Primary Industry Bank Repeal Act 1987

Overview

The Primary Industry Bank Repeal Act 1987, enacted by the Commonwealth Parliament, serves to repeal the Primary Industry Bank Act 1977 and associated amendments, addressing the redundancy of the Primary Industry Bank of Australia Limited. This legislative move was driven by a policy objective to streamline the banking sector, ensuring that only relevant and necessary banking institutions are regulated under the Banking Act 1959. The Act, assented to on 10 November 1987, facilitates the repeal of the Primary Industry Bank Act 1977, Primary Industry Bank Amendment Act 1978, and Primary Industry Bank Amendment (No. 2) 1978, while making consequential amendments to the Banking Act 1959 to reflect the removal of the Primary Industry Bank of Australia Limited from the regulatory framework.

Scope and Application

The Primary Industry Bank Repeal Act 1987 applies to the repeal of three specific acts and makes consequential amendments to the Banking Act 1959. The Act repeals the Primary Industry Bank Act 1977, the Primary Industry Bank Amendment Act 1978, and the Primary Industry Bank Amendment (No. 2) 1978, effectively terminating the legal existence and operations of the Primary Industry Bank of Australia Limited. This repeal has a national jurisdictional reach as it pertains to the Commonwealth of Australia. The Act also amends the Banking Act 1959 to reflect the repeal by removing references to the Primary Industry Bank of Australia Limited and making necessary adjustments to definitions and subsections to ensure the continued smooth operation of the banking sector without the Primary Industry Bank. The Act does not explicitly provide for any exclusions, exemptions, or thresholds, nor does it extend its application through subordinate instruments.

Key Provisions

The Primary Industry Bank Repeal Act 1987 (section 3) repeals the Primary Industry Bank Act 1977, the Primary Industry Bank Amendment Act 1978, and the Primary Industry Bank Amendment Act (No. 2) 1978. This Act also makes consequential amendments to the Banking Act 1959 to reflect the repeal of the Primary Industry Bank of Australia Limited (section 4). The repeal of the mentioned Acts removes the legal framework and operations that governed the Primary Industry Bank of Australia Limited. The Act imposes obligations on the government and relevant financial institutions to ensure a smooth transition following the repeal of the Primary Industry Bank of Australia Limited. It mandates that the Banking Act 1959 be amended to reflect the repeal of the Primary Industry Bank of Australia Limited, ensuring that the regulatory environment remains consistent with the current financial landscape. The changes include omitting references to the Primary Industry Bank of Australia Limited from various sections of the Banking Act 1959 and substituting them with references to the Australian Resources Development Bank Limited. This includes adjustments to the definitions, application of specific provisions, and removal of sections that are no longer relevant. Failure to comply with the provisions of this Act or the consequential amendments could lead to legal consequences. While the Act itself does not explicitly outline specific offences, penalties, or consequences for non-compliance, breaches of the amended Banking Act 1959, which includes the changes introduced by this Act, may result in penalties under the Banking Act 1959. These penalties can include fines and, in severe cases, imprisonment, depending on the nature and severity of the breach. It is essential for parties affected by these changes to adhere to the updated regulatory framework to avoid potential legal repercussions.