Federal Register of Legislation - Australian Government

Primary content

Bookmark

This gazette
Administered by: Treasury
Published Date 12 Jul 2019

 

 

 

Revocation of Authority to carry on banking business

 


Banking Act 1959

 

SINCE

 

A.                on 21 December 2018, Holiday Coast Credit Union Ltd ABN 64 087 650 164 (the ADI) applied in writing to APRA under subsection 9A(1) of the Banking Act 1959 (the Act), to revoke its authority to carry on banking business in Australia (the Authority); and

 

B.                 I am satisfied that revocation of the Authority:

(i)               would not be contrary to the national interest; and

(ii)             would not be contrary to the interests of the depositors of the ADI;

 

I, Wayne Byres, a delegate of APRA, under subsection 9A(1) of the Act, REVOKE the Authority with effect from 1 July 2019.

 

 

 

Dated 28 June 2019

 

  [Signed]

...............................................................................

Wayne Byres Chairman

 

 

 

Interpretation                                                                                      Document ID: 234867

In this Notice

APRA means the Australian Prudential Regulation Authority.

ADI is short for authorised deposit-taking institution and has the meaning given in subsection 5(1) of the Act.

banking business has the meaning given in subsection 5(1) of the Act.


Note 1       Under subsection 9A(6) of the Act, APRA must publish a copy of this Notice in the Gazette and

may cause notice of the revocation to be published in any other way it considers appropriate.

Note 2       Under subsection 8(1) of the Act, a body corporate is guilty of an offence if the body corporate

carries on banking business in Australia and the body corporate is not the Reserve Bank and the body corporate is not an ADI and there is no order in force under section 11 of the Act determining that subsection 8

(1) does not apply to the body corporate. A maximum penalty of 200 penalty units applies or by virtue of subsection 4B(3) of the Crimes Act 1914 in the case of a body corporate, a maximum penalty not exceeding 1,000 penalty units. By virtue of subsection 8(2) of the Act, an offence against subsection 8(1) is an indictable offence. Under subsection 8(3) of the Act, if a body corporate commits an offence against subsection 8(1), the body corporate 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 body corporate committing the offence continue (including the day of conviction for any such offence or any later day).