Commonwealth Numbered Regulations Commonwealth Numbered Regulations
1 Subparagraph 20(12)(a)(ii)
Repeal the subparagraph, substitute:
(ii) for set-off or account combination purposes for a loan or another financial obligation; or
2 At the end of subregulation 20(12)
Add:
; (c) the account holder has notified the ADI of:
(i) the purpose of the account, mentioned in subparagraph (a)(i), (ii) or (iii), and the period of the loan, financial obligation or contract covered by the applicable subparagraph; or
(ii) only the purpose of the account, mentioned in subparagraph (a)(i), (ii) or (iii).
3 Subregulation 20(13)
Repeal the subregulation, substitute:
(13) The conditions relating to a security, set-off or escrow account to which subparagraph (12)(c)(i) relates are that:
(a) no deposits have been made into the account for at least the longer of the following periods:
(i) 7 years;
(ii) 3 years after the loan, financial obligation or contract covered by subparagraph (12)(a)(i), (ii) or (iii) has been discharged; and
(b) no withdrawals have been made from the account for at least the longer of the following periods:
(i) 7 years;
(ii) 3 years after the loan, financial obligation or contract covered by subparagraph (12)(a)(i), (ii) or (iii) has been discharged.
(14) The conditions relating to a security, set-off or escrow account to which subparagraph (12)(c)(ii) relates are that:
(a) no deposits have been made into the account for at least 7 years; and
(b) no withdrawals have been made from the account for at least 7 years.
(15) A specified account is an account (a controlled account ) to which the following apply:
(a) the account is opened and held as a requirement of a law of the Commonwealth, a State or a Territory or a contract;
(b) the ability of a holder of the account to make deposits into the account or withdrawals from the account is restricted by the law of the Commonwealth, a State or a Territory or the contract;
(c) the account holder has notified the ADI of:
(i) for an account opened and held as a requirement of a contract--the purpose of the account and the period of the requirement; or
(ii) for an account opened and held as a requirement of a contract--only the purpose of the account; or
(iii) for an account opened and held as a requirement of a law of the Commonwealth, a State or a Territory--the purpose of the account and the period (if any) of the requirement; or
(iv) for an account opened and held as a requirement of a law of the Commonwealth, a State or a Territory--only the purpose of the account.
(16) The conditions relating to a controlled account to which subparagraph (15)(c)(i) or (iii) relates are that:
(a) no withdrawals have been made from the account for at least the longer of the following periods:
(i) 7 years;
(ii) 3 years after the requirement mentioned in paragraph (15)(a) ceases; and
(b) no deposits have been made into the account for at least the longer of the following periods:
(i) 7 years;
(ii) 3 years after the requirement mentioned in paragraph (15)(a) ceases.
(17) The conditions relating to a controlled account to which subparagraph (15)(c)(ii) or (iv) relates are that:
(a) no deposits have been made into the account for at least 7 years; and
(b) no withdrawals have been made from the account for at least 7 years.