Banking Act 1959
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.
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:
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.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.