Document ID: chunk:federal_register_of_legislation:C2004A00333:clause:2_24
Version: federal_register_of_legislation:C2004A00333
Segment Type: clause
Provision Reference: sch 2 cl 24
Character Range: 30011–30845

24  Subsection 68(3A)
Repeal the subsection, substitute:

 (3A) If:
 (a) the drawee institution obtains possession of a relevant cheque; and
 (b) the drawee institution pays or has paid the cheque; and
 (c) the cheque is not an agency cheque;
the drawee institution must retain the cheque (subject to subsection (5)), or a copy of the cheque, for the period ending 7 years after the date of the cheque.

 (3AA) If:
 (a) an FIC institution or an FCA institution obtains possession of a relevant cheque, being an agency cheque; and
 (b) the institution is the drawer of the cheque (disregarding the effect of subsection 100(2)); and
 (c) the drawee institution has paid the cheque;
the institution must retain the cheque (subject to subsection (5)), or a copy of the cheque, for the period ending 7 years after the date of the cheque.