Commonwealth Numbered Regulations - Explanatory Statements

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FARM HOUSEHOLD SUPPORT REGULATIONS 1993 NO. 36

EXPLANATORY STATEMENT

STATUTORY RULES 1993 No. 36

Issued by the Authority of the Minister for Primary Industries and Energy

Farm Household Support Act 1992

Farm Household Support Regulations

Subsection 2(1) of the Farm Household Support Act 1992 (the Act) provides that the Act commences on 20 March 1993. Subsection 2(2) provides that if the Act receives the Royal Assent after 20 March 1993, it commences on the day on which it receives the Royal Assent.

Section 58 of the Act provides that the Governor-General may make regulations for the purposes of the Act.

Subsection 4(1) of the Acts Interpretation Act 1901 provides that where an Act will confer power to make regulations but the Act is not to come into operation immediately upon its enactment then the power may be exercised before the Act comes into operation as if it had come into operation.

Paragraph 7(b) of the Act requires a farmer applying for Farm Household Support to obtain a "certificate of inability" from a financial institution.

Paragraph 3(2) of the Act defines a financial institution as: (a) a bank; or (b) any other prescribed institution that makes finance available to farmers.

The purpose of the proposed regulations is to define "financial institution" for the purposes of paragraph 3(2)(b) of the Act. The proposed regulations will enable farmers who primarily do business with non bank financial institutions, and who are otherwise eligible, to access Farm Household Support.

Details of the proposed regulations are as follows.

Regulation 1 provides that these regulations may be cited as the Farm Household Support Regulations.

Regulation 2 provides that these regulations commence on 20 March 1993. This is the day on which the Farm Household Support Act 1992 commences, and therefore is in accordance with the requirement of subsection 4(2) of the Acts Interpretation Act 1901.

Regulation 3 defines Act as the Farm Household Support Act 1992, unless otherwise stated.

Regulation 4 defines a financial institution as a body corporate authorised under Part II of the Banking Act 1959 to carry on banking business in Australia, a corporation registered within the meaning of the Financial Corporations Act 19 74 and any State or Territory organisation that administers the Rural Adjustment Scheme and has a lending function for the provision of working capital.


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