Australian Capital Territory Numbered Acts

TRUSTEE (AMENDMENT) ACT 1995 (NO. 26 OF 1995) - SECT 4

4. Section 14 of the Principal Act is amended—

    (a)     by omitting paragraphs (1) (e), (f) and (fa) and substituting the following paragraph:

    “(e)     by way of deposit with—

              (i)     a bank;

              (ii)     a building society;

              (iii)     a credit union; or

              (iv)     a foreign society;”;

    (b)     by omitting from paragraph (1) (j) “on” and substituting “by way of”;

    (c)     by omitting subsections (2), (2A), (2AA) and (2B);

    (d)     by omitting from subsection (14) the definition of “building society” and substituting the following definition:

“ ‘building society' means a body that is—

        (a)     registered under the Financial Institutions (ACT) Code as a society; and

        (b)     authorised under the Financial Institutions (ACT) Code to operate as a building society;”;

    (e)     by omitting from subsection (14) the definitions of “approved building society”, “building societies law”, “commencement day”, “foreign building society”, “local building society” and “withdrawable funds”; and

    (f)     by inserting in subsection (14) the following definitions:

“ ‘credit union' means a body that is—

        (a)     registered under the Financial Institutions (ACT) Code as a society; and

        (b)     authorised under the Financial Institutions (ACT) Code to operate as a credit union;

‘foreign society' means a society registered under the Financial Institutions (ACT) Code as a foreign society;”.