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This is a Bill, not an Act. For current law, see the Acts databases.

FINANCIAL SECTOR REFORM (CONSEQUENTIAL AMENDMENTS) BILL 1998

1996-97-98

The Parliament of the
Commonwealth of Australia

THE SENATE




Presented and read a first time








Financial Sector Reform (Consequential Amendments) Bill 1998

No. , 1998

(Treasury)


A Bill for an Act to make consequential amendments related to the enactment of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998, and for other purposes


ISBN: 0644 525975

Contents

Advisory Council for Inter-government Relations Act 1976 0644525975.html

Anglo-Australian Telescope Agreement Act 1970 0644525975.html

Australian Federal Police Act 1979 0644525975.html

Bankruptcy Act 1966 0644525975.html

Broadcasting Services Act 1992 0644525975.html

Cheques Act 1986 0644525975.html

Cheques and Payment Orders Act 1986 0644525975.html

Child Care Payments Act 1997 0644525975.html

Coal Mining Industry (Long Service Leave Funding) Act 1992 0644525975.html

Coal Mining Industry (Long Service Leave) Payroll Levy Collection Act 1992 0644525975.html

Commonwealth Electoral Act 1918 0644525975.html

Commonwealth Inscribed Stock Act 1911 0644525975.html

Crimes (Currency) Act 1981 0644525975.html

Crimes (Superannuation Benefits) Act 1989 0644525975.html

Debits Tax Administration Act 1982 0644525975.html

Defence Force Retirement and Death Benefits Act 1973 0644525975.html

Education Services for Overseas Students (Registration of Providers and Financial Regulation) Act 1991 0644525975.html

Farm Household Support Act 1992 0644525975.html

Financial Corporations (Transfer of Assets and Liabilities) Act 1993 0644525975.html

Financial Transaction Reports Act 1988 0644525975.html

Health Insurance Act 1973 0644525975.html

Income Tax Assessment Act 1936 0644525975.html

Insurance Act 1973 0644525975.html

Insurance (Agents and Brokers) Act 1984 0644525975.html

Life Insurance Act 1995 0644525975.html

Loan (Income Equalization Deposits) Act 1976 0644525975.html

Management and Investment Companies Act 1983 0644525975.html

National Health Act 1953 0644525975.html

Navigation Act 1912 0644525975.html

Northern Territory (Lessees’ Loans Guarantee) Act 1954 0644525975.html

Parliamentary Contributory Superannuation Act 1948 0644525975.html

Pooled Development Funds Act 1992 0644525975.html

Prawn Export Promotion Act 1995 0644525975.html

Prices Surveillance Act 1983 0644525975.html

Privacy Act 1988 0644525975.html

Proceeds of Crime Act 1987 0644525975.html

Reserve Bank Act 1959 0644525975.html

Retirement Savings Accounts Act 1997 0644525975.html

Sales Tax Assessment Act 1992 0644525975.html

Sales Tax (Exemptions and Classifications) Act 1992 0644525975.html

Small Superannuation Accounts Act 1995 0644525975.html

Social Security Act 1991 0644525975.html

Student and Youth Assistance Act 1973 0644525975.html

Superannuation Act 1976 0644525975.html

Superannuation Act 1990 0644525975.html

Superannuation Contributions Tax (Assessment and Collection) Act 1997 0644525975.html

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 0644525975.html

Superannuation Industry (Supervision) Act 1993 0644525975.html

Superannuation (Productivity Benefit) Act 1988 0644525975.html

Telecommunications Act 1997 0644525975.html

Trade Practices Act 1974 0644525975.html

Veterans’ Entitlements Act 1986 0644525975.html

Wool International Act 1993 0644525975.html

A Bill for an Act to make consequential amendments related to the enactment of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998, and for other purposes

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Financial Sector Reform (Consequential Amendments) Act 1998.

2 Commencement

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2) Subject to subsections (3) to (12), Schedule 1 commences on the commencement of the Australian Prudential Regulation Authority Act 1998.

(3) Items 7, 8 and 9 of Schedule 1 commence on the later of the following times:

(a) the commencement of the Australian Prudential Regulation Authority Act 1998;

(b) immediately after the commencement of Part 1 of Schedule 2 to the Crimes (Superannuation Benefits) Amendment Act 1998.

(4) Item 25 of Schedule 1 to this Act commences on the later of the following times:

(a) the commencement of the Australian Prudential Regulation Authority Act 1998;

(b) immediately after the commencement of item 9 of Schedule 1 to the Cheques and Payment Orders Amendment Act 1998.

