41
In forceApproval of ADIs
Schedule 2Trust money and trust accounts
Part 4Provisions relating to ADIs
41 Approval of ADIs
(1)
Subject to subclause (2), the Society may approve ADIs at which trust accounts to hold trust money may be maintained.
(2)
The Society may not approve an ADI unless the ADI is prepared to pay interest on trust accounts at a rate equal to or above the rate determined by the Society.
(3)
The Society may impose conditions, of the kinds prescribed by the regulations, on and under this clause, when the approval is given or during the currency of the approval, and may amend or revoke any conditions imposed.
(4)
The Society may revoke an approval given under this clause.
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