1Trade Practices (Removal of Exceptions) Regulations

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Trade Practices (Removal of Exceptions) Regulations

Statutory Rules 1975 No. 191 as amended

made under the

Trade Practices Act 1974

This compilation was prepared on 26 May 2004
taking into account amendments up to SR 1984 No. 230

Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra

Contents

1 Citation [see Note 1]

2 Commencement

3 Removal of exception — paragraph 51 (1) (b) of the Act

Notes

1 Citation [see Note 1]

These Regulations may be cited as the Trade Practices (Removal of Exceptions) Regulations.

2 Commencement

These Regulations shall come into operation on 1 December 1975.

3 Removal of exception — paragraph 51 (1) (b) of the Act

(1) For the purposes of paragraph 51 (1) (b) of the Act, a requirement by a prescribed society that a borrower from the society shall cause insurance to be effected in a State with an insurer, or one of the insurers, specified, nominated or approved by the society shall not be disregarded in determining whether a contravention of a provision of Part IV of the Act has been committed.

(2) A reference in this regulation to a prescribed society shall be read as a reference to a building society, co-operative society or credit union.

(3) In this regulation:

building society means a society registered or incorporated as a building society, co-operative housing society or similar society under the law in force in a State or a Territory relating to such societies.

co-operative society means a society registered or incorporated as a co-operative society or similar society under the law in force in a State or a Territory relating to such societies.

credit union means a society or other body of persons:

(a) that is registered or incorporated as a credit union or credit society under the law in force in a State or a Territory relating to credit unions or credit societies; or

(b) the principal business of which consists of borrowing moneys from its members or intended members and lending those moneys to its members and which is incorporated under the law in force in a State or a Territory.

Notes to the Trade Practices (Removal of Exceptions) Regulations

Note 1