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COMMONWEALTH AUTHORITIES AND COMPANIES REGULATIONS 1997 NO. 391EXPLANATORY STATEMENT
STATUTORY RULES 1997 No. 391
Issued by the authority of the Minister for Finance and Administration
Commonwealth Authorities and Companies Act 1997
Commonwealth Authorities and Companies Regulations
The attached Statutory Rules make regulations under subsection 49(1) of the Commonwealth Authorities and Companies Act 1997 (the Act).
The Act is one of a package of four Acts which will replace the Audit Act 1901. It will commence on 1 January 1998, the day fixed by Proclamation.
The attached regulations cover matters required or permitted to be made under the Act. ney will come into operation on the same day as the Act commences.
Details of the regulations are shown in the Attachment.
DETAILS OF PROPOSED COMMONWEALTH AUTHORITIES AND COMPANIES REGULATIONS
Regulations 1 and 2
These regulations cover the citation and commencement of the regulations. Commencement is to be on 1 January 1998, the same day as the Commonwealth Authorities and Companies Act 1997 commences.
Regulation 3 defines the term "Act" appearing in the regulations to mean the
Commonwealth Authorities and Companies Act 1997.
Section 5 of the Act defines the term "GBE or government business enterprise" as meaning a Commonwealth authority or Commonwealth company that is prescribed by the regulations. Accordingly, regulation 4 prescribes the authorities and companies that are GBEs for the purposes of the Act.
Section 5 of the Act defines the term "SMA or statutory marketing authority" as meaning a Commonwealth authority that is prescribed by the regulations. Accordingly, regulation 5 prescribes the authorities that are to be SMAs for the purposes of the Act.
Paragraph 7(1)(b) of the Act provides, inter alia, that a body corporate that is incorporated for a public purpose by regulations under an Act, and which holds money on its own account, is a Commonwealth authority under the Act if it is prescribed by regulations for the purposes of the paragraph. Regulation 6 prescribes the Army and Air Force Canteen Service Board of Management for the purposes of the paragraph.
Subsection 45(1) of the Act provides that the Minister who has responsibility for any of the events specified in the subsection must table a notice of the event in each House of the Parliament. Subsection 45(2) provides that the notice must include the particulars required by the regulations. Regulation 7 specifies those particulars.