(5) If item 2 of Schedule 1 to the Cheques and Payment Orders Amendment Act 1998 commences on or before the commencement of the Australian Prudential Regulation Authority Act 1998, item 26 of Schedule 1 to this Act does not commence.

(6) Items 39, 40 and 41 of Schedule 1 commence on the later of the following times:

(a) the commencement of the Australian Prudential Regulation Authority Act 1998;

(b) immediately after the commencement of Part 1 of Schedule 1 to the Crimes (Superannuation Benefits) Amendment Act 1998.

(7) If item 24 of Schedule 2 to the Insurance Laws Amendment Act 1998 commences on or before the commencement of the Australian Prudential Regulation Authority Act 1998, items 109 to 113 of Schedule 1 to this Act do not commence.

(8) If the Small Superannuation Accounts Amendment Act 1998 commences on or before the commencement of the Australian Prudential Regulation Authority Act 1998, items 163 and 164 of Schedule 1 to this Act do not commence.

(9) If Schedule 2 to the Superannuation Legislation (Commonwealth Employment) Repeal and Amendment Act 1998 commences on or before the commencement of the Australian Prudential Regulation Authority Act 1998, items 170 to 178 of Schedule 1 to this Act do not commence.

(10) If:

(a) Part 1 of Schedule 1 to the Superannuation Legislation (Commonwealth Employment) Repeal and Amendment Act 1998 commences on or before the commencement of the Australian Prudential Regulation Authority Act 1998; and

(b) subsection (9) does not apply;

items 174 and 176 of Schedule 1 to this Act do not commence.

(11) If Schedule 4 to the Superannuation Legislation (Commonwealth Employment) Repeal and Amendment Act 1998 commences on or before the commencement of the Australian Prudential Regulation Authority Act 1998, items 179 to 181 of Schedule 1 to this Act do not commence.

(12) If Schedule 8 to the Superannuation Legislation (Commonwealth Employment) Repeal and Amendment Act 1998 commences on or before the commencement of the Australian Prudential Regulation Authority Act 1998, item 192 of Schedule 1 to this Act does not commence.

3 Schedule(s)

Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Note: If:

(a) an Act is amended by an item in a Schedule to this Act; and

(b) the short title of the Act is changed on or before the commencement of the item;

the amendment made by the item has effect as an amendment of the Act under its new short title—see section 10 of the Acts Interpretation Act 1901.

4 Transitional provisions

Treatment of approvals of banks under the Anglo-Australian Telescope Agreement Act 1970

(1) An approval of a bank that is in force immediately before the commencement of item 5 of Schedule 1 for the purposes of subsection 12(3) of the Anglo-Australian Telescope Agreement Act 1970 as then in force is to be taken, after that commencement, to be an approval of the bank for the purposes of the definition of ADI in subsection 12(3) of that Act as in force immediately after that commencement.

Treatment of approvals and authorisations under the Bankruptcy Act 1966

(2) An approval of a bank, or an authorisation of a person, that is in force immediately before the commencement of item 10 of Schedule 1 for the purposes of the definition of approved bank in subsection 5(1) of the Bankruptcy Act 1966 as then in force is to be taken, after that commencement, to be an approval of the bank or an authorisation of the person for the purposes of the definition of ADI in subsection 5(1) of that Act as in force immediately after that commencement.

Schedule 1—Consequential amendment of Acts


Advisory Council for Inter-government Relations Act 1976

1 Subsection 2(1)

Insert:

ADI (authorised deposit-taking institution) means:

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or

(b) the Reserve Bank of Australia; or

(c) a bank incorporated under a law of a State.

2 Subsection 2(1) (definition of approved bank)

Repeal the definition.

3 Subsection 16F(1)

Omit “an approved bank or approved banks”, substitute “an ADI or ADIs”.

Note: The heading to section 16F is replaced by the heading “Accounts with ADIs”.

4 Paragraph 16G(2)(a)

Omit “approved bank”, substitute “ADI”.

Anglo-Australian Telescope Agreement Act 1970

5 Subsection 12(1)

Omit “approved bank or approved banks”, substitute “ADI or ADIs”.

Note: The heading to section 12 is replaced by the heading “Accounts with ADIs”.

6 Subsection 12(3)

Repeal the subsection, substitute:

(3) In this section:

ADI (authorised deposit-taking institution) means:

(a) an ADI within the meaning of the Banking Act 1959; or

(b) the Reserve Bank of Australia; or

(c) any other bank approved in writing for the purposes of this definition by the Treasurer.

