Statutory Rules
1974 No. 55
REGULATIONS UNDER THE PAPUA NEW GUINEA (TRANSFER OF BANKING BUSINESS) ACT 1973.*
I, THE GOVERNOR-GENERAL of Australia, acting with the advice of the Executive Council, hereby make the following Regulations under the Papua New Guinea (Transfer of Banking Business) Act 1973.
Dated this tenth day of April, 1974.
PAUL HASLUCK
Governor-General.
By His Excellency’s Command,
FRANK CREAN
Treasurer.
PAPUA NEW GUINEA (TRANSFER OF BANKING BUSINESS) REGULATIONS
Citation.
1. These Regulations may be cited as the Papua New Guinea (Transfer of Banking Business) Regulations.
Definition.
2. In these Regulations, “the Act” means the Papua New Guinea (Transfer of Banking Business) Act 1973.
Prescribed bank.
3. The Papua New Guinea Banking Corporation, being the commercial bank established by the Banking Corporation Ordinance 1973 of Papua New Guinea, is the prescribed bank for the purposes of the definition of “Papua New Guinea commercial bank” in section 3 of the Act.
Prescribed officer.
4. Each of the following officers of the Papua New Guinea Banking Corporation, namely—
(a) the Managing Director of that corporation;
(b) the Deputy Managing Director of that corporation;
(c) the Manager of a branch or department of that corporation; and
(d) the Accountant of a branch or department of that corporation,
is, for the purposes of paragraph (b) of the definition of “authorized officer” in section 10 of the Act, a prescribed officer of that corporation.
* Notified in the Australian Government Gazette on 11 April 1974.
Overview
The Papua New Guinea (Transfer of Banking Business) Regulations 1974 were established under the authority of the Papua New Guinea (Transfer of Banking Business) Act 1973 to provide specific guidelines and definitions for the orderly transfer of banking business from Australian-owned banks to the newly established Papua New Guinea Banking Corporation. Enacted by the Governor-General of Australia, acting on the advice of the Executive Council, these regulations aim to facilitate the transition of banking operations in Papua New Guinea while ensuring compliance with the overarching legislative framework. The policy objective behind these regulations is to support the economic and financial autonomy of Papua New Guinea by transferring banking responsibilities to a local institution, thereby fostering local economic development and stability.
These regulations define the prescribed bank, the Papua New Guinea Banking Corporation, and outline the roles of specific officers within the corporation, ensuring that the transfer of banking business is conducted in a structured and authorised manner. The regulations were made to address the need for clear and enforceable guidelines in the transition of banking operations, and they were designed to work in conjunction with the primary Act to achieve the legislative intent effectively.
Scope and Application
The Papua New Guinea (Transfer of Banking Business) Regulations, made under the authority of the Papua New Guinea (Transfer of Banking Business) Act 1973, are designed to provide specific details and operational guidelines for the transfer of banking business from one entity to another. These regulations apply to the Papua New Guinea Banking Corporation, which is the prescribed bank for the purposes of the Act, and to specific officers of that corporation, including the Managing Director, Deputy Managing Director, Managers of branches or departments, and Accountants of branches or departments. These individuals are designated as prescribed officers for the purposes of the Act. The regulations outline the operational framework for the transfer of banking business, ensuring that the transition is handled by authorised personnel within the prescribed bank. The scope of these regulations is confined to the activities and officers of the Papua New Guinea Banking Corporation, with no broader application to other banks or financial institutions.
Key Provisions
The main operative sections of the Papua New Guinea (Transfer of Banking Business) Regulations, 1974, establish the legal framework for the transfer of banking business from one entity to another within Papua New Guinea. Section 1 provides the citation for these Regulations, clarifying that they are made under the Papua New Guinea (Transfer of Banking Business) Act 1973. Section 2 defines key terms, stipulating that “the Act” refers to the Papua New Guinea (Transfer of Banking Business) Act 1973. Section 3 designates the Papua New Guinea Banking Corporation as the prescribed bank for the purposes of the Act, while Section 4 identifies specific officers of the Corporation as prescribed officers who are authorised to carry out certain functions under the Act.
These Regulations impose several obligations and requirements on the parties and entities they govern. Primarily, the Papua New Guinea Banking Corporation, as the prescribed bank, must adhere to the provisions of the Act and these Regulations in the transfer of its banking business. The specified officers of the Corporation, including the Managing Director, the Deputy Managing Director, the Manager of a branch or department, and the Accountant of a branch or department, are recognised as prescribed officers. This recognition empowers them to act on behalf of the Corporation in matters relating to the transfer of banking business, as outlined in the Act.
Under these Regulations, there are no explicit provisions detailing offences, penalties, or civil/criminal consequences for breach. However, any breaches of the Act or the Regulations would likely be subject to the penalties and consequences specified in the Papua New Guinea (Transfer of Banking Business) Act 1973. Typically, such breaches could result in civil penalties, enforcement actions, or other legal repercussions as prescribed by the Act. It is essential for the entities and individuals governed by these Regulations to ensure strict compliance to avoid any adverse legal consequences.