Financial Sector Legislation Amendment Act (No. 1) 2003 (Cth)

Financial Sector Legislation Amendment Act (No. 1) 2003 Act No. 116 of 2003 as amended This compilation was prepared on 18 July 2005 [This Act was amended by Act No. 100 of 2005] Amendment from Act No. 100 of 2005 [Schedule 2 (item 12) repealed and substituted heading to item 16 of Schedule 5 Schedule 2 (item 12) commenced immediately after 28 November 2003] Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Australian Securities and Investments Commission Act 2001 Schedule 2—Banking Act 1959 Schedule 3—Corporations Act 2001 Schedule 4—Corporations (Repeals, Consequentials and Transitionals) Act 2001 Schedule 5—Insurance Act 1973 Schedule 6—Superannuation Industry (Supervision) Act 1993 Schedule 7—Superannuation (Resolution of Complaints) Act 1993 An Act to amend certain laws relating to the financial sector, and for related purposes [Assented to 27 November 2003] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Financial Sector Legislation Amendment Act (No. 1) 2003. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent 27 November 2003 2. Schedule 1, items 1 to 3 The day after this Act receives the Royal Assent 28 November 2003 3. Schedule 1, item 4 Immediately after the commencement of the Australian Securities and Investments Commission Act 2001. 15 July 2001 4. Schedules 2 and 3 The day after this Act receives the Royal Assent 28 November 2003 5. Schedule 4, item 1 Immediately after the time specified in the Corporations (Repeals, Consequentials and Transitionals) Act 2001 for the commencement of subsection 2(8) of that Act 15 July 2001 6. Schedule 4, item 2 Immediately after the time specified in the Corporations (Repeals, Consequentials and Transitionals) Act 2001 for the commencement of item 284 of Schedule 3 to that Act 15 July 2001 7. Schedule 4, item 3 Immediately after the time specified in the Corporations (Repeals, Consequentials and Transitionals) Act 2001 for the commencement of item 337 of Schedule 3 to that Act 15 July 2001 8. Schedules 5 to 7 The day after this Act receives the Royal Assent 28 November 2003 Note: This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent. (2) Column 3 of the table is for additional information that is not part of this Act. This information may be included in any published version of this Act. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—Australian Securities and Investments Commission Act 2001 1 Subsection 12GM(1) After "engaged in", insert "in". 2 Subsection 127(5) Omit "(4F)", substitute "(4FA)". 3 Paragraph 203(1)(c) Omit "the Australian Society of Certified Practising Accountants", substitute "CPA Australia". 4 Subsection 254(1) (subparagraph (b)(iii) of the definition of old ASIC legislation) After "Part 8", insert "or Division 6 of Part 11". Schedule 2—Banking Act 1959 1 Subsection 5(1) (definition of prudential matters) Repeal the definition, substitute: prudential matters means matters relating to: (a) the conduct by an ADI, an authorised NOHC, a relevant group of bodies corporate, or a particular member or members of such a group, of any part of its or their affairs in such a way as: (i) to keep the ADI, NOHC, group or member or members of the group in a sound financial position; or (ii) not to cause or promote instability in the Australian financial system; or (b) the conduct by an ADI, an authorised NOHC, a relevant group of bodies corporate, or a particular member or members of such a group, of its or their affairs with integrity, prudence and professional skill. 2 Subsection 5(1) Insert: relevant group of bodies corporate has the meaning given by subsection 5(3). 3 Subsection 5(1) Insert: senior manager of an ADI or an authorised NOHC or the Australian operations of a foreign ADI means a person who has or exercises any of the senior management responsibilities (within the meaning of the prudential standards) for the ADI or NOHC or for the Australian operations of the foreign ADI, as the case may be. 4 At the end of section 5 Add: (3) For the purposes of this Act: (a) an ADI and its subsidiaries together constitute a relevant group of bodies corporate; and (b) an authorised NOHC and its subsidiaries together also constitute a relevant group of bodies corporate. 