Document ID: chunk:federal_register_of_legislation:C2004A04760:body:0:p10
Version: federal_register_of_legislation:C2004A04760
Segment Type: other
Provision Reference: 
Character Range: 22821–25794

if the time is covered by the specification in the demand of the days on which, and the hours during which, the collecting financial institution will be open for business at that place.

   "(4B) A means of communication is a nominated means of communication for the collecting financial institution at a particular place if the demand specifies the means as a means by which communications may be made to the collecting financial institution at that place.";

(d) by omitting subsection (6) and substituting the following subsection:

     "(6) The request must be made:

      (a) to the collecting financial institution at a place that is a nominated place in relation to the payment order for the purposes of this subsection; and

      (b) at a time that is a nominated time for the collecting financial institution at that place; and

      (c) using a means of communication that is a nominated means of communication for the collecting financial institution at that place.

   Note 1: Subsection (3A) defines 'nominated place'.
   Note 2: Subsection (4A) defines 'nominated time'.
   Note 3: Subsection (4B) defines 'nominated means of communication'.";

   (e) by omitting subsections (9) and (10) and substituting the following subsection:

   "(9) If the drawee non-bank financial institution makes a request in relation to the payment order, the collecting financial institution must:

      (a) in the case of a request for further particulars—give the drawee non-bank financial institution those further particulars:

            (i) at a place that is a designated place in relation to the payment order for the purposes of this subsection; and

            (ii) at a time that is a designated time for the drawee non-bank financial institution at that place; and

            (iii) using a means of communication that is a designated means of communication for the drawee non-bank financial institution at that place; or

        (b) in the case of a request to exhibit the payment order or a copy of the payment order of a specified kind—exhibit the payment order or the copy to the drawee non-bank financial institution at:

            (i) the proper place in relation to the payment order; or

            (ii) a place that is a designated exhibition place in relation to the payment order for the purposes of this subsection.

    Note 1: Section 108 defines 'proper place'.
        Note 2: Section 109 defines 'designated exhibition place', 'designated place', 'designated time' and 'designated means of communication'.".

Insertion of new section

27. After section 106 of the Principal Act the following section is inserted:

Internal presentment by non-bank financial institution

"106A.(1) The drawee non-bank financial institution in relation to a payment order makes an internal presentment of the payment order if:

    (a) the drawee non-bank financial institution, on behalf of a customer, another financial institution or otherwise, makes a