First
published by the Australian
Bankers' Association
in August 2003. Subsequent
amendments published
in May 2004. For details
of these amendments
see Australian
Bankers' Association
under "Code of
Banking Practice".
This
version of the Code
of Banking Practice
includes these amendments.
25.1
Before we offer
or give you
a credit facility
(or increase an existing
credit facility),
we will exercise
the care and skill
of a diligent and
prudent banker in
selecting and applying
our credit
assessment methods
and in forming our
opinion about your
ability to repay it.
25.2
With your agreement,
we will try
to help you
overcome your
financial difficulties
with any credit facility
you have with
us. We
could, for example,
work with you
to develop a repayment
plan. If, at the time,
the hardship variation
provisions of the
Uniform Consumer Credit
Code could apply to
your circumstances,
we will inform
you about them.
26.1
We will not
accept you
as a co-debtor under
a credit facility
where it is clear,
on the facts known
to us, that
you will not
receive any direct
benefit under the
facility.
26.2
We will, before
signing you
up as a co-debtor,
take all reasonable
steps to ensure that
you understand
that you may
be liable for the
full amount of the
debt and what your
rights are under clause
26.3.
26.3
If you are
jointly and severally
liable under a credit
facility, we
will allow you
to terminate your
liability in respect
of future advances
or financial accommodation
on giving us
written notice. This
right only applies
where we can
terminate any obligation
we have to
provide further credit
to any other debtor
under the same credit
facility.
27.1
If you are
opening a joint account,
we will provide
you with general
descriptive information
on:
(a)
how funds may be
withdrawn from the
joint account, having
regard to the instructions
given by you;
(b)
the manner in which
such instructions
can be varied; and
(c)
your potential
liability for debts
incurred on the
joint account.
27.2
When accepting your
instructions to issue
a subsidiary credit
or debit card, we
will:
(a)
provide general
descriptive information
to you, as
the primary cardholder,
on your potential
liability for debts
incurred by the
subsidiary cardholder
using the card;
and
(b)
inform you,
as the primary cardholder,
of the means by
which a subsidiary
card may be cancelled
or stopped and the
fact that this may
not be effective
until the subsidiary
card is surrendered
or you have
taken all reasonable
steps to have the
card returned to
us.
27.3
If you are
a primary cardholder,
you will not
be liable for the
continuing use of
a subsidiary card
from the later of:
(a)
the date you
request us
(as the issuing
bank) to
cancel the subsidiary
card; and
(b)
when you
have taken all reasonable
steps to have the
subsidiary card
returned to us.
28.1
This clause 28 applies
to every guarantee
and indemnity obtained
from you (where
you are an
individual at the
time the guarantee
and indemnity is taken)
for the purpose of
securing any financial
accommodation or facility
provided by us
to another individual
or a small business
(called a "Guarantee"),
except as provided
in clauses 28.15 and
28.16.
28.2
We may only
accept a Guarantee
if your liability:
(a)
is limited to, or
is in respect of,
a specific amount
plus other liabilities
(such as interest
and recovery costs)
that are described
in the Guarantee;
or
(b)
is limited to the
value of a specified
security at the
time of recovery.
28.3
A Guarantee
must include a statement
to the effect that
the relevant provisions
of this Code
apply to the Guarantee
but need not set out
those provisions.