5 Before paragraph 9A(2)(a) Insert: (aa) the body corporate has, whether before or after the commencement of this paragraph, provided, in connection with its application for the authority, information that was false or misleading in a material particular; or 6 Before paragraph 11AB(2)(a) Insert: (aa) the body corporate has, whether before or after the commencement of this paragraph, provided, in connection with its application for the authority, information that was false or misleading in a material particular; or 7 After subsection 11AF(1A) Insert: (1AA) Without limiting the prudential matters in relation to which APRA may determine a standard, a standard may require: (a) each ADI or authorised NOHC; or (b) each ADI or authorised NOHC included in a specified class of ADIs or authorised NOHCs; or (c) a specified ADI or authorised NOHC; or (d) each of 2 or more specified ADIs or authorised NOHCs; to ensure that its subsidiaries (or particular subsidiaries), or it and its subsidiaries (or particular subsidiaries), collectively satisfy particular requirements in relation to prudential matters. 8 Subsection 11CA(2) Repeal the subsection, substitute: (2) The kinds of direction that the body corporate may be given are directions to do, or to cause a body corporate that is its subsidiary to do, any one or more of the following: (a) to comply with the whole or a part of a prudential regulation or a prudential standard; (b) to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA; (c) to remove a director, secretary, executive officer or employee of the body corporate from office; (d) to ensure a director, secretary, executive officer or employee of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA; (e) to appoint a person or persons as a director, secretary, executive officer or employee of the body corporate for such term as APRA directs; (f) to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs; (g) not to give any financial accommodation to any person; (h) not to accept the deposit of any amount; (i) not to borrow any amount; (j) not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given; (k) not to repay any amount paid on shares; (l) not to pay a dividend on any shares; (m) not to repay any money on deposit or advance; (n) not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so; (o) not to undertake any financial obligation (contingent or otherwise) on behalf of any other person; (p) anything else as to the way in which the affairs of the body corporate are to be conducted or not conducted. A direction under paragraph (n) not to pay or transfer any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. 9 After subsection 11CA(4) Insert: (4A) If the direction requires the body corporate to cause a subsidiary to do, or to refrain from doing, an act or thing: (a) the body corporate has power to cause the subsidiary to do, or to refrain from doing, the act or thing; and (b) the subsidiary has power to do, or to refrain from doing, the act or thing; despite anything in the subsidiary's constitution or any contract or arrangement to which the subsidiary is a party. 10 Subsection 11CD(1) After "NOHC" (last occurring), insert ", or a subsidiary of the ADI or NOHC,". 11 Subsection 11CD(2) After "NOHC" (first occurring), insert ", or a subsidiary of an ADI or of an authorised NOHC,". 12 Subsection 11CD(2) Omit "11CA(2)(k)", substitute "11CA(2)(m)". 12A Section 11CG Omit "or Subdivision B" (wherever occurring), substitute "or B or section 17 or 23". 12B At the end of subsection 14A(2) Add: A requirement to give information may include a requirement to produce books, accounts or documents. 12C Paragraph 14A(2A)(b) Omit "the ADI statutory manager information", insert "information or to produce books, accounts or documents". 12D After subsection 14A(4) Insert: (4A) Subsections (3) and (4) apply to the production of books, accounts or documents in a corresponding way to the way in which they apply to the giving of information. 13 Subsection 16B(1) Repeal the subsection, substitute: Duty to give information when required (1) APRA may, by notice in writing, require a person who is, or has been, an auditor of: (a) an ADI; or (b) an authorised NOHC; or (c) a subsidiary of an ADI or authorised NOHC; or (d) if an ADI is a subsidiary of a foreign corporation (whether or not the ADI is itself a foreign ADI): (i) another subsidiary (a relevant Australian‑incorporated subsidiary) of the foreign corporation (other than a body mentioned in paragraph (a), (b) or (c)), being a subsidiary that is incorporated in Australia; or (ii) another subsidiary (a relevant foreign‑incorporated subsidiary) of the foreign corporation (other than a body mentioned in paragraph (a), (b) or (c)), being a subsidiary that is not incorporated in Australia and carries on business in Australia; to provide information, or to produce books, accounts or documents, to APRA about the ADI, authorised NOHC, subsidiary of the ADI or authorised NOHC, or relevant Australian‑incorporated subsidiary, or about the Australian operations of the relevant foreign‑incorporated subsidiary, if APRA considers that the provision of the information, or the production of the books, accounts or documents, will assist APRA in performing its functions under this Act. 14 Subsection 16B(1A) Omit "who is or has been an auditor of an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC,". 