Corporations Amendment Regulations 2003 (No. 7) (202 of 2003)

Schedule 1   Amendments commencing on gazettal

[23]   After regulation 7.9.71

insert

7.9.71A Periodic statements - exemption for passbook accounts

For paragraph 1020G (1) (b) of the Act, a basic deposit product ( an account ) for which the holder of the product is provided with, and keeps, a document commonly referred to as a 'passbook' is exempt from section 1017D of the Act if, under the terms of the operation of the account:

(a) the client has a right to a reasonable opportunity to present the passbook to the issuer; and

(b) the issuer enters particulars of each transaction involving the account including the amount of the transaction and the current balance of the account; and

(c) there is no fee associated with the passbook or the entry of particulars into the passbook.