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Commonwealth Banks Amendment Act 1987

No. 182 of 1987

table of provisions
Section
        1. Short title etc.
        2. Commencement
        3. Insertion of new section:
               7a. Assets and liabilities of the Corporation
        4. Functions of Commonwealth Banking Corporation Board
        5. Insertion of new section:
               10. Delegation by Board
        6. Differences of opinion on questions of policy
        7. Management of the Corporation
        8. Insertion of new section:
               12a. Delegation by the Managing Director
        9. Membership of Board
        10. Vacation of office
        11. Meetings of Board
        12. Disclosure of pecuniary interests of members
        13. Vacation of office
        14. General functions of Commonwealth Bank
        15. Powers of Commonwealth Bank
        16. Repeal of section 32 and substitution of new section:
               32. Payment of dividends by Commonwealth Bank
        17. Management of Commonwealth Bank
        18. Repeal of section 36 and substitution of new section:
               36. Commonwealth Bank to pay expenses of Corporation
        19. General functions of Savings Bank
        20. Powers of Savings Bank
        21. Management of Savings Bank
        22. Savings Bank to pay share of expenses of Corporation
        23. Powers of Development Bank

TABLE OF PROVISIONS—continued
Section
        24. Insertion of new section:
               77a. Payment of dividends by Development Bank
        25. Management of Development Bank
        26. Development Bank to pay share of expenses of Corporation
        27. Insertion of new section:
               87a. Application of merit principle, prohibition of patronage etc.
        28. Repeal of sections 88 and 89 and substitution of new section:
               88. Appointment of officers
        29. Benefits
        30. Repeal of section 112 and substitution of new section:
               112. Entitlements of statutory officers
        31. Repeal of section 118 and substitution of new section:
               118. Accounts and records
        32. Taxation
               33. Insertion of new sections:
               124a. Affixing of seals
               124b. Persons dealing with bodies
        34. Other amendments
        35. Savings

SCHEDULE

OTHER AMENDMENTS OF THE PRINCIPAL ACT

Commonwealth Banks Amendment Act 1987

No. 182 of 1987

An Act to amend the Commonwealth Banks Act 1959, and for related purposes

[Assented to 26 December 1987]
BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title etc.
1. (1) This Act may be cited as the Commonwealth Banks Amendment Act 1987.
(2) In this Act, "Principal Act" means the Commonwealth Banks Act 1959.

Commencement
2. (1) Sections 3 and 32 shall come into operation on 30 June 1988.
(2) Sections 27, 28, 29 and 35, subsection 34 (2) and Part II of the Schedule shall come into operation on 1 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