28.4
We will do
the following things
before we take
a Guarantee
from you:
(a)
we will give
you a prominent
notice that:
(i)
you should
seek independent
legal and financial
advice on the
effect of the
Guarantee;
(ii)
you can
refuse to enter
into the Guarantee;
(iii)
there are financial
risks involved;
(iv)
you have
a right to limit
your liability
in accordance
with this Code
and as allowed
by law; and
(v)
you can
request information
about the transaction
or facility to
be guaranteed
("Facility")
(including any
facility with
us to be
refinanced by
the Facility);
(b)
from 1 June 2004
we will tell
you:
(i)
about any notice
of demand made
by us on
the debtor, and
any dishonour
on any facility
the debtor has
(or has had) with
us, which
has occurred within
12 months before
we tell
you this,
and from 1 June
2005 within 2
years before we
tell you
this;
(ii)
if there has been
an excess or overdrawing
of $100 or more
on any facility
the debtor has
(or has had) with
us which
has occurred within
6 months before
we tell
you this,
and from 1 February
2005 we
will give you
a list showing
the extent of
each of those
excesses or overdrawings;
(c)
we will tell
you if any
existing facility
we have given
the debtor will
be cancelled, or
if the Facility
will not be provided,
if the Guarantee
is not provided;
(d)
we will provide
you with
a copy of:
(i)
any related credit
contract together
with a list of
any related security
contracts which
will include a
description of
the type of each
related security
contract and of
the property subject
to, or proposed
to be subject
to, the security
contract to the
extent to which
that property
is ascertainable
and we
will also give
you a copy
of any related
security contract
that you
request;
(ii)
the final letter
of offer provided
to the debtor
by us together
with details of
any conditions
in an earlier
version of that
letter of offer
that were satisfied
before the final
letter of offer
was issued;
(iii)
any related credit
report from a
credit reporting
agency;
(iv)
any current credit-related
insurance contract
in our
possession;
(v)
any financial
accounts or statement
of financial position
given to us
by the debtor
for the purposes
of the Facility
within 2 years
prior to the day
we provide
you with
this information;
(vi)
the latest statement
of account relating
to the Facility
(and any other
statement of account
for a period during
which a notice
of demand was
made by us,
or a dishonour
occurred, in relation
to which we
are required to
give you
information under
clause 28.4(b)(i));
and
(vii)
any unsatisfied
notice of demand
made by us
on the debtor
in relation to
the Facility
where the notice
was given within
2 years prior
to the day we
provide you
with this information;
and
(e)
we will give
you other
information we
have about the Facility
(including any facility
with us to
be refinanced by
the Facility)
that you
reasonably request
but we do
not have to give
youour
own internal opinions.
28.5
We will not
ask you to
sign a Guarantee,
or accept it, unless
we have:
(a)
provided you
with the information
described in clause
28.4 to the extent
that that information
is required by this
Code to be
given to you;
and
(b)
allowed you
until the next day
to consider that
information.
We
do not have to allow
you the period
referred to in clause
28.5(b) if you
have obtained independent
legal advice after
having received the
information required
by clause 28.4.
28.6
We will:
(a)
not give the Guarantee
to the debtor, or
to someone acting
on behalf of the
debtor, to arrange
the signing (except
a legal practitioner
or financial adviser
who is working for
you); and
(b)
ensure that you
sign the Guarantee
in the absence of
the debtor where
we attend
the signing of the
Guarantee.
28.7
We will also
provide you,
on request, with additional
copies of any information
described in clause
28.4(d) that we
have given you
and will do so:
(a)
within 14 days,
if the original
came into existence
1 year or less before
the request is given;
or
(b)
within 30 days,
if the original
came into existence
more than 1 year
before the request
is given,
except
we do not need
to do so if we
have given the requested
information within
3 months prior to
the request.
28.8
We will ensure
that a warning notice
(substantially in
the form required
by section 50 of the
Uniform Consumer Credit
Code, and detailed
in Form 4 of the Uniform
Consumer Credit Code
Regulations and which
is consistent with
this Code)
appears directly above
the place where you
sign.
28.9
You may, by written
notice to us,
limit the amount or
nature of the liabilities
guaranteed under the
Guarantee,
except that we
do not have to accept
such a limit if:
(a)
it is below the
debtor's liability
under the relevant
credit contract
at the time plus
any interest or
fees and charges
which may be subsequently
incurred in respect
of that liability;
or
(b)
we are obliged
to make further
advances or would
be unable to secure
the present value
of an asset which
is security for
the loan (for example,
a house under construction).
