Commonwealth Consolidated Regulations

MIGRATION REGULATIONS 1994 - REG 2.26C

         (1)   The Minister may, by an instrument in writing for this subregulation, specify a security issued by an Australian State or Territory government authority as a security in which an investment is a designated security for the purposes of Part 8 of Schedule 6A.

         (2)   The Minister must not specify a security unless:

                (a)    an investment in the security matures in not less than 1 year 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.