Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 7   Consequential amendment of Acts

Income Tax Assessment Act 1936

60   Subsection 23G(1)

Repeal the subsection, substitute:

(1) In this section:

credit union means a company in relation to which the following conditions are satisfied:

(a) the company is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959;

(b) the company has a consent under section 66 of that Act that allows it to assume or use the expression credit union or credit society , or another expression (whether or not in English) that is of like import to either of those expressions.