Banking (Queensland Industry Development Corporation) Amendment Act 1995
No. 99 of 1995
An Act to amend the Banking Act 1959
[Assented to 15 September 1995]
The Parliament of Australia enacts:
Short title
1. This Act may be cited as the Banking (Queensland Industry Development Corporation) Amendment Act 1995.
Commencement
2. This Act commences on the day on which it receives the Royal Assent.
Schedule
3. The Banking Act 1959 is amended as set out in the Schedule.
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SCHEDULE Section 3
AMENDMENT OF THE BANKING ACT 1959
1. Subsection 5(1) (definition of “bank”):
After “includes” insert “the Queensland Industry Development Corporation,”
2. Subsection 5(1):
Insert the following definition:
“ ‘Queensland Industry Development Corporation’ means the body of that name established under the Queensland Industry Development Corporation Act 1985 of Queensland and continued in existence under the Queensland Industry Development Corporation Act 1994 of Queensland;”.
3. Subsection 6(1):
Omit “subsections (1A) and (1B),”, substitute “subsections (1A), (1B) and (1C),”.
4. After subsection 6(1B):
Insert:
“(1C) Part II (other than Division 1), Part V and sections 61, 62, 64, 65, 68 and 69 apply to the Queensland Industry Development Corporation.
Note: The matter of State banking in so far as it applies to the Queensland Industry Development Corporation has been referred to the Parliament of the Commonwealth by the Parliament of Queensland.”.
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[Minister’s second reading speech made in— House of Representatives on 22 June 1995 Senate on 27 June 1995]
Overview
The Banking (Queensland Industry Development Corporation) Amendment Act 1995 was enacted by the Parliament of Australia to address a legislative gap concerning the regulation of the Queensland Industry Development Corporation (QIDC) under the Banking Act 1959. This Act aims to bring the QIDC within the scope of the Commonwealth's banking legislation, ensuring that the corporation's operations are subject to the same regulatory standards as other banks in Australia. The policy objective, as stated in the Minister's second reading speech, was to harmonise the regulation of financial institutions and provide a consistent regulatory framework across states. By amending the definition of "bank" to include the QIDC and specifying which parts of the Banking Act 1959 apply to the corporation, the Act ensures that the QIDC operates under a unified set of banking laws.
Scope and Application
The Banking (Queensland Industry Development Corporation) Amendment Act 1995 amends the Banking Act 1959 to extend its application to the Queensland Industry Development Corporation. This Act applies to the Queensland Industry Development Corporation, a body established under the Queensland Industry Development Corporation Act 1985 and continued under the Queensland Industry Development Corporation Act 1994. The amendments are specifically designed to include this entity within the definition of "bank" and to extend the applicability of certain sections of the Banking Act 1959 to the Queensland Industry Development Corporation. This includes Part II (excluding Division 1), Part V, and specific sections such as 61, 62, 64, 65, 68, and 69. Notably, the jurisdictional reach of this amendment is confined to the Commonwealth level, with the matter of State banking as it pertains to the Queensland Industry Development Corporation having been referred to the Commonwealth Parliament by the Parliament of Queensland. The Act does not explicitly state any exclusions, exemptions, or thresholds, but the application may be further defined through subordinate instruments.
Key Provisions
The Banking (Queensland Industry Development Corporation) Amendment Act 1995 (C2004A04949) makes several amendments to the Banking Act 1959, primarily to include the Queensland Industry Development Corporation (QIDC) under the scope of this federal legislation. The primary operative sections of this Act (sections 1-3) are concerned with defining the amendments and specifying the commencement date. Specifically, Section 1 of the Schedule amends the definition of “bank” in subsection 5(1) of the Banking Act 1959 to include the QIDC, and Section 2 provides a definition for “Queensland Industry Development Corporation.” Section 3 further clarifies the scope of the Act by including additional subsections and parts that apply to the QIDC.
The obligations and requirements imposed by these amendments are detailed in the provisions of the Banking Act 1959, which now extend to the QIDC. Under these amendments, the QIDC is subject to certain sections of the Banking Act 1959, including those related to its operations, financial management, and regulatory oversight. The Act outlines that Part II (excluding Division 1), Part V, and specific sections such as 61, 62, 64, 65, 68, and 69 apply to the QIDC, ensuring it adheres to the same standards as other financial institutions regulated under the Banking Act 1959.
The Banking (Queensland Industry Development Corporation) Amendment Act 1995 also includes provisions concerning the consequences of non-compliance. While the specific offences, penalties, and consequences for breach are detailed in the Banking Act 1959 itself, it is clear that the QIDC, as now subject to this Act, must comply with all applicable sections. Failure to do so could result in various civil or criminal penalties, depending on the nature and severity of the breach. The exact penalties would be determined based on the relevant provisions of the Banking Act 1959, which may include fines, imprisonment, or other regulatory actions. The amendments ensure that the QIDC operates within the legal framework established by federal banking laws, thereby maintaining financial stability and consumer protection.