EXPLANATORY STATEMENT
Statutory Rules No. 246 /84
ISSUED BY THE AUTHORITY OF THE ATTORNEY GENERAL COMPANIES REGULATIONS (AMENDMENT)
Sub-section 5(1) of the Companies Act 1981 (the Act) provides that an ‘authorized trustee corporation’ means a body corporate that is declared by the regulations to be an authorized trustee corporation for the purposes of the provision in which the expression appears.
Section 577 of the Act provides in sub-section (1) that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters required or permitted by the Act to be prescribed by regulations, or necessary or convenient to be prescribed by regulations for carrying out or giving effect to the Act. Sub-section 577(2) of the Act provides that the power of the Governor-General to make regulations under the Act shall be exercised only in accordance with advice that is consistent with the resolutions of the Ministerial Council.
The accompanying regulations amend regulation 14 of the Companies Regulations (the Regulations) which declares bodies corporate to be authorized trustee corporations for the purposes of sub-section 5(1) of the Act. The amendments are, with one exception, consequent on the change of name of certain corporations named in the Regulations. The remaining amendment correctly cites the name of a corporation which is presently misdescribed in the Regulations.
The Ministerial Council for Companies and Securities has resolved that regulations should be made under the Act in the form of the attached regulations.
The accompanying regulations, and their purposes, are to amend regulation 14 of the Regulations by -
(a) replacing the “and” in “ANZ Executors and Trustee Company Limited” in existing paragraph (aa) with an ampersand to cite the correct name “ANZ Executors & Trustee Company Limited” in new paragraph (ac);
(b) deleting “T.E.A. Nominees Limited” in paragraph (za) and replacing it with the new name “ANZ Executors Nominees Limited” in new paragraph (aa);
(c) deleting “T.E.A. Nominees (N.S.W.) Limited” in existing paragraph (zb) and replacing it with the new name “ANZ Executors Nominees (N.S.W.) Limited” in new paragraph (ab); and
(d) deleting “Trustees Executors and Agency Company (Canberra) Limited” in existing paragraph (zj) and replacing it with the new name “ANZ Executors & Trustee Company (Canberra) Limited” in new paragraph (ad).