Document ID: chunk:federal_register_of_legislation:C2010C00610:clause:6_2
Version: federal_register_of_legislation:C2010C00610
Segment Type: clause
Provision Reference: sch 6 cl 2
Character Range: 25342–26117

2  Section 393‑25 of Schedule 2G (definition of financial institution)
Repeal the definition, substitute:

financial institution means an entity that:
 (a) is an ADI (authorised deposit‑taking institution) for the purposes of the Banking Act 1959; or
 (b) carries on in Australia the business of banking, so long as a State or a Territory guarantees the repayment of any deposit taken in the course of that business; or
 (c) carries on in Australia a business that consists of or includes taking money on deposit, so long as a State or a Territory guarantees the repayment of any deposit taken in the course of that business.

Note: An entity can also be a financial institution for the purposes of this Subdivision in the limited circumstances described in section 393‑52.