Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:1_16ab
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 1 cl 16AB
Character Range: 10055–10615

16AB  Purpose of this Division

  The main purpose of this Division is to provide for a scheme that:
 (a) allows the Minister to make a declaration about an ADI that APRA has sought to have wound up for insolvency; and
 (b) entitles account‑holders who have certain protected accounts with a declared ADI to be paid certain amounts to maintain the account‑holders' liquidity before they would receive payment in a winding up of the ADI; and
 (c) substitutes APRA for those account‑holders as a creditor of the declared ADI to the extent of the entitlements.