Notice revoking conditions on Authority to carry on banking business

Banking Act 1959

SINCE

1. Members Equity Bank Pty Limited ABN 56 070 887 679 (the ADI) holds an authority to carry on banking business in Australia (the Authority) under section 9 of the Banking Act 1959 (the Act); and

B.                 the Authority is subject to conditions imposed under subsection 9(4)(a) of the Act,

I, Stephen Edward Glenfield, a delegate of APRA, under paragraph 9(4)(b) of the Act, REVOKE those conditions imposed on the Authority, specified in the attached Schedule.

Dated: 7 August 2013

[Signed]

Stephen Edward Glenfield General Manager

Specialised Institutions Division

Interpretation Document ID: 209943

In this Notice

APRA means the Australian Prudential Regulation Authority.

ADI is short for authorised deposit-taking institution and has the meaning given in subsection 5(1) of the Act.

banking business has the meaning given in subsection 5(1) of the Act.

Note 1

Under subsection 9(4) of the Act, APRA may at any time, by notice in writing served on the ADI,

impose conditions or additional conditions or vary or revoke conditions imposed on its Authority to carry on

banking business. The conditions must relate to prudential matters.

Under subsection 9(6) of the Act, an ADI is guilty of an offence if it does or fails to do an act and

Note 2

Under subsection 9(6) of the Act, an ADI is guilty of an offence if it does or fails to do an act and

doing or failing to do that act results in a contravention of a condition of the ADI's Authority, and there is no

order in force under section 11 of the Act determining that subsection 9(6) does not apply to the ADI. The penalty is 200 penalty units or, by virtue of subsection 4B(3) of the Crimes Act 1914, in the case of a body corporate, a penalty not exceeding 1,000 penalty units. By virtue of subsection 9(6A) of the Act, an offence against subsection 9(6) is an indictable offence. Under subsection 9(6B) of the Act, if an ADI commits an offence against subsection 9(6), the ADI is guilty of an offence against that subsection in respect of the first day on which the offence is committed and each subsequent day (if any) on which the circumstances that gave rise to the ADI committing the offence continue (including the day of conviction for any such offence or any later day).

Note 3

Act.

Note 4

The circumstances in which APRA may revoke an ADI's Authority are set out in section 9A of the

Under subsection 9(7) of the Act, APRA must publish a copy of this Notice in the Gazette and may

cause notice of the action taken to revoke the conditions imposed on the authority to be published in any other

way it considers appropriate.

Schedule - the conditions which are revoked

The ADI must comply with Prudential Standard APS 510 (made under section 11AF of the Banking Act), but may do so as if paragraph 17 of APS 510 has no effect in relation to the current chair of the ADI, where “current chair” means the chair of the ADI as at the time this instrument comes into effect.

This Condition has effect despite anything in APS 510 but will cease to have effect immediately upon a change in the chair of the ADI.