Document ID: chunk:federal_register_of_legislation:F2021L01392:clause:7_4
Version: federal_register_of_legislation:F2021L01392
Segment Type: clause
Provision Reference: sch 7 cl 4
Character Range: 107002–107981

4  Application of new Part 4A to existing account with initial data holder
 (1) This item applies in relation to a joint account, with an initial data holder, that is in existence immediately before the Part 4A day.
 (2) On and from the Part 4A day, the following disclosure option under the new Part 4A applies to the account:
 (a) if a disclosure option applied to the account immediately before the Part 4A day—the equivalent disclosure option under the new Part 4A;
 (b) if a disclosure option had previously applied to the account, but no disclosure option applied immediately before the Part 4A day—the non-disclosure option;
 (c) if no disclosure option had at any time applied to the account before the Part 4A day—the pre-approval option.
 (3) In this item:
Part 4A day means:
 (a) if the data holder makes an election under item 2—the earlier of:
 (i) the day that the data holder revokes the election; and
 (ii) 1 July 2022; and
 (b) otherwise—the amendment day; and