Commonwealth Numbered Regulations

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Alternative verification procedure--public authorities, rating authorities and incorporated bodies

Certificate of identity by verifying officer

             (1)  A signatory to an account of a public authority, rating authority or incorporated body is also taken to be identified if a certificate of identity by the verifying officer, or a verifying officer, for that account is lodged with an identifying cash dealer and the certificate:

                     (a)  states that the officer is satisfied that the signatory is authorised by the authority or body to be a signatory to that account; and

                     (b)  bears the signatures of the officer and the signatory.

             (2)  A certificate of identity by a verifying officer may relate to more than one signatory to the account for which it is lodged.

             (3)  Verification of the identity of a signatory under the alternative verification procedure specified in subsection (1) is worth 100 points.

Nomination of verifying officer

             (4)  For the purposes of subsection (1), a public authority, rating authority or incorporated body may notify an identifying cash dealer of the nomination of a person to be the verifying officer, or a verifying officer, of the authority or body in respect of an account, or of some or all accounts, of the authority or body with the identifying cash dealer.

             (5)  The nomination must be signed by the principal executive officer of the authority or body or by the person responsible for administration of the account.

Identifying nominated person

             (6)  If an identifying cash dealer is notified that a person has been nominated as a verifying officer and the nominated person is not a verified signatory, the identifying cash dealer must, as soon as practicable, seek to identify the person (whether or not the person is, or is to be, a signatory to a relevant account) by means of:

                     (a)  a verification procedure referred to in subparagraph 20A(1)(b)(ii) of the Act; or

                     (b)  an identification reference for the person in accordance with section 21 of the Act; or

                     (c)  the checks mentioned in section 10 of this instrument.

Revocation of nomination etc.

             (7)  If a public authority, rating authority or incorporated body revokes a nomination, or a verifying officer ceases to be employed by the authority or incorporated body, it must notify the identifying cash dealer of that fact as soon as practicable.

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