EXPLANATORY STATEMENT
STATUTORY RULES 1982 NO 175
ISSUED BY THE AUTHORITY OF THE MINISTER FOR DEFENCE NAVY (CANTEENS) REGULATIONS (AMENDMENT)
The Navy (Canteens) Regulations, made under the Naval Defence Act, provide for the operation of Navy canteens.
Regulation 4 provides for the establishment of a Royal Australian Navy Central Canteens Fund. The Fund is applied for the welfare of members of the Navy and their dependants.
Sub-regulation 4(4) allowed moneys forming part of the Fund to be invested in securities of, or guaranteed by, the Commonwealth.
This Statutory Rule substitutes a new sub-regulation 4(4) which allows Fund moneys to be invested -
(a) on deposit with an approved bank:
(b) in Commonwealth securities: or
(c) in any other manner approved by the Treasurer for the purposes of the regulation.
The Statutory Rule also adds a new sub-regulation 4(6) to define “approved bank” for the purposes of paragraph 4(4)(a).
The purpose of the amendment is to broaden the prescribed investment powers of the Fund and bring them into line with those now generally adopted for statutory bodies.
The amendment takes effect from the date of gazettal.