Document ID: chunk:federal_register_of_legislation:C2004A03591:body:0:p8
Version: federal_register_of_legislation:C2004A03591
Segment Type: other
Provision Reference: 
Character Range: 18199–21087

amount specified in the recommendation; or
    (b) in any other case—the amount specified by the Treasurer under paragraph (3) (b).".
(2) The section inserted in the Principal Act by subsection (1) applies in relation to the financial year commencing on 1 July 1987 and to subsequent years.

Management of Commonwealth Bank
17. Section 35 of the Principal Act is amended by inserting after subsection (2) the following subsection:
"(2a) In managing the Commonwealth Bank, the Managing Director, and the person managing the Commonwealth Bank under subsection (1),
may, in accordance with the policy of the Commonwealth Bank and the directions of the Board, perform any function, or exercise any power, of the Commonwealth Bank on its behalf.".
18. Section 36 of the Principal Act is repealed and the following section is substituted:

Commonwealth Bank to pay expenses of Corporation
"36. The Commonwealth Bank shall pay all of the expenses of the Corporation.".

General functions of Savings Bank
19. Section 41 of the Principal Act is amended by inserting after subsection (1) the following subsection:
"(1a) The Savings Bank may provide insurance services if, in the opinion of the Board, it is necessary to do so to ensure that the Savings Bank remains competitive with other savings banks.".

Powers of Savings Bank
20. Section 42 of the Principal Act is amended by omitting subsection (2) and substituting the following subsection:
"(2) Without limiting the generality of subsection (1), the Savings Bank has power, in addition to any other powers conferred on it by this Act:
    (a) to receive money on deposit;
    (b) to borrow money;
    (c) to lend money;
    (d) to subscribe for, buy, sell, discount, re-discount, redeem and otherwise deal in bills of exchange, promissory notes, Treasury notes and other securities issued by the Commonwealth, and other securities and instruments;
    (e) to buy, sell and otherwise deal in foreign exchange, foreign currency hedging instruments, gold and other precious metals;
    (f) to establish credits and engage in hire-purchase and lease financing and factoring;
    (g) to carry on (whether as principal, agent, manager, broker or otherwise) all kinds of insurance, re-insurance, assurance, annuity guarantee and indemnity business;
    (h) to issue bills and drafts and effect transfers of money;
    (j) to guarantee the due fulfilment of contracts and obligations by any person;
    (k) to act as attorney for any person;
    (m) to promote, effect, guarantee, underwrite, manage and carry out:
        (i) any issue of shares, stock or debenture stock of any body corporate or association;
        (ii) any issue of bonds of any description; and
        (iii) any joint lending operations;
    and to borrow or lend money for the purposes of any such issue or operation;
    (n) to operate unit trusts;
    (p) with the approval