Document ID: chunk:federal_register_of_legislation:C2004A03877:front:0:p14
Version: federal_register_of_legislation:C2004A03877
Segment Type: other
Provision Reference: 
Character Range: 33125–35925

does not exceed so much of the net profits of the Commonwealth Bank as has not previously been dealt with under section 32 or this section.".

General functions of Savings Bank
34. Section 41 of the Principal Act is amended:
    (a) by omitting from subsection (1) "the general business of a savings bank" and substituting "general banking business";
    (b) by omitting from subsection (1a) "savings banks" and substituting "banks";
    (c) by omitting subsection (2).

Share capital
35. Section 42a of the Principal Act is amended:
    (a) by inserting after subsection (8) the following subsection:
    "(8a) The Board may direct the Savings Bank to apply the whole or a specified part of the amount standing to the credit of a specified reserve of the Savings Bank in paying up in full unissued shares in the capital of the Savings Bank, and where the Board so directs, the Savings Bank shall comply with the direction.";
    (b) by inserting in subsection (9) "or (8a)" after "(8)".

Amalgamation of other banks with Commonwealth Savings Bank
36. Section 50 of the Principal Act is amended by omitting "other savings bank" (wherever occurring) and substituting "other bank".

Repeal of section 53
37. Section 53 of the Principal Act is repealed.

Commonwealth Development Bank Reserve Fund
38. Section 76 of the Principal Act is amended by omitting from paragraph (1) (c) "77" and substituting "78".

Repeal of section 77
39. Section 77 of the Principal Act is repealed.

40. After section 77a of the Principal Act the following section is inserted:

Crediting of amounts to Commonwealth Development Bank Reserve Fund
"78. The Board may place to the credit of the Commonwealth Development Bank Reserve Fund a specified amount, being an amount that does not exceed so much of the net profits of the Commonwealth Development Bank as has not previously been dealt with under section 77a or this section.".

Agents etc.
41. Section 83 of the Principal Act is amended by omitting from paragraph (b) "Part I of".

Annual reports and financial statements
42. (1) Section 121 of the Principal Act is amended:
    (a) by omitting from paragraph (1) (b) "prescribed forms" and substituting "regulations";
    (b) by inserting after subsection (1) the following subsection:
    "(1a) Section 121a does not, by implication, limit the power to prescribe requirements for financial statements by reference to requirements for accounts prescribed under the Companies Act 1981.".
(2) The amendments made by subsection (1) apply in relation to a financial year ending on or after the date of commencement of this section.

Transitional—Depositors' Unclaimed Fund
43. (1) In spite of the repeal of section 53 of the Principal Act effected by this Part, that section continues in force, after the commencement of