Commonwealth Bank Regulations (Amendment)

Overview

The Statutory Rules 1927 No. 45, made under the Commonwealth Bank Act 1911-1925, addresses the need to amend the existing regulations pertaining to the Commonwealth Bank. Enacted by the Governor-General in Council, this legislative instrument aims to refine the administrative framework of the Commonwealth Bank. The regulations introduced in this statutory rule are intended to ensure that the bank's operations comply with the legislative intent and maintain consistency with the overarching objectives of the Commonwealth Bank Act. This amendment, which specifies the insertion of "Arrowroot" after "Broom Millet" in Regulation 54a, reflects a targeted adjustment to better align the bank's regulatory environment with contemporary needs.

Scope and Application

The statutory rules, numbered 1927. No. 45, represent amendments made to the existing regulations under the Commonwealth Bank Act 1911-1925, specifically altering Statutory Rules 1926, No. 4. These amendments, which come into immediate effect, are made by the Governor-General in accordance with the advice of the Federal Executive Council. They pertain to the Commonwealth of Australia and thereby have a national reach. The changes involve the insertion of the word "Arrowroot" after "Broom Millet" in Regulation 54a, although the specific implications of this alteration are not detailed within the provided excerpt. The legislation applies to any entities or individuals governed by the Commonwealth Bank Act, which traditionally includes banks and financial institutions operating within Australia. There are no exclusions or exemptions explicitly mentioned in the text, and the amendment extends the application of the existing regulation by introducing a new term into the legislative framework.

Key Provisions

The primary operative sections of these Regulations involve amendments to the existing statutory rules under the Commonwealth Bank Act 1911-1925 (Section 1). Specifically, Regulation 54a is modified by inserting the word "Arrowroot" after "Broom Millet," thus updating the list of items covered under this regulation (Section 2). This amendment is designed to ensure that the regulatory framework remains current and comprehensive, reflecting any changes in the types of items or goods that may be relevant to the operations governed by the Act. The obligations and requirements imposed by these Regulations primarily concern the updated list of items that must be accounted for under Regulation 54a. This includes "Arrowroot" alongside "Broom Millet," meaning that any entity or party governed by these regulations must now include Arrowroot in their records, reporting, or compliance as necessary. This amendment ensures that the regulatory oversight remains applicable to all relevant goods, thus maintaining the integrity and scope of the Commonwealth Bank’s operational framework. In terms of consequences for non-compliance, while the specific Offences, Penalties, or Civil/Criminal Consequences for breach are not explicitly stated in the provided text, it is reasonable to infer that failure to adhere to the updated regulations could lead to legal repercussions. Such non-compliance could potentially result in fines, penalties, or other legal actions as per the general provisions of the Commonwealth Bank Act 1911-1925. The precise penalties would depend on the extent and nature of the breach, but they could include significant financial penalties or legal action to enforce compliance.