Commonwealth legislation

Papua New Guinea (Transfer of Banking Business) Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

55 of 1974

Collection

legislative instrument

Plain English Summary

1/10 complexity

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.

They specify:

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.
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.

These 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.

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Current sections

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Papua New Guinea (Transfer of Banking Business) Regulations

Commonwealth Coat of Arms of Australia

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.

These Regulations may be cited as the Papua New Guinea (Transfer of Banking Business) Regulations.

Definition.

In these Regulations, “the Act” means the Papua New Guinea (Transfer of Banking Business) Act 1973.

Prescribed bank.

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.

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;

(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.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Papua New Guinea (Transfer of Banking Business) Regulations