16Acceptable savings where prescribed date is later than 31 December 1964

16 Acceptable savings where prescribed date is later than 31 December 1964

(1) This section applies to an eligible person in relation to whom the prescribed date is a date later than 31 December 1964. (2) For the purposes of this Act, the acceptable savings of a person to whom this section applies as at a time on or before 31 December 1964, are, subject to this Act, the moneys that were saved in Australia before that time by the person and were held at that time in Australia by the person, or by the person jointly with his or her spouse, whether in the form of an investment or otherwise. (3) For the purposes of this Act, the acceptable savings of a person to whom this section applies as at a time after 31 December 1964, are, subject to this Act, the moneys that were saved in Australia before that time by the person and: (a) if that time was a time on or before 31 December 1967: (i) were maintained at that time and at 31 December 1964, by the person, or by the person jointly with his or her spouse, on deposit with a branch in Australia of a savings bank or of a trading bank, not being a deposit of a kind to which subparagraph (i) of the next succeeding paragraph applies; or (ii) were maintained at that time and at 31 December 1964, by the person, or by the person jointly with his or her spouse, on deposit with a friendly society or credit union; or (b) if that time was a time on or before, or was a time after, 31 December 1967: (i) were maintained at that time by the person, or by the person jointly with his or her spouse, on deposit (other than a deposit in an account that may be drawn on by cheque) with a branch in Australia of a savings bank or on fixed deposit with a branch in Australia of a trading bank, being a deposit that was described in the books or records of the savings bank or the trading bank, as the case may be, as a Home Savings Account or was described in those books or records in any other way that indicated that the moneys were for use in connexion with the purchase or construction of a dwelling‑house; (ii) were maintained at that time by the person, or by the person jointly with his or her spouse, on deposit with a building society; or (iii) were paid before that time by the person or his or her spouse, or by both of those persons, to a building society as subscriptions in respect of shares in the capital of the society and were not repaid before that time. (4) In respect of a person in relation to whom the prescribed date is a date later than 26 October 1969, subparagraph (i) of paragraph (b) of the last preceding subsection has effect as if the words “, being a deposit that was described in the books or records of the savings bank or the trading bank, as the case may be, as a Home Savings Account or was described in those books or records in any other way that indicated that the moneys were for use in connexion with the purchase or construction of a dwelling‑house” were omitted.