Document ID: chunk:federal_register_of_legislation:C2004A02940:body:0:p5
Version: federal_register_of_legislation:C2004A02940
Segment Type: other
Provision Reference: 
Character Range: 10922–13646

body corporate, or governing activities or conduct of the body corporate;
        'prescribed body corporate' means a body corporate—
             (a) that is a corporation as defined in sub-section 5 (1) of the Companies Act 1981 and that would, if the Commonwealth Bank were a corporation as so defined, be deemed, for the purposes of that Act, to be a subsidiary of the Commonwealth Bank; or
             (b) that would, if it and the Commonwealth Bank were corporations as defined in sub-section 5 (1) of the Companies Act 1981, be deemed, for the purposes of that Act, to be a subsidiary of the Commonwealth Bank,
being a body corporate—
             (c) the constituent document of which contains a provision stating the objects of the body corporate; and
             (d) the only objects of which are objects that involve the carrying on of all or part of the business of banking.".

11. (1) Sections 30 and 31 of the Principal Act are repealed and the following sections are substituted:

Capital
"30. The capital of the Commonwealth Bank shall be the aggregate of—
    (a) the amount of the capital of the Commonwealth Trading Bank of Australia immediately before the commencement of section 11 of the Commonwealth Banks Amendment Act 1984;
    (b) the sum of $75,000,000, which shall be paid by the Development Bank to the Commonwealth Bank, on or before 30 June 1984, out of the Commonwealth Development Bank Reserve Fund;
    (c) such other sums as the Minister for Finance pays to the Commonwealth Bank out of moneys appropriated by the Parliament for the purpose of providing further capital for the Commonwealth Bank;
    (d) such other sums as are transferred from the Commonwealth Bank Reserve Fund pursuant to sub-section 31 (2); and
    (e) an amount equal to the total nominal value of the shares in the capital of the Savings Bank held by the Commonwealth Bank.

Reserve Fund
"31. (1) The Commonwealth Bank shall have a reserve fund (to be called the Commonwealth Bank Reserve Fund), which shall consist of the aggregate of–
    (a) the amount that, immediately before the commencement of section 11 of the Commonwealth Banks Amendment Act 1984, stood to the credit of the Commonwealth Trading Bank Reserve Fund existing under section 31 of the Commonwealth Banks Act 1959 as in force immediately before that commencement; and
    (b) such other sums as are placed to the credit of the reserve fund pursuant to sub-section 32 (3) or (4).
"(2) There may be transferred from the Commonwealth Bank Reserve Fund to the capital of the Commonwealth Bank such sums as the Board determines.".
(2) The Minister for Finance shall, on or before 30 June 1984, issue out of the Consolidated Revenue Fund, and pay to