Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 16A

Reports to the Treasurer

             (1)  If the Treasurer requests APRA to give him or her a written report concerning the activities of ADI statutory managers in respect of specified ADIs or in respect of a specified period, APRA must give the Treasurer such a written report within a reasonable time after the Treasurer requests it.

             (2)  If an ADI statutory manager takes control of an ADI's business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Treasurer a written report within a reasonable time after the end of the financial year concerning activities of all ADI statutory managers and each ultimate termination of control that occurred during that financial year.

Requirement to publish notices in Gazette

             (3)  If APRA:

                     (a)  takes control of an ADI's business; or

                     (b)  appoints an administrator of an ADI's business; or

                     (c)  makes an ultimate termination of control in respect of an ADI's business;

                   APRA must publish notice of that fact in the Gazette . However, mere failure to publish such a notice does not affect the validity of the act.