Document ID: chunk:federal_register_of_legislation:F2021L00666:body:0:p1
Version: federal_register_of_legislation:F2021L00666
Segment Type: other
Provision Reference: 
Character Range: 1–2653

Banking exemption No. 1 of 2021
 Religious charitable development funds
 Banking Act 1959

 I, Renée Roberts, a delegate of APRA:

    (a)          under subsection 11(4) of the Banking Act 1959 (the Act) REVOKE Banking exemption No. 1 of 2017 made on 14 December 2017; and

    (b)          under subsection 11(1) of the Act, DETERMINE that sections 7 and 8 of the Act do not apply to the class of persons described in the attached Schedule, while this determination continues in force, AND under paragraph 11(2)(c) of the Act, I make this determination subject to the conditions specified in the attached Schedule of conditions.

 This determination commences on the day it is made. Dated: 24 May 2021

 Renée Roberts Executive Director
 Policy and Advice Division

Interpretation

 In this determination:
 APRA means the Australian Prudential Regulation Authority.
 person in accordance with section 2C of the Acts Interpretation Act 1901, includes a body corporate as well as an individual.

 Note 1 This determination is a legislative instrument (see subsection 11(6) of the Act).
 Note 2 Under subsection 11(3) of the Act, a person is guilty of an offence if the person does or fails to do an act and doing or failing to do that act results in a contravention of a condition to which a determination under section 11 is subject (being a determination that is in force and that applies to the person). The penalty is 200 penalty units or, by virtue of subsection 4B(3) of the Crimes Act 1914 in the case of a body corporate, a penalty not exceeding 1,000 penalty units. By virtue of subsection 11(3A) of the Act, an offence against subsection 11(3) is an indictable offence. Under subsection 11(3B) of the Act, if a person commits an offence against subsection 11(3), the person is guilty of an offence against that subsection in respect of the first day on which the offence is committed and each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).
Schedule - the class of persons to whom this determination applies

     1. Section 7 of the Banking Act 1959 does not apply to a person who is a controlling entity of a fund in the list below, in relation to the activities of the fund; and

    2.             Section 8 of the Banking Act 1959 does not apply to a fund that is a body corporate, or a body corporate that is a controlling entity of a fund, in the list below, in relation to the activities of the fund:

       * Anglican Community Fund (Inc) (previously known as Anglican Deposit Fund Perth (Inc))