Commonwealth Numbered Acts

CHEQUES AND PAYMENT ORDERS AMENDMENT ACT 1998 NO. 76, 1998 - SCHEDULE 3--Amendment

Bills of Exchange Act 1909

1 Subsection 6(2)

Omit " and Payment Orders ".

Debits Tax Administration Act 1982

2 Subsection 3(1) (definition of account )

Repeal the definition, substitute:

account means an account kept with a financial institution, being an account to which payments by the institution in respect of cheques drawn on the institution by the account holder, or by one or more of the account holders, may be debited.

3 Subsection 3(1) (paragraph (a) of the definition of account transaction )

Add at the end "or".

4 Subsection 3(1) (paragraph (b) of the definition of account transaction )

Repeal the paragraph.

5 Subsection 3(1) (definition of cheque )

Omit "bank" (wherever occurring), substitute "financial institution".

6 Subsection 3(1) (subparagraph (b)(ii) of the definition of excluded debit )

Omit "or payment order" (wherever occurring).

7 Subsection 3(1) (definition of incomplete )

Omit "or payment order" (wherever occurring).

8 Subsection 3(1) (definition of non-bank financial institution )

Repeal the definition, substitute:

non-bank financial institution means an institution:

(a) that is an FIC institution as defined in subsection 3(1) of the Cheques Act 1986 ; and

(b) that carries on a business that includes the keeping of accounts that may be drawn on by cheque.

Repeal the definition.

10 Subsection 57(1A)

Omit "payment order", substitute "cheque".

[ Minister's second reading speech made in--

House of Representatives on 8 April 1998

Senate on 29 May 1998 ]

(51/98)