the banking sector. The Act provides the Australian Prudential Regulation Authority (APRA) with the necessary powers to supervise and regulate ADIs, ensuring compliance with prudential standards and fostering sound financial practices. The Act was introduced to address the need for a cohesive legal structure governing the operations of ADIs in Australia, with the policy objective of safeguarding the interests of depositors and maintaining the overall health of the financial system. In this context, the notice of name change for Summerland Credit Union Limited to Summerland Financial Services Limited, published in the Gazette on 21 July 2017, serves to update the legal records and reflect the institution's new identity while ensuring continued compliance with the Act's provisions.

Scope and Application

This Notice of Name Change under the Banking Act 1959 applies to Summerland Credit Union Limited, which has changed its name to Summerland Financial Services Limited. This change is formalised through the Authority granted under section 9 of the Banking Act 1959, and the legislative process ensures that the Authority is effectively transferred to the new entity upon publication of the Notice in the Gazette. The Act applies to authorised deposit-taking institutions, and this change impacts the entity's legal name while preserving its operational authority. The jurisdiction of this Notice is Commonwealth, as it is issued by a delegate of the Australian Prudential Regulation Authority (APRA) under the Banking Act 1959. The Notice does not explicitly state any exclusions, exemptions, or thresholds, but it operates within the framework of the Act, which may contain such provisions. The application of the Act is further extended or restricted through subordinate instruments, which are not detailed in this particular Notice.

Key Provisions

The key operative sections of this Notice under the Banking Act 1959, relevant to the name change of an authorised deposit-taking institution, are sections 9 and 9B. Section 9 of the Act pertains to the granting of an authority to a deposit-taking institution, while section 9B outlines the process for notifying the public of a change in name of such an institution. This Notice, dated 21 July 2017, is issued under section 9B(1)(b) of the Act and confirms that Summerland Credit Union Limited has changed its name to Summerland Financial Services Limited. The Authority previously held by Summerland Credit Union Limited is now deemed to be held by Summerland Financial Services Limited following the publication of this Notice in the Gazette, as stated in subsection 9B(3). In terms of obligations and requirements, the Banking Act 1959 mandates that authorised deposit-taking institutions, like Summerland Financial Services Limited, must notify the Australian Prudential Regulation Authority (APRA) of any changes to their names. This notification is essential to ensure that all regulatory records and public disclosures accurately reflect the current name of the institution. Additionally, once APRA is satisfied that the name change has been properly effected, it must issue a notice in the Gazette, as seen in this document. This public notification serves to inform stakeholders, regulators, and the general public of the name change and its effective date. The Banking Act 1959 imposes civil and criminal consequences for non-compliance with its provisions, although specific offences related to the name change process are not detailed in this Notice. Generally, breaches of the Act could result in penalties such as fines, legal action, or even the revocation of the institution's authority to operate. For example, if an institution fails to notify APRA of a name change, it could face significant penalties under the Act, potentially impacting its ability to conduct business. While the maximum penalties for specific offences are not stated in this Notice, they are outlined elsewhere in the Act and could include substantial financial penalties or criminal charges for more serious breaches.