Commonwealth Numbered Regulations

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 (SLI NO 44 OF 2010) - REG 14

                For paragraph 53 (3) (b) of the Act, the following persons are prescribed:

                (a)    if the body corporate is not an ADI:

                          (i)    the CEO of the body corporate; or

                         (ii)    if the body corporate does not have a CEO -- the person who:

                                   (A)     is responsible for managing the affairs of the body corporate; and

                                   (B)     has authority to make decisions in relation to the allocation of resources so that the body corporate complies with the Act;

               (b)    if the body corporate is an ADI:

                          (i)    the CEO of the body corporate; or

                         (ii)    a person who satisfies the criteria to be fit and proper to hold a responsible person position under Prudential Standard APS 520.

Note    Prudential Standard APS 520 is in Schedule 1 to the Banking (prudential standard) determination No. 1 of 2006--Prudential Standard APS 520 Fit and Proper .