Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:2_143
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 2 cl 143
Character Range: 99986–101402

143  Subsections 66(1) and (2)
Repeal the subsections, substitute:

 (1) Except with the consent of APRA, a person must not, in Australia, assume or use a restricted word or expression in relation to a financial business carried on by the person (whether or not in Australia).

Note: For the meanings of restricted word or expression, assume or use and financial business, see subsection (4).

 (1A) Subsection (1) does not prevent an ADI from using the word banking in referring to the fact that it has been granted an authority under this Act.

Note: For example, an ADI may, in its letterhead, refer to itself as being authorised under the Banking Act 1959 to carry on banking business.

 (1B) A consent may be expressed to apply to a particular person or to persons included in a class of persons.

 (2) APRA may, at any time:
 (a) impose conditions, or additional conditions, on a consent; or
 (b) vary or revoke conditions imposed on a consent; or
 (c) revoke a consent.

 (2A) The form of the granting of a consent, or the taking of action under subsection (2) in relation to a consent, is to be as follows:
 (a) if the consent applies to a particular person—notice in writing served on the person;
 (b) if the consent applies to a class of persons—notice in writing published in the Gazette.

Note: The heading to section 66 is replaced by the heading "Restriction on use of certain words and expressions".