14A Paragraph 16B(1A)(a) After "information", insert "or to produce books, accounts or documents". 15 After subsection 16B(4) Insert: Additional duty to give information about Australian‑incorporated subsidiaries of certain foreign corporations (4A) A person who is or has been an auditor of a relevant Australian‑incorporated subsidiary of a foreign corporation commits an offence if: (a) the person has reasonable grounds for believing that: (i) the subsidiary is insolvent, or there is a significant risk that the subsidiary will become insolvent; or (ii) the subsidiary has failed to comply with a requirement under this Act or the regulations or under the Financial Sector (Collection of Data) Act 2001; or (iii) an existing or proposed state of affairs may materially prejudice the interests of depositors of any ADI that is a subsidiary of the foreign corporation; and (b) the person does not inform APRA of the matter; and (c) there is no order in force under section 11 determining that this subsection does not apply to the person. Maximum penalty: Imprisonment for 6 months. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose a fine instead of, or in addition to, a term of imprisonment. The maximum fine a court may impose is worked out as provided in that subsection. Note 3: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the maximum fine worked out as mentioned in Note 2. Additional duty to give information about foreign‑incorporated subsidiaries of certain foreign corporations (4B) A person who is or has been an auditor of a relevant foreign‑incorporated subsidiary of a foreign corporation commits an offence if: (a) the person has reasonable grounds for believing that: (i) the subsidiary is insolvent, or there is a significant risk that the subsidiary will become insolvent; or (ii) the subsidiary has failed to comply with a requirement under this Act or the regulations or under the Financial Sector (Collection of Data) Act 2001; or (iii) an existing or proposed state of affairs of the Australian operations of the subsidiary may materially prejudice the interests of depositors of any ADI that is a subsidiary of the foreign corporation; and (b) the person does not inform APRA of the matter; and (c) there is no order in force under section 11 determining that this subsection does not apply to the person. Maximum penalty: Imprisonment for 6 months. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose a fine instead of, or in addition to, a term of imprisonment. The maximum fine a court may impose is worked out as provided in that subsection. Note 3: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the maximum fine worked out as mentioned in Note 2. Strict liability (4C) Strict liability applies to the physical elements in paragraphs (1A)(c), (2)(c), (3)(c), (4)(c), (4A)(c) and (4B)(c) that no orders making determinations of kinds referred to in the paragraphs concerned are in force under section 11. 15A At the end of section 16B Add: (7) Subsections (5) and (6) apply to the production of books, accounts or documents in a corresponding way to the way in which they apply to the giving of information. 16 Section 16C Repeal the section, substitute: 16C Auditor may provide information to APRA A person who is, or has been, an auditor of: (a) an ADI; or (b) an authorised NOHC; or (c) a subsidiary of an ADI or authorised NOHC; or (d) if an ADI is a subsidiary of a foreign corporation (whether or not the ADI is itself a foreign ADI): (i) another subsidiary (a relevant Australian‑incorporated subsidiary) of the foreign corporation (other than a body mentioned in paragraph (a), (b) or (c)), being a subsidiary that is incorporated in Australia; or (ii) another subsidiary (a relevant foreign‑incorporated subsidiary) of the foreign corporation (other than a body mentioned in paragraph (a), (b) or (c)), being a subsidiary that is not incorporated in Australia and carries on business in Australia; may provide information, or produce books, accounts or documents, to APRA about the ADI, authorised NOHC, subsidiary of the ADI or authorised NOHC, or relevant Australian‑incorporated subsidiary, or about the Australian operations of the relevant foreign‑incorporated subsidiary, if the person considers that the provision of the information, or the production of the books, accounts or documents, to APRA will assist APRA in performing its functions under this Act or the Financial Sector (Collection of Data) Act 2001. 