South Australian Consolidated Acts South Australian Consolidated Acts36—Cancellation of designation of account
(1) Where the
Commissioner, by notice under this Part, cancels a certificate of approval in
respect of a special account, a short-term dealing account or a
sweeping account, the account ceases to be an exempt account as from the date
of cancellation stated in the notice.
(2) Where a
financial institution receives a notice referred to in subsection (1) in
respect of an account kept by the financial institution, it must, as from the
date of cancellation stated in the notice, cancel the designation of the
account as a special account, a short-term dealing account or a
sweeping account (as the case may require).