Financial Institutions Duty (Bill of Exchange Exemption) Regulations 1996

i Financial Institutions Duty (Bill of Exchange Exemption) Regulations 1996 S.R. No. 105/1996 TABLE OF PROVISIONS Regulation Page 1. Objective 1 2. Authorising provisions 1 3. Bill of exchange exemption 1 ═══════════════ NOTES 3 -- 1 of 4 -- 1 STATUTORY RULES 1996 S.R. No. 105/1996 Financial Institutions Duty Act 1982 Financial Institutions Duty (Bill of Exchange Exemption) Regulations 1996 The Governor in Council makes the following Regulations: Dated: 8 October 1996 Responsible Minister: ALAN R. STOCKDALE Treasurer A. WILTSHIRE Acting Clerk of the Executive Council 1. Objective The objective of these Regulations is to amend the Financial Institutions Duty Regulations 1992 to exempt indemnification payments received by a registered financial institution in respect of certain bills of exchange from financial institutions duty. 2. Authorising provisions These Regulations are made under sections 18(3)(o) and 86 of the Financial Institutions Duty Act 1982. 3. Bill of exchange exemption After regulation 8(1)(p) of the Financial Institutions Duty Regulations 1992 1 insert "(q) A receipt of money by a registered financial institution from, or on behalf of, a person for whose benefit the financial institution has -- 2 of 4 -- S.R. No. 105/1996 Financial Institutions Duty (Bill of Exchange Exemption) Regulations 1996 2 drawn, accepted or endorsed a bill of exchange, being a receipt to satisfy the amount of the financial institution's engagement on the bill of exchange, if— (i) the term of the bill of exchange is not more than 185 days; and (ii) the face or nominal value of the bill of exchange is not less than $50 000.". ═══════════════ r. 3 -- 3 of 4 -- S.R. No. 105/1996 Financial Institutions Duty (Bill of Exchange Exemption) Regulations 1996 3 NOTES 1 S.R. No. 342/1992. Reprinted to S.R. No. 128/1994 and subsequently amended by S.R. Nos 112/1995, 4/1996, 28/1996, 61/1996 and 84/1996. Notes -- 4 of 4 --