STATUTORY RULES.
1911. No. 165.
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 make the following Regulations under the Australian Notes Act 1910, to come into operation forthwith. Such Regulations shall supersede the Provisional Regulations (Statutory Rules 1911, No. 116) under the said Act, made on the twentieth day of July, 1911.
Dated this 4th day of October, One thousand nine hundred and eleven.
DENMAN,
Governor-General.
By His Excellency’s command,
ANDREW FISHER,
Treasurer.
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.14786.—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. |
| |
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
Statutory Rules 1911, No. 165, titled "Regulations Under the Australian Notes Act 1910", were enacted to provide a framework for the management of bank notes issued under the authority of the Australian Notes Act 1910. This legislative instrument was created to address the need for a formalised system of record-keeping and reporting for bank notes issued or re-issued by authorised banks, ensuring transparency and accountability in the management of currency in circulation. The Governor-General, acting on the advice of the Federal Executive Council, was the enacting body for these regulations, which were designed to enforce the provisions of the Australian Notes Act 1910. The policy objective of these regulations was to establish a structured process for banks to document and report on the issuance of notes, thereby supporting the effective administration of the national currency system.
Scope and Application
The Regulations under the Australian Notes Act 1910, made pursuant to statutory authority by the Governor General in Council, are designed to provide detailed procedural requirements for banks in the Commonwealth of Australia in relation to the issuance and record-keeping of Australian bank notes. These Regulations apply to all authorised banks operating within Australia, mandating that they maintain specific records of bank notes issued or re-issued after 1 July 1911 that have not been redeemed by the bank at the close of business on Monday of each week. The records must adhere to the prescribed format outlined in Schedule A, and a verified copy must be submitted to the Treasurer annually by 31 March, as per the declaration requirements in Schedule B. This declaration must be made before certain authorised individuals, including Police Stipendiary or Special Magistrates, Justices of the Peace, and others specified. These Regulations are applicable nationally across all states and territories, establishing a uniform standard for record-keeping and reporting of bank notes within the Commonwealth.
Key Provisions
The Regulations under the Australian Notes Act 1910, which came into effect on the 4th of October 1911, lay out specific requirements for banks to maintain records of issued bank notes. Regulation 1 states that banks must keep records in a particular format, outlined in Schedule A, for any notes issued or re-issued from the 1st of July 1911 that have not been redeemed by the bank at the close of business each Monday (Regulation 1). These records are to be submitted to the Treasurer annually, by the 31st of March, for the previous calendar year (Regulation 2). The declaration verifying the accuracy of the record must be made before certain authorised individuals, as specified in Schedule B, which includes police officers, magistrates, and treasury officers (Regulation 3).
Banks are obligated to maintain these records meticulously, ensuring they adhere to the prescribed format. They must also ensure that the records are verified by a qualified individual and submitted to the Treasurer within the stipulated timeframe. The verification process requires a sworn declaration, attesting to the accuracy of the record, which must be signed in the presence of an authorised person. This demonstrates a commitment to transparency and accountability in the management of issued bank notes.
Failure to comply with these regulations can result in legal consequences. Although the specific penalties are not detailed in the provided excerpt, under general legislative principles, non-compliance with statutory requirements can lead to administrative or legal action. The severity of the penalties can vary, but they may include fines, administrative sanctions, or other forms of enforcement deemed necessary to ensure adherence to the Act's provisions. These measures are designed to uphold the integrity of the financial system and maintain public trust in the banking sector.