Coal Industry Act 1965

Overview

The Coal Industry Act 1965 was enacted to address the need for the Joint Coal Board to manage its finances more effectively, including the establishment of banking arrangements and the authority to borrow funds. This legislation was passed by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, with the primary objective of ensuring that the Joint Coal Board could maintain accounts with approved banks and have the necessary banking infrastructure to manage its funds efficiently. The Act amends the Coal Industry Act 1946-1958, allowing the Board to open and maintain bank accounts and enabling it to borrow money on overdraft from the Reserve Bank, thereby improving its financial operations and oversight.

Scope and Application

The Coal Industry Act 1965 applies specifically to the Joint Coal Board, which is empowered to manage and maintain bank accounts with approved financial institutions. The legislation authorises the Board to open and maintain accounts with either the Reserve Bank of Australia or any other banks designated as approved by regulations under the Act. This Act amends the Coal Industry Act 1946-1958, thereby extending its authority to include the ability to borrow money on overdraft from the Reserve Bank. The Act does not explicitly delineate any exclusions or exemptions, but its scope is inherently limited to the operations of the Joint Coal Board within the coal industry. The Act's provisions are applicable at a Commonwealth level, governing the financial practices of the Board as it pertains to banking and borrowing. The Act's application may be further refined or extended through subordinate regulations, which can declare additional banks as approved for the purposes of the Act.

Key Provisions

The Coal Industry Act 1965 primarily introduces amendments to the existing Coal Industry Act 1946-1958. It allows the Joint Coal Board to open and maintain bank accounts with approved banks, as outlined in section 19a(1). This section also mandates that the Board must maintain at least one such account and deposit all moneys received into these accounts (section 19a(2)). An "approved bank" for these purposes is defined as either the Reserve Bank of Australia or any other bank declared by regulations to be suitable under section 19a(3). The Act imposes several obligations on the Joint Coal Board. Firstly, it requires the Board to open and maintain accounts with approved banks, ensuring that at least one account is always held (section 19a(1)). Secondly, it mandates that all moneys received by the Board must be deposited into these accounts (section 19a(2)). The Board must also adhere to any regulatory declarations regarding which banks are approved for these purposes (section 19a(3)). Additionally, the Act validates any accounts opened by the Board before the Act's commencement, provided they were opened with banks subsequently declared as approved under the regulations (section 6). The Act does not explicitly detail specific offences, penalties, or consequences for non-compliance within its primary text. However, given the nature of financial regulations, breaches of these provisions could potentially lead to civil or administrative penalties. For instance, failure to comply with the requirement to deposit moneys into approved accounts might result in financial mismanagement charges or other administrative consequences. It is essential for the Board to adhere strictly to these provisions to avoid any adverse outcomes.