21Acceptable savings of sole applicant to include bank deposits etc.

21 Acceptable savings of sole applicant to include bank deposits etc.

(1) For the purposes of this Act, the acceptable savings of a sole applicant on a particular date (in this section referred to as the relevant date) include moneys, other than borrowed moneys: (a) that were maintained on the relevant date by the applicant on deposit (other than on deposit in an account that may be drawn on by cheque) with a branch in Australia of a savings bank, on fixed deposit with a branch in Australia of a trading bank, or on deposit with a building society or credit union; (b) that were paid before the relevant date by the applicant to a building society as subscriptions in respect of shares in the capital of the society (not being shares quoted for sale or purchase on a Stock Exchange) and were not repaid before that date; or (c) that were paid by the applicant under the Inscribed Stock Act: (i) for the purchase of stock that was, on the relevant date, inscribed under that Act in the name of the applicant; or (ii) for the purchase of bonds in respect of which an equivalent amount of stock was, on the relevant date, inscribed under that Act in the name of a bank. (2) The reference in subsection (1) to moneys maintained on deposit on the relevant date by the applicant as mentioned in paragraph (1)(a), or paid before the relevant date by the applicant as subscriptions for shares as mentioned in paragraph (1)(b), or paid by the applicant for the purchase of stock or bonds as mentioned in paragraph (1)(c) shall be read as including a reference to one‑half of any moneys so maintained on deposit or paid by the applicant jointly with another person, being: (a) a person to whom the applicant was legally married on the prescribed date and to whom a direction under subsection 6(2) applies; (b) a person (not being a deceased spouse of the applicant) who was the spouse of the applicant on the relevant date; or (c) a person who, on the relevant date, was engaged to be married to the applicant. (3) In this section, borrowed moneys means: (a) in relation to moneys maintained on deposit, or paid, by the applicant—moneys borrowed by the applicant; and (b) in relation to moneys maintained on deposit, or paid, jointly by the applicant and another person as mentioned in subsection (2)—moneys borrowed by the applicant, by that other person or by both of them.