Which Act Gives Extensive Powers to APRA Over Almost All

question 26

Multiple Choice

Which Act gives extensive powers to APRA over almost all aspects of banking operations?

• A)APRA Act 1998.
• B)Reserve Bank Act 1959.
• C)Banking Act 1959.
• D)Shareholdings Act 1972.

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Definitions:

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Limited Liability

A legal structure that limits the financial responsibility of owners or shareholders to their investment in a company, protecting personal assets from business debts.

Carrying on Business

The act of engaging in commercial activities with a degree of continuity and organization, aiming at producing income or profit.

Sole Proprietorship

A business owned and operated by one person, where there is no legal distinction between the owner and the business.