Unformatted text preview: Banking business is the collection of money by receiving deposits upon loan, repayable as agreed upon and the money is used to lend to others: Commissioners of the State Savings Bank of Victoria v Permewan Wright & Co Ltd (1914) HCA ? ? United Dominions Trust vs. Kirkwood  2 QB 431 ? ? ? In order to conduct banking activity, a company needs to be regulated by the Financial Services Authority (a self funding regulator) and comply with the financial Services and Marketing Act 2000. In order to lend funds, you need to be regulated and this had been stated in many Acts. UDT was not regulated and lending unauthorised is a criminal activity. You cannot enforce payment of a debt if you are not regulated....
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This note was uploaded on 10/08/2011 for the course LAW 101 taught by Professor Jan during the Three '11 term at Monash.
- Three '11