Commonwealth Numbered Regulations

1995 No. 38 MIGRATION REGULATIONS (AMENDMENT) - REG 21

21.1 After regulation 5.19, insert in Division 5.3: Designated investment

"5.19A. (1) Subject to subregulation (2), the Minister may specify by Gazette
Notice a security issued by an Australian State or Territory government
authority as a security in which an investment is a designated investment for
the purposes of a Part of Schedule 2.



"(2) The Minister may so specify a security if and only if:

   (a)  an investment in the security matures in not less than 3 years from
        its date of issue; and

   (b)  repayment of principal is guaranteed by the issuing authority; and

   (c)  an investment in the security cannot be transferred or redeemed before
        maturity except by operation of law or under other conditions
        acceptable to the Minister; and

   (d)  investment in the security is open to the general public at
        commercially competitive rates of return; and

   (e)  the Minister is satisfied that the Commonwealth will not be exposed to
        any liability as a result of an investment in the security by a
        person.".