Australian Capital Territory Numbered Regulations

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FINANCIAL INSTITUTIONS DUTY REGULATIONS (AMENDMENT) (NO. 5 OF 1991) - REG 2

2. Regulation 3 of the Financial Institutions Duty Regulations is repealed and the following regulation substituted:

Prescribed accounts

“3. (1) For the purpose of paragraph 19 (1) (e) of the Act, the following accounts are prescribed:

        (a)     a clearing or settlement account kept by a bank which is a registered financial institution on behalf of—

              (i)     2 or more building societies or credit societies; or

              (ii)     a person who operates the account on behalf of 2 or more building societies or credit societies;

        (b)     an account kept by a registered financial institution on behalf of a non-business government body, other than an account—

              (i)     kept, whether wholly or partially, in relation to transactions entered into by or on behalf of the body in carrying on an activity in the nature of a business (whether or not for profit); or

              (ii)     to which paragraph 19 (1) (ca) of the Act applies

“(2) In subregulation (1)—

‘building societies' and ‘credit societies' have the same respective meanings as in the Co-operative Societies Act 1939 ;
‘non-business government body' means an authority or department of the Territory, the Commonwealth, a State or another Territory whose sole or principal function is not the carrying on of an activity in the nature of a business (whether or not for profit).”.


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