Document ID: chunk:federal_register_of_legislation:C1973A00116:body:0:p1
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Banking Act 1973

No. 116 of 1973

AN ACT

To amend the Banking Act 1959–1967.

[Assented to 26 October 1973]

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows;—

Short title and citation.
1. (1) This Act may be cited as the Banking Act 1973.
(2) The Banking Act 1959–1967 is in this Act referred to as the Principal Act.
(3) The Principal Act, as amended by this Act, may be cited as the Banking Act 1959–1973.

Commencement.
2. (1) Sections 1, 2, 3, 5, 6 and 11 shall come into operation on the day on which this Act receives the Royal Assent.
(2) The remaining provisions of this Act shall come into operation on the date on which the provisions of the Principal Act, as amended by this Act, other than sub-section 6a(2), cease to extend to Papua New Guinea.

Repeal of section 3.
3. Section 3 of the Principal Act is repealed.

Interpretation.
4. Section 5 of the Principal Act is amended—
      (a) by omitting from the definition of "bank" in sub-section (1) the words ", the Papua and New Guinea Development Bank"; and
      (b) by omitting from sub-section (1) the definition of "Papua and New Guinea Development Bank".

Application of Act.
5. Section 6 of the Principal Act is amended by omitting sub-section (2) and substituting the following sub-section:—
"(2) Subject to section 6a, this Act extends to all the Territories.".

6. After section 6 of the Principal. Act the following section is inserted in Part I:—

Cessation of application of Act to Territory.
"6a. (1) The Treasurer may, by notice published in the Gazette, declare that, on a date specified in the notice, this Act shall cease to extend to an external Territory specified in the notice, and, on. and after the date specified in such a notice, this Act, other than sub-section (2) of this section, does not extend to the Territory so specified and a reference in this Act, other than this section, to a Territory does not include a reference to the Territory so specified.
"(2) Section 8 of the Acts Interpretation Act 1901–1973 applies in relation to a notice published under this section as if the notice were an Act repealing this Act to the extent that, immediately before the date specified in the notice, this Act extended to the Territory specified in the notice.".

Australian Resources Development Bank may carry on banking business.
7. Section 9a of the Principal Act is amended by omitting the words "Papua and New Guinea Development Bank and the".

Advance policy.
8. Section 36 of the Principal Act is amended by omitting from sub-section (4) the words ",the