Trustee (Amendment) Act 1995 (ACT)

AUSTRALIAN CAPITAL TERRITORY

Trustee (Amendment) Act 1995

No. 26 of 1995

An Act to amend the Trustee Act 1925-1942 of the State of New South Wales in its application in the Territory

[Notified in ACT Gazette S212: 5 September 1995]

The Legislative Assembly for the Australian Capital Territory enacts as follows:

Short title

1.  This Act may be cited as the Trustee (Amendment) Act 1995.

Commencement

2.  This Act commences on the day on which it is notified in the Gazette.

Principal Act

3.  In this Act, “Principal Act” means the Trustee Act 1925-1942 of the State of New South Wales in its application in the Territory.1

Authorised investments

4.  Section 14 of the Principal Act is amended—

(a)by omitting paragraphs (1) (e), (f) and (fa) and substituting the following paragraph:

“(e)by way of deposit with—

(i)a bank;

(ii)a building society;

(iii)a credit union; or

(iv)a foreign society;”;

(b)by omitting from paragraph (1) (j) “on” and substituting “by way of”;

(c)by omitting subsections (2), (2A), (2AA) and (2B);

(d)by omitting from subsection (14) the definition of “building society” and substituting the following definition:

“ ‘building society’ means a body that is—

(a)registered under the Financial Institutions (ACT) Code as a society; and

(b)authorised under the Financial Institutions (ACT) Code to operate as a building society;”;

(e)by omitting from subsection (14) the definitions of “approved building society”, “building societies law”, “commencement day”, “foreign building society”, “local building society” and “withdrawable funds”; and

(f)by inserting in subsection (14) the following definitions:

“ ‘credit union’ means a body that is—

(a)registered under the Financial Institutions (ACT) Code as a society; and

(b)authorised under the Financial Institutions (ACT) Code to operate as a credit union;

‘foreign society’ means a society registered under the Financial Institutions (ACT) Code as a foreign society;”.

NOTE

Principal Act

1. Reprinted as at 1 September 1992.  See also Act No. 64, 1993; Nos. 38 and 45, 1994.

[Presentation speech made in Assembly on 11 May 1995]

©  Australian Capital Territory 1995