Authority to carry on banking business
59 Authority to carry on banking business
Section 9 of the Principal Act is amended by inserting after subsection (8B) the following subsection:
“(8C) The Governor-General may, on the recommendation of the Treasurer, revoke the authority granted to a foreign bank if:
the bank:
enters into, or proposes to enter into, an arrangement or agreement for:
any sale or disposal of its business by amalgamation or otherwise; or
the carrying on of business in partnership with another bank; or
effects, or proposes to effect, a reconstruction of the bank; and
the Governor-General is satisfied that it would be contrary to the national interest for the bank to continue carrying on banking business in Australia.”.
Restructuring of banks
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