New South Wales Repealed Regulations

This legislation has been repealed.

PUBLIC AUTHORITIES (FINANCIAL ARRANGEMENTS) REGULATION 2013 - REG 45

45 Short term securities--promissory notes, bank bills of exchange

(1) If an authority obtains financial accommodation by the issue of a promissory note or bank bill of exchange, the promissory note or bank bill of exchange:

(a) must comply with the Bills of Exchange Act 1909 of the Commonwealth, and

(b) may be issued in a denomination determined by the authority, and

(c) must specify a point of payment at maturity, and

(d) must specify a serial number, its date of issue and its maturity date, and

(e) must be signed by 2 authorised officers of the authority.

(2) If there is a paying agent for a promissory note or bank bill of exchange issued by an authority, an authorised officer of the authority must inform the paying agent of its amount, serial number and maturity date and of the names of the authorised officers who signed it.

(3) An authority that issues a promissory note or bank bill of exchange must enter in a register of negotiable securities the following details:

(a) its face value,

(b) its selling price,

(c) its serial number,

(d) the date of its issue,

(e) if relevant, the name of the acceptor.

(4) On the return to an authority of a promissory note or bank bill of exchange issued by it and paid at maturity, 2 authorised officers of the authority:

(a) must check it against the register of negotiable securities, and

(b) must destroy it or witness its destruction, and

(c) must note its destruction in that register.