Document ID: chunk:federal_register_of_legislation:C2004A04484:body:0:p2
Version: federal_register_of_legislation:C2004A04484
Segment Type: other
Provision Reference: 
Character Range: 2578–5424

is amended by omitting from the definition of "bank" in subsection (1) "State Bank Limited,".

Application of Act

  5.(1) Section 6 of the Principal Act is amended:

    (a)     by omitting "Nothing" from subsection (1) " and substituting "Subject to subsection (1A), nothing";

  (b)    by inserting after subsection (1) the following subsection:

     "(1A) Part II (other than Division 1), Part V and sections 61, 62, 64, 65, 68 and 69 apply to State Bank Limited.

     Note: The matter of State banking in so far as it applies to State Bank Limited has been referred to the Parliament of the Commonwealth by the Parliament of New South Wales.".

  (2) Section 6 of the Principal Act is amended:

    (a)     by omitting from subsection (1A) "Part II (other than Division 1), Part" and substituting "Parts II and";

  (b)    by inserting in subsection (1A) ", 63" after "62".

Authority to carry on banking business

  6. Section 9 of the Principal Act is amended:

    (a)     by omitting from subsection (7) "the addition of the name of the body corporate" and substituting "inserting the name of the body corporate in the appropriate alphabetical position, determined on a letter-by-letter basis, in Part 1 or Part 2 of that Schedule (as the case requires)";

  (b)    by inserting after subsection (8A) the following subsection:

     "(8B) The Governor-General may, on the recommendation of the Treasurer, revoke the authority granted to a foreign bank if:

       (a) the bank does not comply with:

           (i) a condition imposed on the authority; or

           (ii) a requirement of this Act or the regulations; or

         (b) the Governor-General is satisfied that it would be contrary to the national interest for the bank to continue carrying on banking business in Australia.";

  (c)     by omitting "so" from subsection (9);

  (d)    by adding at the end the following subsection:

     "(11) The Treasurer may, from time to time, publish a list of banks:

       (a)     in the Gazette; or

       (b)     in such other manner as the Treasurer determines.".

Repeal of section 9A

  7. Section 9A of the Principal Act is repealed.

Treasurer to be supplied with certain documents

8.     Section 10 of the Principal Act is amended by omitting subsection (4).

9.     After Division 1A of Part II of the Principal Act the following Division is inserted:
"Division 1B—Provisions relating to certain foreign banks

Interpretation

  "11D. In this Division:

'foreign bank' does not include:

  (a)     the Bank of China; or

  (b)     the Bank of New Zealand.

Division 2 not applicable to foreign banks

  "11E.(1) Division 2 does not apply to a foreign bank.

"(2) Before accepting a deposit from a person in Australia, a foreign bank must inform the person, in a manner approved by the Governor of the Reserve Bank, of