Document ID: chunk:federal_register_of_legislation:C2004A03591:body:0:p3
Version: federal_register_of_legislation:C2004A03591
Segment Type: other
Provision Reference: 
Character Range: 5481–8204

the Board.".

Differences of opinion on questions of policy
6. Section 11 of the Principal Act is amended:
    (a) by inserting after subsection (2) the following subsections:
    "(2a) The Board shall, from time to time and at least once in each year, prepare a corporate plan setting out:
        (a) its objectives in relation to the operations of the Commonwealth Bank, the Savings Bank and the Development Bank; and
        (b) an outline of the policies to be pursued to achieve those objectives.
    "(2b) The objectives specified under paragraph (2a) (a) shall include financial objectives, including the level of profitability and rate of return on resources.
    "(2c) The Board shall give the Treasurer a copy of each corporate plan as soon as practicable after it is prepared.
    "(2d) The period during which a corporate plan shall remain in effect shall be determined by the Board in consultation with the Treasurer.
    "(2e) The Treasurer may, by notice in writing given to the Board within one month after the Treasurer receives a corporate plan (or within such further period as is agreed between the Treasurer and the Board), request the Board to vary the plan in the manner specified in the notice.
    "(2f) The Board may vary a corporate plan on the request of the Treasurer or on its own motion.
    "(2g) Where the Board varies a corporate plan, it shall, within one month after making the variation (or within such further period as is agreed between the Treasurer and the Board), notify the Treasurer in writing of the variation.
    "(2h) The Treasurer may, by notice in writing given to the Board within one month after the Treasurer receives a notice of a variation (or within such further period as is agreed between the Treasurer and the Board), request the Board to alter the variation in the manner specified in the notice.
    "(2j) In the event of a difference of opinion between the Treasurer and the Board in relation to a corporate plan, or any variation of a corporate plan, the Treasurer and the Board shall endeavour to reach agreement."; and
    (b) by inserting in subsection (3) "under subsection (2) or (2j)" after "agreement".

Management of the Corporation
7. Section 12 of the Principal Act is amended by inserting after subsection (2) the following subsection:
"(2a) In managing the Corporation, the Managing Director may exercise or perform, on behalf of the Corporation, all or any of the powers or functions of the Corporation other than such of those powers or functions, if any, as are specified by the Board.".
8. After section 12 of the Principal Act the following section is inserted:

Delegation by the Managing Director
"12a. (1) The Managing Director may, either