Document ID: chunk:federal_register_of_legislation:C2025C00165:section:9a:p2
Version: federal_register_of_legislation:C2025C00165
Segment Type: section
Provision Reference: s 9A (pt 2/3)
Character Range: 42988–45631

country has been revoked or otherwise withdrawn in that foreign country;
 (k) if the section 9 authority is to cease to have effect on a day specified in the authority—it is unlikely to be appropriate, at or before that day, to grant the body corporate a section 9 authority that is not subject to a time limit.
The procedures to be undergone before a revocation under this subsection are set out in subsection (3). Those procedures apply unless APRA determines under subsection (4) that they are not to apply.
 (3) Subject to subsection (4), APRA must not, under subsection (2), revoke a body corporate's section 9 authority unless:
 (a) APRA has given the body corporate a notice in writing advising the body corporate:
 (i) that APRA is considering revoking the authority for the reasons specified in the notice; and
 (ii) that the body corporate may make submissions to APRA, in accordance with the notice, about the possible revocation; and
 (iii) of the date by which any submissions must be made; and
 (b) APRA has considered any submissions that were made by the body corporate by the specified date.
 (3A) The date mentioned in subparagraph (3)(a)(iii) must be:
 (a) at least 90 days after the notice under paragraph (3)(a) of this section was given; or
 (b) if the section 9 authority is to cease to have effect on a day specified in the authority—at least 21 days after the notice under paragraph (3)(a) of this section was given.
 (4) APRA may determine that the procedures in subsection (3) do not apply if APRA is satisfied that following those procedures could result in a delay in revocation that would be:
 (a) contrary to the national interest; or
 (b) contrary to the interests of depositors with the body corporate.
 (5) A revocation of a body corporate's section 9 authority under subsection (1) or (2) must be in writing, and APRA must give the body corporate written notice of the revocation of the authority.
 (5A) The notice of revocation of the authority may state that the authority continues in effect in relation to a specified matter or specified period, as though the revocation had not happened, for the purposes of:
 (a) a specified provision of this Act or the regulations; or
 (b) a specified provision of another law of the Commonwealth that is administered by APRA; or
 (c) a specified provision of the prudential standards;
and the statement has effect accordingly.
 (6) If APRA revokes a body corporate's section 9 authority under subsection (1) or (2), APRA must cause notice of the revocation to be published in the Gazette. APRA may also cause notice of the revocation to be published in any other way