Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 37AA

             (1)  If APRA is satisfied that an ADI would contravene a law of a foreign country if the ADI were to comply with a particular obligation under section 37, APRA:

                     (a)  may give to the ADI a written notice specifying that obligation; and

                     (b)  may specify in the notice:

                              (i)  the extent to which the ADI need not comply with that obligation; and

                             (ii)  conditions to which the notice is subject.

             (2)  An ADI is not required to comply with that obligation:

                     (a)  to the extent compliance would result in the ADI contravening that law of a foreign country; or

                     (b)  if the notice specifies the extent to which the ADI need not comply with that obligation--to the extent so specified;

if the conditions (if any) specified in the notice are complied with.