Document ID: chunk:federal_register_of_legislation:C2004A04760:body:0:p8
Version: federal_register_of_legislation:C2004A04760
Segment Type: other
Provision Reference: 
Character Range: 17448–20279

30 days after the notice of variation or revocation is given to the eligible authority.

"(5) The regulations may make provision for and in relation to the keeping of a register of notices under this section by the eligible authority.

In particular, the regulations may make provision for:

    (a) the register to be kept in such form and manner as the eligible authority directs; and

  (b) persons to inspect the register; and

  (c) persons to obtain information contained in the register; and

    (d) fees to be charged by the eligible authority for such an inspection or for providing such information.

  "(6) In this section:

'eligible authority' means:

  (a) Australian Payments Clearing Association Limited; or

    (b) if another person is approved in writing by the Minister for the purposes of this section—that other person.".

Deposit bank to present cheques promptly

19. Section 66 of the Principal Act is amended by inserting in subsection (2) and paragraph (3)(e) "or 62A(2)" after "62(5)" (wherever occurring).

Drawee bank to pay or dishonour promptly

20. Section 67 of the Principal Act is amended by inserting in paragraph (2)(f) "or 62A(2)" after "62(5)" (wherever occurring).

Application of amendments

21. The amendments made by this Division apply in relation to cheques presented after the commencement of this section.

Transitional—notices about designated places

22.(1) This section applies if a notice in force under section 65 of the Principal Act immediately before the commencement of this section specified either or both of the following:

     (a) the cheques in relation to which a place is to be a designated place for the purposes of subsection 62(1) of the Principal Act;

     (b) the cheques in relation to which a place is to be a designated place for the purposes of subsection 62(9) of the Principal Act.

(2) The notice has effect, for the purposes of the amended Act, as if it had specified those matters for the purposes of the corresponding provision or provisions of the amended Act.

  (3) In this section:

"amended Act" means the Principal Act as amended by this Act.

Division 3—Amendments relating to payment orders

Object of Division

23. The object of this Division is to modernise the rules about the presentment of payment orders by financial institutions.

Due presentment defined

24. Section 105 of the Principal Act is amended by inserting in subsection (1) ", 106A" after "106".

Insertion of new section

25. After section 105 of the Principal Act the following section is inserted:

Presentment by financial institution

"105A. A financial institution may present a payment order for payment in either of the following ways:

    (a) by making an external presentment of the payment order (see section 106);

    (b) by making an internal presentment of