Banking Act 1959

Part IX - Miscellaneous  

SECTION 70F   Credits to the Account  

(1)  
There must be credited to the Account amounts equal to the following:


(a) the amount specified in an authorisation under any of the following sections as an amount to be credited to the Account:


(i) section 70C ;

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

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


(b) an amount borrowed 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 .
Note:

An Appropriation Act may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in the Appropriation Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.

(2)  
To avoid doubt, if:


(a) the amount specified in an authorisation described in paragraph (1)(a) is credited to the Account; and


(b) the authorisation is later amended so as to increase the amount;

only the increase, and not the whole of the increased amount, is to be credited to the Account as a result of the amendment.

Note:

Crediting the whole of the increased amount to the Account would lead to double-counting of the amount specified in the authorisation before the amendment.




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