28.10
You may, at
any time, extinguish
your liability
to us under
a Guarantee
by paying us
the then outstanding
liability of the debtor
(including any future
or contingent liability)
or any lesser amount
to which your
liability is limited
by the terms of the
Guarantee or
by making other arrangements
satisfactory to us
for the release of
the Guarantee.
28.11
You can, by
written notice to
us:
(a)
withdraw from the
Guarantee
at any time before
the credit is first
provided under the
relevant credit
contract; or
(b)
withdraw after credit
is first provided,
if the credit contract
differs in a material
respect from the
proposed credit
contract given to
you before
the Guarantee
was signed,
but
only to the extent
the Guarantee
guarantees obligations
under the credit contract.
28.12
A third party mortgage
will be unenforceable
in relation to a future
credit contract or
future Guarantee
unless we have:
(a)
given the mortgagor
a copy of the contract
document of the
future credit contract
or future Guarantee;
and
(b)
subsequently obtained
the mortgagor's
written acceptance
of the extension
of the third
party mortgage.
28.13
A Guarantee
given by you
will be unenforceable
in relation to a future
credit contract unless
we have:
(a)
given you
a copy of the contract
document of the
future credit contract;
and
(b)
subsequently obtained
your written
acceptance of the
extension of the
Guarantee,
except
to the extent the
future credit contract
(together with all
other existing credit
contracts secured
by that Guarantee),
is within a limit
previously agreed
in writing by you
and we have
included in the notice
we give you
under clause 28.4(a)
a prominent statement
that the Guarantee
can cover a future
credit contract in
this way.
28.14
We will not,
under a Guarantee,
enforce a judgment
against you
unless:
(a)
we have obtained
judgment against
the principal debtor
for payment of the
guaranteed liability
which has been unsatisfied
for 30 days after
we have made
written demand for
payment of the judgment
debt; or
(b)
we have made
reasonable attempts
to locate the debtor
without success;
or
(c)
the debtor is insolvent,
but
these rules in clause
28.14 do not apply
where the principal
debtor is a small
business.
28.15
Where you are
a commercial asset
financing guarantor
or sole director
guarantor clauses
28.4(b) to (e) (inclusive),
28.5, 28.6 and 28.7
do not apply.
28.16
If you are
a director guarantor
clauses 28.4(d)
and 28.5 apply as
follows:
(a)
we will tell
you that:
(i)
you have
the right to receive
the documents
described in clause
28.4(d); and
(ii)
those documents
contain important
information that
may affect your
decision to give
a Guarantee;
(b)
you may choose
not to receive some
or all of the documents
described in clause
28.4(d);
(c)
we will tell
you how you
can make these choices;
(d)
we will provide
you with
a copy of any document
described in clause
28.4(d) that you
have requested;
(e)
you can tell
us that you
do not wish to have
the benefit of the
period referred
to in clause 28.5(b);
and
(f)
apart from telling
you the things
set out in clauses
28.16 (a)(i) and
(ii), 28.16(b) and
28.16(c) and as
required under other
provisions of this
Code, we
will not attempt
to influence your
choices under clauses
28.16(b) and 28.16(e).
We
and our collection
agents will comply
with the Australian
Competition and Consumer
Commission's guideline
"Debt Collection and
the Trade Practices
Act" dated June 1999
when collecting amounts
due to us,
and we will
ensure that our
representatives do
likewise.
30.1
We will ensure
that our advertising
and promotional literature
drawing attention
to a banking service
is not deceptive or
misleading.
30.2
In any advertising
in the print-media
and any promotional
literature that draws
attention to a banking
service and includes
a reference to an
interest rate, we
will also indicate
whether other fees
and charges will apply
and that full details
of the relevant terms
and conditions
are available on request.
Subject
to the terms and
conditions of
any relevant banking
service and any
related security,
we:
(a)
will, at your
request, close an
account of yours
that is in credit;
(b)
may close an account
of yours
that is in credit
by giving you
notice that is reasonable
in all the relevant
circumstances and
paying you
the amount of the
credit balance;
and
(c)
may charge you
an amount that is
our reasonable
estimate of the
costs of closure.
