Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) In these Regulations, unless the contrary intention appears:
"Aboriginal person" means a person who is a member of the Aboriginal race of Australia.
"beneficiary customer" , in relation to an instruction, means the person or organisation (including a financial organisation) designated by the ordering customer or ordering organisation as the ultimate recipient of the funds.
"beneficiary organisation" , in relation to an instruction, means the financial organisation designated by the ordering organisation as the ultimate recipient of the funds.
"census population" , in relation to an urban centre, means the population of that urban centre specified in the results of the Census of Population and Housing taken by the Australian Statistician on 30 June 1981, being the results published by the Australian Bureau of Statistics in the documents entitled 'Persons and Dwellings in Local Government Areas and Urban Centres'.
"child" means a person who has not attained the age of 18.
"corporate treasurer" means an ADI that provides financial management services to related bodies corporate.
"customer transfer instruction" means an instruction to transfer funds from an ordering customer to a beneficiary customer, in relation to which at least 1 of those customers is not a financial organisation.
"disbursing organisation" means:
(a) in relation to a customer transfer instruction -- the financial organisation at which a beneficiary customer is to be paid; and
(b) in relation to a financial organisation transfer instruction -- the financial organisation, other than the recipient, that is instructed to pay or credit the beneficiary organisation.
(a) a financial institution; or
(b) a corporation that is a registered corporation within the meaning of the Financial Corporations Act 1974 .
"financial organisation" means an organisation that transmits, receives, handles or executes instructions.
"financial organisation transfer instruction" means an instruction relating to the transfer of funds between an ordering organisation acting on its own behalf and a beneficiary organisation.
"higher education institution" means an institution listed in section 4 or paragraphs 34 (4) (b) to (j) (inclusive) of the Higher Education Funding Act 1988 .
"Human Services Department" means the Department administered by the Minister administering the Human Services (Centrelink) Act 1997 .
(a) a public company within the meaning of the Corporations Law; or
(b) a body corporate that is a subsidiary of a public company within the meaning of sections 46 to 49 (inclusive) of the Corporations Law; or
(c) a proprietary company within the meaning of the Corporations Law in which one or more shares is owned by a public company within the meaning of the Corporations Law; or
(d) a bank; or
(e) a building society; or
(f) a credit union; or
(g) a society established under a law in force in a State or Territory providing for the establishment of mutual societies or friendly societies; or
(h) a proprietary company within the meaning of the Corporations Law, or an incorporated association:
(i) that has traded for a continuous period of 2 years; or
(ii) that has maintained an account with a financial institution for a continuous period of 2 years; or
(i) a body established or incorporated for a public purpose; or
(j) a foreign company carrying on business in Australia within the meaning of the Corporations Law.
"instruction" means an international funds transfer instruction.
"isolated area" means a place situated at a distance of not less than 20 kilometres from the centre point of the nearest urban centre with a census population of not less than 2,500.
"known customer" , in relation to a financial body as at a particular time, means a natural person who has been a signatory of an account with the financial body for not less than 12 months immediately preceding that time.
"law" means a law of the Commonwealth, a State or a Territory.
"local government body" means:
(a) a municipal, city, town, district or shire council; or
(b) a local governing body established by or under a law of a State, the Australian Capital Territory or the Northern Territory the sole or principal function of which is to provide a particular service, such as the supply of electricity or water.
"location" , in relation to an ordering customer or a beneficiary customer, means:
(a) the customer's full business or residential address; or
(b) if the full address cannot be obtained and provided after reasonable efforts -- any of the following:
(i) the town or suburb at which the business is conducted or the residence is located;
(ii) the postcode of that town or suburb;
(iii) the telephone number of the customer's business or residence.
"ordering customer" means a person or organisation (including a financial organisation) on whose behalf an instruction is sent.
"ordering organisation" , in relation to an instruction, means the financial organisation:
(a) that the ordering customer originally asked to send the instruction; or
(b) that initiated the sending of the instruction on its own behalf.
"principal executive officer" has the same meaning that it has in subsection 8A (8) of the Act.
"public authority" includes a rating authority.
"public employee" has the meaning given in regulation 11.
"public utility" means an authority or enterprise the primary business of which is to provide electricity, water, sewerage or gas to the public for domestic or business purposes.
(a) a municipal, city, town, district or shire council; or
(b) in the case of land in the Australian Capital Territory -- the Australian Capital Territory.
"recipient" means the financial organisation to which an instruction is sent.
"sender" means the financial organisation that sends an instruction.
"superannuation fund " has the meaning given by subsection 10 (1) of the Superannuation Industry (Supervision) Act 1993 .
"technical and further education institution" has the same meaning as in section 3 of the Student Assistance Act 1973 .
"Telstra" has the meaning given by the Telstra Corporation Act 1991 .
"tertiary education institution" means a higher education institution or a technical and further education institution.
"Torres Strait Islander" means a descendant of an indigenous inhabitant of the Torres Strait Islands.
"the Act" means the Financial Transaction Reports Act 1988 .
"urban centre" means an area that is described as an urban centre or bounded locality in the results of the Census of Population and Housing taken by the Australian Statistician on 30 June 1981, being the results published by the Bureau of Statistics in the documents entitled 'Persons and Dwellings in Local Government Areas and Urban Centres'.
"verified signatory" means a signatory who has been identified by means of:
(aa) a verification procedure referred to in subparagraph 20A (1) (b) (ii) of the Act; or
(a) an identification reference in accordance with section 21 of the Act; or
(b) the checks mentioned in regulation 4.
(3) If the rules of a superannuation fund contain a provision the purpose of which is to avoid a breach of a rule of law relating to perpetuities, the provision does not prevent the fund from being treated as an indefinitely continuing fund for the purposes of the definition of superannuation fund in subregulation (1).
(4) For these Regulations, a body corporate (the first body corporate ) is related to another body corporate (the second body corporate ) if the first body corporate is:
(a) a holding company of the second body corporate; or
(b) a subsidiary of the second body corporate; or
(c) a subsidiary of a holding company of the second body corporate.
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