Commonwealth Numbered Acts

HOMES SAVINGS GRANTS ACT 1976 No. 183 of 1976 - SECT 21

21. (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 on the relevant date by the applicant on deposit
        (other than on deposit in an account that may be drawn on by cheque)
        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; or

   (b)  that were paid 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 quoted for sale or purchase on a Stock
        Exchange) and were not repaid before that date.

(2) The reference in sub-section (1) to moneys maintained on deposit on the
relevant date by the applicant as mentioned in paragraph (1) (a), or paid
before the relevant date by the applicant as subscriptions for shares as
mentioned in paragraph (1) (b), 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 6 (2) applies; or

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