EXPLANATORY STATEMENT
ISSUED ON THE AUTHORITY OF THE MINISTER FOR FINANCE
Subject - Audit Act 1901
Finance Regulations (Amendment) 1989 No. 377
Subsection 71(1) of the Audit Act 1901 (the Act) provides that the Governor-General may make regulations (not inconsistent with the provisions of the Act) for carrying out the provisions of the Act. The attached Statutory Rules amend the Finance Regulations made pursuant to subsection 71(1).
Section 4 of the Acts Interpretation Act 1901 provides that where a provision of an Act is to come into operation on a date after its enactment and the provision is expressed to confer a power, or amend another Act in such a manner as to confer a power under that other Act, to make, inter alia, regulations, then the power to make regulations may be exercised before the provision comes into operation.
Section 50 and Schedule 4 of the Banking Legislation Amendment Act 1989 (which removed the distinction in legislation between savings and trading banks) provide, in part, for the existing definition of “authorised dealer” in subsection 62B(4) of the Audit Act 1901 to be omitted and the following new definition substituted:-
“‘authorised dealer’ means a corporation that:
(a) is a registered corporation within the meaning of the Financial Corporations Act 1974: and
(b) is declared by the regulations made under this Act [ie the Audit Act 1901] to be an authorised dealer for the purposes of this definition.”
The Banking Legislation Amendment Act 1989 provides that section 50 of that Act shall come into operation on a date to be fixed by Proclamation, or within six months of Royal Assent, whichever is the earlier.
For the purposes of the above-mentioned definition, the regulations declare each of the corporations included from time to time in “CATEGORY C (AUTHORISED MONEY MARKET DEALERS)”, as determined under section 10 of the Financial Corporations Act 1974, as an authorised dealer for the purposes of section 62B of the Audit Act 1901.