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COMMONWEALTH BANKS ACT 1974

No. 81 of 1974

An Act to amend the Commonwealth Banks Act 1959-1973 with respect to the Functions of the Development Bank and to the Remuneration of the Holders of Certain Offices.

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 Commonwealth Banks Act 1974.
(2) The Commonwealth Banks Act 1959-1973 is in this Act referred to as the Principal Act.
(3) The Principal Act, as amended by this Act, may be cited as the Commonwealth Banks Act 1959-1974.

Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.1

Functions of Development Bank.
3. Section 72 of the Principal Act is amended—
(a) by omitting from sub-paragraph (i) of paragraph (a) the word "or";
(b) by inserting after sub-paragraph (ii) of paragraph (a) the following word and sub-paragraph—
           "; or (iii) for the establishment or development of undertakings providing accommodation or transportation for tourists or other facilities designed to attract tourists, particularly small undertakings, and
   (c) by omitting from paragraph (b) the words "or of industrial undertakings" and substituting the words ", industrial undertakings or undertakings providing accommodation or transportation for tourists or other facilities designed to attract tourists".

Amendments relating to remuneration of officers.
4. (1) The Principal Act is amended as set out in the Schedule.
   (2) The amendments of the Principal Act made by sub-section (1) do not affect—
   (a) the remuneration (if any) payable to a member of the Commonwealth Banking Corporation Board;
   (b) the salary payable to the Managing Director or Deputy Managing Director of the Commonwealth Banking Corporation;
   (c) the salary payable to the General Manager of the Common­wealth Trading Bank of Australia, the General Manager of the Commonwealth Savings Bank of Australia or the General Man­ager of the Commonwealth Development Bank of Australia; or
   (d) the remuneration payable to the Chairman of the Promotions Appeal Board or the Chairman of the Disciplinary Appeal Board,
before his remuneration is determined by the Remuneration Tribunal.

__________

SCHEDULE  Section 4(1)

AMENDMENTS RELATING TO REMUNERATION OF OFFICERS

Provision            Amendment
Sub-section 14(5)..  Omit the sub-section, substitute the following sub-sections: —
                     "(5) A member of the Board shall be paid by the Corporation such remuneration (if any) as is determined by the Remuneration Tribunal.
                     "(6) Subject to the Remuneration Tribunals Act 1973-1974, a member of the Board shall be paid by the Corporation such allowances as are prescribed.".
Sub-section 25(2)..  Omit the sub-section, substitute the following sub-sections:—
                     "(2) The Managing Director and the Deputy Managing Director shall be paid by the Corporation such remuneration as