STATUTORY RULES.
1954. No. .
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 twenty first
day of May , 1954.
W. J. SLIM
Governor-General.
By His Excellency’s Command,
Treasurer.
Banking Regulations.
Citation.
1. These Regulations may be cited as the Banking Regulations.
Repeal.
2. The Banking Regulations (comprising Statutory Rules 1945, No. 148 ; Statutory Rules 1946, No. 189 ; Statutory Rules 1951, No. 147 ; and Statutory Rules 1952, No. 93) are repealed.
Definition.
3. In these Regulations, “ the Act ” means the Banking Act 1945-1953.
Balancing dates—Trading banks.
4. The date referred to in paragraph (a) of section 40 of the Act is, in respect of each bank specified in Part I. of the First Schedule to the Act, the date specified in the following table opposite to the name of that bank :—
Name of Bank. | Date. |
The Ballarat Banking Company Limited .......................... | 30th June |
The Bank of Adelaide ....................................... | 30th September |
Bank of China ............................................ | 30th June |
Bank of New South Wales .................................... | 30th September |
Bank of New Zealand ....................................... | 31st March |
The Brisbane Permanent Building and Banking Company Limited | 31st August |
The Commercial Bank of Australia Limited ........................ | 30th June |
The Commercial Banking Company of Sydney Limited ................ | 30th June |
Comptoir National d’Escompte de Paris ........................... | 30th June |
The English, Scottish and Australian Bank, Limited ................... | 30th June |
The National Bank of Australasia Limited ......................... | 30th September |
The Queensland National Bank Limited ........................... | 30th September |
Australia and New Zealand Bank Limited ......................... | 30th September |
Balancing dates— Commonwealth Trading Bank and Commonwealth Bank.
5. The prescribed date referred to in paragraph (a) of sub-section (1.) of section 41 of the Act is the thirtieth day of June.
* Notified in the Commonwealth Gazette on, , 1954.
By Authority : L. F. Johnston, Commonwealth Government Printer, Canberra.
416.—Price 3d. 9/8.4.1954.
Overview
The Banking Regulations 1954 were made under the Banking Act 1945-1953 and were enacted to provide detailed rules and guidelines for the operations of banking institutions in Australia. This legislation aimed to address the need for more specific regulatory measures to ensure the stability and integrity of the banking system. The Regulations were issued by the Governor-General in accordance with the advice of the Federal Executive Council, reflecting the authority of the Commonwealth Parliament to enact such measures. The overarching policy objective was to standardise banking practices and ensure compliance with the overarching legislative framework established by the Banking Act, thereby fostering a secure and efficient banking environment.
Scope and Application
The Banking Regulations, made under the Banking Act 1945-1953, apply to the banking entities specified in the First Schedule of the Act, including banks such as the Ballarat Banking Company Limited and the Bank of Adelaide, among others. These regulations determine specific balancing dates for trading banks, ensuring that financial records are aligned with the fiscal year requirements set forth in the Act. The regulations also specify the prescribed date for the Commonwealth Trading Bank and the Commonwealth Bank, which is the thirtieth of June. These provisions are designed to provide uniformity and clarity in the financial reporting and operations of the designated banks within Australia. Notably, the regulations extend to the Commonwealth, thereby affecting banking institutions across the nation, and they establish a clear framework for compliance with the Act's provisions. The repeal of previous regulations under the Banking Act consolidates the current rules, ensuring that outdated provisions are superseded by these updated regulations.
Key Provisions
The Banking Regulations (C1954L00060) serve as the legislative instrument under the Banking Act 1945-1953. These regulations specify the date by which trading banks must balance their accounts. For example, section 4 stipulates that the Ballarat Banking Company Limited must balance its accounts by 30th June (s. 4). This date is specified for each bank listed in Part I of the First Schedule to the Act. Section 5 further clarifies that the prescribed date for the Commonwealth Trading Bank and the Commonwealth Bank is the 30th of June (s. 5).
These regulations impose clear obligations on the specified banks to ensure they adhere to the statutory requirement of balancing their accounts by the designated dates. The requirement is specific to each bank, and non-compliance could lead to regulatory scrutiny and potential sanctions under the Banking Act 1945-1953. The regulations aim to maintain financial stability and transparency in the banking sector by enforcing these balancing dates.
Failure to comply with these balancing dates could result in severe consequences. Although the specific penalties are not detailed in the provided text, under the Banking Act 1945-1953, non-compliance might lead to civil or criminal penalties. Civil penalties could include fines, while criminal penalties might involve imprisonment, depending on the severity of the breach and the discretion of the courts. The Banking Act 1945-1953 would provide further details on the exact nature and extent of these penalties.