Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:2_33
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 2 cl 33
Character Range: 41532–42419

33  Subsection 9(3)
Repeal the subsection, substitute:

 (3) If an application has been made, APRA may grant the body corporate an authority to carry on banking business in Australia. The authority must be in writing, and APRA must give the body corporate written notice of the granting of the authority.

Note 1: The fact that a body corporate is granted an authority to carry on banking business in Australia does not mean it is entitled to call itself a bank. To do this, the body corporate will need to have a consent under section 66.

Note 2: For APRA's power to revoke an authority, see section 9A.

 (3A) Without limiting the circumstances in which APRA may refuse an application by a body corporate for authority to carry on banking business in Australia, APRA may refuse such an application if the body corporate is a subsidiary of a NOHC that does not hold a NOHC authority.