Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 40

Registration of persons depositing with unregistered financial institution

40. Registration of persons depositing with unregistered financial institution



(1) A person (not being a person registered under this section) the total of
whose dutiable deposits with a financial institution that is not a registered
financial institution or an exempt financial institution-

   (a)  during a period of twelve months exceeds $500 000; or

   (b)  during a month exceeds $100 000-

shall apply within 21 days after the end of that period or month to the
Commissioner in the prescribed form and manner for registration as a depositor
and thereupon the Commissioner shall register him as a depositor under this
Act.

(1A) A person who fails to apply for registration as a depositor as required
by subsection (1) is guilty of an offence.

Penalty: 100 penalty units.

(2) The Commissioner may cancel the registration under subsection (1) of a
person as a depositor if-

   (a)  during the preceding twelve months, the total dutiable deposit of the
        person did not exceed $500 000; and

   (b)  during the preceding month the total dutiable deposits of the person
        did not exceed $100 000-

with a financial institution that is not a registered financial institution or
an exempt financial institution.

(3) Where the Commissioner cancels the registration under subsection (2) of a
person as a depositor, that person may, notwithstanding that he is not
required to apply for registration under this section, apply to the
Commissioner in the prescribed form and manner for registration as a depositor
under this Act.

(4) Where, in respect of a month, by reason of section 24(3), section 21 has
effect as if a reference to a person nominated or appointed in relation to a
depositor for the purpose of section 24(3), each member of the group who is a
depositor shall, unless he is a registered depositor, apply within 21 days
after the end of that month to the Commissioner in the prescribed form and
manner for registration as a depositor and thereupon the Commissioner shall
register the person as a depositor under this Act.

(5) The Commissioner may cancel the registration of a person as a depositor if
that person is registered only by reason of subsection (4) and has ceased to
be a member of the group referred to in that subsection.



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