STATUTORY RULES.
1953. No. 104.
REGULATIONS UNDER THE BANKING ACT 1945-1953.*
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 Banking Act 1945-1953.
Dated this thirtieth day of November, 1953.
W. J. Slim
Governor-General.
By His Excellency’s Command,
Treasurer.
Amendments of the Banking (Gold) Regulations.†
Commencement.
1. These Regulations shall come into operation on the third day of December, One thousand nine hundred and fifty-three.
Delivery of gold.
2. Regulation 3 of the Banking (Gold) Regulations is amended by omitting from sub-regulation (1.) the words “sub-section (1.) of”.
The Schedule.
3. The Schedule to the Banking (Gold) Regulations is repealed and the following Schedule inserted in its stead:—
THE SCHEDULE.
Reg. 3.
Australia and New Zealand Bank Limited.
Bank of China.
Bank of New South Wales.
Bank of New Zealand.
Commonwealth Trading Bank of Australia.
Comptoir National d’Escompte de Paris.
Electrolytic Refining and Smelting Company of Australia Proprietary Limited.
Garrett, Davidson & Matthey Pty. Limited.
Rural Bank of New South Wales.
The Ballarat Banking Company Limited.
The Bank of Adelaide.
The Commercial Bank of Australia Limited.
The Commercial Banking Company of Sydney Limited.
The Deputy Master of the Branch of the Royal Mint at Melbourne.
The Deputy Master of the Branch of the Royal Mint at Perth.
The English, Scottish and Australian Bank, Limited.
The National Bank of Australasia Limited.
The Rural and Industries Bank of Western Australia.
The State Bank of South Australia.
* Notified in the Commonwealth Gazette on , 1953.
† Statutory Rules 1946, No. 190, as amended by Statutory Rules 1947, No. 63; 1948, No. 154; 1951, No. 112; and 1952, No. 92.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
4885.—Price 3d. 10/23.11.1953
Overview
Statutory Rules 1953 No. 104, issued under the Banking Act 1945-1953, was enacted to amend the Banking (Gold) Regulations, bringing them up to date with the evolving needs of the banking sector during the mid-twentieth century. The Regulations were made by the Governor-General, acting on the advice of the Federal Executive Council, with the aim of ensuring the effective delivery of gold within the banking system. These Regulations came into operation on 3 December 1953 and included a revised Schedule listing the authorised banks and institutions permitted to handle gold, reflecting the changing landscape of Australian banking at the time. The objective was to streamline and formalise the processes associated with gold transactions, thereby maintaining the integrity and reliability of the banking system.
Scope and Application
These Regulations under the Banking Act 1945-1953, promulgated by the Governor-General, act to amend the existing Banking (Gold) Regulations and apply to a specific set of financial institutions within Australia and New Zealand. The amendment particularly affects the delivery of gold as outlined in Regulation 3. The scope of the Act applies to the listed banks and financial entities including Australia and New Zealand Bank Limited, Bank of China, Bank of New South Wales, and others as enumerated in the Schedule. These amendments are designed to refine the procedures and requirements for the delivery of gold, impacting how these financial institutions handle gold transactions. The Regulations come into force on the 3rd of December 1953 and are applicable across the Commonwealth of Australia, extending the reach of the Banking Act to these financial entities and their gold-related operations. The repeal and replacement of the Schedule ensure that the regulatory framework remains updated and relevant to the financial institutions involved.
Key Provisions
The Regulations under the Banking Act 1945-1953 (C1953L00104) primarily concern amendments to the Banking (Gold) Regulations. Specifically, section 2 of the Regulations amends Regulation 3 of the Banking (Gold) Regulations by omitting certain words from sub-regulation (1.). This change likely pertains to the process or conditions under which gold is to be delivered, although the exact nature of the amendment is not detailed in the provided excerpt. These Regulations are set to come into operation on the third day of December, 1953 (section 1). The Schedule to the Banking (Gold) Regulations is also repealed and replaced with a new list of entities, including various banks and the Deputy Masters of the Branch of the Royal Mint at Melbourne and Perth (section 3). This indicates a revision of the entities involved in the gold delivery process under the Banking Act.
The obligations imposed by these Regulations require certain financial institutions to comply with the updated conditions regarding the delivery of gold. The listed banks and mint entities must adhere to the new requirements as specified in the amended Regulation 3. This compliance includes ensuring that any gold transactions are conducted in accordance with the updated regulatory framework. The Regulations mandate these entities to follow the new procedures, which likely involve specific protocols for handling and delivering gold, reflecting changes in the legislative landscape concerning banking and gold transactions.
Failure to comply with the provisions of these Regulations can lead to legal consequences. Although the specific offences and penalties are not detailed in the provided excerpt, breaches of banking regulations typically result in significant penalties under Australian law. In general, penalties for non-compliance with banking regulations can include substantial fines, and in severe cases, criminal charges. The exact penalties would depend on the specific nature of the breach and the discretion of the relevant authorities enforcing the Banking Act. It is essential for the regulated entities to understand and implement the new requirements to avoid facing such consequences.