Document ID: chunk:federal_register_of_legislation:C2025C00165:section:11ab:p2
Version: federal_register_of_legislation:C2025C00165
Segment Type: section
Provision Reference: s 11AB (pt 2/2)
Character Range: 60201–62406

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 (being a date at least 90 days after the giving of the notice); and
 (b) APRA has considered any submissions that were made by the body corporate by the specified date.
 (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 of any ADI that is a subsidiary of the body corporate.
 (5) A revocation of a body corporate's NOHC 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 the 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 NOHC 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 it considers appropriate.
 (7) A failure to comply with subsection (5) (so far as it requires a body corporate to be given written notice of a revocation) or with subsection (6) does not affect the validity of a revocation.
 (8) Part VI applies to the following decisions under this section:
 (a) a decision to refuse to revoke a NOHC authority granted to a body corporate;
 (b) a decision to revoke a NOHC authority granted to a body corporate, unless APRA has determined, under subsection (4), that the procedures in subsection (3) do not apply.