Australian Federal Police Act 1979

7 Subsection 54(2A) (including the note)

Omit “the Insurance and Superannuation Commissioner” (wherever occurring), substitute “the Australian Securities and Investments Commission”.

8 Subsection 54(2A)

Omit “the relevant Commissioner”, substitute “the Australian Securities and Investments Commission, or the Commissioner of Taxation, as the case requires”.

9 Subsection 54(2A) (note)

Omit “he or she”, substitute “the Commission or the Commissioner”.

Bankruptcy Act 1966

10 Subsection 5(1)

Insert:

ADI (authorised deposit-taking institution) means:

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or

(b) the Reserve Bank of Australia; or

(c) any other bank approved in writing for the purposes of this definition:

(i) by the Treasurer; or

(ii) by a person authorised in writing by the Treasurer to give approvals for the purposes of this definition.

11 Subsection 5(1) (definition of approved bank)

Repeal the definition.

12 Subsection 20B(4)

Omit “approved bank or approved banks”, substitute “ADI or ADIs”.

13 Subsection 20D(1)

Omit “approved bank” (wherever occurring), substitute “ADI”.

14 Subsection 20D(4)

Omit “a bank or banks” (wherever occurring), substitute “an ADI or ADIs”.

15 Subsection 20D(8) (paragraph (f) of the definition of public securities)

Omit “a bank as defined by subsection 5(1) of the Banking Act 1959”, substitute “an ADI”.

16 Subsection 20E(1)

Omit “a bank or banks”, substitute “an ADI or ADIs”.

17 Subsection 125(3)

Insert:

bank means an ADI or any other bank.

18 At the end of section 126

Add:

(4) In this section:

banker means an ADI or any other banker.

19 Paragraph 139U(3)(c)

Omit “a bank”, substitute “an ADI”.

20 Section 168

Omit “banking”.

21 At the end of section 169

Add:

(5) In this section:

bank means an ADI or any other bank.

22 Subsection 285(1)

Omit “bank or other person”, substitute “institution”.

23 Paragraph 285(2)(b)

Omit “bank or building society”, substitute “institution”.

Broadcasting Services Act 1992

24 Subclause 4(4) of Schedule 1 (paragraph (a) of the definition of authorised lender)

Omit “a bank”, substitute “an ADI (authorised deposit-taking institution)”.

Cheques Act 1986

25 Subsection 3(1) (paragraph (b) of the definition of financial institution)

Repeal the paragraph, substitute:

(b) a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959; or

Cheques and Payment Orders Act 1986

26 Subsection 3(1) (paragraph (b) of the definition of bank)

Repeal the paragraph, substitute:

(b) a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959;

Child Care Payments Act 1997

27 Section 5

Insert:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

28 Subsections 62(1) and (2)

Omit “bank”, substitute “*bank”.

29 Subsection 67(1)

Omit “bank”, substitute “*bank”.

30 Subsection 114(1)

Omit “bank”, substitute “*bank”.

31 Subsection 119(1)

Omit “bank”, substitute “*bank”.

Coal Mining Industry (Long Service Leave Funding) Act 1992

32 Subsection 4(1) (definition of approved bank)

Repeal the definition.

33 Subsection 4(1)

Insert:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Coal Mining Industry (Long Service Leave) Payroll Levy Collection Act 1992

34 At the end of section 7

Add:

(4) In this section:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Commonwealth Electoral Act 1918

35 Subsection 170(3)

Omit “banker’s cheque”, substitute “cheque drawn by a bank or other financial institution on itself”.

Commonwealth Inscribed Stock Act 1911

36 At the end of section 52A

Add:

(2) In this section:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Crimes (Currency) Act 1981

37 Subsection 28(1)

Omit “a bank (including an officer of the Reserve Bank Service)”, substitute “an ADI or of the Reserve Bank Service”.

38 Subsection 28(3)

Repeal the subsection, substitute:

(3) In subsection (1):

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

Crimes (Superannuation Benefits) Act 1989

39 Subsection 41(5A) (including the note)

Omit “the Insurance and Superannuation Commissioner” (wherever occurring), substitute “the Australian Securities and Investments Commission”.

40 Subsection 41(5A)

Omit “the relevant Commissioner”, substitute “the Australian Securities and Investments Commission, or the Commissioner of Taxation, as the case requires”.

41 Subsection 41(5A) (note)

Omit “he or she”, substitute “the Commission or the Commissioner”.

