Victorian Numbered Acts

CONFISCATION AND OTHER MATTERS AMENDMENT ACT 2016 (NO. 27 OF 2016) - SECT 3

    (1)     In section 3(1) of the Confiscation Act 1997 , for the definition of account substitute —

""account" means any facility or arrangement through which a financial institution accepts deposits or allows withdrawals and includes the following—

        (a)     a facility or arrangement for—

              (i)     a fixed term deposit; or

              (ii)     a safety deposit box;

        (b)     a credit card account;

        (c)     a loan account (other than a credit card account);

        (d)     an account held in the form of units in—

              (i)     a cash management trust; or

              (ii)     a trust of a kind prescribed by the regulations;".

    (2)     After section 3(3) of the Confiscation Act 1997 insert —

    "(4)     For the purposes of the definition of account in subsection (1), it is immaterial whether—

        (a)     an account is closed; or

        (b)     an account has a nil balance; or

        (c)     any transactions have been allowed in relation to an account.".