Treasury Legislation Amendment (Unclaimed Money and Other Measures)Act 2012 (176 of 2012)

Schedule 1   Banking

Banking Act 1959

3   Paragraphs 69(1A)(b) and (c)

Repeal the paragraphs, substitute:

(b) the account has not been operated on either by deposit or withdrawal for a period(the inactive period ) of not less than:

(i) 3 years; or

(ii) if a greater number of years is specified in the regulations - that greater number of years;

beginning:

(iii) at the most recent time when the account was operated on either by deposit or withdrawal; or

(iv) if another time is ascertained in accordance with the regulations - at that other time; and

(c) after the period of:

(i) 3 years; or

(ii) if a greater number of years is specified in the regulations - that greater number of years;

beginning at the start of the inactive period, the ADI has been unable to contact the owner about those farm management deposits after making reasonable efforts.


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