We
will comply with the
ABA's protocol
on branch closures,
as publicised by the
ABA from time
to time. This protocol
is available from
the ABA's website:
Australian
Bankers' Association
.
33.1
Unless prohibited
by legislation, you
may agree that any
information which
this Code requires
us to provide
(by writing or other
means) may be provided:
(a)
by electronic
communication
to your nominated
electronic address
(i.e. email address);
or
(b)
subject to clause
33.4 by being made
available at our
website for retrieval
by electronic
communication
to you, on
the condition that
we:
(i)
promptly notify
you by
electronic
communication
under clause 33.1(a)
that the information
is available for
retrieval at our
website, and the
nature of the
information; and
(ii)
provide you
with the ability
to readily retrieve
the information
by electronic
communication
(for example,
by providing an
electronic link
to the relevant
information on
our website,
or the URL
of our
website).
33.2
Your agreement
to the provision of
information under
clauses 33.1(a) or
33.1(b) or both, will
be by a specific positive
election, after receiving
an explanation of
the implications of
making such an election.
33.3
We will inform
you of your
right to:
(a)
vary your
nominated electronic
address (by notice
to us); or
(b)
terminate the agreement
to the provision
of information under
clauses 33.1(a)
or 33.1(b) or both.
33.4
Except if there is
an agreement that
satisfies clause 33.1(b),
and subject to clause
33.5, making information
available at our
website does not satisfy
any requirement of
this Code that
the information be
provided to you.
33.5
Where you have
viewed information
available at our
website and you:
(a)
have been given
the opportunity
to retain that information
for subsequent reference
(for example, by
printing or saving
it); and
(b)
specifically agreed
that you
have been given
the opportunity
to retain that information
and that you
will not be otherwise
provided with a
copy of the information
by us (without
a separate request
by you under
clause 33.6),
we
are to be treated
as having provided
that information to
you at the
time you specifically
agreed.
33.6
Where we have
provided, or are treated
as having provided,
information to you
under clauses 33.1
or 33.5, we
will provide a paper
copy of that information
to you, if
you so request,
within 6 months of
the receipt of the
electronic communication.
(a)
to participate in
establishing a Code
Compliance Monitoring
Committee ("CCMC")
comprising:
(i)
1 person with
relevant experience
at a senior level
in retail banking
in Australia,
to be appointed
by banks
that adopt this
Code;
(ii)
1 person with
relevant experience
and knowledge
as your
representative,
to be appointed
by the consumer
and small business
representatives
on the Board of
Directors of the
BFSO; and
(iii)
1 person with
experience in
industry, commerce,
public administration
or government
service, appointed
jointly by the
BFSO and
banks that
adopt this Code
(this person is
to be the Chairperson
of the CCMC);
(b)
that the CCMC's
functions will be:
(i)
to monitor our
compliance under
this Code;
(ii)
to investigate,
and to make a
determination
on, any allegation
from any person
that we
have breached
this Code
but the CCMC
will not resolve,
or make any determination
on, any other
matter; and
(iii)
to monitor any
other aspects
of this Code
that are referred
to the CCMC
by the ABA;
(c)
to ensure that the
CCMC has
sufficient resources
and funding to carry
out its functions
satisfactorily and
efficiently;
(d)
to annually lodge
with the CCMC
(in a form acceptable
to the CCMC)
a report on our
compliance with
this Code;
(e)
to empower the CCMC
to conduct its own
inquiries into our
compliance with
the Code;
(f)
to co-operate and
comply with all
reasonable requests
of the CCMC
in pursuance of
its functions;
(g)
to require the CCMC
to arrange a regular
independent review
of its activities
and to ensure a
report of that review
is lodged with ASIC
which review is
to be initially
held after the first
year in which the
CCMC operates
after which it is
to coincide with
the periodic reviews
of this Code
(see clause 5);
(h)
to empower the CCMC
to carry out its
functions and to
set operating procedures
dealing with the
following matters,
first having regard
to the operating
procedures of the
BFSO and
then consulting
with the BFSO
and the ABA:
(i)
receipt of complaints;
(ii)
privacy requirements;
(iii)
civil and criminal
implications;
(iv)
time frames for
acknowledging
receipt of a complaint,
its progress,
responses from
the parties to
the complaint
and for recording
the outcome;
(v)
use of external
expertise; and
(vi)
fair recommendations,
undertakings and
reporting; and
(i)
to empower the CCMC
to name us
in connection with
a breach of this
Code or in
the CCMC's
report, where it
can be shown that
we have:
(i)
been guilty of
serious or systemic
non-compliance;
(ii)
ignored the CCMC's
request to remedy
a breach or failed
to do so within
a reasonable time;
(iii)
breached an undertaking
given to the CCMC;
or
(iv)
not taken steps
to prevent a breach
reoccurring after
having been warned
that we
might be named.
