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All of the following regarding non-depository institutions is correct EXCEPT:

Select one:

a. In Australasia, many insurance companies are also major providers of superannuation products.

b. Credit unions are characterised by a common bond membership.

c. A defined benefit pension plan promises to pay a specified benefit at maturity to its members, based on a stated formula when a member joins.

d. A public unit trust is an investment fund established under a trust deed whereby the unit trust sells units to investors.

e. Lease financing is the major source of funds for most finance companies in Australasia.