16
In forceTransferring banks to lose authority to carry on banking business
Part 3Bank reorganisations
16 Transferring banks to lose authority to carry on banking business
On the succession day for a receiving bank (other than the Commonwealth Bank) and the relevant transferring bank, the authority to carry on banking business in Australia that was granted to the transferring bank under section 9 of the Banking Act 1959 is revoked.
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