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

Schedule 7   Consequential amendment of Acts

States Grants (Housing) Act 1971

213   Subsection 3(1) (definition of building society)

Repeal the definition, substitute:

building society means:

(a) a body corporate in relation to which the following conditions are satisfied:

(i) the body corporate is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959;

(ii) the body corporate has a consent under section 66 of that Act that allows it to assume or use the expression building society , or another expression (whether or not in English) that is of like import to the expression building society ; or

(b) a society registered or incorporated as a co-operative housing society or similar society under a law of a State or Territory.