Debits Tax Administration Act 1982

42 Subsection 3(1) (at the end of the definition of bank)

Add:

Note: Not all persons carrying on banking business are called banks. For example, an ADI (authorised deposit-taking institution) under the Banking Act 1959 carries on banking business. If its business includes the keeping of accounts that may be drawn on by cheque, it will be a bank for the purposes of this Act.

Defence Force Retirement and Death Benefits Act 1973

43 At the end of section 40

Add:

(2) In this section:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Education Services for Overseas Students (Registration of Providers and Financial Regulation) Act 1991

44 Subsection 6A(6)

Insert:

ADI (authorised deposit-taking institution) means:

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or

(b) the Reserve Bank of Australia.

45 Subsection 6A(6) (paragraph (a) of the definition of notified trust account)

Omit “a branch in Australia of a bank (within the meaning of the Banking Act 1959)”, substitute “an ADI in Australia”.

46 Subsection 6A(6) (paragraph (c) of the definition of notified trust account)

Omit “bank”, substitute “ADI”.

Farm Household Support Act 1992

47 Subsection 3(1)

Insert the following entry in its appropriate alphabetical position (determined on a letter-by-letter basis):

bank

Financial Corporations (Transfer of Assets and Liabilities) Act 1993

48 Section 3

Insert:

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

49 Section 3

Insert:

ADI authority means an authority under subsection 9(3) of the Banking Act 1959.

50 Section 3 (definition of banking authority)

Repeal the definition.

51 Section 3

Insert:

eligible foreign ADI means an ADI:

(a) that is a foreign ADI for the purposes of the Banking Act 1959; and

(b) that:

(i) was granted its ADI authority before this Act commenced; or

(ii) is or was granted its ADI authority after this Act commenced pursuant to an application made either before, or not later than 3 years after, this Act commenced.

52 Section 3 (definition of eligible foreign bank)

Repeal the definition.

53 Section 3

Insert:

eligible local ADI means a local ADI that was granted its ADI authority on or before 18 June 1993.

54 Section 3 (definition of eligible local bank)

Repeal the definition.

55 Section 3 (definition of eligible subsidiary)

Omit “bank” (wherever occurring), substitute “ADI”.

56 Section 3:

Insert:

local ADI means an ADI that is incorporated under a law of the Commonwealth, a State or a Territory relating to companies.

57 Section 3 (definition of local bank)

Repeal the definition.

58 Section 3

Insert:

newly established local ADI means a local ADI that:

(a) was granted its ADI authority before this Act commenced but after 18 June 1993; or

(b) is or was granted its ADI authority after this Act commenced pursuant to an application made either before, or not later than 3 years after, this Act commenced.

59 Section 3 (definition of newly established local bank)

Repeal the definition.

60 Section 6

Omit “bank” (wherever occurring), substitute “ADI”.

61 Section 6

Omit “a banking authority”, substitute “an ADI authority”.

62 Subsections 7(2), (3), (4) and (5)

Omit “bank” (wherever occurring), substitute “ADI”.

63 Paragraphs 7(6)(a) and (7)(a) and (b)

Omit “a banking authority”, substitute “an ADI authority”.

Financial Transaction Reports Act 1988

64 Subsection 3(1)

Insert:

ADI (authorised deposit-taking institution) means:

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or

(b) the Reserve Bank of Australia; or

(c) a person who carries on State banking within the meaning of paragraph 51(xiii) of the Constitution.

65 Subsection 3(1) (definition of bank)

Repeal the definition.

Note: The heading to section 24 is altered by omitting “bank”.

66 Subsection 3(1)

Insert:

banker includes a body corporate that is an ADI.

67 Subsection 3(1) (paragraph (a) of the definition of financial institution)

Repeal the paragraph, substitute:

(a) an ADI; or

68 Subsection 15(4)

Omit “A bank”, substitute “An ADI”.

69 Subsection 15(4)

Omit “the bank”, substitute “the ADI”.

70 Paragraph 15(5)(a)

Omit “a bank”, substitute “an ADI”.

71 Subparagraphs 17B(1)(b)(i) and (ii)

Omit “a bank”, substitute “an ADI”.

72 Section 17C

Repeal the section, substitute:

17C ADI acting on behalf of another ADI

For the purposes of this Division, if:

(a) an ADI (the first ADI) is acting on behalf of, or at the request of, another ADI (the second ADI); and

(b) the second ADI is (whether or not as a result of one or more previous applications of this section) acting on behalf of, or at the request of, a person who is not an ADI;

the first ADI is taken to be acting on behalf of that person.