35.1
We will have
an internal process
for handling disputes
with you. This
process will:
(a)
be free of charge;
(b)
meet the standards
set out in Australian
Standard AS4269-1995
or any other industry
dispute standard
or guideline which
ASIC declares
to apply to this
Code;
(c)
adhere to the timeframes
specified in this
clause 35; and
(d)
require us
to provide written
reasons for our
decision on a dispute.
35.2
We will notify
you of the
name and contact number
of the person who
is investigating yourdispute.
35.3
Within 21 days of
becoming aware of
a dispute,
we will:
(a)
complete the investigation
and inform you
of the outcome of
the investigation;
or
(b)
inform you
of our need
for more time to
complete our
investigation.
35.4
Unless there are exceptional
circumstances, we
will complete our
investigation within
45 days of receipt
of the dispute.
35.5
If we are unable
to resolve a dispute
within 45 days, we
will:
(a)
inform you
of the reasons for
the delay;
(b)
provide you
with monthly updates
on progress with
the dispute;
and
(c)
specify a date when
a decision can reasonably
be expected,
unless
we are waiting
for a response from
you which
we have told
youwe
require.
35.6
If the rules of an
external dispute resolution
scheme of which we
are a member, provide
that a matter may
be referred to it
if a decision is not
made within a specified
time period, then
we will inform
you, no more
than 5 business
days after the
expiry of that time
period, that a dispute
may be lodged with
the scheme.
35.7
Our dispute
resolution process
is available for all
complaints other than
those that are resolved
to your satisfaction
at the time they are
drawn to our
attention.
35.8
We will provide
you with the
above information
in writing unless
it has been mutually
agreed that it can
be given verbally.
We
will have available
for you an
external impartial
process for resolving
disputes. This
process will be:
(a)
free of charge;
and
(b)
consistent with
ASIC's Policy
Statement 139 "Approval
of External Complaints
Resolution Schemes"
or any other external
complaint resolution
policy statement
or guideline published
by ASIC;
and
(c)
available to you
in accordance with
its terms of reference.
37.1
We will prominently
publicise the availability
and accessibility
of both our
internal and external
processes for resolving
disputes through
our points
of contact with you
where we control
that point of contact
including:
(a)
branches;
(b)
internet sites;
and
(c)
telephone-based
banking services.
37.2
We will also
provide you
with information about:
(a)
our internal
process for dealing
with a dispute
at the time the
dispute arises;
and
(b)
the external process,
at the same time
as you are
told about the internal
process and again
at the time that
you are told
about the final
outcome of the internal
process if your
complaint is not
wholly satisfied.
