Document ID: chunk:federal_register_of_legislation:C2004A04745:body:0:p30
Version: federal_register_of_legislation:C2004A04745
Segment Type: other
Provision Reference: 
Character Range: 74881–77523

(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 closed account was closed.

Definition

  "(5) In this section:

'document' includes a copy of a document.".

PART 3.4—AMENDMENT OF THE RESERVE BANK ACT 1959

Object of Part

69. The object of this Part is to allow the Reserve Bank Board to grant leave of absence to a member of the Board.

Principal Act

  70. In this Part, "Principal Act" means the Reserve Bank Act 19594.

Termination of appointment

  71. Section 18 of the Principal Act is amended:

    (a) by omitting from paragraph (1)(d) "Treasurer" and substituting "Board in accordance with section 18A";

    (b) by inserting in paragraph (1)(e) "subsection 18A(3) or" after "under".

Insertion of new section

  72. After section 18 of the Principal Act the following section is inserted:

Leave of absence

"18A.(1) This section applies to a member appointed under paragraph 14(1)(d).

"(2) The Board may grant to a member leave of absence from a meeting of the Board.

"(3) A member must not take part in a decision of the Board granting, or refusing to grant, leave to the member.".

Application

73. The amendments made by this Part apply in relation to meetings of the Board held after the commencement of this section.

Transitional—pre-commencement grant of leave of absence

74.(1) This section applies if the Treasurer made a decision under paragraph 18(1)(d) of the Principal Act before the commencement of this section to grant leave of absence from a meeting to be held after the commencement of this section.

(2) The decision has effect, after the commencement of this section, as if it were a decision of the Board made under section 18A of the Principal Act as amended by this Act.

NOTES

Banking Act 1959

  1. No. 6, 1959, as amended. For previous amendments, see No. 127, 1965; No. 93, 1966; No. 84, 1967; Nos. 116, 193 and 216 (as amended by No. 20, 1974), 1973; No. 132, 1974; No. 156 (as amended by No. 78, 1978), 1977; No. 19, 1979; No. 80, 1982; No. 76, 1984; No. 166, 1986; No. 105, 1987; No. 129, 1989; No. 118, 1990; No. 210, 1991; and No. 193, 1992.

Financial Transaction Reports Act 1988

  2. No. 64, 1988, as amended. For previous amendments, see Nos. 4 and 110, 1990; Nos. 28, 122, 123 and 188, 1991; and No. 164, 1992.

Proceeds of Crime Act 1987

  3. No. 87, 1987, as amended. For previous amendments, see No. 120, 1987; No.