Commonwealth Numbered Regulations

1982 No. 206 Banking (Savings Banks) Regulations (Amendment) - RULE 3.

3. Regulation 6 of the Banking (Savings Banks) Regulations is repealed and the
following regulations substituted:

Persons from whom savings banks not to accept deposits



"6. A savings bank shall not accept deposits from another savings bank.

Savings banks not to accept deposits exceeding $100,000 from certain companies
or other bodies.



"6A. (1) A savings bank shall not, in the course of carrying on banking
business in Australia, accept on deposit from a company or other body engaged
in or formed for the purpose of trading or acquiring pecuniary profit an
amount that, together with any amount previously accepted on deposit from that
company or other body and currently held by that savings bank, exceeds the sum
of $100,000.



"(2) Sub-regulation (1) does not apply to the acceptance on deposit of an
amount from a company or other body engaged in or formed for the purpose of
trading or acquiring pecuniary profit if the company or other body is acting
in the capacity of trustee in relation to the deposit and the beneficiary is
not a company or other body engaged in or formed for the purpose of trading or
acquiring pecuniary profit.".