Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 44

Undertaking by financial institutions

44. Undertaking by financial institutions



(1) A financial institution that is not registered under this Act and is not
required to be so registered may give an undertaking in accordance with the
prescribed form and manner to the Commissioner to make such payments to the
Commissioner in respect of such receipts of money and at such times as he
would be required to make if he were required to be registered under this Act.

(2) Where the Commissioner receives an undertaking under subsection (1), the
Commissioner shall determine whether or not to accept the undertaking.

(3) Where the Commissioner accepts an undertaking from a financial institution
under subsection (1), the financial institution shall be deemed to be
registered under this Act during the period during which the undertaking has
effect in accordance with subsection (4).







(4) An undertaking accepted by the Commissioner under this section has effect
from the date on which the Commissioner accepts the undertaking until-

   (a)  the financial institution by notice in writing given to the
        Commissioner withdraws the undertaking; or

   (b)  the Commissioner by notice in writing given to the financial
        institution, withdraws his acceptance of the undertaking.

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