Banking Amendment Regulation 2013 (No. 2)

Select Legislative Instrument No. 157, 2013

Dated 28 June 2013

Quentin Bryce

Governor‑General

By Her Excellency’s Command

Chris Bowen

Contents

1............ Name of regulation.............................................................................. 1

2............ Commencement................................................................................... 1

3............ Authority............................................................................................. 1

4............ Schedule(s)......................................................................................... 1

Schedule 1—Amendments                                                                                                2

Banking Regulations 1966                                                                                        2

1  Name of regulation

                   This regulation is the Banking Amendment Regulation 2013 (No. 2).

2  Commencement

                   This regulation commences on 1 July 2013.

3  Authority

                   This regulation is made under the Banking Act 1959.

4  Schedule(s)

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Banking Regulations 1966

1  Subregulation 20(1) (note)

Repeal the note, substitute:

Note:          Under subsection 69(1B) of the Act, moneys to the credit of an account specified in the regulations are unclaimed moneys if, and only if, the conditions specified in the regulations are satisfied. However:

(a)    regulation 20A (made for subsection 69(1D) of the Act) specifies accounts to which subsection 69(1) of the Act does not apply; and

(b)    regulation 21 (made for subsection 69(1E) of the Act) specifies deposits to which subsections 69(1) and (1A) of the Act do not apply.

2  After regulation 20

Insert:

20A  Unclaimed moneys—accounts to which subsection 69(1) of the Act does not apply

                   For subsection 69(1D) of the Act, if the holder of an account, or an agent of the holder, has notified the ADI, within the previous 3 years, that the holder wishes to treat the account as active, the account is specified.

Note:          Subsection 69(1) of the Act does not apply to an account specified for subsection 69(1D) of the Act.

3  At the end of regulation 21

Add:

Note:          Subsections 69(1) and (1A) of the Act do not apply to a deposit specified for subsection 69(1E) of the Act.