Federal Register of Legislation - Australian Government

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Banking (Exemption) Order No. 104

Authoritative Version
Orders/Other as made
Exemption from section 66 of the Banking Act 1959, allowing use of expressions relating to merchant banking.
Administered by: Treasury
Registered 23 Aug 2005
Tabling HistoryDate
Tabled HR05-Sep-2005
Tabled Senate05-Sep-2005
Date of repeal 08 Feb 2012
Repealed by Banking (Exemption) No. 1 of 2012

Banking (Exemption) Order No 104

Banking Act 1959

I, Charles Watts Littrell, a delegate of the Australian Prudential Regulation Authority (APRA), make this order under subsections 11(1) and (4) of the Banking Act 1959 (the Banking Act):

Citation

1.      This order may be cited as Banking (Exemption) Order No 104.

Application of order

2.      This order applies to corporations included in Category D of the list of registered entities, as varied from time to time, kept by APRA under section 11 of the Financial Sector (Collection of Data) Act 2001.

Exemption

3.      Subject to clause 4, each corporation to which this order applies is exempt from compliance with section 66 of the Banking Act to the extent that the section prohibits the corporation from using the word bank, banker or banking in relation to the business or any part of the business carried on by the corporation.

Conditions

4.      This order is subject to the following conditions:

(a)     that a corporation to which this order applies must not use the word bank, banker or banking except in relation to the business or any part of the business carried on by the corporation, otherwise than in the expressions merchant bank, merchant banker and merchant banking; and

(b)     that a corporation to which this order applies must not state, imply or suggest that:

(i)      the word bank is part of the name under which the corporation was registered under the law of a State or Territory; or

(ii)     the word bank is a business name registered in relation to the corporation under the law of a State or Territory; or

(iii)    the corporation is an authorised deposit-taking institution within the meaning of the Banking Act; or

(iv)    the corporation is subject to prudential supervision by APRA.

Revocation

5.      Banking (Exemption) Order No 65 is revoked.

 

 

 

Dated  18 August 2005

 

 

 

 

[Signed]

Charles Littrell

Executive General Manager

Policy, Research and Statistics Division

Australian Prudential Regulation Authority