Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:7_60
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 7 cl 60
Character Range: 236576–237101

60  Subsection 23G(1)
Repeal the subsection, substitute:

 (1) In this section:

credit union means a company in relation to which the following conditions are satisfied:
 (a) the company is an ADI (authorised deposit‑taking institution) for the purposes of the Banking Act 1959;
 (b) the company has a consent under section 66 of that Act that allows it to assume or use the expression credit union or credit society, or another expression (whether or not in English) that is of like import to either of those expressions.