Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 13

APRA's power to obtain information

  (1)   APRA may, by notice in writing to an ADI, require the ADI to supply it, within the time specified in the notice, with such information relating to the ADI's financial stability as is specified in the notice. The requirement to supply information may include a requirement to supply books, accounts or documents.

  (2)   The information supplied in compliance with a requirement under subsection   (1) must, if required by the notice, be verified by a statutory declaration made by an officer of the ADI concerned who is authorised by the ADI to make the declaration.

Information to be supplied if ADI unable, or likely to be unable, to meet obligations

  (3)   An ADI commits an offence if:

  (a)   the ADI considers that it is likely to become unable to meet its obligations, or that it is about to suspend payment; and

  (b)   the ADI does not immediately inform APRA of the situation.

Penalty:   200 penalty units.

Note 1:   Chapter   2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:   If a body corporate is convicted of an offence against this subsection, subsection   4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

  (3A)   An offence against subsection   (3) is an indictable offence.

APRA's power to investigate or appoint an investigator if information etc. not provided

  (4)   APRA may investigate the affairs of an ADI, or appoint a person to do so, if the ADI fails to comply with a requirement to provide information, books, accounts or documents under this section.

Interpretation

  (5)   In this section:

"officer" , in relation to an ADI, has the same meaning as in section   11CG.

  (6)   To avoid doubt, this section applies to an ADI that is, or becomes, a Chapter   5 body corporate (within the meaning of the Corporations Act 2001 ) in the same way as this section applies to any other ADI.