Document ID: chunk:federal_register_of_legislation:C2004A04760:body:0:p11
Version: federal_register_of_legislation:C2004A04760
Segment Type: other
Provision Reference: 
Character Range: 25515–28280

institution

"106A.(1) The drawee non-bank financial institution in relation to a payment order makes an internal presentment of the payment order if:

    (a) the drawee non-bank financial institution, on behalf of a customer, another financial institution or otherwise, makes a demand for payment of the payment order on itself; and

  (b) either:

        (i) the demand is made by exhibiting the payment order to itself at:

          (A) the proper place in relation to the payment order; or

            (B) a place that is a notified place in relation to the payment order for the purposes of this subsection; or

        (ii) the demand is made otherwise than by exhibiting the payment order and is so made at:

          (A) the proper place in relation to the payment order; or

            (B) a place that is a notified place in relation to the payment order for the purposes of this subsection.

Note 1: Section 108 defines 'proper place'.
Note 2: Section 109A defines 'notified place'.

  "(2) If:

  (a) the payment order is not exhibited; and

     (b) the demand is made at a place that is a notified place in relation to the payment order for the purposes of subsection (1);

the drawee non-bank financial institution may request itself to exhibit the payment order, or a copy of the payment order of a specified kind, to itself at a specified place.

  "(3) The specified place must be:

  (a) the proper place in relation to the payment order; or

     (b) a place that is a notified place in relation to the payment order for the purposes of this subsection.

Note 1: Section 108 defines 'proper place'.
Note 2: Section 109A defines 'notified place'.

"(4) The request must be made at a place that is a notified place in relation to the payment order for the purposes of this subsection.

Note: Section 109A defines 'notified place'.

  "(5) The request must:

  (a) identify the payment order with reasonable certainty; and

     (b) be in a form that is intelligible to, or readily decipherable by, the drawee non-bank financial institution.

"(6) Without limiting the generality of subsection (5), the request is taken, for the purposes of that subsection, to identify the payment order with reasonable certainty if:

  (a) the sum ordered to be paid by the payment order; and

  (b) the payment order number; and

  (c) the account against which the payment order is drawn; and

  (d) the proper place in relation to the payment order;

are specified in the request or are readily ascertainable by the drawee non-bank financial institution from the request.

"(7) If the drawee non-bank financial institution makes a request, the drawee non-bank financial institution must exhibit the payment order or copy to itself at the place specified