s 60
In forceRestructuring of banks
60 Restructuring of banks
Section 63 of the Principal Act is amended:
(a)
by inserting in subsection (1) “(other than a foreign bank)” after “bank” (first occurring);
(b)
by adding at the end the following subsection:
“(4) A foreign bank must give the Treasurer reasonable notice, in writing, of any proposal that involves the bank:
(a)
entering into an arrangement or agreement for:
(i)
any sale or disposal of its business by amalgamation or otherwise; or
(ii)
the carrying on of business in partnership with another bank; or
(b)
effecting a reconstruction of the bank.”.
Division 3—Amendment relating to prosecution of offences
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