Banking Act 1959

Part IX - Miscellaneous  

SECTION 70G  

70G   Purposes of the Account  

The purposes of the Account are as follows:

(a) making a payment under a contract or arrangement whose making was authorised under section 70C ;

(b) making a payment under a contract or arrangement whose making was authorised under section 131A of the Insurance Act 1973 ;

(c) making a payment under a contract or arrangement whose making was authorised under section 251A of the Life Insurance Act 1995 ;

(d) repaying a borrowing, and paying interest on a borrowing, made under any of the following sections:

(i) section 70D ;

(ii) section 131B of the Insurance Act 1973 ;

(iii) section 251B of the Life Insurance Act 1995 ;

(e) meeting the expenses of administering the Account.

Note:

See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

S 70G amended by No 62 of 2014, s 3 and Sch 8 item 9, by substituting the note, effective 1 July 2014. The note formerly read:

Note:

See section 21 of the Financial Management and Accountability Act 1997 (debits from Special Accounts).

S 70G inserted by No 105 of 2008, s 3 and Sch 2 item 23, effective 18 October 2008.