Cheques and Payment Orders Regulations (Amendment) (Cth)

Statutory Rules 1998No. 238 1

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Cheques and Payment Orders Regulations2 (Amendment)

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations under the Cheques and Payment Orders Act 1986.

Dated 15 July 1998.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

IAN CAMPBELL

Parliamentary Secretary to the Treasurer

for the

Treasurer

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1.   Commencement

1.1   These regulations commence on 1 December 1998.

2.   Amendment

2.1   The Cheques and Payment Orders Regulations are amended as set out in these regulations.

3.   Regulation 1 (Citation)

3.1   Omit the regulation, substitute:

Name of regulations

 “1. These regulations are the Cheques Regulations 1987.”.

4.   Regulation 2 (Interpretation)

4.1   Omit the regulation, substitute:

Definition

 “2. In these regulations:

Act means the Cheques Act 1986.”.

5.   Regulation 2A (FCA institutions)

5.1   Omit “‘non-bank financial institution’”, substitute “FCA institution”.

6.   Regulation 3 (Designated place: prescribed form of notice by a bank)

Note   The heading to regulation 3 should be altered by omitting “bank” and substituting “financial institution”.

7.   Regulation 5 (Designated place: prescribed form of notice by a financial institution)

7.1   Omit the regulation.

8.   Regulation 6 (Register of notices given under the Act, s 65A)

8.1   Paragraph 6 (1) (a):

Omit “banks”, substitute “financial institutions”.

8.2   Paragraphs 6 (1) (c) and (d):

Omit the paragraphs.

Note   The Notes following regulation 6 should be replaced by the following note:

“Note   A notice referred to in paragraph (1) (a) is a notice given to the eligible authority by a financial institution under subsection 65A (2) of the Act specifying a place as a notified place in relation to cheques for the Act.”.

9.   Regulation 7 (Inspection of the register)

9.1   Paragraphs 7 (1) (b) and (c):

Omit the paragraphs, substitute:

• “(b)

  an employee of a financial institution who is required by the financial institution to inspect the register.”.

9.2   Subregulation 7 (2):

Omit “or (1) (c)”.

9.3   Paragraph 7 (2) (b):

Omit “bank or non-bank”.

9.4   Paragraph 7 (2) (b):

Omit “bank or institution”, substitute “financial institution”.

10.   Schedule

10.1   Form 1:

Omit the heading, substitute:

 “FORM 1 Regulation 3

Cheques Regulations 1987

NOTICE BY A FINANCIAL INSTITUTION SPECIFYING A PLACE AS A DESIGNATED PLACE FOR THE CHEQUES ACT 1986”.

10.2   Form 1:

Omit “bank” (wherever occurring), substitute “financial institution”.

10.3   Form 1:

Omit “and Payment Orders”.

10.4   Form 2:

Omit the form.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 22 July 1998.

2. Statutory Rules 1987 No. 130 as amended by 1988 No. 37; 1994 Nos. 100 and 406; 1997 No. 276.