EXPLANATORY STATEMENT
STATUTORY RULES 1988 NO. 26
ISSUED BY THE AUTHORITY OF THE ATTORNEY-GENERAL
LAW REFORM COMMISSION ACT 1973
LAW REFORM COMMISSION REGULATIONS
The Law Reform Commission sought an increase in the monetary limit of the financial transactions which the Commission can enter into without the approval of the Attorney-General. At present the limit is set by paragraphs 30(a), (b) and (c) of the Law Reform Commission Act 1973 (“the Act”) and is $50,000. In view of the change of circumstances since 1973, it thought desirable that the amount be increased to $100,000.
Section 30 of the Act makes provision, in the case of each of those paragraphs, for the prescription of an amount exceeding $50,000 being an amount that, when prescribed, would replace the $50,000 limit referred to in that paragraph. The attached regulations prescribe the amount of $100,000 for the purposes of each of those paragraphs of section 30 of the Act.