Credit (Administration) Regulations 2014 (Vic)

Version No. 001

Credit (Administration) Regulations 2014

S.R. No. 140/2014

Version as at

15 December 2014

TABLE OF PROVISIONS

Regulation  Page

1Objective

2Authorising provision

3Commencement

4Revocation

5Embargo notice

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SCHEDULE—Embargo notice

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ENDNOTES

1.  General Information

2.  Table of Amendments

3.  Explanatory Details

Version No. 001

Credit (Administration) Regulations 2014

S.R. No. 140/2014

Version as at

15 December 2014

1Objective

The objective of these Regulations is to revoke the Credit (Administration) (Committee) Regulations 2006 and to prescribe an embargo form authorised by the Credit (Administration) Act 1984.

2Authorising provision

These Regulations are made under section 95 of the Credit (Administration) Act 1984.

3Commencement

These Regulations come into operation on 15 December 2014.

4Revocation

The Credit (Administration) (Committee) Regulations 2006[1] are revoked.

5Embargo notice

For the purposes of section 32(1) of the Credit (Administration) Act 1984 an embargo notice must be in the form set out in the Schedule.

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SCHEDULE

Regulation 5

EMBARGO NOTICE

Credit (Administration) Act 1984

Section 32

1The item described below has been embargoed under section 32 of the Credit (Administration) Act 1984.

2Section 32(2) provides that a person who knows that an embargo notice relates to a thing and who—

(a)sells; or

(b)leases; or

(c)without the written consent of the inspector who issued the embargo notice, moves; or

(d)transfers; or

(e)otherwise deals with—

the thing or any part of the thing is guilty of an offence and liable to a penalty not exceeding 10 penalty units.

3Section 32(3) provides that it is a defence to a prosecution for such an offence to prove that the thing or part of the thing was moved for the purpose of protecting and preserving it.

4Section 32(4) provides that despite anything in any other Act, a sale, lease, transfer or other dealing with a thing in contravention of that section is void.

Description of embargoed item:

This notice has been—

o  served on (name)

o  affixed to the item described above

Signature of inspector

Name of inspector

Telephone number       Date       Time

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ENDNOTES

1.     General Information

The Credit (Administration) Regulations 2014, S.R. No. 140/2014 were made on 23 September 2014 by the Governor in Council under section 95 of the Credit (Administration) Act 1984, No. 10091/1984 and came into operation on 15 December 2014: regulation 3.

The Credit (Administration) Regulations 2014 will sunset 10 years after the day of making on 23 September 2024 (see section 5 of the Subordinate Legislation Act 1994).

2.     Table of Amendments

There are no amendments made to the Credit (Administration) Regulations 2014 by statutory rules, subordinate instruments and Acts.

3.     Explanatory Details

[1] Reg. 4: S.R. No. 32/2006.