Commonwealth Consolidated Acts

FINANCIAL SECTOR (COLLECTION OF DATA) ACT 2001 - SECT 32

Provision of finance

  (1)   A reference in this Act to the provision of finance includes a reference to the following:

  (a)   the lending of money, with or without security;

  (aa)   the carrying out of activities, whether directly or indirectly, that result in the funding or originating of loans or other financing;

  (b)   the supplying of goods by way of hire - purchase;

  (c)   the sale (other than a lay - by sale), in the course of the carrying on of a business of selling goods by retail, of goods on terms under which payment in full for the goods is not required to be made before the expiration of 3 months from the day on which the goods are sold or agreed to be sold;

  (d)   the letting on hire of goods;

  (e)   the acquisition of debts due to another person;

  (f)   the purchase of bills of exchange or promissory notes;

  (g)   the purchase of securities issued by the Commonwealth, a State or a Territory or an authority of the Commonwealth, of a State or of a Territory;

  (h)   the purchase of debentures or other securities (other than shares) issued by a corporation.

  (1A)   A reference in this Act to the provision of finance does not include a reference to the following:

  (a)   the provision of financial advice;

  (b)   intra - group financing activity between corporations that are related to one another.

Money received by co - operative housing society for its shares constitutes borrowing

  (2)   For the purposes of this Act, the receipt of money by a co - operative housing society in respect of the issue of shares in the capital of the society is taken to constitute the borrowing of those moneys by the society.

When debt is due

  (3)   For the purposes of this Act, a debt is taken to be due even though the time for payment of the debt has not arrived.