Trustee (Amendment) Act 1982 (ACT)

Trustee (Amendment) Ordinance 1982

No. 27 of 1982

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following

Ordinance under the Seat of Government (Administration) Act 1910.

Dated 19 June 1982.

ZELMAN COWEN

Governor-General

By His Excellency's Command,

P. DURACK

Attorney-General

An Ordinance to amend the Trustee Ordinance 1957

Short title

1. This Ordinance may be cited as the Trustee (Amendment) Ordinance

1982.1

Second Schedule

2. The Second Schedule to the Trustee Ordinance 19572 is amended—

(a) by inserting after paragraph (1) (f) in paragraph (a) in the third column of item 11 the following paragraph:

"(fa) on deposit with an approved building society;";

$50,000,000; and

(b) by inserting after sub-section (1) in paragraph (a) in the third column of item 11 the following sub-sections:

"(2) Subject to sub-section (2A), the Attorney-General may, by notice published in the Gazette, approve a building society for the purposes of this section.

"(2A) A building society shall not be approved under sub-section

(2) unless—

(a) the society—

(i)    has carried on business in the Territory for a period of not less than 10 years; and

(ii) has w i t h d r a w a b l e funds of not less t han

(b) the Attorney-General is satisfied that the society has complied substantially with the Co-operative Societies Ordinance 1939 during the immediately preceding period of 5 years.

"(2B) The Registrar of Co-operative Societies shall, at the request of the Attorney-General, furnish the Attorney-General with a report in writing concerning such matters in relation to an approved building society as are specified in the request."; and

(c) by inserting after paragraph (e) in the third column of item 11 the following paragraph:

"(f) After sub-section (13) add—

'(14) In this section—

"approved building society" means a building society approved by the Attorney-General under sub-section (2) for the purposes of this section;

"building society" means a building society within the meaning of the Co-operative Societies Ordinance 1939 that is registered under that Ordinance;
"withdrawable funds" has the same meaning as in

the Co-operative Societies Ordinance 1939.'.".

NOTES

1. Notified in the Commonwealth of Australia Gazette on 25 June 1982.

2.     No. 14,1957 as amended by No. 18,1968; No. 28,1975; No. 46, 1978.