banking law

banking law - Banking business is the collection of money...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Advise Mike: (a) Whether he is a customer of The Bank and why it might be relevant for him to be considered a customer. Yes Who should be considered as customer? --------- Why? Advise Xanadu and Xeres: (b) Whether they are customers of The Bank and why it might be relevant for them to be considered a customer; (c) About the validity of the Christmas Island Detention Central Bank; and No license (d) Their request regarding Skippy-dollars. no ? ? ? ? ? ? , ? ? ? ? : REGULATIONS ? ? ? ? ? A bank must: be a body corporate: s 7 Banking Act be an Authorised Deposit-Taking Institution - ADI receive authorisation by APRA to carry on the ‘business of banking’: s 8 BA receive approval from APRA to use the word ‘bank’: s 66 BA
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Banking business is the collection of money by receiving deposits upon loan, repayable as agreed upon and the money is used to lend to others: Commissioners of the State Savings Bank of Victoria v Permewan Wright & Co Ltd (1914) HCA ? ? United Dominions Trust vs. Kirkwood [1966] 2 QB 431 ? ? ? In order to conduct banking activity, a company needs to be regulated by the Financial Services Authority (a self funding regulator) and comply with the financial Services and Marketing Act 2000. In order to lend funds, you need to be regulated and this had been stated in many Acts. UDT was not regulated and lending unauthorised is a criminal activity. You cannot enforce payment of a debt if you are not regulated....
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online