Commonwealth Numbered Acts

Home Deposit Assistance Act 1982 No. 40 of 1982 - SECT 22

22. (1) For the purposes of this Act, the acceptable savings of a sole
applicant on a particular date (in this section referred to as the ''relevant
date'') include moneys (other than borrowed moneys)-

   (a)  that were maintained at the expiration of the relevant date by the
        applicant on deposit with a branch in Australia of a savings bank, on
        fixed deposit with a branch in Australia of a trading bank, or on
        deposit with a building society or credit union;

   (b)  that were paid on or before the relevant date by the applicant to a
        building society as subscriptions in respect of shares in the capital
        of the society (not being shares listed for quotation for sale or
        purchase on a Stock Exchange) and were not repaid on or before that
        date; or

   (c)  that were paid by the applicant under the Inscribed Stock Act-

        (i)    for the purchase of stock that was, at the expiration of the
               relevant date, inscribed under that Act in the name of the
               applicant; or

        (ii)   for the purchase of bonds in respect of which an equivalent
               amount of stock was, at the expiration of the relevant date,
               inscribed under that Act in the name of a bank.

(2) The reference in sub-section (1) to moneys maintained on deposit by the
applicant as mentioned in paragraph (1) (a), or paid by the applicant as
subscriptions for shares as mentioned in paragraph (1) (b), or paid by the
applicant for the purchase of stock or bonds as mentioned in paragraph (1)
(c), shall be read as including a reference to one-half of any moneys so
maintained on deposit or paid by the applicant jointly with another person,
being-

   (a)  a person to whom the applicant was legally married on the
        prescribed date and to whom a direction under sub-section 7 (2)
        applies;

   (b)  a person (not being a deceased spouse of the applicant) who was the
        spouse of the applicant on the relevant date; or

   (c)  a person who, on the relevant date, was engaged to be married to the
        applicant.
         (3) In this section, ''borrowed moneys'' means-


   (a)  in relation to moneys maintained on deposit, or paid, by the
        applicant-moneys borrowed by the applicant; and

   (b)  in relation to moneys maintained on deposit, or paid, jointly by the
        applicant and another person as mentioned in sub-section (2)-moneys
        borrowed by the applicant, by that other person or by both of them.