BANKING ACT 1959
Part V—Interest rates
(1) The Reserve Bank may, with the approval
of the Treasurer, make regulations:
(a) making provision for or in relation to
the control of rates of interest payable to or by ADIs, or to or by other
persons in the course of any banking business carried on by them;
(b) making provision for or in relation to
the control of rates of discount chargeable by ADIs, or by other persons in the
course of any banking business carried on by them;
(c) providing that interest shall not be
payable in respect of an amount deposited with an ADI, or with another person in
the course of banking business carried on by the person, and repayable on demand
or after the end of a period specified in the regulations; and
(d) prescribing penalties, for offences
against the regulations, not exceeding:
(i) if the offender is a natural person—a fine of $5,000; or
(ii) if the offender is a body
corporate—a fine of $25,000.
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