Atomic Energy (A.A.E.C. Stock) Repeal Regulations 2001

Overview

The Atomic Energy (A.A.E.C. Stock) Repeal Regulations 2001 were enacted in 2001 to address the redundancy of the Atomic Energy (A.A.E.C. Stock) Regulations (Statutory Rules 1979 No. 240). These repeal regulations were introduced following amendments to the Atomic Energy Act 1953 and the establishment of the Australian Nuclear Science and Technology Organisation Act 1987, which rendered the original stock regulations obsolete. The Atomic Energy Act 1953, administered by the Parliament, provided the legal basis for these repeal regulations, aiming to ensure that outdated financial procedures for the Australian Atomic Energy Commission were no longer in effect. The Atomic Energy (A.A.E.C. Stock) Repeal Regulations 2001 thus serve to streamline the legislative framework, reflecting the current operational and financial structures within the atomic energy sector in Australia.

Scope and Application

The Atomic Energy (A.A.E.C. Stock) Repeal Regulations 2001 apply to the repeal of the Atomic Energy (A.A.E.C. Stock) Regulations, which were previously established under the Atomic Energy Act 1953 to govern the issuance of securities by the Australian Atomic Energy Commission (Commission). These regulations are now redundant following amendments to the Act and the establishment of the Australian Nuclear Science and Technology Organisation (ANSTO) under the Australian Nuclear Science and Technology Organisation Act 1987. The repeal of the Stock Regulations aligns with the changes in the Act that removed the provision allowing the specification of securities types, and the creation of ANSTO, which now has its own provisions for dealing with securities. The repeal takes effect immediately upon gazettal, effectively removing the outdated Stock Regulations from the legislative framework.

Key Provisions

The Atomic Energy (A.A.E.C. Stock) Repeal Regulations 2001 (the Regulations) are designed to repeal the Atomic Energy (A.A.E.C. Stock) Regulations 1979 (the Stock Regulations) (Regulation 3). These Regulations came into force on the date of their gazettal (Regulation 2). The purpose of the Regulations is to address the redundancy of the Stock Regulations, which were established to provide procedures for the Australian Atomic Energy Commission (the Commission) to issue securities (Regulation 1). The Act imposes specific obligations and requirements on the parties it governs. The Atomic Energy Act 1953 (the Act) allows the Commission to borrow money, subject to the Treasurer's approval, and issue securities of kinds prescribed by the Stock Regulations (section 30(1) and (4) of the Act). However, subsequent amendments to the Act, including the Atomic Energy Amendment Act (No 2) 1980 and the Australian Nuclear Science and Technology Organisation Act 1987 (the ANSTO Act), altered these provisions. The ANSTO Act replaced the Commission with the Australian Nuclear Science and Technology Organisation (ANSTO), which can deal with securities with the approval of the Treasurer (section 34 of the ANSTO Act). Given these changes, the Stock Regulations became redundant, leading to the necessity for the repeal. The repeal of the Stock Regulations by the Regulations means that the previous procedures for issuing securities are no longer applicable. This repeal ensures that the legal framework remains up-to-date and aligns with the current legislative environment, particularly in light of the establishment of ANSTO. The Regulations themselves do not impose new obligations or requirements; instead, they remove outdated provisions and streamline the legal framework. Breaching the repealed Stock Regulations would not directly result in any new offences or penalties under the Atomic Energy (A.A.E.C. Stock) Repeal Regulations 2001. However, any activities previously governed by the Stock Regulations must now comply with the ANSTO Act and the current legislative framework. The ANSTO Act provides for dealing with securities with the approval of the Treasurer (section 34). Any failure to comply with these requirements could potentially lead to civil or criminal consequences under the ANSTO Act, although specific penalties are not detailed within the explanatory statement of the Repeal Regulations.