Document ID: chunk:federal_register_of_legislation:C2025C00165:section:63:p1
Version: federal_register_of_legislation:C2025C00165
Segment Type: section
Provision Reference: s 63 (pt 1/2)
Character Range: 348604–351251

63  Restructuring of ADIs
 (1AA) If consent has been given under this section to an arrangement, agreement or reconstruction, the Treasurer must arrange for notice of the consent to be published in the Gazette as soon as practicable.
 (1) An ADI, other than a foreign ADI, commits an offence if:
 (a) the ADI:
 (i) enters into an arrangement or agreement for any sale or disposal of its business by amalgamation or otherwise, or for the carrying on of business in partnership with another ADI; or
 (ii) effects a reconstruction of the ADI; and
 (b) the Treasurer did not give prior consent in writing to the ADI entering into the arrangement or agreement or effecting the reconstruction.
Penalty: 200 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
 (1A) An offence against subsection (1) is an indictable offence.
 (2) Any such arrangement, agreement or reconstruction, and any such sale or disposal in pursuance of any such arrangement or agreement, entered into without the prior consent of the Treasurer is void and of no effect.
 (3) The consent of the Treasurer under subsection (1) shall not be unreasonably withheld.
 (3A) In making a decision whether to consent to an arrangement, agreement or reconstruction, the Treasurer must take the national interest into account.
 (4) A foreign ADI commits an offence if:
 (a) there is a proposal that involves the ADI:
 (i) entering into an arrangement or agreement for any sale or disposal of its business by amalgamation or otherwise, or for the carrying on of business in partnership with another ADI; or
 (ii) effecting a reconstruction of the ADI; and
 (b) the ADI does not give the Treasurer reasonable notice, in writing, of the proposal.
Penalty: 200 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
 (4A) An offence against subsection (4) is an indictable offence.
 (5) The Treasurer may, in writing, delegate all or any of his or her powers under this section and section 64 to:
 (a) APRA, an APRA member or an APRA staff member; or
 (aa) ASIC, a member of ASIC or a staff member (as defined in subsection 5(1) of the Australian Securities and Investments Commission