Commonwealth Numbered Acts

BANKING LEGISLATION AMENDMENT ACT 1992 No. 193 of 1992 - SECT 9

9. After Division 1A of Part II of the Principal Act the following Division is
inserted:

"Division 1B - Provisions relating to certain foreign banks Interpretation

"11D. In this Division:
'foreign bank' does not include:

   (a)  the Bank of China; or

   (b)  the Bank of New Zealand. Division 2 not applicable to foreign banks

"11E.(1) Division 2 does not apply to a foreign bank.

"(2) Before accepting a deposit from a person in Australia, a foreign bank
must inform the person, in a manner approved by the Governor of the Reserve
Bank, of the requirements of this Act to which the bank is not subject because
of subsection (1). Assets of foreign banks

"11F. If a foreign bank (whether in or outside Australia) suspends payment or
becomes unable to meet its obligations, the assets of the bank in Australia
are to be available to meet the bank's liabilities in Australia in priority to
all other liabilities of the bank.".