73 Paragraph 23A(1)(a)

Omit “a bank (the transferor bank)”, substitute “an ADI (the transferor ADI)”.

Note: The heading to section 23A is replaced by the heading “Active ADI accounts transferred to another ADI—obligations of ADIs in relation to records of information”.

74 Paragraph 23A(1)(a)

Omit “transferor bank by”, substitute “transferor ADI by”.

75 Paragraph 23A(1)(b)

Omit “another bank (the transferee bank)”, substitute “another ADI (the transferee ADI)”.

76 Subparagraph 23A(1)(b)(ii) and subsections 23(2), (4), (5) and (6)

Omit “bank” (wherever occurring), substitute “ADI”.

Note: The headings to subsections 23A(2), (4), (5) and (6) are altered by omitting “bank” (wherever occurring) and substituting “ADI”.

77 Subsection 23B(1)

Omit “a bank (the transferor bank)”, substitute “an ADI (the transferor ADI)”.

Note: The heading to section 23B is replaced by the heading “Closed ADI accounts transferred to another ADI—obligations of ADIs in relation to records of information”.

78 Paragraph 23B(1)(a)

Omit “the transferor bank by”, substitute “the transferor ADI by”.

79 Paragraph 23B(1)(c)

Omit “transferor bank”, substitute “transferor ADI”.

80 Paragraph 23B(1)(c)

Omit “another bank (the transferee bank)”, substitute “another ADI (the transferee ADI)”.

81 Paragraph 23B(1)(d) and subsections 23B(2), (3), (4) and (5)

Omit “bank” (wherever occurring), substitute “ADI”.

Note: The headings to subsections 23B(2), (3), (4) and (5) are altered by omitting “bank” (wherever occurring) and substituting “ADI”.

Health Insurance Act 1973

82 Subsection 3(1)

Insert:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Income Tax Assessment Act 1936

83 Subsection 6(1)

Insert:

bank or banker includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

84 Paragraph 16(4)(hc)

Omit “the Insurance and Superannuation Commissioner, for the purpose of the administration of the Superannuation Entities (Taxation) Act 1987”, substitute “the Australian Prudential Regulation Authority, for the purpose of the administration of the Superannuation (Excluded Funds) Taxation Act 1987”.

85 Paragraph 16(4)(hca)

Omit “the Insurance and Superannuation Commissioner”, substitute “the Australian Prudential Regulation Authority or the Australian Securities and Investments Commission”.

86 After paragraph 16(4)(hca)

Insert:

(hcb) the Australian Prudential Regulation Authority, for the purpose of the administration of the Financial Institutions Supervisory Levies Collection Act 1998;

87 Paragraph 128AE(2)(a)

Repeal the paragraph, substitute:

(a) a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959; or

88 Section 159GZA (paragraph (a) of the definition of financial institution)

Repeal the paragraph, substitute:

(a) a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959; or

89 Paragraphs 159GZLA(1)(a) and 159GZLB(1)(a)

Omit “bank within the meaning of the Banking Act 1959”, substitute “body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959”.

90 Section 160ZZV (definition of foreign bank)

Omit “foreign bank as defined by subsection 5(1) of the Banking Act 1959”, substitute “body corporate that is a foreign ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959”.

91 Section 202A (paragraph (b) of the definition of bank)

Repeal the paragraph, substitute:

(b) a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959; or

92 Subsection 262A(1B)

Omit “(within the meaning of the Banking Act 1959)”.

93 At the end of section 262A

Add:

(6) In this section:

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

94 Subsections 275A(2), (4), (5) and (6)

Omit “the Insurance and Superannuation Commissioner”, substitute “the Australian Prudential Regulation Authority”.

95 Subparagraph 300A(2)(b)(i)

Omit “the Insurance and Superannuation Commissioner”, substitute “the Australian Prudential Regulation Authority”.

96 Subparagraph 300B(2)(b)(i)

Omit “the Insurance and Superannuation Commissioner”, substitute “the Australian Prudential Regulation Authority”.

97 Section 317 (paragraph (a) of the definition of AFI)

Repeal the paragraph, substitute:

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

Insurance Act 1973

98 Subsection 3(1)

Insert:

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

99 Subsection 3(1)

Insert:

bank or banker includes, but is not limited to, a body corporate that is an ADI.

