Document ID: chunk:federal_register_of_legislation:C2011A00086:clause:1_5:p2
Version: federal_register_of_legislation:C2011A00086
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 2/3)
Character Range: 8182–10940

electrical work or gardening) would not constitute a significant alteration for the purposes of this subsection.

Permitted use—financial products
 (3) For the purposes of subsection (1), the following (within the meaning of section 764A of the Corporations Act 2001) are financial products covered by this subsection:
 (a) any deposit‑taking facility made available by an ADI in the course of its banking business (within the meaning of the Banking Act 1959), other than an RSA within the meaning of the Retirement Savings Accounts Act 1997;
Note 1: ADI is short for authorised deposit‑taking institution.
Note 2: RSA is short for retirement savings account.
 (b) a debenture, stock or bond issued or proposed to be issued by the Commonwealth, a State or a Territory;
 (c) a security, other than a security of a kind specified in the User Rights Principles;
 (d) any of the following in relation to a registered scheme:
 (i) an interest in the scheme;
 (ii) a legal or equitable right or interest in an interest covered by subparagraph (i);
 (iii) an option to acquire, by way of issue, an interest or right covered by subparagraph (i) or (ii);
 (e) a financial product specified in the User Rights Principles.

Permitted uses specified in User Rights Principles
 (4) Without limiting paragraph (1)(g), the User Rights Principles may specify that a use of an *accommodation bond is only permitted for the purposes of that paragraph if:
 (a) specified circumstances apply; or
 (b) the approved provider complies with conditions specified in, or imposed in accordance with, the User Rights Principles.
Note: For paragraph (4)(a), the User Rights Principles might, for example, specify that the use of an accommodation bond is only permitted if the approved provider obtains the prior consent of the Secretary to the use of the bond.

57‑17B  Offences relating to non‑permitted use of accommodation bonds

Offence for approved provider
 (1) A *corporation commits an offence if:
 (a) the corporation is or has been an approved provider; and
 (b) the corporation uses an *accommodation bond; and
 (c) the use of the accommodation bond is not *permitted; and
 (d) both of the following apply at a particular time during the period of 2 years after the use of the bond:
 (i) an insolvency event (within the meaning of the Aged Care (Bond Security) Act 2006) has occurred in relation to the corporation;
 (ii) there has been at least one outstanding bond balance (within the meaning of that Act) of the corporation.
Penalty: 300 penalty units.
Note: The Secretary must make a default event declaration under the Aged Care (Bond Security) Act 2006 in relation to the corporation if paragraph (d) of this subsection applies (see section 10 of that Act).

Offence for