Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:1_16af
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 1 cl 16AF
Character Range: 14084–15065

16AF  Payment of account‑holders with declared ADI

 (1) An account‑holder who has a protected account with a net credit balance with a declared ADI at the declaration time is entitled to be paid by APRA an amount equal to the sum of:
 (a) that balance; and
 (b) the interest (if any) accrued by, but not credited to, the account‑holder in connection with the protected account before the declaration time;
increased or decreased in accordance with the regulations to take account of clearance, within the period prescribed by the regulations, of transactions connected with the protected account and entered into before the declaration time.

Joint protected accounts

 (2) If the account mentioned in subsection (1) is held jointly by 2 or more account‑holders with the declared ADI, that subsection entitles each of the account‑holders to an equal share of the amount to which one of those account‑holders would be entitled if it alone had the account with the declared ADI.