100 Subsection 3(1) (paragraph (c) of the definition of insurance business)

Omit “a bank within the meaning of the Banking Act 1959”, substitute “an ADI”.

101 Subparagraph 30(1)(d)(ii)

Omit “a bank as defined in subsection 5(1) of the Banking Act 1959”, substitute “an ADI”.

102 Paragraph 30(4A)(a)

Omit “a bank as defined by subsection 5(1) of the Banking Act 1959”, substitute “an ADI”.

103 Subparagraph 49B(1)(b)(iii)

Repeal the subparagraph, substitute:

(iii) an ADI; or

104 Subparagraph 49B(2)(b)(iii)

Repeal the subparagraph, substitute:

(iii) an ADI; or

105 Subparagraph 49E(1)(e)(ii)

Omit “a bank as defined in subsection 5(1) of the Banking Act 1959”, substitute “an ADI”.

106 Paragraph 49E(7)(a)

Omit “a bank as defined in subsection 5(1) of the Banking Act 1959”, substitute “an ADI”.

107 Subsection 119(1)

Omit “a bank within the meaning of the Banking Act 1959”, substitute “an ADI”.

108 Subsection 119(2)

After “A bank”, insert “(including an ADI)”.

109 Subclause 2(1) of the Schedule

Omit “a bank within the meaning of the Banking Act 1959”, substitute “an ADI”.

110 Subclause 2(4) of the Schedule

Omit “a bank” (first occurring), substitute “an ADI”.

111 Subclause 2(4) of the Schedule

Omit “a bank within the meaning of the Banking Act 1959”, substitute “an ADI”.

112 Subclause 9(1) of the Schedule

Omit “a bank within the meaning of the Banking Act 1959”, substitute “an ADI”.

113 Subclause 9(2) of the Schedule

After “A bank”, insert “(including an ADI)”.

Insurance (Agents and Brokers) Act 1984

114 Section 9

Insert:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

115 Subsection 26(1A)

Before “includes”, insert “, in addition to the meaning it is given in section 9,”.

Life Insurance Act 1995

116 Dictionary in the Schedule

Insert:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Loan (Income Equalization Deposits) Act 1976

117 At the end of section 14

Add:

(2) In this section:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Management and Investment Companies Act 1983

118 Subsection 3(1)

Insert:

ADI (authorised deposit-taking institution) means:

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or

(b) the Reserve Bank of Australia; or

(c) any other bank constituted by a law of a State or internal Territory.

119 Subsection 3(1) (definition of bank)

Repeal the definition.

120 Paragraph 37(1)(a)

Omit “a bank”, substitute “an ADI”.

National Health Act 1953

121 At the end of section 82ZL

Add:

(3) In this section:

bank account includes, but is not limited to, an account with a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Navigation Act 1912

122 Subsection 6(1)

Insert:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Northern Territory (Lessees’ Loans Guarantee) Act 1954

123 Section 3

Insert:

ADI (authorised deposit-taking institution) means:

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or

(b) the Reserve Bank of Australia.

124 Section 3 (definition of bank)

Repeal the definition.

125 Subsection 4(1)

Omit “a bank”, substitute “an ADI”.

126 Subsections 4(1), (2) and (3)

Omit “the bank”, substitute “the ADI”.

Parliamentary Contributory Superannuation Act 1948

127 Sub-subparagraph 26B(4)(c)(iv)(E)

Omit “the Insurance and Superannuation Commissioner”, substitute “the Australian Securities and Investments Commission”.

Pooled Development Funds Act 1992

128 Subsection 4(1)

Insert:

ADI (authorised deposit-taking institution) means:

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or

(b) the Reserve Bank of Australia; or

(c) a bank constituted by a law of a State or internal Territory.

129 Subsection 4(1) (definition of bank)

Repeal the definition.

130 Subsection 31(1)

Omit “a bank or”, substitute “an ADI or a”.

Prawn Export Promotion Act 1995

131 At the end of section 9

Add:

(5) In this section:

bank includes, but is not limited to, an ADI (authorised deposit-taking institution) within the meaning of the Banking Act 1959.

Prices Surveillance Act 1983

132 Subsection 3(1)

Insert:

banker includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Privacy Act 1988

133 Subsection 6(1) (paragraph (b) of the definition of bank)

Repeal the paragraph, substitute:

(b) a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959; or

Proceeds of Crime Act 1987

134 Subsection 4(1)

Insert:

ADI (authorised deposit-taking institution) means:

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or

(b) the Reserve Bank of Australia; or

(c) a person who carries on State banking within the meaning of paragraph 51(xiii) of the Constitution.

