Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (82 of 2010)

Schedule 1   Amendment of the Banking Act 1959

Part 1   Amendments

30   At the end of section 16AF


Pooled accounts

(3) If:

(a) one person holds the protected account mentioned in subsection (1); and

(b) the person is the trustee of 2 or more trusts; and

(c) the net credit balance of the account consists of the trust funds of 2 or more of those trusts;

subsection (1) entitles the person to be paid, in connection with that account, the amount worked out under subsection (1).