Federal Register of Legislation - Australian Government

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This instrument amends the Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021 to provide approval and consent to the transfer of business from Members Equity Bank Limited to the Bank of Queensland Limited.
Administered by: Treasury
Registered 18 Feb 2022
Date of repeal 20 Feb 2022
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

 

Financial Sector (Shareholdings) (Members Equity Bank Limited) Amendment Instrument 2022

I, Michael Sukkar, Assistant Treasurer, Minister for Housing, and Minister for Homelessness, Social and Community Housing, make the following instrument.

Dated               16 February 2022

 

Michael Sukkar

Assistant Treasurer
Minister for Housing
Minister for Homelessness, Social and Community Housing

 

  

  


Contents

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

2  Commencement........................................................................................................................ 1

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

4  Schedules................................................................................................................................. 1

Schedule 1—Amendments                                                                                            2

Financial Sector (Shareholdings) (Members Equity Bank Limited) Instrument 2021             2

 

 


1  Name

                   This instrument is the Financial Sector (Shareholdings) (Members Equity Bank Limited) Amendment Instrument 2022.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The day after this instrument is registered.

 

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

 

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  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

 

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

1  Section 3

Repeal the section, substitute:

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.

2  Section 4

Insert:

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

3  At the end of the instrument

Add:

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).