Australian Capital Territory Numbered Acts Australian Capital Territory Numbered ActsSection 7 of the Principal Act is amended by omitting subsection (3) and substituting the following subsections:
“(3) For the purposes of this Act, the average daily liability during a month of a registered financial institution in respect of short-term dealings by the institution is an amount calculated in accordance with the formula—
where:
ADL is the institution's average daily liability in respect of short-term dealings during the month;
B is the amount comprising 5% of the sum of the short-term liabilities in respect of the institution's Australian-based operations at the close of each day during the month;
D is the number of days in the month.
“(4) For the purposes of this Act, the average daily liability during a month of a person in whose name a short-term dealing account is kept by a registered financial institution, in respect of the person's short-term dealings, is an amount calculated in accordance with the formula—
where:
ADL is the person's average daily liability in respect of short-term dealings during the month;
B is the sum of the daily closing credit balances during the month in that account;
D is the number of days in the month.”.