Commonwealth Numbered Acts

FINANCIAL SECTOR REFORM (CONSEQUENTIAL AMENDMENTS) ACT 1998 NO. 48, 1998 - SCHEDULE 3--Amendment

1 Amendment of the Corporations Law

The provisions of the Corporations Law specified in this Part are amended by omitting "Australian bank" (wherever occurring) and substituting "Australian ADI".

Note: The headings to sections 897, 931 and 1230 are altered by omitting " bank account " and substituting " ADI account ".

3 Section 9 (subparagraph (a)(i) of the definition of clients' segregated account )

4 Section 9 (paragraph (i) of the definition of managed investment scheme )

5 Subparagraph 65(1)(b)(iii)

6 Subparagraph 324(3)(a)(i)

7 Paragraph 362(2)(b)

8 Subparagraph 362(2)(c)(iii)

9 Subsections 362(9) and (10)

10 Paragraph 421(1)(a)

11 Paragraph 437D(3)(a)

12 Subparagraph 448C(2)(a)(i)

13 Paragraph 468(2)(b)

14 Subparagraph 532(3)(a)(i)

15 Subsection 601DE(1)

16 Subparagraph 857(4)(a)(i)

17 Paragraph 866(1)(a)

18 Paragraph 872(2)(a)

19 Subsection 873(3)

20 Paragraph 891(1)(a)

21 Section 897

22 Section 931

23 Paragraph 1052(1)(f)

24 Paragraphs 1083(1)(a) to (c)

25 Paragraph 1083(3)(b)

26 Sub-subparagraph 1209(5)(d)(iii)(A)

27 Subsection 1215(1)

28 Subparagraph 1215(4)(a)(i)

29 Subsection 1218(2)

30 Section 1230

Part 2--Other changes

31 Section 9

Insert:

Australian ADI means:

(a) an ADI (authorised deposit-taking institution) within the meaning of the Banking Act 1959 ; and

(b) a person who carries on State banking within the meaning of paragraph 51(xiii) of the Constitution.

Insert:

bank or banker includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959 .

33 Section 9 (paragraphs (b) to (d) of the definition of banker's books )

Omit "Australian bank's" (wherever occurring), substitute "Australian ADI's".

34 Section 9 (paragraph (c) of the definition of debenture )

Repeal the paragraph, substitute:

(c) a document issued by an Australian ADI in the ordinary course of its banking business that evidences or acknowledges indebtedness of the ADI arising in the ordinary course of that business;

Repeal the paragraph, substitute:

(j) a document issued or executed by an Australian ADI in the ordinary course of its banking business, being a document that evidences or acknowledges indebtedness of the ADI arising in the ordinary course of that business; or

Omit ", bank cheque", substitute "(including a cheque that a bank or other institution draws on itself)".

37 Paragraph 437D(3)(b)

Omit "bank's", substitute "ADI's".

38 Subparagraph 437D(3)(c)(i)

Omit "bank", substitute "ADI".

39 Paragraph 461(j)

Omit "the Insurance and Superannuation Commissioner", substitute "the Australian Prudential Regulation Authority".

40 Paragraph 462(2)(h)

Repeal the paragraph, substitute:

(h) the Australian Prudential Regulation Authority.

Omit "the Insurance and Superannuation Commissioner", substitute "the Australian Prudential Regulation Authority".

42 Subsection 870(3)

Omit "or bank cheque", substitute ", or by cheque that a bank or other institution draws on itself,".

43 Subsection 1015A(2)

Repeal the subsection.

44 Paragraph 1083(1)(b)

Omit "the bank", substitute "it".

45 Paragraph 1083(1)(c)

Omit "the bank", substitute "it".

46 Subsection 1083(3)

Omit "the bank", substitute "the ADI".

47 Subsection 1083A(2)

Repeal the subsection.

[ Minister's second reading speech made in--

Senate on 14 May 1998

House of Representatives on 23 June 1998 ]

(76/98)