Commonwealth Numbered Acts

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY ACT 1998No. 50, 1998 - SECT 12

Note: The Board determines APRA's policies, see section 17.

(3) If the Treasurer and Board cannot agree, the Board must immediately give the Treasurer a statement about the matter in relation to which the Treasurer and Board have failed to agree.

(4) The Treasurer may then give the Governor-General a recommendation as to the way the matter should be resolved.

(5) The Governor-General, acting with the advice of the Federal Executive Council, may, by order, determine the policy to be adopted by APRA.

(6) The Treasurer is to inform the Board:

(a) of the policy determined under subsection (5); and

(b) that the Government accepts responsibility for the adoption of that policy by APRA and that the Government will take any action within its powers that the Government considers necessary because of the adoption of that policy.

(8) The Treasurer is to cause the following documents to be tabled in each House of the Parliament within 5 sitting days of that House after the Treasurer has informed the Board of the matters in subsection (6):

(a) a copy of the order determining the policy; and

(b) a statement by the Government in relation to the matter in relation to which the Treasurer and Board have failed to agree; and

(c) a copy of the statement that the Board gave to the Treasurer as required under subsection (3).

Note: See section 28 of the Commonwealth Authorities and Companies Act 1997 for additional information relating to obligations of the Board to follow government policy.