Document ID: chunk:federal_register_of_legislation:C2004A02940:body:0:p7
Version: federal_register_of_legislation:C2004A02940
Segment Type: other
Provision Reference: 
Character Range: 15818–18579

the Commonwealth Bank, after provision for income tax, for the year commencing on 1 July 1984 and for subsequent years.
(3) The net profits of the Commonwealth Bank, after provision for income tax, for the year ending on 30 June 1984 shall be dealt with as follows:
    (a) a percentage, not being greater than 45, determined in writing by the Treasurer shall be paid to the Commonwealth; and
    (b) the remainder shall be placed to the credit of the Commonwealth Bank Reserve Fund.

13. Sections 33, 34, 35 and 36 of the Principal Act are repealed and the following sections are substituted:

Management of Commonwealth Bank
"35. (1) The person occupying, or performing the duties of, a position in the Service that is designated pursuant to a determination in force under sub-section (3) shall, under the Managing Director, manage the Commonwealth Bank, but if no such determination is in force the Managing Director shall manage the Commonwealth Bank.
"(2) The Managing Director, or a person managing the Commonwealth Bank pursuant to sub-section (1), shall, in relation to the management of the Commonwealth Bank, act in accordance with the policy of the Commonwealth Bank and with the directions of the Board.
"(3) The Board may make a determination designating a position in the Service for the purposes of this section and may make a determination revoking a determination designating such a position.

Commonwealth Bank to pay share of expenses of Corporation
"36. The Commonwealth Bank shall pay to the Corporation an amount determined by the Board to be the proportion of the expenses of the Corporation attributable to the Commonwealth Bank.".

Amalgamation of other banks with Commonwealth Bank
14. Section 38 of the Principal Act is amended by omitting "Trading Bank" (wherever occurring) and substituting "Commonwealth Bank".

Powers of Savings Bank
15. Section 42 of the Principal Act is amended—
    (a) by omitting from sub-paragraph (2) (c) (viii) "and"; and
    (b) by inserting after paragraph (2) (c) the following paragraph:
         "(ca) subject to regulations in force under section 37 of the Banking Act 1959, to invest any moneys held by it in deposits, loans, securities and other investments, being deposits, loans, securities and investments in relation to which provision is made by such regulations for the investment of money by savings banks; and".

16. After section 42 of the Principal Act the following section is inserted:

Share Capital
"42a. (1) On and after 1 July 1984, the Savings Bank shall have a share capital.
"(2) Subject to sub-section (6), the amount of the share capital of the Savings Bank shall be an amount equal to the aggregate of the amounts required by sub-section (4) to be applied as mentioned in the