Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This section applies in relation to a borrowing institution that has a parent.
(2) If a provision of this regulation is expressed to require the borrowing institution to do, or not to do, a thing, the requirement applies to the parent instead of the institution.
Example: If a provision requires a borrowing institution to ensure there are policies and procedures in effect, the parent must ensure that those policies and procedures are in effect instead of the institution.
(3) If a provision of this regulation authorises a borrowing institution to do a thing, the thing may be done by the parent instead of by the institution.
Example: If a provision authorises a borrowing institution to make an application, the parent may make the application instead of the institution.