Commonwealth Consolidated Acts

BANKING ACT 1959

TABLE OF PROVISIONS

           Long Title

   PART I--PRELIMINARY

   1.      Short title [see Note 1]  
   2.      Commencement [see Note 1]  
   4.      Repeal  
   5.      Interpretation  
   6.      Application of Act  
   6A.     Cessation of application of Act to Territory  
   6B.     Application of Criminal Code  

   PART II--PROVISIONS RELATING TO THE CARRYING ON OF BANKING BUSINESS

           Division 1--Authority to carry on banking business

   7.      Person other than a body corporate must not carry on banking business  
   8.      Only the Reserve Bank and bodies corporate that are ADIs may carry on banking business  
   9.      Authority to carry on banking business  
   9A.     Revocation of authority  
   9B.     Bodies that cease to exist or change their names  
   9C.     Publication of list of ADIs  
   10.     APRA to be supplied with certain documents  
   11.     APRA may determine that provisions of this Act do not apply  

           Division 1AA--Authority to be a NOHC of an ADI

   11AA.   Authority to be a NOHC  
   11AB.   Revocation of authority  
   11AC.   Bodies that cease to exist or change their names  
   11AD.   Publication of list of NOHCs  

           Division 1A--Prudential supervision and monitoring of ADIs and authorised NOHCs

   11AF.   APRA may make prudential standards for ADIs and authorised NOHCs  
   11A.    Prudential requirements may also be prescribed by the regulations  
   11B.    APRA to monitor prudential matters  
   11C.    Division not to limit operation of other provisions  

           Division 1BA--APRA's power to issue directions

              Subdivision A--Directions other than to enforce certified industry support contracts

   11CA.   APRA may give directions in certain circumstances  

              Subdivision B--Directions to enforce certified industry support contracts

   11CB.   APRA may certify an industry support contract  
   11CC.   APRA may direct parties to an industry support contract to comply with the contract  

              Subdivision C--General provisions relating to all directions

   11CD.   Direction not grounds for denial of obligations  
   11CE.   Supply of information about issue and revocation of directions  
   11CF.   Secrecy requirements  
   11CG.   Non-compliance with a direction  

           Division 1B--Provisions relating to certain ADIs

   11D.    Interpretation  
   11E.    Division 2 not applicable to foreign ADIs  
   11F.    Assets of foreign ADIs  

           Division 2--Protection of depositors

              Subdivision A--General provisions relating to depositor protection

   12.     APRA to protect depositors  
   13.     ADI to supply information to APRA  
   13A.    Consequences of inability or failure of ADI to meet obligations  
   13B.    Investigators--ADI must provide information and facilities  
   13BA.   Start of control of ADI's business by ADI statutory manager  
   13C.    ADI statutory managers--termination of control  

              Subdivision B--Provisions dealing with control of an ADI's business by an ADI statutory manager

   14A.    ADI statutory manager's powers and functions  
   14AA.   ADI statutory manager's additional powers to facilitate recapitalisation  
   14AB.   Considering report before acting under section 14AA  
   14AC.   Act under section 14AA not ground for denying obligation  
   14B.    Administrator in control--additional powers to recommend action by APRA  
   14C.    ADI statutory manager's liabilities and duties  
   14D.    Administrator in control--additional duties  
   14DAA.  Administrator in control--additional duties where action may affect financial system stability in Australia  
   14DA.   Administrator in control--additional duties where action may affect financial system stability in New Zealand  
   14E.    Termination of administrator's appointment  
   14F.    APRA's powers to apply for ADI to be wound up  
   15.     Effect on directors of ADI statutory manager taking control of an ADI's business  
   15A.    Effect on external administrator of ADI statutory manager taking control of an ADI's business  
   15B.    Effect on legal proceedings of ADI statutory manager taking control of an ADI's business  
   15C.    ADI statutory manager being in control not grounds for denial of obligations  
   15D.    Continued application of other provisions  
   16.     Costs of statutory management  
   16A.    APRA must report to Treasurer and publish information about statutory management  
   16AA.   Exceptions to Part IV of the Trade Practices Act 1974  

           Division 2AA--Financial claims scheme for account-holders with insolvent ADIs

              Subdivision A--Preliminary

   16AB.   Purpose of this Division  
   16AC.   APRA's functions relating to this Division  

              Subdivision B--Declaration of ADI

   16AD.   Declaration that Subdivision C applies in relation to ADI  
   16AE.   Advice and information for decision on making declaration  

              Subdivision C--Payment of account-holders with declared ADI

   16AF.   Payment of account-holders with declared ADI  
   16AG.   Limit on payments to account-holder with declared ADI  
   16AH.   Payment  
   16AHA.  Giving information about payments in a financial year  
   16AI.   Substitution of APRA for account-holder as ADI's creditor  

