Document ID: chunk:federal_register_of_legislation:C2004A03591:body:0:p2
Version: federal_register_of_legislation:C2004A03591
Segment Type: other
Provision Reference: 
Character Range: 3007–5722

July 1988.

(3) The remaining provisions of this Act shall come into operation on the twenty-eighth day after the day on which this Act receives the Royal Assent.
3. After section 7 of the Principal Act the following section is inserted:

Assets and liabilities of the Corporation
"7a. (1) The property of the Corporation, whether acquired before or after the commencement of this section, vests in the Commonwealth Bank.
"(2) The liabilities of the Corporation, whether incurred before or after the commencement of this section, shall be deemed to be liabilities incurred by the Commonwealth Bank.
"(3) Any legal proceedings started against the Corporation before the commencement of this section in respect of a liability of the Corporation may be heard and determined as if this section had not been passed but any liability of the Corporation incurred as a result of those proceedings shall be deemed to have been incurred by the Commonwealth Bank.
"(4) A certificate by the Managing Director or a person authorised in writing by the Managing Director stating that specified property is property that vested in the Commonwealth Bank under this section is, for all purposes and in all legal proceedings, prima facie evidence of the matters stated in the certificate.
"(5) This section does not apply in relation to any property held by the Corporation in respect of a superannuation fund established under section 110 or any liability incurred by the Corporation in respect of such a fund.".

Functions of Commonwealth Banking Corporation Board
4. Section 9 of the Principal Act is amended by adding at the end the following subsection:
"(3) The Board shall, in exercising its powers, have regard to the need for the Corporation, the Commonwealth Bank, the Savings Bank and the Development Bank to perform economically and efficiently and to operate in accordance with commercial principles.".
5. After section 9 of the Principal Act the following section is inserted:

Delegation by Board
"10. (1) The Board may, by resolution, delegate to a committee of the Board, comprising 2 or more members of the Board, all or any of its powers or functions under this Act, other than this power of delegation.
"(2) A power or function so delegated, when exercised or performed by the delegate, shall for the purposes of this Act be deemed to have been exercised or performed by the Board.
"(3) A delegation does not prevent the exercise of a power or performance of a function by 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