Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.9.71A

                For paragraph 1020G (1) (b) of the Act, a basic deposit product ( an account ) for which the holder of the product is provided with, and keeps, a document commonly referred to as a 'passbook' is exempt from section 1017D of the Act if, under the terms of the operation of the account:

                (a)    the client has a right to a reasonable opportunity to present the passbook to the issuer; and

               (b)    the issuer enters particulars of each transaction involving the account including the amount of the transaction and the current balance of the account; and

                (c)    there is no fee associated with the passbook or the entry of particulars into the passbook.