17 After Division 2A of Part II Insert: Division 2B—Removal of auditors of ADIs 17 APRA may remove an auditor of an ADI (1) This section applies to a person who is an auditor of an ADI. (2) APRA may direct (in writing) that an ADI remove the person from the position if APRA is satisfied that the person: (a) has failed to perform adequately and properly the functions and duties of the position as required under this Act or the prudential standards; or (b) does not meet one or more of the criteria for fitness and propriety set out in the prudential standards. (3) Before directing an ADI to remove a person, APRA must give written notice to: (a) the person; and (b) the ADI; giving each of them a reasonable opportunity to make submissions on the matter. (4) If a submission is made to APRA in response to the notice, APRA must have regard to the submission and may discuss any matter contained in the submission with such persons as it considers appropriate for the purpose of assessing the truth of the matter. (5) A notice given under subsection (3) to a person or an ADI must state that any submissions made in response to the notice may be discussed by APRA with other persons as mentioned in subsection (4). (6) A direction takes effect on the day specified in it, which must be not earlier than 7 days after it is made. (7) If APRA directs an ADI to remove a person, APRA must give a copy of the direction to the person and to the ADI. (7A) An ADI must comply with a direction under this section. Note: For enforcement of the direction, see section 11CG. (7B) The power of an ADI to comply with a direction under this section may be exercised by giving a written notice to the person who is the subject of the direction. (7C) Subsection (7B) does not, by implication, limit any other powers of an ADI to remove a person. (8) Part VI applies to a direction given by APRA under this section. 18 Referring matters to the professional associations for auditors (1) This section applies if APRA directs an ADI under section 17 to remove a person from the position of auditor of the ADI. (2) APRA may refer details of the matter to the following: (a) the Companies Auditors and Liquidators Disciplinary Board established by Division 1 of Part 11 of the Australian Securities and Investments Commission Act 2001; (b) those members of the professional association of the auditor who APRA believes will be involved in considering or taking any disciplinary or other action concerning the matter against the auditor. (3) When APRA refers details of a matter, APRA must also give written notice of the referral (including the nature of the matter) to the auditor. Division 3—Governance 19 Disqualified persons must not act for ADIs or authorised NOHCs (1) A disqualified person commits an offence if the person is or acts as: (a) a director or senior manager of an ADI (other than a foreign ADI); or (b) a senior manager of the Australian operations of a foreign ADI; or (c) a director or senior manager of an authorised NOHC. Maximum penalty: Imprisonment for 2 years. (2) A disqualified person commits an offence if the person is or acts as: (a) a director or senior manager of an ADI (other than a foreign ADI); or (b) a senior manager of the Australian operations of a foreign ADI; or (c) a director or senior manager of an authorised NOHC. Maximum penalty: 60 penalty units. (3) An offence against subsection (2) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. (4) A body corporate commits an offence if it allows a disqualified person to be or act as: (a) if the body corporate is an ADI (other than a foreign ADI)—a director or senior manager of the ADI; or (b) if the body corporate is a foreign ADI—a senior manager of the Australian operations of the ADI; or (c) if the body corporate is an authorised NOHC—a director or senior manager of the NOHC. Maximum penalty: 250 penalty units. (5) A body corporate commits an offence if it allows a disqualified person to be or act as: (a) if the body corporate is an ADI (other than a foreign ADI)—a director or senior manager of the ADI; or (b) if the body corporate is a foreign ADI—a senior manager of the Australian operations of the ADI; or (c) if the body corporate is an authorised NOHC—a director or senior manager of the NOHC. Maximum penalty: 60 penalty units. (6) An offence against subsection (5) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. (7) In a prosecution under subsection (4) or (5), it is a defence if: (a) the person was a disqualified person only because he or she was disqualified by APRA under section 21; and (b) the defendant contacted APRA within a reasonable period before allowing the person to be or act as a director or senior manager (as the case may be); and (c) the defendant was incorrectly advised by APRA that the person was not a disqualified person under section 21. Note: A defendant bears an evidential burden in relation to the matters in this subsection (see section 13.3(3) of the Criminal Code). (8) A failure to comply with this section does not affect the validity of an appointment or transaction. (9) Subsections (1) to (8) have no effect until the end of the 3‑month period that begins at the commencement of this section. