Cheques and Payment Orders Regulations
I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Cheques and Payment Orders Act 1986.
Dated 18 June 1987.
N.M. STEPHEN
Governor-General
By His Excellency’s Command,
LIONEL BOWEN
Attorney-General
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Citation
1. These Regulations may be cited as the Cheques and Payment Orders Regulations.
Interpretation
2. In these Regulations, unless the contrary intention appears, “the Act” means the Cheques and Payment Orders Act 1986.
Non-bank financial institutions
2A. For paragraph (b) 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) Primac Elders Limited;
(c) Wesfarmers Dalgety Limited;
(d) Wesfarmers Limited;
(e) Westralian Farmers Co-operative Limited.
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.
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.
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.
Register of notices given under sections 65A and 109A of the Act
6. (1) The eligible authority must keep a register of the following notices:
(a) notices given to the authority by banks under subsection 65A (2) of the Act;
(b) notices varying or revoking notices of the kind mentioned in paragraph (a);
(c) notices given to the authority by non-bank financial institutions under subsection 109A (2) of the Act;
(d) notices varying or revoking notices of the kind mentioned in paragraph (c).
(2) The register is to be kept in such form and manner as the eligible authority directs.
[NOTES:
1. A notice referred to in paragraph (1) (a) is a notice given to the eligible authority by a bank under subsection 65A (2) of the Act specifying a place as a notified place in relation to cheques for the purposes of the Act.
2. A notice referred to in paragraph (1) (c) is a notice given to the eligible authority by a non-bank financial institution under subsection 109A (2) of the Act specifying a place as a notified place in relation to payment orders for the purposes of the Act.]
Inspection of the register
7. (1) Subject to subregulation (2), the following persons may inspect the register of notices:
(a) an employee of the eligible authority;
(b) an employee of a bank who is required by the bank to inspect the register;
(c) an employee of a non-bank financial institution who is required by the institution to inspect the register.
(2) In the case of a person referred to in paragraph (1) (b) or (1) (c), he or she must:
(a) apply to the eligible authority to inspect the register; and
(b) show to the eligible authority a written statement by an officer of the relevant bank or non-bank financial institution to the effect that the person is required by the bank or institution to inspect the register.
(3) If the person complies with subregulation (2), the authority must, as soon as practicable, allow the person to inspect the register.
[NOTE: No fee is payable to inspect the register.]
Obtaining information contained in the register
8. (1) If a person:
(a) asks the eligible authority to provide information contained in the register; and
(b) pays the fee determined under subregulation (2) or (3);
the authority must, as soon as practicable, provide the information.
(2) If the person asks the authority to provide information that must be obtained from one notice in the register, the fee for providing the information is $20.
(3) If the person asks the authority to provide information that must be obtained from more than one notice in the register, the fee for providing the information is worked out using the formula:
$20 + $(N — 1);
where “N” is the number of notices from which the information is obtained.
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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)” 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 (date).
FORM 2 Regulation 5
CHEQUES AND PAYMENT ORDERS REGULATIONS
NOTICE BY A non-bank 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 designate place)
TAKE NOTICE that (insert full name of non-bank 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)” 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 non-bank 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 non-bank financial institution) at that designated place.
THIS NOTE 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 non-bank financial institution giving the 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 non-bank financial institution to authorise publication of this notice—the officer’s signature is not required) on (date)
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