Document ID: chunk:federal_register_of_legislation:C2004A03716:body:0:p4
Version: federal_register_of_legislation:C2004A03716
Segment Type: other
Provision Reference: 
Character Range: 8829–11649

any deliberation of the Commission, or take part in any decision of the Commission, in relation to:
     (a) the appointment of a person to act as Managing Director;
     (b) the determination or application of any terms or conditions on which a person appointed to act as Managing Director holds office; or
     (c) the termination of the appointment of the person.".

Repeal of section 23
11. Section 23 of the Principal Act is repealed.
12. After section 35 of the Principal Act the following section is inserted:

Information relating to remuneration of Managing Director
"35a. (1) The financial statements of the Commission referred to in subsection 35 (3) shall comply with the requirements prescribed under the Companies Act 1981 for the accounts of a listed corporation so far as those requirements relate to the income of executive officers of a listed corporation.
"(2) For the purposes of subsection (1):
     (a) the Commission shall be taken to be a listed corporation; and
     (b) the Managing Director shall be taken to be an executive officer of the Commission.
"(3) Expressions used in this section that are also used in the Companies Act 1981 have the same respective meanings as they have in that Act.".

PART III—AMENDMENTS OF THE COMMONWEALTH BANKS ACT 1959

Principal Act
13. In this Part, "Principal Act" means the Commonwealth Banks Act 19592.

Membership of Board
14. Section 14 of the Principal Act is amended by inserting in subsections (5) and (6) "appointed under paragraph (1) (d)" after "Board".
15. Sections 25 and 26 of the Principal Act are repealed and the following sections are substituted:

Appointment of Managing Director and Deputy Managing Director
"25. (1) The Managing Director shall be appointed by the Treasurer after the Treasurer has received a recommendation from the Board.
"(2) The Deputy Managing Director shall be appointed by the Treasurer after the Treasurer has received a recommendation from the Board.
"(3) The Treasurer shall not appoint a member of the Board (other than the holder of a statutory office) as Managing Director or Deputy Managing Director.
"(4) The appointment of a person as Managing Director or Deputy Managing Director is not invalid merely because of a defect or irregularity in relation to the appointment.

Holding of office during Board's pleasure etc.
"26. The Managing Director and Deputy Managing Director:
     (a) shall be appointed with effect from the days respectively specified in their instruments of appointment; and
     (b) hold office during the Board's pleasure.

Managing Director and Deputy Managing Director hold office on full time basis
"26a. The Managing Director and Deputy Managing Director hold office on a full time basis.

Terms and conditions of appointment not provided for by Act
"26b. The Managing Director