User Rights Amendment (Investment of Accommodation Bonds) Principle 2013

I, MITCH FIFIELD, Assistant Minister for Social Services, make the following principle under section 96-1 of the Aged Care Act 1997.

Dated: 19 December 2013

Contents

1 Name of principle

2 Commencement

3 Authority

4 Schedule(s)

Schedule 1—Amendments

User Rights Principles 1997

1  Name of principle

  This principle is the User Rights Amendment (Investment of Accommodation Bonds) Principle 2013.

2  Commencement

  This principle commences on the day after it is registered.

3  Authority

  This principle is made under the Aged Care Act 1997.

4  Schedule(s)

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

User Rights Principles 1997

1  Paragraph 23.38B(1)(b)

Repeal the paragraph, substitute:

 (b) a fund, but not a controlling entity of a fund, listed in item 2 of the Schedule to Banking exemption No. 1 of 2013 made under the Banking Act 1959.

2  Paragraph 23.64B(1)(c)

Repeal the paragraph, substitute:

(c) the accommodation bond is invested in a fund, but not a controlling entity of a fund, listed in item 2 of the Schedule to Banking exemption No. 1 of 2013 made under the Banking Act 1959.