Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (82 of 2010)
Schedule 1 Amendment of the Banking Act 1959
Part 1 Amendments
29 After subsection 16AF(1)
Insert:
(1A) The interest is payable at:
(a) the rate of interest that is payable according to the terms and conditions of the protected account; or
(b) if APRA considers that that rate is not certain - the rate of interest that APRA declares, in writing, is payable.
(1B) A declaration under paragraph (1A)(b) is not a legislative instrument.
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