Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.1.03A

             (1)  For subparagraph (d)(ii) of the definition of basic deposit product in section 761A of the Act, this regulation applies in relation to ADIs entitled under the Banking Act 1959 to use any of the following expressions in relation to their financial business:

                     (a)  credit union;

                     (b)  credit society;

                     (c)  credit co-operative;

                     (d)  building society.

             (2)  The prior notice requirement is a period not more than 7 days before a withdrawal or transfer of funds from a facility made available by the ADI.