Banking (Savings Banks) Regulations (Amendment) (Cth)

Statutory Rules 1986 No. 3921

Banking (Savings Banks) Regulations2

(Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Banking Act 1959.

Dated 18 December 1986.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

C. J. Horford

Minister of State for Immigration and Ethnic Affairs for and on behalf of the Treasurer

 

Principal Regulations

1. In these Regulations, “Principal Regulations” means the Banking (Savings Banks) Regulations.

Banks with which savings banks may deposit money

2. Regulation 4 of the Principal Regulations is amended by omitting sub-regulation (1) and substituting the following sub-regulation:

“(1) A savings bank may in the course of carrying on banking business in Australia, place money on deposit with or lend money to—

(a) a savings bank that is a wholly owned subsidiary of the first-mentioned savings bank;

(b) a savings bank of which the first-mentioned savings bank is a wholly owned subsidiary; or

(c) any bank other than a savings bank that is not a savings bank referred to in paragraph (a) or (b).”.

(S.R. 345/86)—Cat. No. 10/24.11.1986

Persons from whom savings banks not to accept deposits

3. Regulation 6 of the Principal Regulations is amended by adding at the end the following words and paragraphs:

“other than—

(a) a savings bank that is a wholly owned subsidiary of the first-mentioned savings bank; or

(b) a savings bank of which the first-mentioned savings bank is a wholly owned subsidiary.”.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 12 January 1987.

2. Statutory Rules 1960 No. 6 as amended to date. For previous amendments see Note 2 to Statutory Rules 1986 No. 303 and see also Statutory Rules 1986 No. 303.

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