AUSTRALIAN COASTAL SHIPPING COMMISSION.
No. 87 of 1962.
An Act to amend the Australian Coastal Shipping Commission Act 1956.
[Assented to 14th December, 1962.]
[Date of commencement, 11th January, 1963.]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Australian Coastal Shipping Commission Act 1962.
(2.) The Australian Coastal Shipping Commission Act 1956 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Australian Coastal Shipping Commission Act 1956–1962.
Definitions.
2. Section five of the Principal Act is amended by inserting before the definition of “Commissioner” the following definition:—
“‘approved bank’ means the Reserve Bank of Australia or another bank approved by the Treasurer for the purposes of the provision in which the expression occurs;”.
Borrowings by the Commission.
3. Section thirty of the Principal Act is amended by omitting sub-section (1.) and inserting in its stead the following sub-section:—
“(1.) The Commission may borrow money for temporary purposes on overdraft from an approved bank but the aggregate of the amounts borrowed by the Commission under this sub-section and not re-paid shall not exceed Five million pounds.”.
Bank accounts.
4. Section thirty-one of the Principal Act is amended by omitting sub-section (1.) and inserting in its stead the following sub-section:—
“(1.) The Commission may open an account or accounts with an approved bank or approved banks and shall maintain at all times at least one such account.”.
Application of moneys.
5. Section thirty-two of the Principal Act is amended by omitting from sub-section (2.) the words “the Commonwealth Bank of Australia or with any other bank approved by the Treasurer “and inserting in their stead the words “an approved bank”.
Third Schedule.
6. The Third Schedule to the Principal Act is amended—
(a) by omitting the words—
“Immigration Act 1901–1949.
Lighthouses Act 1911–1955.”,
and inserting in their stead the words—
“Lighthouses Act 1911–1955.
Migration Act 1958.”; and
(b) by omitting the words “Stevedoring Industry Act 1949–1954.”.
Overview
The Australian Coastal Shipping Commission Act 1962, enacted by the Queen's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, amends the Australian Coastal Shipping Commission Act 1956. This Act addresses the need to update the financial provisions and authority of the Australian Coastal Shipping Commission, particularly in relation to borrowing and banking activities. The policy objective is to provide the Commission with more flexible financial management tools while ensuring adequate oversight by the Treasurer.
The Act introduces amendments to the Principal Act to redefine certain terms and alter borrowing and banking regulations. It allows the Commission to borrow money for temporary purposes on overdraft from an approved bank, with a limit of Five million pounds, and mandates that the Commission must maintain at least one account with an approved bank. These changes aim to modernise the financial practices of the Commission and align them with current economic conditions and banking practices.
Scope and Application
The Australian Coastal Shipping Commission Act 1962 amends the Australian Coastal Shipping Commission Act 1956, and its primary focus is on modifying the borrowing and banking provisions for the Commission. The Act applies to the Australian Coastal Shipping Commission, allowing it to borrow money temporarily from an approved bank, defined in this context as either the Reserve Bank of Australia or any other bank approved by the Treasurer. The total amount that can be borrowed and not repaid must not exceed Five million pounds. The Commission is also permitted to open and maintain at least one account with an approved bank. The application of moneys by the Commission is now restricted to transactions with an approved bank, as opposed to the previously broader options that included the Commonwealth Bank of Australia or any other bank approved by the Treasurer. The jurisdictional reach of this Act is national, as it pertains to the Commonwealth of Australia. The amendments reflect changes in banking practices and financial management for the Commission.
Key Provisions
The Australian Coastal Shipping Commission Act 1962 amends the Australian Coastal Shipping Commission Act 1956, introducing several key changes. The most significant of these amendments concern borrowings by the Commission, the management of bank accounts, and the application of moneys (sections 3, 4, and 5). Section 3 of the Act allows the Commission to borrow money for temporary purposes on overdraft from an approved bank, with the condition that the aggregate of these borrowings not exceed Five million pounds (section 3(1)). This represents a shift from the previous legislation, which did not specify a maximum borrowing limit. Section 4 permits the Commission to open and maintain accounts with one or more approved banks. This ensures that the Commission has the flexibility to manage its finances through various banking institutions, provided that at least one account is maintained at all times (section 4(1)). Section 5 modifies the application of moneys by removing the specific reference to the Commonwealth Bank of Australia or any other bank approved by the Treasurer and instead allowing the use of any approved bank (section 5(2)).
The Act imposes specific obligations on the Commission regarding its financial activities. Firstly, the Commission must only borrow money for temporary purposes and must ensure that any borrowings do not exceed the stipulated limit of Five million pounds (section 3(1)). Secondly, the Commission is required to maintain at least one account with an approved bank at all times, ensuring that it has a stable and accessible means of managing its finances (section 4(1)). Thirdly, the Act requires the Commission to use approved banks for all its financial transactions, ensuring that the Commission's funds are held in institutions that meet certain standards (section 5(2)).
Breaching the provisions of the Act can result in civil and criminal consequences. For example, exceeding the borrowing limit of Five million pounds could lead to financial mismanagement and potential legal action against the Commission. Additionally, failing to maintain at least one account with an approved bank could result in the Commission being unable to conduct necessary financial transactions, potentially disrupting its operations. The Act does not specify the exact penalties for breaches, but it is likely that such violations could lead to fines, legal action, or other administrative sanctions. The precise penalties would depend on the nature and severity of the breach and would be determined in accordance with relevant laws and regulations.