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FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) REGULATIONS 1999 1999 NO. 144 - REG 25
Application of Banking Act 1959 to transfer to account
- (1)
- This regulation applies to:
- (a)
- a transfer of money by a society, from
a person's deposit account with the society to another account, under
paragraph 138A (4) (c) of a Financial Institutions Code; and
- (b)
- the meaning of unclaimed moneys in subsection 69 (1) of the
Banking Act 1959 .
- (2)
- However, this regulation does not apply to a transfer of money if, on the
transfer date, the society that transferred the money is being wound up for
section 340 of the Financial Institutions Code.
- (3)
- The transfer is taken not to be a withdrawal from the account for
subsection 69 (1) of the Banking Act 1959 .
- (4)
- The debiting of a fee or charge to the account, or to another account, in
relation to the transfer, is taken not to be a withdrawal from the account.
- (5)
- The crediting to the account, or to another account, of interest payable
in the account, in relation to the transfer, is taken not to be a deposit.
- (6)
- The outcome of the transfer is that the account to which the transfer
relates is to be taken not to have been operated on.
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