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

Overview

The Notice of name change of authorised deposit-taking institution is a gazetted document issued under the Banking Act 1959, which governs the operations of authorised deposit-taking institutions in Australia. This particular notice, published on 18 March 2013, addresses the name change of the R.T.A. Staff Credit Union Limited to Transport Mutual Credit Union Limited, as authorised by the Australian Prudential Regulation Authority (APRA). The primary objective of this notice is to ensure that the legal and regulatory framework governing the institution remains consistent and transparent following a change in the institution's name, thereby maintaining the integrity of the financial system and protecting the interests of depositors and other stakeholders. This notice acts to legally formalise the name change, ensuring that the institution continues to operate under the appropriate regulatory authority as specified by the Banking Act 1959.

Scope and Application

The notice issued under the Banking Act 1959 concerns the name change of an authorised deposit-taking institution, specifically R.T.A. Staff Credit Union Limited to Transport Mutual Credit Union Limited. This change is authorised by a delegate of the Australian Prudential Regulation Authority (APRA) and pertains to the institution's authority under section 9 of the Act, which allows it to operate as a credit union. The notice confirms that, following the publication of this official announcement in the Gazette, the Authority previously held by R.T.A. Staff Credit Union Limited is deemed to have been granted to Transport Mutual Credit Union Limited. This legislative action ensures that the institution’s operational capacity and regulatory standing are maintained under its new name, reflecting the continuity of its authorised activities within the framework established by the Banking Act 1959. The jurisdictional scope of this notice is within the Commonwealth of Australia, aligning with the legislative powers and regulatory oversight provided by APRA.

Key Provisions

The main operative sections of this notice pertain to the name change of an authorised deposit-taking institution, as outlined in section 9B(1)(b) of the Banking Act 1959 (the Act). This section allows a delegate of the Australian Prudential Regulation Authority (APRA) to be satisfied that a credit union has changed its name, thereby permitting the Authority to be considered as if it had been granted to the new name. Specifically, this notice informs that R.T.A. Staff Credit Union Limited has changed its name to Transport Mutual Credit Union Limited. Pursuant to subsection 9B(3) of the Act, this change takes effect after the notice is published in the Gazette. The obligations and requirements imposed by the Act on the parties or entities it governs include the need for formal notification and approval of name changes by the delegate of APRA. In this instance, Brandon Khoo, as a delegate of APRA, has verified the name change of the credit union from R.T.A. Staff Credit Union Limited to Transport Mutual Credit Union Limited. This formal approval process ensures that the change is legally recognised and that the Authority continues to be valid under the new name. The notice does not explicitly outline offences, penalties, or consequences for breach in the text provided. However, under the general provisions of the Banking Act 1959, failure to comply with the requirements for notifying and obtaining approval for a name change could potentially lead to regulatory action. Such action could include enforcement measures, fines, or other penalties as deemed appropriate by APRA. While the specific penalties are not detailed in this notice, they would be in accordance with the broader regulatory framework provided by the Act.