Document ID: chunk:federal_register_of_legislation:C2011C00166:clause:1_147
Version: federal_register_of_legislation:C2011C00166
Segment Type: clause
Provision Reference: sch 1 cl 147
Character Range: 57343–58054

147  Section 338 (definition of account)
Repeal the definition, substitute:

account means any facility or arrangement through which a *financial institution accepts deposits or allows withdrawals and includes:
 (a) a facility or arrangement for:
 (i) a *fixed term deposit; or
 (ii) a safety deposit box; and
 (b) a credit card account; and
 (c) a loan account (other than a credit card account); and
 (d) an account held in the form of units in:
 (i) a cash management trust; or
 (ii) a trust of a kind prescribed by the regulations; and
 (e) a closed account.
To avoid doubt, it is immaterial whether:
 (f) an account has a nil balance; or
 (g) any transactions have been allowed in relation to an account.