Commonwealth Consolidated Acts

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Substitution of APRA for account-holder as ADI's creditor

             (1)  When an ADI becomes a declared ADI, then, by force of this subsection, the right of an account-holder who has a protected account with the ADI to be paid an amount by the ADI in connection with the account:

                     (a)  is reduced to the extent of the account-holder's entitlement under this Subdivision connected with the account; and

                     (b)  to the extent of the reduction, becomes a right of APRA.

             (2)  APRA may exercise or assign a right it has under paragraph (1)(b).

Note:          Under section 11 of the Australian Prudential Regulation Authority Act 1998 , APRA's property is generally held on behalf of the Commonwealth.

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