Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 70G

    The purposes of the Account are as follows:

  (a)   making a payment under a contract or arrangement whose making was authorised under section   70C;

  (b)   making a payment under a contract or arrangement whose making was authorised under section   131A of the Insurance Act 1973 ;

  (c)   making a payment under a contract or arrangement whose making was authorised under section   251A of the Life Insurance Act 1995 ;

  (d)   repaying a borrowing, and paying interest on a borrowing, made under any of the following sections:

  (i)   section   70D;

  (ii)   section   131B of the Insurance Act 1973 ;

  (iii)   section   251B of the Life Insurance Act 1995 ;

  (e)   meeting the expenses of administering the Account.

Note:   See section   80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts) .