Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:1_48
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 1 cl 48
Character Range: 74740–75598

48  At the end of section 54
Add:

 (3) However, amounts standing to the credit of the APRA Special Account must not be debited for a purpose described in section 54C (Purposes of the Financial Claims Scheme Special Account).

Note: APRA's administrative costs associated with its functions and powers under Subdivision C of Division 2AA of Part II of the Banking Act 1959 or Division 3 of Part VC of the Insurance Act 1973 can be paid from the APRA Special Account, but the entitlements under those provisions can be paid only from the Financial Claims Scheme Special Account.

 (4) If a declaration under section 16AD of the Banking Act 1959 or section 62ZZC of the Insurance Act 1973 specifying an amount to be credited to the APRA Special Account is amended so as to reduce the amount, an amount equal to the reduction must be debited from the Account.