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. 20 Who is a disqualified person? (1) A person is a disqualified person if, at any time (whether before or after the commencement of this section): (a) the person has been convicted of an offence against or arising out of: (i) this Act; or (ii) the Financial Sector (Collection of Data) Act 2001; or (iii) the Corporations Act 2001, the Corporations Law that was previously in force, or any law of a foreign country that corresponds to that Act or to that Corporations Law; or (b) the person has been convicted of an offence against or arising out of a law in force in Australia, or the law of a foreign country, where the offence related or relates to dishonest conduct, or to conduct relating to a company that carries on business in the financial sector; or (c) the person has been or becomes bankrupt; or (d) the person has applied to take the benefit of a law for the relief of bankrupt or insolvent debtors; or (e) the person has compounded with his or her creditors; or (f) APRA has disqualified the person under section 21; or (g) the person has been disqualified under the law of a foreign country from managing, or taking part in the management of, an entity that carries on the business of banking or insurance or otherwise deals in financial matters. Note: APRA may determine that a person is not a disqualified person (see section 22). (2) A reference in subsection (1) to a person who has been convicted of an offence includes a reference to a person in respect of whom an order has been made relating to the offence under: (a) section 19B of the Crimes Act 1914; or (b) a corresponding provision of a law of a State, a Territory or a foreign country. (3) Nothing in this section affects the operation of Part VIIC of the Crimes Act 1914 (which includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them). 21 APRA may disqualify person (1) APRA may disqualify a person if it is satisfied that the person is not a fit and proper person to be or to act as someone referred to in paragraph 19(1)(a), (b) or (c) or (2)(a), (b) or (c). (1A) In deciding whether it is satisfied as mentioned in subsection (1), APRA may take into account: (a) any matters specified in the regulations for the purposes of this paragraph; and (b) any other matters APRA considers relevant. (1B) If regulations specifying matters for the purposes of paragraph (1A)(a) also specify the way in which, the extent to which or the circumstances in which: (a) the matters; or (b) any information or material relating to the matters; may be taken into account by APRA, APRA must comply with the regulations. (2) A disqualification takes effect on the day on which it is made. (3) APRA may revoke a disqualification on application by the disqualified person or on its own initiative. A revocation takes effect on the day on which it is made. (4) APRA must give the person written notice of a disqualification, revocation of a disqualification or a refusal to revoke a disqualification. (5) As soon as practicable after a notice is given to a person under subsection (4), APRA must cause particulars of the disqualification, revocation or refusal to which the notice relates: (a) to be given: (i) if the person is, or is acting as, a person referred to in paragraph 19(1)(a) or (2)(a)—to the ADI concerned; or (ii) if the person is, or is acting as, a person referred to in paragraph 19(1)(b) or (2)(b)—to the foreign ADI concerned; or (iii) if the person is, or is acting as, a person referred to in paragraph 19(1)(c) or (2)(c)—to the authorised NOHC; and (b) to be published in the Gazette. (6) Part VI applies to a disqualification under this section or to a refusal to revoke such a disqualification. 