Commonwealth Authorities and Companies Amendment Regulations 1999 (No. 5)

Overview

The Commonwealth Authorities and Companies Amendment Regulations 1999 (No. 5) were enacted to amend the Commonwealth Authorities and Companies Regulations 1997, addressing specific issues related to government business enterprises (GBEs). Issued by the authority of the Minister for Finance and Administration, these regulations were made under section 49(1) of the Commonwealth Authorities and Companies Act 1997. The primary objective of these amendments is to update and refine the regulatory framework governing GBEs, ensuring that the regulations remain current and effective in managing these entities. This includes the inclusion of newly established entities like ComLand Limited, which was incorporated under the Corporations Law on 30 June 1999 and is fully owned by the Commonwealth. The regulations aim to streamline the administration of GBEs, enhancing clarity and efficiency in their governance.

Scope and Application

The Commonwealth Authorities and Companies Amendment Regulations 1999 (No. 5) amends the Commonwealth Authorities and Companies Regulations 1997 under the authority of section 49(1) of the Commonwealth Authorities and Companies Act 1997. These regulations apply to authorities that are prescribed as government business enterprises (GBEs) for the purposes of the Act, thereby extending their scope to include newly designated entities such as ComLand Limited, which is wholly owned by the Commonwealth and established under the Corporations Law on 30 June 1999. The regulations are designed to streamline the administrative and regulatory oversight of these enterprises, ensuring that they adhere to the provisions set out in the Act. The amendments made by these regulations are effective from the date of their gazettal, and they also involve the re-numbering of existing regulations to accommodate the new additions, with ComLand Limited and Employment National Limited now included under the purview of the Minister for Finance and Administration as the designated "responsible Minister".

Key Provisions

The Commonwealth Authorities and Companies Amendment Regulations 1999 (No. 5) (the Regulations) amend the Commonwealth Authorities and Companies Regulations 1997 (the 1997 Regulations) by adding ComLand Limited as a government business enterprise (GBE) and modifying the existing regulation pertaining to designated responsible Ministers (Section 1, 2 and Schedule 1, item 1 and 2). Regulation 1 identifies these regulations as the Commonwealth Authorities and Companies Amendment Regulations 1999 (No. 5). Regulation 2 stipulates that these amendments will take effect upon gazettal. Schedule 1, item 1, adds ComLand Limited to the list of GBEs under the Act. ComLand Limited is a company established under Corporations Law on 30 June 1999 and is wholly owned by the Commonwealth. Schedule 1, item 2, revises Regulation 4A to accommodate the re-numbering of existing and new items in a logical sequence. ComLand Limited and Employment National Limited are now included in this regulation as their responsible Minister is the Minister for Finance and Administration, as defined in section 5 of the Act. The Act imposes several obligations on the parties or entities it governs. For GBEs, these include adhering to the regulations set forth in the Commonwealth Authorities and Companies Regulations 1997, as amended by these Regulations. Specifically, ComLand Limited must now comply with the additional regulatory requirements that come with being classified as a GBE. The designated responsible Minister, in this case, the Minister for Finance and Administration, is tasked with ensuring that ComLand Limited and Employment National Limited adhere to these regulatory requirements. This includes monitoring compliance and ensuring that the entities operate within the parameters set by the Act and the Regulations. Breach of the provisions under the Act or the Regulations can lead to various consequences. The Act and Regulations do not explicitly detail the specific offences or penalties for non-compliance in the provided text. However, generally, breaches of the Commonwealth Authorities and Companies Act 1997 can lead to civil or criminal penalties. Civil penalties may include fines or other monetary penalties, while criminal penalties can include imprisonment, depending on the severity and nature of the breach. The specific penalties would depend on the provisions of the Act and the Regulations, which may include further statutory rules or guidelines that define the exact nature and extent of penalties for non-compliance.