              Subdivision D--Administration

   16AJ.   Requiring assistance  
   16AK.   Obtaining information relevant to determining and paying entitlements  
   16AL.   Enforcing requirement for assistance or information  
   16AM.   Recovery of overpayments  
   16AN.   APRA may delegate functions and powers under this Division  
   16AO.   APRA's costs of administration  

              Subdivision E--Account-holder's claims against ADI remaining after entitlement

   16AP.   When this Subdivision applies  
   16AQ.   Liquidator may admit debt or claim without normal proof  
   16AR.   How liquidator must pay distributions to account-holder  
   16AS.   APRA may disclose relevant personal information to liquidator  

              Subdivision F--Disclosure of information relating to new accounts

   16AT.   APRA or liquidator to disclose information to ADI  

              Subdivision G--Exceptions to Part IV of the Trade Practices Act 1974

   16AU.   Exceptions to Part IV of the Trade Practices Act 1974  

           Division 2A--Auditors of ADIs and authorised NOHCs and their subsidiaries

   16B.    Auditors to give information to APRA on request  
   16BA.   Requirement for auditors to give information about ADIs  
   16C.    Auditor may provide information to APRA  

           Division 2B--Removal of auditors of ADIs

   17.     APRA may remove an auditor of an ADI  
   18.     Referring matters to professional associations for auditors  

           Division 2C--Enforceable undertakings

   18A.    Enforceable undertakings  

           Division 3--Governance

   19.     Disqualified persons must not act for ADIs or authorised NOHCs  
   20.     Who is a disqualified person?  
   21.     Court power of disqualification  
   22.     Court power to revoke or vary a disqualification etc.  
   23.     APRA may remove a director or senior manager of an ADI or authorised NOHC  

           Division 4--Mobilization of foreign currency

   32.     Interpretation  
   33.     Transfer of foreign currency to Reserve Bank  
   34.     Payment for transferred foreign currency  
   35.     Sale of foreign currency by Reserve Bank  

           Division 5--Advances

   36.     Advance policy  

   PART IIA--ADI--MERGERS

   38A.    Operation of certain State and Territory laws relating to ADI mergers  

   PART III--FOREIGN EXCHANGE, FOREIGN INVESTMENT ETC

   39.     Power to make regulations  
   39A.    Extra-territorial application of regulations  

   PART IV--GOLD

   40.     Operation of Part  
   41.     Transfer of gold out of Australia  
   42.     Delivery of gold  
   43.     Vesting of gold delivered  
   44.     Payment for gold  
   45.     Limitation of sale and purchase of gold  
   46.     Limitation on working of gold  
   47.     Application of Part  
   48.     Exemptions  

   PART V--INTEREST RATES

   50.     Control of interest rates  

   PART VI--RECONSIDERATION AND REVIEW OF DECISIONS

   51A.    Definitions  
   51B.    Reconsideration of decisions  
   51C.    Review of decisions  
   51D.    Statements to accompany notification of decisions  

   PART VIA--PROTECTIONS IN RELATION TO INFORMATION

           Division 1--Protection for whistleblowers

   52A.    Disclosures qualifying for whistleblower protection  
   52B.    Whistleblower protection for disclosures that qualify  
   52C.    Victimisation of whistleblowers prohibited  
   52D.    Right to compensation  
   52E.    Confidentiality requirement for company, company officers and employees and auditors  

           Division 2--Self-incrimination

   52F.    Self-incrimination  

   PART VII--MISCELLANEOUS

   61.     APRA may conduct investigations  
   62.     Supply of information  
   62A.    Notices to APRA  
   62B.    Involving APRA in applications to appoint external administrators of ADIs  
   62C.    Involving APRA in applications by liquidator  
   63.     Restructuring of ADIs  
   64.     Conditions on consent to restructure an ADI  
   65.     ADIs and authorised NOHCs may be directed to comply with Act  
   65A.    Injunctions  
   65B.    Civil penalties  
   66.     Restriction on use of certain words and expressions  
   66A.    Restriction on use of expressions authorised deposit-taking institution and ADI  
   67.     Restriction on establishment or maintenance of representative offices of overseas banks  
   68.     Bank holidays  
   69.     Unclaimed moneys  
   69AA.   Powers about money of depositors who have died  
   69C.    Conduct of directors, servants and agents  
   69D.    Disclosure of information received under Act prohibited in certain circumstances  
   69E.    Compensation for acquisition of property  
   69F.    Severability  
   70A.    Protection from liability  
   70B.    Act has effect despite the Corporations Act  
   70C.    Authorising contracts etc. for protecting depositors' interests and financial system stability  
   70D.    Borrowing funds for payments under authorised contracts etc.  
   70E.    Financial System Stability Special Account  
   70F.    Credits to the Account  
   70G.    Purposes of the Account  
   70H.    Debits to reflect reduced amounts specified in authorisations  
   71.     Regulations  
           SCHEDULE 1 State and Territory laws relating to ADI mergers
           SCHEDULE 2 Civil penalties