Financial Institutions Duty Amendment Act 1985 (WA)

WESTERN AUSTRALIA.

FINANCIAL INSTITUTIONS

DUTY.

No. 81 of 1985.

AN ACT to amend the Financial Institutions Duty

Act 1983.

I Assented to 4 December 1985.E

RE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

Short title

1. (1) This Act may be cited as the Financial

and principal

Act.

Institutions Duty Amendment Act 1985. Act No. 65 of 1983 as amended by

(2) In this Act, the Financial Institutions Duty	of 1983. 19.
Acta Nos. 86

Act 1983 is referred to as the principal Act.	110 and 111
of 1984 and
72 of 1985.

No. 81.] Financial Institutions Duty. [1985.

Commence-

ment. 2. (1) This Act, except for section 8, shall come

into operation on 1 January 1986.

(2) Section 8 shall come into operation on the

day this Act receives the Royal Assent.

Section 10

amended. 3. Section 10 of the principal Act is amended in

subsection (3) by deleting "0.03" and substituting

the following-

" 0.02 ".

Section 12	4.	Section 12 of the principal Act is amended in
amended.

subsection (3) by deleting "0.03" and substituting

the following-

" 0.02 ".

Section 18

amended. 5. Section 18 of the principal Act is amended

(a) in subsection (1)-

(i)  by inserting after "a municipality" the following-

" or an association comprised

solely of municipalities or

councils of municipalities ";

and

(ii) by inserting after "that municip-

ality" the following-

" or association ";

(b) in subsection (2), by inserting after "a registered financial institution" the following-

" by the council of a municipality ";

and

1985. 1 Financial Institutions Duty. [No. 81.

(c) by inserting after subsection (2) the following subsection-

C t

(3) Where a notice under this section is given to a registered financial institution by an association comprised solely of municipalities or councils of municipalities, that registered financial institution shall designate the account to which the notice relates as a Local Government account for the purposes of this Act and the account shall be deemed to have become a Local Government Account on 1 January 1986 or on the date on which the account was opened, whichever is the later. ".

Section 2.1

6. Section 21 of the principal Act is amended in amended.

subsection (2) by deleting "0.03" and substituting

the following-

" 0.02 ".

7.    Section 23 of the principal Act is amended by glegodnec•

deleting "$1666 666" and substituting the

following-

" $2 500 000 ".

Section 26

8. Section 26 of the principal Act is amended amended.

(a)	by repealing subsection (5); and
(b)	by inserting after subsection (7) the following subsection

(8) Where in consequence of an application made under subsection (5) the Commissioner, prior to the commencement of section 8 of the Financial Institutions Duty Amend-

No. 81.] Financial Institutions Duty. [1985.

ment Act 1985, certified a person to be a certified short term dealer who is not a prescribed short term dealer, the Commissioner shall, notwithstanding that certification, certify that person as a certified short term dealer in accordance with subsection (4) for all purposes of this Act and every certification under this subsection shall take effect from the day of that commencement. ".

Section 30

amended. 9. Section 30 of the principal Act is amended by

deleting "$1 666 666" and substituting the

following-

" $2 500 000 ".

Section 90

amended. 10. Section 40 of the principal Act is amended in

subsection (2)-

(a) by deleting "0.03" in both places where it occurs and substituting in each case the following-

" 0.02 "; and

(b) by deleting "$1 666 666" in both places where it occurs and substituting in each case the following-

" $2 500 000 ".