Document ID: chunk:federal_register_of_legislation:C2004A04745:body:0:p29
Version: federal_register_of_legislation:C2004A04745
Segment Type: other
Provision Reference: 
Character Range: 72230–75150

if the document was covered by subsection 77(3)—as if the document were a financial transaction document in relation to the transferee bank and were a document:

        (i) that is not a customer generated financial transaction document; and

        (ii) whose retention is necessary to preserve a record of the financial transaction concerned;

    (d) in any case—as if the minimum retention period applicable to the document were the period of 7 years after the day on which the transferred account is closed.

Definition

  "(6) In this section:

'document' includes a copy of a document.

Closed bank accounts transferred to another bank—obligations of banks in relation to documents

When section applies

  "78B.(1) This section applies to a document if:

     (a) the document is in the possession of a bank (the 'transferor bank') in fulfilment of an obligation imposed on the transferor bank by subsection 77(1), (2) or (3) or 78(1); and

  (b) the document relates to a closed account; and

     (c) the transferor bank complies with an obligation imposed on it under subsection 78A(2) in relation to another bank (the 'transferee bank') during the 120-day period mentioned in that subsection; and

     (d) the transferor bank and the transferee bank agree in writing that the document should be transferred by the transferor bank to the transferee bank during that 120-day period.

Transferor bank may give documents to transferee bank

"(2) The transferor bank may give the document to the transferee bank within that 120-day period.

Transferor bank released from obligations under sections 77 and 78

"(3) If the transferor bank gives a document to the transferee bank under subsection (2) of this section, the transferor bank does hot contravene section 77 or 78 in relation to the document.

Obligations of transferee bank—sections 77 and 78

"(4) If the transferee bank is given a document under subsection (2) of this section, this division applies to the transferee bank in relation to the document as follows:

     (a) if the document was covered by subsection 77(1) or 78(1)—as if the document were an essential customer generated financial transaction document in relation to the transferee bank;

     (b) if the document was covered by subsection 77(2)—as if the document were a customer generated financial transaction document in relation to the transferee bank and were not an essential customer generated financial transaction document;

     (c) if the document was covered by subsection 77(3)—as if the document were a financial transaction document in relation to the transferee bank and were a document:

        (i) that is not a customer generated financial transaction document; and

        (ii) whose retention is necessary to preserve a record of the financial transaction concerned;

     (d) in any case—as if the minimum retention period applicable to the document were the