CHEQUES AND PAYMENT ORDERS REGULATIONS
- In force under the Cheques and Payment Orders Act 1986
- Updated as at 3 November 1993 (HISTREG CHAP 550 #DATE 03:11:1993)
*1* The Cheques and Payment Orders Regulations (in force under the Cheques and
Payment Orders Act 1986) as shown in this reprint comprise Statutory Rules
1987 No. 130 amended as indicated in the Tables below.
Table of Statutory Rules
Year and Date of Date of Application, saving
number notification commencement or transitional
in Gazette provisions
1987 No. 130 25 June 1987 25 June 1987
1988 No. 37 24 Mar 1988 24 Mar 1988 -
Table of Amendments
ad=added or inserted am=amended rep=repealed rs=repealed and substituted
Provision affected How affected
R. 2A ad. 1988 No. 37
CHEQUES AND PAYMENT ORDERS REGULATIONS - TABLE OF PROVISIONS
TABLE
TABLE OF PROVISIONS
Regulation
1. Citation
2. Interpretation
2A. Non-bank financial institutions
3. Designated place: prescribed form of notice by a bank
4. Damages on dishonour: rate of interest
5. Designated place: prescribed form of notice by a financial
institution
SCHEDULE
FORMS
CHEQUES AND PAYMENT ORDERS REGULATIONS - REG 1
Citation
1. These Regulations may be cited as the Cheques and Payment Orders
Regulations.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
CHEQUES AND PAYMENT ORDERS REGULATIONS - REG 2
Interpretation
2. In these Regulations, unless the contrary intention appears, "the Act"
means the Cheques and Payment Orders Act 1986.
CHEQUES AND PAYMENT ORDERS REGULATIONS - REG 2A
Non-bank financial institutions
2A. For the purposes of the definition of "non-bank financial institution"
in subsection 3 (1) of the Act, the following registered corporations are
prescribed:
(a) Elders Rural Finance Limited;
(b) Wesfarmers Limited.
CHEQUES AND PAYMENT ORDERS REGULATIONS - REG 3
Designated place: prescribed form of notice by a bank
3. For the purposes of subsection 65 (1) of the Act, the prescribed form of
notice is Form 1 in the Schedule.
CHEQUES AND PAYMENT ORDERS REGULATIONS - REG 4
Damages on dishonour: rate of interest
4. For the purposes of subparagraphs 76 (1) (a) (ii) and (b) (ii) of the
Act, the interest payable, in relation to a cheque, in respect of the sum
referred to in subparagraph 76 (1) (a) (i), or the amount referred to in
subparagraph 76 (1) (b) (i) of the Act, is an amount calculated, in respect of
the period commencing on the day on which the cheque is dishonoured, at a rate
equal to the latest weighted average yield published before that day by the
Reserve Bank of Australia for an issue of 13 week Treasury Notes in the form
of inscribed stock under the Commonwealth Inscribed Stock Act 1911.
CHEQUES AND PAYMENT ORDERS REGULATIONS - REG 5
Designated place: prescribed form of notice by a financial institution
5. For the purposes of subsection 109 (1) of the Act, the prescribed form of
notice is Form 2 in the Schedule.
CHEQUES AND PAYMENT ORDERS REGULATIONS - SCHEDULE
SCH
SCHEDULE
FORM 1 Regulation 3
CHEQUES AND PAYMENT ORDERS REGULATIONS
NOTICE BY A BANK SPECIFYING A PLACE AS A DESIGNATED PLACE FOR
THE PURPOSES OF THE CHEQUES AND PAYMENT ORDERS ACT 1986
(Prepare a separate notice for each designated place)
TAKE NOTICE that (insert full name of bank giving the notice) hereby
specifies:
(a) (insert address of the place to be designated, not being the
address of a post office box or bag) as a designated place for the
purposes of (insert any one or more of "subsection 62 (1)", "subsection
62 (6)" or "subsection 62 (9)" as the case requires) of the Cheques and
Payment Orders Act 1986 in relation to the following classes of
cheques:
(identify each of those classes with reasonable certainty);
(b) (identify the days and the hours of each of those days) as the
times when the bank will be open for business at that designated place;
and
(c) (identify the means) as the means by which communications may be
made to the bank at that designated place.
THIS NOTICE has effect on and from (insert "the day on which it is
published in the Commonwealth of Australia Gazette" or, if this notice
is to have effect on a later date, insert that date).
* Publication of this notice was authorised by (insert full name and
designation of an officer of the bank giving the notice who is
authorised by the bank to authorise publication of this notice - the
officer's signature is not required) on 1987.
FORM 2 Regulation 5
CHEQUES AND PAYMENT ORDERS REGULATIONS
NOTICE BY A FINANCIAL INSTITUTION SPECIFYING A PLACE AS A
DESIGNATED PLACE FOR THE PURPOSES OF THE CHEQUES AND
PAYMENT ORDERS ACT 1986
(Prepare a separate notice of each designated place)
TAKE NOTICE that (insert full name of financial institution giving the
notice) hereby specifies:
(a) (insert address of the place to be designated, not being the
address of a post office box or bag) as a designated place for the
purposes of (insert any one or more of "subsection 106 (1)",
"subsection 106 (6)" or "subsection 106 (9)" as the case requires) of
the Cheques and Payment Orders Act 1986 in relation to the following
classes of payment orders:
(identify each of those classes with reasonable certainty);
(b) (identify the days and the hours of each of those days) as the
times when (insert name of financial institution) will be open for
business at that designated place; and
(c) (identify the means) as the means by which communications may be
made to (insert name of financial institution) at that designated
place.
THIS NOTICE has effect on and from (insert "the day on which it is
published in the Commonwealth of Australia Gazette" or, if this notice
is to have effect on a later date, insert that date).
Publication of this notice was authorised by (insert full name and
designation of an officer of the financial institution giving the
notice who is authorised by the financial institution to authorise
publication of this notice - the officer's signature is not required)
on 1987.