STATUTORY RULES.
1911. No. 116.
PROVISIONAL REGULATIONS UNDER THE AUSTRALIAN NOTES ACT 1910.
I, THE GOVERNOR-GENERAL, in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby certify that the following regulations under the Australian Notes Act 1910 should, on account of urgency, come into immediate operation, and make the Regulations to come into operation forthwith as Provisional Regulations.
Dated this 20th day of July, One thousand nine hundred and eleven.
DUDLEY,
Governor-General.
By His Excellency’s Command,
G. E. FRAZER,
For the Treasurer.
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Regulations under the Australian Notes Act 1910.
1. The form in which every Bank shall keep a record of bank notes issued or re-issued on and after the 1st day of July, 1911, and not redeemed by the Bank at the close of business on Monday of every week shall be in accordance with the schedule “A” to these Regulations.
2. The copy of such record which is to be sent to the Treasurer on or before the 31st day of March in each year, in respect of the previous calendar year, shall be verified by a declaration in accordance with the schedule “B” to these Regulations.
3. The declaration in accordance with the Schedule “B” to these Regulations may be made before any of the following persons: —A Police Stipendiary or Special Magistrate of the Commonwealth or a State, a Justice of the Peace, a Commissioner for Affidavits, or an officer of the Commonwealth Department of the Treasury.
C.10565.—Price 3d.
SCHEDULE A.
Commonwealth of Australia.
The Australian Notes Act 1910—Section 12.
Record of all bank notes issued or re-issued by the.............Bank of...........on and after the first day of July, 1911, and not redeemed by the Bank at the close of business on Monday of every week—
Dates of the several Mondays of the year 19 . | Notes issued or re-issued and not redeemed. |
| |
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SCHEDULE B.
Declaration.
I, being of the Bank of do solemnly and sincerely declare as follows:—
(1) That the above is a true copy of a record kept in the above Bank.
(2) That to the best of my knowledge and belief the record above referred to is a correct record of all Notes which were issued or re-issued by the Bank on and after the first day of July, 1911, and which were not redeemed by the Bank at the close of business on each Monday in the year ended the thirty-first day of December, 19
Declared at........................ ...............................
the.........day of........19.. (Signature of Declarant).
Before me
*...............................
*The person before whom this declaration is taken to sign here and add the title by which he takes the declaration, such as “Police Magistrate.”
Printed and Published for the Government of the Commonwealth of Australia by J. Kemp, Government Printer for the State of Victoria.
Overview
The Australian Notes Act 1910 was enacted to regulate the issuance of Australian notes by authorised banks and to provide for the redemption and withdrawal of such notes from circulation. This Act was essential to establish a uniform system for the issuance and management of currency in Australia, ensuring that the banks issuing notes were accountable to the federal government. The provisional regulations, issued under the authority of the Act, outline specific requirements for banks to maintain records of issued and unredeemed notes and to submit these records to the Treasurer annually. The regulations aim to provide a clear framework for compliance and oversight, ensuring that the banks adhere to the legislative requirements and that the integrity of the currency system is maintained. These regulations were enacted by the Governor-General in Council under the urgent circumstances specified in the statutory rules, coming into operation immediately to facilitate the effective administration of the Act.
Scope and Application
The Provisional Regulations under the Australian Notes Act 1910 establish procedures for banks to maintain and submit records of bank notes issued or re-issued on and after the 1st of July 1911, which have not been redeemed by the bank at the close of business every Monday. These regulations apply to all banks operating within the Commonwealth of Australia, mandating that they keep records in a specific format as outlined in Schedule A of the regulations. Furthermore, banks are required to submit a verified copy of these records to the Treasurer by the 31st of March each year for the preceding calendar year, with the verification process involving a declaration as per Schedule B, which must be made before certain authorised individuals including Police Stipendiary or Special Magistrates, Justices of the Peace, Commissioners for Affidavits, or officers of the Commonwealth Department of the Treasury. These regulations are designed to ensure accurate and timely reporting of unredeemed bank notes, thereby facilitating regulatory oversight and compliance with the Australian Notes Act 1910.
Key Provisions
The Provisional Regulations under the Australian Notes Act 1910 establish specific requirements for the recording and reporting of bank notes issued or re-issued by authorised banks (Regulation 1). Banks are mandated to maintain a record of all such notes that are not redeemed by the bank at the close of business on Monday of each week, starting from 1 July 1911. These records must be kept in a format specified in Schedule "A" to the Regulations. Annually, banks are required to submit a copy of this record to the Treasurer by 31 March of the following year, concerning the previous calendar year (Regulation 2). This submission must be accompanied by a declaration verifying the accuracy of the record, as outlined in Schedule "B" to the Regulations. The declaration can be made before designated officials such as a Police Stipendiary or Special Magistrate of the Commonwealth or a State, a Justice of the Peace, a Commissioner for Affidavits, or an officer of the Commonwealth Department of the Treasury (Regulation 3).
The obligations imposed on the parties governed by these Regulations include maintaining precise records of bank notes issued or re-issued and ensuring these records are accurately reported to the Treasurer. Banks must adhere to the prescribed format for record-keeping as detailed in Schedule "A" and must submit the verified records within the specified timeframe. Additionally, the declaration accompanying the record must be made before an authorised person as outlined in Schedule "B". These obligations ensure transparency and accountability in the issuance and management of bank notes.
Non-compliance with the requirements set forth in these Regulations can result in legal consequences. Although the specific offences, penalties, or civil/criminal consequences are not explicitly stated in the provided text, it is reasonable to infer that breaches of these record-keeping and reporting obligations could lead to enforcement actions by the relevant authorities. Such actions may include fines, penalties, or other administrative sanctions. The precise penalties would typically be detailed in the main Act or other relevant legislation, which is not provided in this excerpt.