135 Subsection 4(1) (definition of bank)

Repeal the definition.

136 Subsection 66(5)

Omit “bankers’ books”, substitute “the books of an ADI”.

137 Subsection 66(15) (definition of bankers’ books)

Repeal the definition.

138 Subsection 66(15)

Insert:

books of an ADI means any accounting records used in the ordinary business of an ADI, including ledgers, day-books, cash-books and account books.

139 Paragraph 78A(1)(a)

Omit “a bank (the transferor bank)”, substitute “an ADI (the transferor ADI)”.

Note: The heading to section 78A is replaced by the heading “Active ADI accounts transferred to another ADI—obligations of ADIs in relation to documents”.

140 Paragraph 78A(1)(a)

Omit “the transferor bank by”, substitute “the transferor ADI by”.

141 Paragraph 78A(1)(b)

Omit “another bank (the transferee bank), substitute “another ADI (the transferee ADI)”.

142 Subparagraph 78A(1)(b)(ii)

Omit “bank” (wherever occurring), substitute “ADI”.

143 Subsections 78A(2), (4) and (5)

Omit “bank” (wherever occurring), substitute “ADI”.

Note: The headings to subsections 78A(2), (4) and (5) are altered by omitting “bank” (wherever occurring) and substituting “ADI”.

144 Paragraph 78B(1)(a)

Omit “a bank (the transferor bank)”, substitute “an ADI (the transferor ADI)”.

Note: The heading to section 78B is replaced by the heading “Closed ADI accounts transferred to another ADI—obligations of ADIs in relation to documents”.

145 Paragraph 78B(1)(a)

Omit “the transferor bank by”, substitute “the transferor ADI by”.

146 Paragraph 78B(1)(c)

Omit “transferor bank”, substitute “transferor ADI”.

147 Paragraph 78B(1)(c)

Omit “another bank (the transferee bank)”, substitute “another ADI (the transferee ADI)”.

148 Paragraph 78B(1)(d) and subsections 78B(2), (3) and (4)

Omit “bank” (wherever occurring), substitute “ADI”.

Note: The headings to subsections 78B(2), (3) and (4) are altered by omitting “bank” (wherever occurring) and substituting “ADI”.

Reserve Bank Act 1959

149 Subsection 5(1)

Insert:

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

150 Subsection 5(1) (definition of bank)

Repeal the definition.

Note: The heading to section 43 is replaced by the heading “Bank not to issue notes other than Australian notes”.

151 Subsection 74(2)

Omit “other bank”, substitute “ADI”.

152 Paragraph 75(c)

Omit “a bank”, substitute “an ADI”.

153 Section 86

Omit “section 16”, substitute “subsection 13A(3)”.

154 Section 86

Omit “a bank specified in the First Schedule to that Act”, substitute “an ADI”.

Note: The heading to section 86 is altered by omitting “banks” and substituting “ADIs”.

Retirement Savings Accounts Act 1997

155 Subsection 11(2)

Omit “a bank,”, substitute “an ADI or a”.

156 Section 16

Insert:

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

157 Section 16 (definition of bank)

Repeal the definition.

158 Section 16 (definition of contribution)

Omit “a bank or”, substitute “an ADI or a”.

159 Subsection 23(1)

Omit “a bank,”, substitute “an ADI or a”.

160 Paragraph 33(2)(b)

Omit “a bank,”, substitute “an ADI or a”.

Sales Tax Assessment Act 1992

161 At the end of section 91G

Add:

(11) In this section:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Sales Tax (Exemptions and Classifications) Act 1992

162 At the end of item 100 in Schedule 1

Add:

(3) In this item:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Small Superannuation Accounts Act 1995

163 Paragraph 64(1)(b)

Omit “the Insurance and Superannuation Commissioner”, substitute “the Australian Securities and Investments Commission”.

164 Subsection 64(6)

Repeal the subsection.

165 Section 75

Omit “Insurance and Superannuation Commissioner” (wherever occurring), substitute “Australian Securities and Investments Commission”.

166 Subsections 76(2), (6), (7) and (8)

Omit “Insurance and Superannuation Commissioner”, substitute “Australian Securities and Investments Commission”.

Note: The heading to subsection 76(2) is altered by omitting “Insurance and Superannuation Commissioner” and substituting “Australian Securities and Investments Commission”.

