Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) The Code, other than:
(a) Part 1; and
(b) Part 4; and
(c) Division 3 of Part 5; and
(d) Divisions 4 and 5 of Part 7; and
(e) Parts 12, 13 and 14;
does not apply to a credit provider, or a related body corporate of a credit provider, to the extent that the credit provider or related body corporate is providing credit to a director of the credit provider, other than a former director, whether or not the credit is provided to the director with another person.
(2) However, for a credit provider who provides credit in the course of a business of providing credit to which the Code applies to directors and to others, this regulation applies only to the provision of credit on terms that are more favourable to the debtor than the terms on which the credit provider provides credit to which the Code applies to persons who are not directors of the employer.
Note: Section 203B of the Code provides, among other things, that the regulations may exempt a person or a class of persons from all or specified provisions of the Code.