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Financial Sector Reform (Amendments and Transitional Provisions) Bill (No.1) 2000
Schedule 2 Amendment of the Banking Act 1959

   

1  Subsection 5(1)

Insert:

ASIC means the Australian Securities and Investments Commission.

2  At the end of section 63

Add:

             (6)  A reference in this section to a reconstruction of an ADI includes a reference to a demutualisation of an ADI.

             (7)  The regulations may define the meaning of demutualisation for the purposes of this section. If the regulations do so, demutualisation has, in this section, the meaning given by the regulations.

             (8)  The Treasurer may, in writing, determine guidelines as to acceptable standards of disclosure of information by an ADI (other than a foreign ADI) to its members in respect of a proposed demutualisation of the ADI.

             (9)  The Treasurer must consider whether an ADI has complied with the guidelines (if any) in deciding whether to give a consent, for the purposes of paragraph (1)(b), to the ADI effecting a demutualisation.

           (10)  In making a determination under subsection (8), the Treasurer must consult with APRA and ASIC.

           (11)  A determination under subsection (8) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 .

           (12)  Subsections (6) to (11) do not limit the generality of the rest of this section. In particular, those subsections do not limit the matters that the Treasurer may take into account in deciding whether to give a consent, for the purposes of paragraph (1)(b), to an ADI effecting a demutualisation.