Commonwealth Numbered Acts

LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 No. 206, 1976 - SECT 4

PART II-MAKING OF DEPOSITS
4. (1) The Treasurer may, from time to time, borrow moneys by accepting
deposits of moneys in accordance with this Act.

(2) Deposits so accepted shall be known as Income Equalization Deposits.

(3) The Treasurer is not entitled to accept a deposit of moneys made by 2 or
more persons jointly or made on behalf of 2 or more persons.

(4) Interest is payable in respect of deposits-

   (a)  at the rate of 5 per centum per annum; or

   (b)  if a higher or lower rate is prescribed-at that higher or lower rate.

(5) Deposits shall be accepted only in amounts of $100 or in amounts that are
multiples of $100.

(6) Subject to this Act, deposits shall be accepted on such terms and
conditions as the Treasurer determines.