BANKING ACT 1959 - SECT 9 Authority to carry on banking business

BANKING ACT 1959 - SECT 9

  (2)   A body corporate which desires authority to carry on banking business in Australia may apply in writing to APRA for authority accordingly.

Note:   The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 and the Financial Sector (Shareholdings) Act 1998 .

  (2A)   APRA may, by legislative instrument, set criteria for the granting of an authority to carry on banking business in Australia.

  (3)   If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority.

Note:   For APRA's power to revoke an authority, see section   9A.

  (3A)   Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of another body corporate that does not hold a NOHC authority.

  (4)   If APRA grants an authority under subsection   (3), APRA must cause notice of that authority to be published in the Gazette . APRA may also cause notice of that authority to be published in any other way it considers appropriate.

  (5)   A failure to comply with subsection   (4) does not affect the validity of the authority.

  (6)   Part   VI applies to a decision to refuse an application under this section.