Document ID: chunk:federal_register_of_legislation:C2004A02940:body:0:p6
Version: federal_register_of_legislation:C2004A02940
Segment Type: other
Provision Reference: 
Character Range: 13417–16046

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 the Commonwealth Bank for the purpose of providing further capital for the Commonwealth Bank, a sum of $15,000,000, and the Consolidated Revenue Fund is appropriated accordingly.

12. (1) Section 32 of the Principal Act is repealed and the following section is substituted:

Profits of Commonwealth Bank
"32. (1) The Treasurer shall, in relation to each financial year of the Commonwealth Bank, determine in writing for the purposes of this section an amount that does not exceed 45% of the sum of—
    (a) so much of the net profits of the Commonwealth Bank for that year as does not represent dividends paid to the Commonwealth Bank by the Savings Bank; and
    (b) the net profits of the Savings Bank for that year.
"(2) The Commonwealth Bank shall, as soon as practicable after an amount is determined under sub-section (1) in relation to a financial year of the Commonwealth Bank, pay to the Commonwealth an amount equal to the first-mentioned amount, whether or not the net profits of the Commonwealth Bank for that year exceed the first-mentioned amount.
"(3) The Board may direct the Commonwealth Bank to apply towards the payment of an amount payable under sub-section (2), or to place to the credit of the Commonwealth Bank Reserve Fund, a specified amount, being an amount that does not exceed so much of the net profits of the Commonwealth Bank as has not previously been so applied and has not previously been placed to the credit of the Commonwealth Bank Reserve Fund, and where the Board so directs, the Commonwealth Bank shall so apply, or shall place to the credit
of the Commonwealth Bank Reserve Fund, as the case may be, so much of those profits as does not exceed the specified amount.
"(4) The Board may direct the Commonwealth Bank to apply towards the payment of an amount payable under sub-section (2), or to place to the credit of the Commonwealth Bank Reserve Fund, a specified portion of a dividend paid to the Commonwealth Bank under section 44, and where the Board so directs, the Commonwealth Bank shall comply with the direction.".
(2) The section inserted in the Principal Act by sub-section (1) applies in relation to the net profits of the Commonwealth Bank, after provision for income tax, for the year commencing on 1 July 1984 and for subsequent years.
(3) The net profits of the Commonwealth Bank, after provision for income tax, for the year ending on 30 June