Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 14D

Duty to report to APRA on request

             (1)  A person who is an administrator of an ADI's business must give to APRA a written report showing how the control of the ADI's business is being carried out if APRA requests that such a report be provided to it. The report must be given to APRA within a reasonable time after the request.

Duty to report to APRA on termination of appointment

             (2)  A person who was an administrator of an ADI's business must give to APRA a written report showing how the control of the ADI's business was carried out over the period of the administrator's appointment if the administrator's appointment has been terminated. The report must be given to APRA within a reasonable time of the termination.

Duty to follow directions by APRA

             (3)  APRA may give an administrator of an ADI's business a direction relating to the control of the ADI's business, and may alter such a direction. If a direction (including an altered direction) is given to an administrator by APRA, the administrator must:

                     (a)  act in accordance with the direction; or

                     (b)  immediately provide to APRA information relating to the control of the ADI's business and request APRA to alter the direction.

             (4)  If an administrator of an ADI's business requests APRA to alter a direction and APRA considers the request then confirms the direction, the administrator must act in accordance with the direction.