Contents
1 Name of Regulations [see Note 1] 3
2 Definition 3
2A FCA institutions 3
3 Designated place: prescribed form of notice by a financial institution 3
4 Damages on dishonour: rate of interest 3
6 Register of notices given under the Act, s 65A 4
7 Inspection of the register 4
8 Obtaining information contained in the register 4
Schedule Cheques Regulations 1987 6
Form 1 Notice by a financial institution specifying a place as a designated place for the Cheques Act 1986 6
Notes 7
1 Name of Regulations [see Note 1]
These Regulations are the Cheques Regulations 1987.
2 Definition
In these Regulations:
Act means the Cheques Act 1986.
2A FCA institutions
For paragraph (b) of the definition of FCA 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.
3 Designated place: prescribed form of notice by a financial institution
For the purposes of subsection 65 (1) of the Act, the prescribed form of notice is Form 1 in the Schedule.
4 Damages on dishonour: rate of interest
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 monthly average yield of 90-day Bank Accepted Bills published before that day by the Reserve Bank of Australia.
6 Register of notices given under the Act, s 65A
(1) The eligible authority must keep a register of the following notices:
(a) notices given to the authority by financial institutions under subsection 65A (2) of the Act;
(b) notices varying or revoking notices of the kind mentioned in paragraph (a);
(2) The register is to be kept in such form and manner as the eligible authority directs.
Note A notice referred to in paragraph (1) (a) is a notice given to the eligible authority by a financial institution under subsection 65A (2) of the Act specifying a place as a notified place in relation to cheques for the Act.
7 Inspection of the register
(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 financial institution who is required by the financial institution to inspect the register.
(2) In the case of a person referred to in paragraph (1) (b), 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 financial institution to the effect that the person is required by the financial 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.
8 Obtaining information contained in the register
(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:
where N is the number of notices from which the information is obtained.
Schedule Cheques Regulations 1987
(regulation 3)
Form 1 Notice by a financial institution specifying a place as a designated place for the Cheques Act 1986
(Prepare a separate notice for 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 62 (1)’ or ‘subsection 62 (9)’ as the case requires) of the Cheques 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 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 the 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 (date).