(i)
any banking
service that
we commence
to provide to
you; and
(ii)
any Guarantee
(as described
in clause 28)
we obtain
from you,
except
as provided for
below;
(b)
we will be
bound by this Code
in respect of any
banking servicewe were providing
to you at
the commencement
date and continue
to provide afterwards
except for:
(i)
clauses 10.2 to
10.5 (Terms and
Conditions) (but
subject to clause
39.1(d));
(ii)
clause 21 (Foreign
Exchange Services);
(iii)
clauses 24.2 and
24.4 (Statements
of Account);
(iv)
clause 28.12 (Third
Party Mortgages);
and
(v)
clause 33 (Electronic
Communications);
(c)
we will also
be bound by clauses
28.9, 28.11 (a)
and 28.13 of this
Code in respect
of any guarantee
subject to the Code
of Banking Practice
November 1993 taken
prior to the commencement
date (except
that the reference
to the notice we
give you
under clause 28.4(a)
in clause 28.13
shall be deemed
not to have been
made in respect
of any such guarantee);
(d)
if you have
a credit card account
with us on
the commencement
date, we
will give you
a statement containing
the information
described in clause
10.5 no later than
12 months after
the commencement
date (unless
already provided);
(e)
if you have
a payment instrument
at the commencement
date, we
will give you
the information
described in clause
23 no later than
12 months after
the commencement
date (unless
already provided);
(f)
the Code of Banking
Practice November
1993 will apply
only as follows:
(i)
section 2 ("Terms
and Conditions")
which will apply
to an existing
"Banking Service"
subject to that
Code;
(ii)
section 11 ("Foreign
Exchange Services")
which will apply
to an existing
foreign exchange
service; and
(iii)
section 17 ("Guarantees")
which will apply
to a guarantee
subject to that
Code;
(g)
in respect of a
banking service
provided to you
in relation to a
product, the terms
and conditions for
which are set out
in a prospectus
or Product Disclosure
Statement issued
prior to the commencement
date, we
are not required
to comply with this
Code until
31 March 2004. However,
the Code of Banking
Practice November
1993 will continue
to apply to such
banking services
until that date;
and
(h)
this Code
does not apply to
any banking service
or Guarantee
provided in relation
to a commercial
asset financing
facility where
the banking service
or Guarantee
is provided or taken
before 1 June 2004,
and we are
not disclosed as
the provider of
that banking
service or as
the person taking
the Guarantee.
39.2
To the extent of any
inconsistency, this
Code is to
be read subject to
the Electronic Funds
Transfer Code of Conduct.
39.3
This Code replaces,
from the commencement
date, the "Banks
and Small Business
Working Together -
A Set of Principles".
In
this Code any
words in bold like
this have the
following meanings:
ABA
means the Australian
Bankers' Association.
ASIC
means the Australian
Securities and Investments
Commission.
Australia
includes the coastal
sea of each jurisdiction
but does not include
an external territory.
bank
means a corporation
authorised by law
to carry on the general
business of banking
in Australia
that is authorised
under the Banking
Act 1959 to use the
word "bank" or a similar
expression in its
name.
banking
service means
any financial service
or product provided
by us in Australia
to you:
(a)
including any financial
service or product
provided by us
whether supplied
directly or through
an intermediary;
and
(b)
in the case of a
financial service
or product provided
by another party
and distributed
by us, extends
only to our
distribution or
supply of the service
or product to you
and not to the service
or product itself.
BFSO
means Banking and
Financial Services
Ombudsman Ltd (ABN
48 050 070 034).
business
day means a day
that is not a Saturday,
a Sunday or a public
holiday in Australia.
CCMC
has the meaning given
in clause 34(a).
Code
means this Code of
Banking Practice as
published by the ABA
at the commencement
date and, for
the avoidance of doubt,
includes any amendments
from time to time
which have been published
by the ABA
and publicly adopted
by us.
commencement
date means the
date from which we
have publicly announced
we have adopted
this Code and,
in relation to any
subsequent amendments
made to this Code,
means the date from
which we have
publicly announced
we have adopted
those amendments.
commercial
asset financing facility
means a lease, rental,
hire purchase, bill
of sale, chattel mortgage
facility or a related
insurance premium
funding facility provided
to a company.
