STATUTORY RULES.
1924. No. 3.
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LONDON ACCOUNT REGULATIONS UNDER THE AUDIT ACT 1901‑1920.
I, THE GOVERNOR‑GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following amendment of the London Account Regulations under the Audit Act 1901‑1920, to come into operation forthwith.
Dated this sixteenth day of January, 1924.
FORSTER,
Governor‑General.
By His Excellency’s Command,
Ll. ATKINSON,
for Treasurer.
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London Account Regulations under the Audit Act 1901‑1920.
After regulation 42 of the London Account Regulations insert the following regulation:—
42a. All moneys received by the Official Secretary from or on behalf of migrants to Australia in respect of landing money, transmission money and savings bank deposits shall be paid into an account called “Migrants’ Deposit Account” at the Commonwealth Bank of Australia. When any such moneys shall have remained in the “Migrants’ Deposit Account” for three months, they shall be paid into the Commonwealth’s Bank Account at the Commonwealth Bank of Australia. Cheques drawn on the “Migrants’ Deposit Account” shall be signed and countersigned by the paying officer and the Official Secretary respectively.
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Printed and Published for the Government of the Commonwealth of Australia by Albert J. Mullett, Government Printer for the State of Victoria.
C.112.—Price 3d.
Overview
The London Account Regulations, enacted as a statutory rule in 1924 under the Audit Act 1901-1920, were introduced to address the need for a structured and accountable process for managing funds received from migrants to Australia. The regulation, made by the Governor-General with the advice of the Federal Executive Council, mandates that all monies received by the Official Secretary for landing fees, transmission fees, and savings bank deposits from migrants be deposited into a designated account, the "Migrants’ Deposit Account" at the Commonwealth Bank of Australia. This legislative measure aims to ensure transparency and proper oversight of these funds, providing a clear policy objective of safeguarding the financial interests of migrants while also facilitating their orderly integration into Australian society. The regulation requires that cheques drawn on this account be signed by both the paying officer and the Official Secretary, ensuring dual authorisation for any transactions.
Scope and Application
The London Account Regulations, as amended under the Audit Act 1901-1920, pertain specifically to financial transactions related to migrants arriving in Australia, such as landing money, transmission money, and savings bank deposits. These regulations apply to the Official Secretary, who is responsible for handling these financial transactions on behalf of migrants, and the Commonwealth Bank of Australia, where the funds must be deposited. The funds are initially placed into a "Migrants’ Deposit Account" and must remain there for a minimum of three months before being transferred to the Commonwealth’s Bank Account. The regulations also stipulate that any cheques drawn from the "Migrants’ Deposit Account" require the signature of both the paying officer and the Official Secretary. These regulations govern the specific handling and deposit of migrant-related funds within the Commonwealth, ensuring a transparent and accountable process.
Key Provisions
The London Account Regulations under the Audit Act 1901-1920 introduce a specific provision concerning the handling of moneys received by the Official Secretary from migrants to Australia. Section 42a of these regulations mandates that all funds received in respect of landing money, transmission money, and savings bank deposits are to be deposited into a designated account known as the "Migrants' Deposit Account" at the Commonwealth Bank of Australia. This requirement ensures that such funds are held in a secure and identifiable account, facilitating proper accounting and oversight. Additionally, the regulation specifies that if these funds remain in the Migrants' Deposit Account for a period of three months, they must then be transferred to the Commonwealth's Bank Account at the Commonwealth Bank of Australia. This provision ensures timely movement of funds while maintaining a clear record of financial transactions.
The London Account Regulations impose certain obligations and requirements on the parties involved in the handling of migrant funds. Specifically, section 42a mandates that cheques drawn on the Migrants' Deposit Account must be signed by both the paying officer and the Official Secretary. This dual signature requirement is a safeguard to ensure that all withdrawals from the account are properly authorised and recorded. The regulation also necessitates the creation and maintenance of the Migrants' Deposit Account at the Commonwealth Bank of Australia, providing a transparent and organised method for managing funds received from migrants. These obligations are designed to maintain the integrity and accountability of financial transactions related to migrant deposits.
Breaching the provisions of section 42a of the London Account Regulations could lead to significant consequences, both civil and criminal. While the specific penalties are not detailed in the regulation itself, unauthorised withdrawals or improper handling of migrant funds could result in legal action under the Audit Act 1901-1920. The penalties for such breaches might include fines, restitution of misappropriated funds, or other civil remedies. Additionally, if the breach involves fraudulent intent or significant financial mismanagement, criminal charges could be pursued, potentially leading to imprisonment. The exact penalties would depend on the severity and nature of the breach, as well as the specific provisions of the Audit Act and related legislation.