Law Banking 255 Essay

LAW (BANKING) 255

Acquire Test

Term 1, 2011

Name: Lin Dongyu

Scholar Number: 14671458

Due date: 21/04/2011

Total term: 997 words

Briefly make clear, by reference to case legislation, why it is difficult to define the term " the business of banking”.

For the term " the business of banking”, the statute classification is badly, even a lot of statute regulations can help with the understanding regarding " the company of banking” but the meanings they are supplied still not really adequate (Waldeck & Giardina). Moreover, it is come to be more difficult for defining " the business of baking” today because the fact that over the years and bank providers are more varied (Waldeck & Giardina). The situation law Aussie Independent Distributors Ltd v Winter (1965) 122 CLR 443 the Adelaide Cooperative Society approved the money build up from their users and noted it around the passbook (Tyree 2008). The court placed that the contemporary society had not transporting on the " business of banking” because of the society was missing of the power to lend money – the main one of the ‘essential characteristic' (Tyree 2008). However , there was a later reinforced in the thinking for the case Commercial Financial Co of Sydney Ltd v RH Brown & Co[1] and the ‘High The courtroom held the main organization of bank should be regarding the loaning of money (Waldeck & Giardina). ' The s 5(1) of the Banking Act 1959 (Cth) shows the precise meaning of " the business of banking” and the part (b)(i) explained ‘a organization that is carried on by a firm to which section 51(xx) from the Constitution can be applied and that is made up, to any magnitude, of the two taking funds on first deposit (otherwise than s part-payment for determined goods or services) and making improve of money' which the explanation was adapted straightforwardly by the High The courtroom in Committee of the State Savings Lender of Victoria v Permewan Wright & Co Ltd (1914) 19 CLR 457 (Tyree 2008). However , the Victorian The courtroom for the truth R versus Jost [2002] VSCA 198] kept the Action merely restated the previous...



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