Document ID: chunk:federal_register_of_legislation:C2004A01097:clause:3_12
Version: federal_register_of_legislation:C2004A01097
Segment Type: clause
Provision Reference: sch 3 cl 12
Character Range: 14267–14793

12  Subsection 995‑1(1) (definition of scholarship plan)
Repeal the definition, substitute:

scholarship plan means a *life insurance policy that:
 (a) is issued by a *friendly society for the sole purpose of providing benefits to help in the education of nominated beneficiaries; and
 (b) is not being used, and has never been used, as security for borrowing or raising money; and
 (c) if it is issued on or after 1 January 2003—contains a provision prohibiting use of the policy as security for borrowing or raising money.