Commonwealth Consolidated Acts

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Regulations may deal with various matters relating to accounts maintained for the purposes of section 981B

             (1)  The regulations may deal with all or any of the following in relation to accounts, or a class of accounts, maintained for the purposes of section 981B:

                     (a)  the circumstances in which payments may be made out of an account (including the circumstances in which money may be withdrawn and invested, and the kinds of investment that may be made);

                     (b)  the minimum balance to be maintained in an account;

                     (c)  how interest on an account is to be dealt with;

                     (d)  how interest or other earnings on an investment of money withdrawn from an account, or the proceeds of the realisation of such an investment, are to be dealt with.

             (2)  A person contravenes this subsection if the person contravenes regulations made for the purposes of subsection (1).

Note:          This subsection is a civil penalty provision (see section 1317E).

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