{"id":"F1997B02240","name":"Papua New Guinea (Transfer of Banking Business) Regulations","slug":"papua-new-guinea-transfer-of-banking-business-regulations","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"55 of 1974","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":29521,"registerId":"commonwealth-F1997B02240-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Papua New Guinea (Transfer of Banking Business) Regulations","content":"![Commonwealth Coat of Arms of Australia](image.001.jpeg)\n\nStatutory Rules\n\n1974 No. 55\n\nREGULATIONS UNDER THE PAPUA NEW GUINEA (TRANSFER OF BANKING BUSINESS) ACT 1973.\\*\n\nI, 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.\n\nDated this tenth day of April, 1974.\n\nPAUL HASLUCK\n\nGovernor-General.\n\nBy His Excellency’s Command,\n\nFRANK CREAN\n\nTreasurer.\n\nPAPUA NEW GUINEA (TRANSFER OF BANKING BUSINESS) REGULATIONS\n\nCitation.\n\n1. These Regulations may be cited as the Papua New Guinea (Transfer of Banking Business) Regulations.\n\nDefinition.\n\n2. In these Regulations, “the Act” means the Papua New Guinea (Transfer of Banking Business) Act 1973.\n\nPrescribed bank.\n\n3. 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.\n\nPrescribed officer.\n\n4. Each of the following officers of the Papua New Guinea Banking Corporation, namely—\n\n(a) the Managing Director of that corporation;\n\n(b) the Deputy Managing Director of that corporation;\n\n(c) the Manager of a branch or department of that corporation; and\n\n(d) the Accountant of a branch or department of that corporation,\n\nis, for the purposes of paragraph (b) of the definition of “authorized officer” in section 10 of the Act, a prescribed officer of that corporation.\n\n\\* Notified in the Australian Government Gazette on 11 April 1974.","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1863},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"These regulations implement the parent Act exactly as intended, providing the specific operational details (naming the prescribed bank and its authorised officers) necessary to operationalise the transfer of banking business without expanding beyond the Act's original purpose."},"complexity_factors":["Only 4 short sections totaling approximately 250 words","Single defined term ('the Act')","No conditional clauses, exceptions, or procedural requirements","Straightforward designation of specific entities and job titles without qualifications"],"plain_english_summary":"These regulations set up the practical details for transferring banking operations from Australia to Papua New Guinea (PNG) as PNG prepared to manage its own financial system.\n\nThey specify:\n- **Which bank takes over**: The Papua New Guinea Banking Corporation (PNG's newly established state-owned commercial bank) is officially named as the institution that will receive transferred banking business under the Act.\n- **Who can act for the bank**: Specific senior staff—the Managing Director, Deputy Managing Director, and Managers or Accountants of bank branches—are given legal authority to sign documents and make decisions on behalf of the bank.\n\nThese rules ensure that when banking assets and accounts were handed over to PNG, there was no legal confusion about which organisation and which individuals had the power to manage them."}},"importantCases":[],"_links":{"self":"/api/acts/papua-new-guinea-transfer-of-banking-business-regulations","history":"/api/acts/papua-new-guinea-transfer-of-banking-business-regulations/history","analysis":"/api/acts/papua-new-guinea-transfer-of-banking-business-regulations/analysis","conflicts":"/api/acts/papua-new-guinea-transfer-of-banking-business-regulations/conflicts","importantCases":"/api/acts/papua-new-guinea-transfer-of-banking-business-regulations/important-cases","documents":"/api/acts/papua-new-guinea-transfer-of-banking-business-regulations/documents"}}