Document ID: chunk:federal_register_of_legislation:C2004A03877:front:0:p7
Version: federal_register_of_legislation:C2004A03877
Segment Type: other
Provision Reference: 
Character Range: 15943–18553

to comply with section 22 if:
    (a) that day is a Sunday or, in the State or Territory in which the head office in Australia of the bank is situated, a public holiday or bank holiday; and

    (b) on the last day before that day which was not a Sunday or, in that State or Territory, a public holiday or bank holiday, the bank had not failed to comply with that section.

Interest to be paid on Non-callable Deposit Accounts
"24. (1) The Reserve Bank shall pay interest, at half-yearly intervals, to a bank on the daily balance of that bank's Non-callable Deposit Account at a rate determined in writing by the Reserve Bank with the approval of the Treasurer.
"(2) The rate of interest determined under subsection (1) shall be the same for each bank.

Repayments from Non-callable Deposit Accounts
"25. If, on any day, the amount to the credit of the Non-callable Deposit Account of a bank exceeds the minimum amount which, under this Division, the bank is required to have on deposit in that Account on that day, the Reserve Bank shall, as soon as is practicable, repay to the bank, from that Account, the amount of the excess.".

Advance policy
12. Section 36 of the Principal Act is amended:
    (a) by omitting from subsection (1) all the words after "advances" to and including "applicable to it" and substituting "to be followed by banks, and a bank shall follow the policy so determined that is applicable to it";
    (b) by omitting from subsection (2) all the words after "advances" to and including "applicable to it" and substituting "may or may not be made by banks, and a bank shall comply with any directions so given that are applicable to it";
    (c) by omitting subsection (4).

Repeal of Division 6 of Part II
13. Division 6 of Part II of the Principal Act is repealed.

Control of interest rates
14. Section 50 of the Principal Act is amended by omitting paragraph (1) (c) and substituting the following paragraph:
     "(c) providing that interest shall not be payable in respect of an amount deposited with a bank, or with another person in the course of banking business carried on by the person, and repayable on demand or after the end of a period specified in the regulations.".

15. Part VI of the Principal Act is repealed and the following Part is substituted:

"PART VI—COLLECTION AND PUBLICATION OF INFORMATION ABOUT BANKS

Collection and publication of information about banks
"51. (1) The regulations may make provision for and in relation to:
    (a) requiring a bank to prepare, and to give to the Reserve Bank, accounts and financial statements;
    (b) requiring a bank