TRUSTEE (AMENDMENT) ACT 1990  (No 1 of 1990)

- TABLE OF PROVISIONS

1.   This Act may be cited as the Trustee (Amendment) Act 1990.  
2.   In this Act, "Principal Act" means the Trustee Act 1957.1  
3.   The Second Schedule to the Principal Act is amended by omitting subsection (2A) from paragraph (a) in the third column of item 11 and substituting the following subsections:  

TRUSTEE (AMENDMENT) ACT 1990
- LONG TITLE
An Act to amend the Trustee Act
1957
 Short title

TRUSTEE (AMENDMENT) ACT 1990
- SECT 1
1.  This Act may be cited as the Trustee (Amendment) Act 1990.
 Principal Act

TRUSTEE (AMENDMENT) ACT 1990
- SECT 2
2.  In this Act, "Principal Act" means the Trustee Act 1957.1
 Second Schedule

TRUSTEE (AMENDMENT) ACT 1990
- SECT 3
3.  The Second Schedule to the Principal Act is amended by omitting subsection (2A) from paragraph (a) in the third column of item 11 and substituting the following subsections:
"(2A)  A building society shall not be approved under subsection (2),
unless--
         (a)      in the case of a building society that has carried on business in the
Territory for a period of not less than 10 years--
               (i)     it has withdrawable funds of not less than $50,000,000; and
               (ii)     the Minister is satisfied that it has complied substantially with the
Co-operative Societies Act 1939 during the immediately preceding period
of 5 years; or
         (b)     in the case of any other building society carrying on business in the
Territory--
               (i)     the Minister is satisfied that it has complied substantially with the
Co-operative Societies Act 1939 during the period for which it has
carried on business; and
               (ii)     an irrevocable undertaking for the payment of $50,000,000 on demand
by the Minister, in the event of the building society being wound up or unable
to meet its liabilities, is given in accordance with subsection (2AA).
"(2AA)  A building society may give an undertaking for the purposes
of subparagraph (2A) (b) (ii) if it is a building society as defined in
subsection (14) or within the meaning of any law in force in a State or another
Territory relating to the registration or incorporation of building societies,
and the Minister is satisfied that--
         (a)     it has carried on business in a State or Territory for not less than
10 years;
         (b)     it has withdrawable funds of not less than $50,000,000; and
         (c)     it has complied substantially with the law in force in each State or
Territory in which it has carried on business at any time during the immediately
preceding period of 5 years.".

TRUSTEE (AMENDMENT) ACT 1990
- NOTES
NOTE

1.    Ordinance No. 14, 1957 as amended by No. 18, 1968; No. 28, 1975; No. 46,
1978; Nos. 27 and 38, 1982; Nos. 9, 65 and 66, 1985; Nos. 17 and 78, 1988; Nos.
21 and 38, 1989.

[Presentation speech made in Assembly on  28 September
1989.]

(c)  Australian Capital Territory
2003

TRUSTEE (AMENDMENT) ACT 1990
- NOTES

AUSTRALIAN CAPITAL TERRITORY
No. 1 of 1990
    
    [Notified in ACT Gazette S8:  2 March 1990]