commercial
asset financing guarantor
means a guarantor
where the Guarantee
is to be taken for
a Facility
that is a commercial
asset financing facility
and:
(a)
the guarantor is
a director of the
company, and:
(i)
the director has
not given security
to support the
Guarantee;
or
(ii)
where the director
has previously
given security,
the director has
been notified
in writing that
the previous security
may extend to
liabilities under
the Guarantee;
and
(b)
apart from guarantees
and any security
referred to in (a)(ii)
given by directors
of the company,
only the asset financed
secures the commercial
asset financing
facility.
credit-related
insurance contract
means a contract for
insurance of any of
the following kinds
in connection with
a credit contract:
(a)
insurance over mortgaged
property;
(b)
consumer credit
insurance;
(c)
insurance that is
a "credit-related
insurance contract"
for the purposes
of section 132(1)(c)
of the Uniform Consumer
Credit Code.
debit
user means a person
who, by agreement
with the customer,
issues debit payment
instructions through
their financial institution
for distribution to
the relevant customer's
financial institution.
direct
debit means an
amount debited to
a specified account
of a customer with
the customer's financial
institution, as requested
and authorised in
writing by that customer,
to and in favour of
a debit user(or
to a third party in
its capacity as agent
for that named debit
user) which is
processed through
the Bulk Electronic
Clearing System.
direct
debit request
means an authority
and request to debit
amounts to a specified
account of a customer
with the customer's
financial institution,
given in writing by
that customer to and
in favour of a debit
user or their
agent.
director
guarantor means
a guarantor of a Facility
who is a director
of a company which
is to be the debtor
for the Facility
other than a sole
director guarantor
or a commercial
asset financing guarantor.
dispute
means a complaint
by you in relation
to a banking service,
that has not been
immediately resolved
when you bring
the complaint to our
attention.
electronic
communication
means:
(a)
a communication
of information in
the form of data,
text or images by
means of guided
or unguided electromagnetic
energy, or both;
or
(b)
a communication
of information in
the form of sound
by means of guided
or unguided electromagnetic
energy, or both,
where the sound
is processed at
its destination
by an automated
voice recognition
system.
Facility
has the meaning given
in clause 28.4(a)(v).
Guarantee
means a guarantee
described in clause
28.1.
small
business means
a business having:
(a)
less than 100 full
time (or equivalent)
people if the business
is or includes the
manufacture of goods;
or
(b)
in any other case,
less than 20 full
time (or equivalent)
people,
unless
the banking service
is provided for use
in connection with
a business that does
not meet the elements
in (a) or (b) above.
sole
director guarantor
means a guarantor
of a Facility
who is a director
of a company that
has only one director,
and that company is
to be the debtor for
the Facility.
standard
fees and charges
means fees and charges
normally charged by
us in respect
of a banking service.
terms
and conditions
means those terms
and conditions specifically
applied by us
to a banking service
but does not include
any other terms and
conditions that may
apply by operation
of law.
third
party mortgage
means a mortgage or
charge given for the
purpose of securing:
(a)
any financial accommodation
provided by us
to an individual
or a small business;
or
(b)
a Guarantee,
other
than such a security
which contains a personal
undertaking by the
mortgagor to pay the
secured money.
URL
means a Universal
Resource Locator.
we,
us and our
means the bank
that you deal
with that has adopted
this Code.
you
and your means
a person who, at the
time the banking
service is provided,
is an individual or
a small business
that is our
customer (or, where
this Code specifically
applies to potential
customers, a potential
customer of ours)
and includes, in clauses
28, 33 and 39, any
individual from whom
we have obtained,
or propose to obtain,
a Guarantee.
However,
where this Code
applies in relation
to a banking service
which is a "financial
product" or a "financial
service" for the purposes
of Chapter 7 of the
Corporations Act 2001,
then you means
a person who, as a
"retail client" as
described in Chapter
7 of the Corporations
Act 2001, enquires
about or is, or may
be, provided with
that banking service
(this Code does not
apply to a person
who is a "wholesale
client" in respect
of such products and
services).
