Banking Amendment (Unclaimed Money) Regulation 2015

Select Legislative Instrument No. 176, 2015

I, the Honourable Paul de Jersey AC QC, Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation.

Dated 29 October 2015

Paul de Jersey

Administrator

By His Excellency’s Command

Kelly O’Dwyer

Assistant Treasurer

Contents

1 Name

2 Commencement

3 Authority

4 Schedules

Schedule 1—Amendments

Banking Regulations 1966

1  Name

  This is the Banking Amendment (Unclaimed Money) Regulation 2015.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under the Banking Act 1959.

4  Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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(4)

Omit “3 years”, substitute “7 years”.

2  Paragraphs 20(6)(a), (b), (c) and (d)

Omit “3 years”, substitute “7 years”.

3  Subparagraphs 20(6)(e)(i) and (ii)

Omit “3 years”, substitute “7 years”.

4  Paragraphs 20(9)(a) and (b)

Omit “3 years”, substitute “7 years”.

5  Subregulations 20(10) and (11)

Repeal the subregulations.

6  Paragraphs 20(13)(a) and (b)

Repeal the paragraphs, substitute:

 (a) no deposits have been made into the account for at least 7 years after the loan, financial obligation or contract covered by subparagraph (12)(a)(i), (ii) or (iii) has been discharged; and

 (b) no withdrawals have been made from the account for at least 7 years after the loan, financial obligation or contract covered by subparagraph (12)(a)(i), (ii) or (iii) has been discharged.

7  Paragraphs 20(16)(a) and (b)

Repeal the paragraphs, substitute:

 (a) no withdrawals have been made from the account for at least 7 years after the requirement mentioned in paragraph (15)(a) ceases; and

 (b) no deposits have been made into the account for at least 7 years after the requirement mentioned in paragraph (15)(a) ceases.

8  Regulation 20A

Omit “3 years”, substitute “7 years”.