Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021

made under the Banking Act 1959, Financial Sector (Shareholdings) Act 1998, Financial Sector (Transfer and Restructure) Act 1999, and Financial Sector (Transfer and Restructure) Regulations 2018.

Compilation No. 01

Compilation date:         19/02/2022

Includes amendments up to:               Financial Sector (Shareholdings) (Members Equity Bank Limited) Amendment Instrument 2022

Prepared by The Treasury

About this compilation

This compilation

This is a compilation of the Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021 that shows the text of the law as amended and in force on 19 February 2022 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary                                                                                                      1

1  Name........................................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Definitions................................................................................................................................ 1

Part 2—Approvals to exceed 20% shareholding limit                                               2

5  Approvals of applications......................................................................................................... 2

6  Approval of application for transfer of business...................................................................... 6

Part 3—Related approvals for transfer of business                                                   7

7  Consent to the voluntary transfer of business between ADIs................................................... 7

8  Consent to the restructuring of ADIs....................................................................................... 7

Endnotes                                                                                                                         8

Endnote 1—About the endnotes                                                                              8

Endnote 2—Abbreviation key                                                                                 9

Endnote 3—Legislation history                                                                             10

Endnote 4—Amendment history                                                                            11

Part 1—Preliminary

1  Name

                   This instrument is the Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021.

3  Authority

                   This instrument is made under the following:

                     (a)  Banking Act 1959; and

                     (b)  Financial Sector (Shareholdings) Act 1998; and

                     (c)  Financial Sector (Transfer and Restructure) Act 1999; and

                     (d)  Financial Sector (Transfer and Restructure) Regulations 2018.

4  Definitions

Note:       Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Financial Sector (Shareholdings) Act 1998 as in force from time to time.

                   In this instrument:

ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999.

ADI (authorised deposit‑taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959.

the Act means the Financial Sector (Shareholdings) Act 1998.

Part 2—Approvals to exceed 20% shareholding limit

5  Approvals of applications

             (1)  Under paragraph 14(1)(a) of the Act, each item of the following table grants approval to the applicant specified in the item:

                     (a)  to hold more than a 20% stake in the financial sector company specified in the item; and

                     (b)  to hold no more of the stake specified in the item in the financial sector company.

             (2)  The approvals granted under subsection (1) remain in force until repealed or otherwise revoked.

6  Approval of application for transfer of business

             (1)  Under paragraph 14(1)(a) of the Act, as modified by section 8 of the Financial Sector (Transfer and Restructure) Regulations 2018, approval is granted to the Bank of Queensland Limited (ABN 32 009 656 740) to hold 100% of the gross assets and liabilities of Members Equity Bank Limited (ABN 56 070 887 679).

             (2)  The approval granted under subsection (1) remains in force until repealed or otherwise revoked.

Part 3—Related approvals for transfer of business

7  Consent to the voluntary transfer of business between ADIs

                   Under paragraph 11(1)(e) of the Financial Sector (Transfer and Restructure) Act 1999, consent is given to the transfer of business from Members Equity Bank Limited (ABN 56 070 887 679) to Bank of Queensland Limited (ABN 32 009 656 740).

8  Consent to the restructuring of ADIs

                   Under subsection 63(1) of the Banking Act 1959, consent is given to Members Equity Bank Limited (ABN 56 070 887 679) to enter into an arrangement or agreement for the sale or disposal of its business to Bank of Queensland Limited (ABN 32 009 656 740).

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history. 

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history