22Acceptable savings of joint applicants to include bank deposits etc.

22 Acceptable savings of joint applicants to include bank deposits etc.

(1) For the purposes of this Act, the acceptable savings of joint applicants 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 any of the applicants, or jointly by 2 or more of the applicants, 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 any of the applicants, or jointly by 2 or more of the applicants, 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 any of the applicants, or jointly by 2 or more of the applicants, 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 that applicant or in the joint names of those applicants, as the case may be; 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 a joint applicant as mentioned in paragraph (1)(a), or paid before the relevant date by a joint applicant as subscriptions for shares as mentioned in paragraph (1)(b), or paid by a joint 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 that joint applicant jointly with another person (not being another joint applicant), being: (a) a person to whom that joint applicant was legally married on the prescribed date and to whom a direction under subsection 6(2) applies; or (b) a person (not being a deceased spouse of the joint applicant who was the spouse of that joint applicant on the relevant date; or (c) a person who, on the relevant date, was engaged to be married to that joint applicant. (3) In this section, borrowed moneys means: (a) in relation to moneys maintained on deposit, or paid, by any joint applicant or jointly by 2 or more joint applicants—moneys borrowed by any of the joint applicants; and (b) in relation to moneys maintained on deposit, or paid, by a joint applicant jointly with another person as mentioned in subsection (2)—moneys borrowed by the joint applicant, by that other person or by both of them.