Document ID: chunk:federal_register_of_legislation:C2004A04484:body:0:p3
Version: federal_register_of_legislation:C2004A04484
Segment Type: other
Provision Reference: 
Character Range: 5201–7917

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 the requirements of this Act to which the bank is not subject because of subsection (1).

Assets of foreign banks

"11F. If a foreign bank (whether in or outside Australia) suspends payment or becomes unable to meet its obligations, the assets of the bank in Australia are to be available to meet the bank's liabilities in Australia in priority to all other liabilities of the bank.".

Repeal of section 63A

  10. Section 63A of the Principal Act is repealed.

Unclaimed moneys

  11. Section 69 of the Principal Act is amended:

  (a)     by adding at the end of each of paragraphs (4)(a) and (b) "and";

  (b)    by omitting from paragraph (4)(c) "and";

  (c)     by omitting paragraph (4)(d);

    (d)    by omitting from paragraph (9)(b) "as is prescribed" and substituting "as the Treasurer determines".

Offences

  12. Section 69A of the Principal Act is amended:

   (a)     by omitting from subsection (4) "in" and substituting "is";

     (b)    by inserting immediately after the entries relating to item 5 in the table at the end of the section:

       (i) in the column headed "Item"—"5A";

       (ii) in the column headed "Column 2"—"subsection 11E(2)";

      (iii) in the column headed "Column 3"—"B".

13. After section 69C of the Principal Act the following section is inserted:

Disclosure of information

"69D.(1) This section applies to any fact or document that relates to:

  (a)     a bank; or

    (b)     a body corporate applying for an authority to carry on banking business.

"(2) It is the duty of an officer not to disclose any fact or document to which this section applies and that has come to his or her knowledge, or into his or her possession, because he or she is an officer unless it is necessary for the officer to publish or communicate that fact or document in performing a function or duty, or exercising a power, under this Act.

  "(3) An officer is not required:

    (a)     to produce in a court a document to which this section applies; or

    (b)     to communicate to a court any fact to which this section applies;

unless the court decides that it is necessary to do so for the purposes of this Act or the regulations.

  "(4) In this section:

'court' includes any tribunal, authority or person having power to require the production of documents or the answering of questions;

'officer' means:

    (a)     the Governor or a Deputy Governor of the Reserve Bank, the Secretary to the Department of the Treasury or any other member of