Document ID: chunk:federal_register_of_legislation:C2025C00165:section:5:p1
Version: federal_register_of_legislation:C2025C00165
Segment Type: section
Provision Reference: s 5 (pt 1/6)
Character Range: 19660–22511

5  Interpretation

Definitions
 (1) In this Act, unless the contrary intention appears:
account‑holder means an entity (as defined in section 960‑100 of the Income Tax Assessment Act 1997) that holds in its name, or keeps in its name, (either alone or jointly with another entity) an account or covered financial product with an ADI.
action that is likely to have a detrimental effect on financial system stability in New Zealand includes an action that prevents or interferes with an outsourcing arrangement.
ADI is short for authorised deposit‑taking institution.
administrator, of a body corporate's business, means an administrator appointed under subsection 13A(1) to take control of the body corporate's business.
advance includes loan.
appointed auditor means an auditor appointed in accordance with the prudential standards.
approved form means a form approved, in writing, by APRA.
APRA means the Australian Prudential Regulation Authority.
APRA member has the same meaning as in the Australian Prudential Regulation Authority Act 1998.
APRA Special Account has the same meaning as in the Australian Prudential Regulation Authority Act 1998.
APRA staff member has the same meaning as in the Australian Prudential Regulation Authority Act 1998.
ASIC means the Australian Securities and Investments Commission.
Australia includes the Territories.
Australian business assets and liabilities, of a foreign ADI, has the meaning given by subsection 11E(3).
authorised deposit‑taking institution means a body corporate in relation to which an authority under subsection 9(3) is in force.
authorised NOHC means a body corporate:
 (a) in relation to which an authority under subsection 11AA(2) is in force; and
 (b) that is a NOHC of an ADI or ADIs.
Banking Act statutory manager has the meaning given by subsection 13A(2).
banking business means:
 (a) a business that consists of banking within the meaning of paragraph 51(xiii) of the Constitution; or
 (b) a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of:
 (i) both taking money on deposit (otherwise than as part‑payment for identified goods or services) and making advances of money; or
 (ii) other financial activities prescribed by the regulations for the purposes of this definition.
business day means a day that is not a Saturday, a Sunday or a public holiday or bank holiday in the place concerned.
civil penalty provision: a subsection of this Act (or a section of this Act that is not divided into subsections) is a civil penalty provision if:
 (a) the words "civil penalty" and one or more amounts in penalty units are set out at the foot of the subsection (or section); or
 (b) another provision of this Act specifies that the subsection (or section) is a civil penalty provision.
Note: Schedule 2