Document ID: chunk:federal_register_of_legislation:C2015C00049:clause:15_5
Version: federal_register_of_legislation:C2015C00049
Segment Type: clause
Provision Reference: sch 15 cl 5
Character Range: 102242–103130

5  After subsection 430(3C)
Insert:

Nomination of accounts
 (3D) The account referred to in subsection (1) or (3A) must be one that is:
 (a) nominated, at any time by the person, for the purposes of this section; and
 (b) maintained by the person (including an account maintained jointly or in common with another person).
 (3E) However, if:
 (a) there is no nomination of an account by the person in force for the purposes of this section; and
 (b) there is a nomination of an account (the existing account) by the person in force for the purposes of subsection 122A(1) of the Veterans' Entitlements Act 1986;
the existing account is taken to be an account nominated by the person for the purposes of this section.
 (3F) Subsection (3E) ceases to apply in relation to the person if, in accordance with subsection (3D), the person nominates an account for the purposes of this section.