Commonwealth Numbered Acts

BANKRUPTCY AMENDMENT ACT 1985 No. 21 of 1985 - SECT 25

25. Section 125 of the Principal Act is amended-
(a) by omitting from sub-section (1) "banker" (wherever occurring) and
substituting "prescribed organization";

   (b)  by omitting from sub-section (1) "him" (wherever occurring) and
        substituting "it";

   (c)  by omitting from sub-section (1) "he" and substituting "it";
(d) by omitting from sub-section (2) "banker" (wherever occurring) and
substituting "prescribed organization";

   (e)  by omitting from sub-section (2) "he" and substituting "it"; and

   (f)  by adding at the end the following sub-section:



"(3) In this section-
'building society' means a society registered or incorporated as a building
society or as a co-operative housing society under the law in force in a State
or Territory relating to building societies or co-operative housing societies,
and includes a society registered under Part I of the Building and
Co-operative Societies Act, 1901, of New South Wales;
'co-operative society' means a society whose principal business consists of
borrowing moneys from its members and lending those moneys to its members and
that is registered or incorporated under the law in force in a State or
Territory relating to co-operative societies;
'credit union' means a society or other body of persons that is registered or
incorporated as a credit union or credit society under the law in force in a
State or Territory relating to credit unions or credit societies;
'prescribed organization' means a bank, a building society, a co-operative
society or a credit union and any other financial organization of a kind
prescribed for the purposes of this definition.".