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Banking Legislation Amendment Act 1986

No. 166 of 1986

TABLE OF PROVISIONS

PART I—PRELIMINARY

Section
   1. Short title
   2. Commencement

PART II—AMENDMENTS OF THE RESERVE BANK ACT 1959

   3. Principal Act
   4. Repeal of section and substitution of new section—
       15. Remuneration of members
   5. Governor and Deputy Governor
   6. Insertion of new section—
       24a. Remuneration of Governor and Deputy Governor
   7. Functions of Department
   8. Insertion of new section—
       65a. Winding up of Rural Credits Department
   9. Repeal of Part VI
   10. Determination of net profits
   11. Repeal of Second Schedule
   12. Formal and minor amendments

PART III—AMENDMENTS OF THE BANKING ACT 1959

   13. Principal Act
   14. Balance-sheets and statements to be furnished by trading banks
   15. Additional statements
   16. Preparation and delivery of Forms
   17. Certain statements to be published in the Gazette
SCHEDULE
FORMAL AND MINOR AMENDMENTS OF THE RESERVE BANK ACT 1959

Banking Legislation Amendment Act 1986

No. 166 of 1986

An Act to amend the Reserve Bank Act 1959 and the Banking Act 1959

[Assented to 18 December 1986]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

PART I—PRELIMINARY

Short title
1. This Act may be cited as the Banking Legislation Amendment Act 1986.

Commencement
2. (1) Subject to sub-section (2), this Act shall come into operation on the twenty-eighth day after the day on which it receives the Royal Assent.
(2) Sections 9, 10 and 11 and Part III shall come into operation on a day to be fixed by Proclamation.

PART II—AMENDMENTS OF THE RESERVE BANK ACT 1959

Principal Act
3. The Reserve Bank Act 19591 is in this Part referred to as the Principal Act.

4. Section 15 of the Principal Act is repealed and the following section is substituted:

Remuneration of members
"15. (1) A member of the Board shall be paid such remuneration (if any) as is determined by the Remuneration Tribunal.
"(2) A member of the Board shall be paid such allowances as are prescribed.
"(3) This section has effect subject to the Remuneration Tribunals Act 1973.
"(4) A reference in this section to a member of the Board does not include a reference to the Governor or the Deputy Governor.".

Governor and Deputy Governor
5. Section 24 of the Principal Act is amended by omitting sub-section (2).

6. After section 24 of the Principal Act the following section is inserted:

Remuneration of Governor and Deputy Governor
"24a. (1) The Governor and the Deputy Governor shall be paid such remuneration as is determined by the Remuneration Tribunal.
"(2) The Governor and the Deputy Governor shall be paid such allowances as are prescribed.
"(3) This section has