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Banking (restricted word or expression) consent No. 1 of 2018

Building Societies, Credit Unions and Trustees of Superannuation Entities

Banking Act 1959 – section 66

SINCE there is no determination in force under section 11 of the Banking Act 1959 (the Act) that section 66 of the Act does not apply,

I, Christopher Gower, a delegate of APRA:

    (a) under paragraph 66(2)(c) of the Act REVOKE the Banking (restricted word or expression) consent No. 3 of 2015 made on 14 December 2015; and

    (b) under paragraph 66(1)(d) of the Act, CONSENT to the assumption or use in Australia by the classes of persons specified in Column 2 of Schedule 1, of the restricted words and expressions specified in the same row in Column 1 of Schedule 1 (or words of like import), in relation to the financial business carried on by each member of the class.

This consent is subject to the conditions I IMPOSE under paragraph 66(2)(a) of the Act, specified in Column 3 of Schedule 1.

This instrument commences upon registration on the Federal Register of Legislation.
Dated    23 October 2018

[Signed]

Chris Gower
General Manager
Resolution and Enforcement

Interpretation

In this instrument
ADI has the meaning given in subsection 5(1) of the Act.

APRA means the Australian Prudential Regulation Authority.

     banking activities means:

     (a)     both taking money on deposit (otherwise than as part-payment for identified goods or services) and making advances of money; and

     (b)     any other financial activities prescribed by regulations for the purposes of the definition of banking business in subsection 5(1) of the Act; and
     (c)     financial activities incidental to the activities mentioned in paragraphs (a) and (b).
Building Society means a body corporate in the class of persons described in Schedule 2.
Credit Union means a body corporate in the class of persons described in Schedule 3.

Federal Register of Legislation means the register established under section 15A of the Legislation Act 2003.

financial business has the meaning given in subsection 66(4) of the Act.

holding company, in relation to a body corporate, means a body corporate of which the first-mentioned body corporate is a subsidiary.

related body corporate is:

        (a)   a holding company of; or

        (b)   a subsidiary of; or

        (c)   a subsidiary of a holding company of,

a Building Society or Credit Union.

restricted word or expression has the meaning given in subsection 66(4) of the Act.

subsidiary, in relation to a body corporate, means a subsidiary of the body corporate within the meaning of Division 6 of Part 1.2 of the Corporations Act 2001.

superannuation entity has the meaning given in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.

Note 1 This instrument is a legislative instrument for the