Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 14B

Types of recommendation

             (1)  An administrator of an ADI's business may make any of the following recommendations to APRA, by instrument in writing given to APRA:

                     (a)  that APRA make a particular direction under Division 1BA in respect of the ADI;

                     (b)  if the administrator considers that the ADI is insolvent and could not be restored to solvency within a reasonable period:

                              (i)  that APRA apply under section 14F to the Federal Court of Australia for an order that the ADI be wound up; or

                             (ii)  that APRA revoke the ADI's section 9 authority.

Effect of recommendation

             (2)  If an administrator of an ADI's business makes a recommendation under this section, APRA must consider the recommendation but is not required to act on it.