Social Security Act 1991

167 Section 3 (index)

Insert the following entry in its appropriate alphabetical position, determined on a letter-by-letter basis:

bank

23(1)

168 Subsection 23(1)

Insert:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Student and Youth Assistance Act 1973

169 Subsection 3(1)

Insert:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Superannuation Act 1976

170 Subsection 3(1)

Insert:

ASIC means the Australian Securities and Investments Commission.

171 Subsection 3(1) (definition of ISC)

Repeal the definition.

172 Paragraph 3B(1)(a)

Omit “Superannuation Entities (Taxation) Act 1987”, substitute “Superannuation (Excluded Funds) Taxation Act 1987”.

173 At the end of section 96A

Add:

(2) In this section:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

174 Paragraph 110R(7)(b)

Omit “the ISC”, substitute “ASIC”.

175 Subsection 119(3)

Omit “the ISC”, substitute “ASIC”.

176 Subsection 139AA(3)

Omit “the ISC”, substitute “ASIC”.

177 Subsection 155C(3) (paragraph (b) of the definition of eligible regulatory law)

Omit “Superannuation Entities (Taxation) Act 1987”, substitute “Superannuation (Excluded Funds) Taxation Act 1987”.

178 Subsection 155C(3) (after paragraph (b) of the definition of eligible regulatory law)

Insert:

(ba) the Financial Institutions Supervisory Levies Collection Act 1998; or

Superannuation Act 1990

179 Subsection 44(1)

Insert:

bank includes, but is not limited to, any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

180 Subsection 49(3) (paragraph (b) of the definition of eligible regulatory law)

Omit “Superannuation Entities (Taxation) Act 1987”, substitute “Superannuation (Excluded Funds) Taxation Act 1987”.

181 Subsection 49(3) (after paragraph (b) of the definition of eligible regulatory law)

Insert:

(ba) the Financial Institutions Supervisory Levies Collection Act 1998; or

Superannuation Contributions Tax (Assessment and Collection) Act 1997

182 Subsection 32(8)

Omit “the Insurance and Superannuation Commissioner”, substitute “the Australian Prudential Regulation Authority or the Australian Securities and Investments Commission”.

Note: The heading to subsection 32(8) is altered by omitting “to Insurance and Superannuation Commissioner” and substituting “for the purpose of the Superannuation Industry (Supervision) Act 1993”.

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

183 Subsection 28(8)

Omit “the Insurance and Superannuation Commissioner”, substitute “the Australian Prudential Regulation Authority or the Australian Securities and Investments Commission”.

Note: The heading to subsection 28(8) is altered by omitting “to Insurance and Superannuation Commissioner” and substituting “for the purpose of the Superannuation Industry (Supervision) Act 1993”.

Superannuation Industry (Supervision) Act 1993

184 Subsection 10(1)

Insert:

ADI (authorised deposit-taking institution) means:

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or

(b) a State bank.

185 Subsection 10(1) (definition of approved bank)

Repeal the definition.

186 Subsection 10(1) (paragraph (a) of the definition of approved guarantee)

Omit “approved bank”, substitute “ADI”.

187 Subsection 10(1) (paragraph (b) of the definition of approved guarantee)

Omit “non-bank”, substitute “non-ADI”.

188 Subsection 10(1) (definition of approved non-bank financial institution)

Omit “non-bank”, substitute “non-ADI”.

189 Paragraph 71(1)(b)

Omit “approved bank”, substitute “ADI”.

190 Paragraph 71(1)(ba)

Omit “non-bank”, substitute “non-ADI”.

191 Paragraph 105(1)(a)

Omit “Superannuation Entities (Taxation) Act 1987”, substitute “Superannuation (Excluded Funds) Taxation Act 1987”.

Superannuation (Productivity Benefit) Act 1988

192 Paragraph 6(6)(e)

Omit “the Insurance and Superannuation Commissioner”, substitute “the Australian Securities and Investments Commission”.

Telecommunications Act 1997

193 Paragraph 219(3)(a)

Repeal the paragraph, substitute:

(a) a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959; or

(aa) the Reserve Bank of Australia; or

Trade Practices Act 1974

194 Subsection 4(1)

Insert:

banker includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Veterans’ Entitlements Act 1986

195 Section 5 (index)

Insert the following entry in its appropriate alphabetical position, determined on a letter-by-letter basis:

bank

5Q(1)

196 Subsection 5Q(1)

Insert:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959.

Wool International Act 1993

197 At the end of section 22Y

Add:

(2) In this section:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit-taking institution) within the meaning of the Banking Act 1959.

 

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