Document ID: chunk:federal_register_of_legislation:C2004A03877:front:0:p3
Version: federal_register_of_legislation:C2004A03877
Segment Type: other
Provision Reference: 
Character Range: 5843–8711

matters relating to the conduct by the bank of its affairs (whether or not relating to the banking business of the bank):
            (a) in such a way as:
              (i) to keep itself in a sound financial position; and
              (ii) not to cause or promote instability in the Australian financial system; and
            (b) with integrity, prudence and professional skill;";
    (c) by adding at the end of paragraph (2) (a) "and";
    (d) by omitting paragraph (2) (b).

Authority to carry on banking business
5. (1) Section 9 of the Principal Act is amended:
    (a) by omitting subsections (4) and (5) and substituting the following subsections:
    "(4) The Governor-General may, at any time, by notice in writing served on the body corporate concerned:
       (a) impose conditions, or additional conditions, on an authority; or
       (b) vary or revoke conditions imposed on an authority.
    "(5) A condition relating to a prudential matter may be expressed to have effect notwithstanding anything in the regulations.";
    (b) by omitting subsection (7) and substituting the following subsection:

    "(7) Where an authority under this section is granted to a body corporate, the First Schedule is amended by the addition of the name of the body corporate.";
    (c) by inserting after subsection (8) the following subsection:
    "(8a) Where:
       (a) a body corporate in possession of an authority under this section, by notice in writing to the Treasurer, requests the revocation of the authority; and
       (b) the Governor-General is satisfied that:
          (i) the revocation would not prejudice the interests of the depositors of the bank; and
          (ii) the revocation would not be likely to be contrary to the national interest;
    the Governor-General shall revoke the authority.";
    (d) by inserting after subsection (9) the following subsection:
    "(9a) Where the Treasurer is satisfied that a body corporate in possession of an authority under this section:
       (a) has ceased to exist; or
       (b) has changed its name;
    the Treasurer shall cause to be published in the Gazette a notice to the effect that the Treasurer is so satisfied and, upon the publication of the notice, the First Schedule is amended, with effect from the date on which the body corporate ceased to exist or changed its name, by the omission of the name or by a change of the name, as the case may be.";
    (e) by omitting from subsection (10) "(5)" and substituting "(4)".
(2) Conditions that were in force under section 9 of the Principal Act immediately before the commencement of this section have effect as if they had been imposed under subsection 9 (4) of the Principal Act as amended by this Act.

6. After section 11 of the Principal Act the following Division is inserted:

"Division 1a—Prudential Supervision and Monitoring of