Commonwealth Numbered Regulations - Explanatory Statements

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ATOMIC ENERGY (A.A.E.C. STOCK) REPEAL REGULATIONS 2001 2001 NO. 313

Statutory Rules 2001 No. 313

Issued by the Authority of the Minister for Industry, Science and Resources

Atomic Energy Act 1953

Atomic Energy (A.A.E.C. Stock) Repeal Regulations 2001

The Atomic Energy Act 1953 (the Act) established the Australian Atomic Energy Commission (the Commission).

Section 65 of the Act provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

The Atomic Energy (A.A.E.C. Stock) Regulations (the Stock Regulations) establish procedures for the Commission to issue securities by way of inscribed stock, called Australian Atomic Energy Commission Stock or A.A.E.C. Stock.

The purpose of the Regulations is to repeal the Stock Regulations which are now redundant.

When the Stock Regulations were made on 7 November 1979, section 30 of the Act provided, in part, as follows:

30 Borrowing other than from the Commonwealth

(1)       The Commission may, from time to time, borrow moneys (otherwise than from the Commonwealth) in such amounts, and on such terms and conditions, as the Treasurer approves.

...

(4)       Without limiting the generality of sub-sections (1) and (3), a borrowing by the Commission under sub-section (1) may be by the issue of securities of such kinds as are prescribed.

The Atomic Energy Amendment Act (No 2) 1980 later repealed section 30 of the Act and replaced it with three new sections.

Following these amendments, the Act provided that the Commission could, with the approval of the Treasurer but not otherwise, deal with securities (section 30AA). After these amendments, the Act contained no reference to prescribing the kind of securities that could be issued.

In 1987, the Australian Nuclear Science and Technology Organisation Act 198 7 (the ANSTO Act) established the Australian Nuclear Science and Technology Organisation (ANSTO) which replaced the Commission.

The ANSTO Act allows the ANSTO, with the approval of the Treasurer, to deal with securities (section 34 refers).

With the repeal of the provisions in section 30 of the Act allowing the kind of securities to be prescribed and the commencement of the ANSTO Act, the Stock Regulations become redundant.

The Regulations thus repeal the Stock Regulations.

Details of the Regulations are set out in Attachment A.

The regulations commence on gazettal.

Attachment A

Notes on Amendments to the Atomic Energy (A.A.E.C. Stock) Regulations (Statutory Rules 1979 No. 240)

Regulation 1 Name of Regulations

This regulation specifies the name of the Regulations as the Atomic Energy (AAEC Stock) Repeal Regulations 2001.

Regulation 2 Commencement

This regulation specifies that the Atomic Energy (AAEC Stock) Repeal Regulations 2001 commence on gazettal.

Regulation 3 Atomic Energy (AAEC Stock) Regulations - repeal

This regulation specifies that Statutory Rules 1979 No. 240 is repealed.