Australian Capital Territory Numbered Acts

FINANCIAL INSTITUTIONS DUTY (AMENDMENT) ACT 1990 (NO. 46 OF 1990) - SECT 6

6. Section 6 of the Principal Act is amended—

    (a)     by omitting sub-subparagraph (2) (e) (i) (A) and substituting the following sub-subparagraph:

    “(A)     the Social Security Act 1947 of the Commonwealth; or”;

    (b)     by omitting paragraph (2) (f) and substituting the following paragraph:

    “(f)     a receipt of money by a registered financial institution for transferring or remitting out of the Territory at the request of a person, being a receipt in the form of—

              (i)     a cheque drawn on the financial institution by that person; or

              (ii)     a debit to an account kept by the financial institution on behalf of that person;”;

    (c)     by omitting subparagraphs (2) (p) (ii) and (iii) and substituting the following:

    “(ii)     the term deposit is for an amount which includes the principal sum of the previous deposit and is in the same name as the previous deposit; and

              (iii)     duty has been paid by the financial institution on the principal sum of the previous deposit;

to the extent that the amount received equals the principal sum of the previous deposit;”;

    (d)     by omitting from subparagraph (2) (q) (ii) “, the same term”; and

    (e)     by adding at the end of subsection (2) the following paragraph:

    “(r)     a receipt of money by a registered financial institution for the credit of an account, where the receipt results from—

              (i)     the takeover by that financial institution of another financial institution;

              (ii)     the transfer by another financial institution of its engagements to that financial institution;

              (iii)     the amalgamation by that financial institution with another financial institution; or

              (iv)     a change by that financial institution of its identity as a financial institution.”.