User Rights Amendment (Investment of Accommodation Bonds) Principle 2013 (Cth)

User Rights Amendment (Investment of Accommodation Bonds) Principle 2013

I, MITCH FIFIELD, Assistant Minister for Social Services, make the following principle under section 96-1 of the Aged Care Act 1997.

Dated: 19 December 2013

Mitch Fifield

Assistant Minister for Social Services

Contents

1             Name of principle   1

2             Commencement   1

3             Authority   1

4             Schedule(s)   1

Schedule 1—Amendments  2

User Rights Principles 1997  2

1  Name of principle

This principle is the User Rights Amendment (Investment of Accommodation Bonds) Principle 2013.

2  Commencement

This principle commences on the day after it is registered.

3  Authority

This principle is made under the Aged Care Act 1997.

4  Schedule(s)

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

User Rights Principles 1997

1  Paragraph 23.38B(1)(b)

Repeal the paragraph, substitute:

(b) a fund, but not a controlling entity of a fund, listed in item 2 of the Schedule to Banking exemption No. 1 of 2013 made under the Banking Act 1959.

2  Paragraph 23.64B(1)(c)

Repeal the paragraph, substitute:

(c) the accommodation bond is invested in a fund, but not a controlling entity of a fund, listed in item 2 of the Schedule to Banking exemption No. 1 of 2013 made under the Banking Act 1959.