Commonwealth Consolidated Acts

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Authority to carry on banking business in Australia for a limited time--continuation after expiry

  (1)   This section applies to a body corporate's section   9 authority if the authority is to cease to have effect on a day (the expiry day ) specified in the authority.

  (2)   APRA may, at any time before the expiry day, give the body corporate a written notice stating that the authority continues in effect, on and after the expiry day, in relation to a specified matter or specified period for the purposes of:

  (a)   a specified provision of this Act or the regulations; or

  (b)   a specified provision of another law of the Commonwealth that is administered by APRA; or

  (c)   a specified provision of the prudential standards;

and the statement has effect accordingly.

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