Statutory Rules 1987 No. 1301

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

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.

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.

(S.R. 151 /87)—Cat. No. 16/11.6.1987

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.

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

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.

SCHEDULE—continued

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.

NOTE

1. Notified in the Commonwealth of Australia Gazette on 25 June 1987.

Printed by Authority by the Commonwealth Government Printer