Corporations Regulations 2001
CHAPTER 1
-
INTRODUCTORY
PART 1.0
-
MISCELLANEOUS
REGULATION 1.0.02AA
MEANING OF BASIC DEPOSIT PRODUCT
-
PRESCRIPTION OF PRIOR NOTICE REQUIREMENT
1.0.02AA(1)
This regulation is made for the purposes of subparagraph (d)(ii) of the definition of basic deposit product in section 9 of the Act.
1.0.02AA(2)
The prior notice requirement for an ADI included in the class of ADIs specified in subregulation (3) is a period of not more than 7 days before a withdrawal or transfer of funds from a facility made available by the ADI.
1.0.02AA(3)
The class of ADIs is ADIs entitled under the Banking Act 1959 to use any of the following expressions in relation to their financial business: (a) credit union; (b) credit society; (c) credit co-operative; (d) building society.
This regulation is made for the purposes of subparagraph (d)(ii) of the definition of basic deposit product in section 9 of the Act.
1.0.02AA(2)
The prior notice requirement for an ADI included in the class of ADIs specified in subregulation (3) is a period of not more than 7 days before a withdrawal or transfer of funds from a facility made available by the ADI.
1.0.02AA(3)
The class of ADIs is ADIs entitled under the Banking Act 1959 to use any of the following expressions in relation to their financial business: (a) credit union; (b) credit society; (c) credit co-operative; (d) building society.
View history note
Hide history noteThis information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.