22 APRA may determine that a person is not a disqualified person (1) Despite section 20, APRA may determine (in writing) that a person is not a disqualified person. APRA may do so on its own initiative or on the application of the person. (2) However, APRA may only make the determination if it is satisfied that the person is highly unlikely to be a prudential risk to any ADI or authorised NOHC. (3) If a person applies for a determination under this section, APRA must: (a) either make, or refuse to make, the determination; and (b) in the case of a refusal, give the person written notice of the refusal. (4) APRA may do any of the following: (a) when making a determination under subsection (1), specify in the determination conditions to which the determination is to be subject; (b) at any later time while a determination under subsection (1) is in force, make a further determination specifying conditions or additional conditions to which the determination under subsection (1) is to be subject; (c) at any time make a determination varying or revoking conditions that have been specified under paragraph (a) or (b). (5) A determination takes effect on the day on which it is made. (6) APRA must, as soon as practicable after a determination is made, give written notice of the making of the determination, and a copy of the determination, to the person concerned and to any affected ADI or authorised NOHC. (7) A notice of a refusal to make a determination, or a notice of the making of a determination that specifies or varies conditions, must state the reasons for the refusal or for the specifying or variation of the conditions, as the case may be. (8) APRA may revoke a determination under this section by giving written notice to the person concerned and must give a copy of the notice to any affected ADI or authorised NOHC. (9) The revocation of a determination takes effect on the day specified in the instrument of revocation, which must be not earlier than 7 days after the instrument is signed. (10) Part VI applies to a refusal of APRA to make a determination under this section, to a determination under this section that specifies conditions, to a determination under this section that varies conditions in a way that is more onerous on the person concerned or to the revocation of a determination under this section. 23 APRA may remove a director or senior manager of an ADI or authorised NOHC (1) This section applies to a person who is: (a) a director or senior manager of an ADI (other than a foreign ADI); or (b) a senior manager of the Australian operations of a foreign ADI; or (c) a director or senior manager of an authorised NOHC. (2) APRA may direct (in writing) that the ADI or authorised NOHC remove the person from the position if APRA is satisfied that the person: (a) is a disqualified person; or (b) does not meet one or more of the criteria for fitness and propriety set out in the prudential standards. (3) Before directing an ADI or authorised NOHC to remove a person, APRA must give written notice to: (a) the person; and (b) the ADI or NOHC; giving each of them a reasonable opportunity to make submissions on the matter. (4) If a submission is made to APRA in response to the notice, APRA must have regard to the submission and may discuss any matter contained in the submission with such persons as it considers appropriate for the purpose of assessing the truth of the matter. (5) A notice given under subsection (3) to a person, an ADI or an authorised NOHC must state that any submissions made in response to the notice may be discussed by APRA with other persons as mentioned in subsection (4). (6) A direction takes effect on the day specified in it, which must be not earlier than 7 days after it is signed. (7) If APRA directs an ADI or authorised NOHC to remove a person, APRA must give a copy of the direction to the person and to the ADI or NOHC. (7A) An ADI or authorised NOHC must comply with a direction under this section. Note: For enforcement of the direction, see section 11CG. (7B) The power of an ADI to comply with a direction under this section may be exercised on behalf of the ADI as set out in the table: Power to comply with a direction Item Who may exercise the power How the power may be exercised 1 The chair of the board of directors of the ADI by signing a written notice. 2 A majority of the directors of the ADI (excluding any director who is the subject of the direction) by jointly signing a written notice. (7C) The power of an authorised NOHC to comply with a direction under this section may be exercised on behalf of the NOHC as set out in the table: Power to comply with a direction Item Who may exercise the power How the power may be exercised 1 The chair of the board of directors of the NOHC by signing a written notice. 2 A majority of the directors of the NOHC (excluding any director who is the subject of the direction) by jointly signing a written notice. (7D) Subsections (7B) and (7C) do not, by implication, limit any other powers of an ADI or authorised NOHC to remove a person. (8) Part VI applies to a direction given by APRA under this section. 18 After Part V Insert: Part VI—Reconsideration and Review of decisions 51A Definitions In this Part: decision has the same meaning as in the Administrative Appeals Tribunal Act 1975. reviewable decision of APRA means a decision of APRA to