STATUTORY RULES.
1917. No. 1.
REGULATION UNDER THE CUSTOMS ACT 1901-1916.
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Customs Act 1901-1916 to come into operation forthwith.
Dated this eighteenth day of July, 1917.
R. M. FERGUSON,
Governor-General.
By His Excellency’s Command,
J. A. JENSEN,
Minister of State for Trade and Customs.
Amendment of Customs Regulations 1913.
(Statutory Rules 1913, No. 346.)
Deposits by Subscribers to Customs Securities.
Sections 42 to 48—
25a. (1) Any subscriber to a Customs Security may deposit with the Collector—
Cash; and/or
Commonwealth War Loan Bonds; and/or
Negotiable instruments approved by the Collector
of a value equal to the full amount of the liability stated in the security.
(2) If the Collector obtains judgment against the subscriber in a suit upon the Customs Security the Collector may appropriate so much of the deposit as is sufficient to satisfy the judgment and costs. If the deposit is not sufficient to satisfy fully the judgment and costs the Collector may exercise all powers of enforcing the judgment by execution or otherwise to obtain payment of the balance remaining due under the judgment.
(3) Whenever the right to appropriate a deposit arises under this regulation the Collector may (if the deposit or any part thereof is not cash) dispose of the deposited War Loan Bonds or negotiable instruments or any of them by auction or private sale or otherwise in such manner as in his opinion is most favorable to the subscriber and the net proceeds of such disposition shall for all the purposes of this regulation be deemed to have been a deposit of cash by the subscriber and may be appropriated wholly or partly accordingly.
(4) A certificate signed by the Collector stating the War Loan Bonds or negotiable instruments disposed of and the net proceeds of such disposition shall be proof of the matter stated.
C.7777.—Price 3d.
(5) Any portion of the deposit appropriated as aforesaid shall become the property of the Commonwealth absolutely.
(6) When the Customs Security expires or is cancelled, discharged, released or satisfied, the subscriber shall be entitled to a return of so much (if any) of the deposit as shall not have been appropriated under this regulation.
(7) When War Loan Bonds or negotiable instruments bearing interest are deposited under this regulation the subscriber shall be entitled to collect as it falls due and retain any interest payable thereon before the bonds or instruments are disposed of by the Collector under this regulation.
(8) If any deposited War Loan Bonds or negotiable instruments are not payable to bearer the subscriber shall at the time of the deposit lodge with the Collector duly executed transfers or assignments thereof in such form as will enable the Collector to effectually dispose thereof and shall at the request of the Collector execute any transfers or assignments the Collector may from time to time deem necessary or convenient to enable him to effectually dispose thereof.
Printed and Published for the Government of the Commonwealth of Australia by Albert J. Mullett, Government Printer for the State of Victoria.
Overview
The Statutory Rules of 1917, No. 1, made under the Customs Act 1901-1916, were enacted to amend the Customs Regulations of 1913 concerning deposits by subscribers to Customs Securities. This regulation was introduced to address the need for a clear procedure regarding the deposit of various forms of securities by subscribers to Customs Securities, ensuring that the Collector of Customs could enforce judgments more effectively. The regulation was enacted by the Governor-General in Council, following advice from the Minister of State for Trade and Customs. The overarching policy objective is to provide a structured mechanism for the enforcement of Customs Securities, ensuring that the Collector can efficiently manage and appropriate deposits to satisfy judgments and associated costs.
Scope and Application
This legislative instrument, the Regulation under the Customs Act 1901-1916, applies to subscribers to a Customs Security, specifically those who may deposit cash, Commonwealth War Loan Bonds, or approved negotiable instruments with the Collector to cover their liability. The regulation outlines the process for the Collector to appropriate and dispose of these deposits if a judgment is obtained against the subscriber, detailing how the net proceeds of any sale or disposition of War Loan Bonds or negotiable instruments are to be treated as cash deposits. The regulation is applicable nationally across the Commonwealth of Australia, providing a uniform approach to the management of customs securities. There are no exclusions or exemptions mentioned in this specific regulation; however, the application of the regulation may be subject to interpretation and further clarification through subordinate instruments or subsequent amendments. The regulation explicitly states that any portion of the deposit appropriated under the regulation becomes the absolute property of the Commonwealth, and subscribers are entitled to the return of any unappropriated portion of their deposit once the Customs Security expires or is otherwise satisfied.
Key Provisions
The regulation, under the Customs Act 1901-1916, pertains to deposits made by subscribers to Customs Securities (Sections 42 to 48-25a). Subscribers are allowed to deposit cash, Commonwealth War Loan Bonds, or approved negotiable instruments with the Collector. The value of these deposits must match the full amount of the liability stated in the security (Section 42-25a(1)). Should the Collector secure a judgment against the subscriber in a suit related to the Customs Security, the Collector is authorised to appropriate a portion of the deposit to satisfy the judgment and associated costs. If the deposit is insufficient, the Collector may pursue further enforcement measures to collect the outstanding balance (Section 42-25a(2)). The regulation also allows the Collector to dispose of any non-cash deposits in a manner deemed most favourable to the subscriber, with the net proceeds considered as cash deposits (Section 42-25a(3)). The Collector must issue a certificate of the disposition, which serves as proof of the transaction (Section 42-25a(4)).
The obligations imposed on subscribers include providing deposits that match their liability, executing transfers or assignments for non-bearer instruments, and allowing the Collector to dispose of deposits in the event of a judgment (Section 42-25a(1), (8)). Subscribers also have the right to collect interest on deposited War Loan Bonds or negotiable instruments before they are disposed of by the Collector (Section 42-25a(7)). Furthermore, subscribers are entitled to a return of any unappropriated portion of their deposit upon the expiration, cancellation, discharge, release, or satisfaction of the Customs Security (Section 42-25a(6)).
Failure to comply with the obligations and requirements outlined in the regulation may lead to various consequences. If a subscriber’s deposit is insufficient to satisfy a judgment, the Collector can enforce the judgment through execution or other means (Section 42-25a(2)). Additionally, any portion of the deposit appropriated under the regulation becomes the absolute property of the Commonwealth (Section 42-25a(5)). There are no specific offences, penalties, or civil/criminal consequences mentioned in the text, but the enforcement of judgments and the appropriation of deposits serve as deterrents against non-compliance.