Federal Register of Legislation - Australian Government

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Banking (Exemption) Order No. 82

Authoritative Version
Orders/Other as made
This instrument provides certain foreign corporations from compliance with section 66 of the Banking Act 1959 in relation to certain activities.
Administered by: Treasury
Registered 13 Mar 2008
Gazetted 23 Sep 1996
Date of repeal 22 Mar 2018
Repealed by Banking exemption No. 1 of 2018

 

 

 

COMMONWEALTH OF AUSTRALIA

 

BANKING ACT 1959

 

ORDER OF EXEMPTION

 

 

I, JAMES ROBERT SHORT, Assistant Treasurer acting for and behalf of the Treasurer, make

the following Order under section 11 on the Banking Act 1959.

 

Citation

 

1.             This order may be cited as the Banking (Exemption) Order No. 82.

 

Application of Order

 

2.             This order applies to foreign corporations, authorised as banks in their home countries, that

raise funds in the Australian wholesale capital market by way of issuing securities.

 

3.      Subject to clause 4, each corporation to which this Order applies is exempt from compliance

with section 66 of the Banking Act 1959 to the extent that the section prohibits the corporation from

using the word ‘bank’ or ‘banker’ or ‘banking’ in relation to the business of raising funds in the

Australian wholesale capital market by way of issuing securities.

 

Conditions

 

4.      This Order is subject to the following conditions:

 

(a)          the securities being offered and/or traded in parcels of not less than A$500,000; and

 

(b)       it being clearly stated on the securities and any related information memoranda that the

securities are being issued by a bank that is not authorised under the Banking Act 1959.

 

 

 

Dated   23 September 1996

 

 

 

JAMES SHORT

Assistant Treasurer