Document ID: chunk:federal_register_of_legislation:C2004A02940:body:0:p2
Version: federal_register_of_legislation:C2004A02940
Segment Type: other
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purposes

[Assented to 25 June 1984]

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 Commonwealth Banks Amendment Act 1984.

Commencement
2. This Act shall come into operation on a day to be fixed by Proclamation.

PART II—AMENDMENTS OF COMMONWEALTH BANKS ACT 1959

Principal Act
3. The Commonwealth Banks Act 19591 is in this Part referred to as the Principal Act.
4. Section 4 of the Principal Act is repealed and the following section is substituted:

Interpretation
    "4. In this Act, unless the contrary intention appears—
    'Australia' includes the external Territories;
    'bank' means a person carrying on the business of banking, and includes the Commonwealth Bank, the Savings Bank and the Development Bank;
    'Board' means the Commonwealth Banking Corporation Board;
    'Commonwealth Bank' means the Commonwealth Bank of Australia in existence by force of section 27;
    'Corporation' means the Commonwealth Banking Corporation;
    'Deputy Managing Director' means the Deputy Managing Director of the Corporation;
    'Development Bank' means the Commonwealth Development Bank of Australia;
    'former Commonwealth Bank' means the Commonwealth Bank of Australia established under the Commonwealth Bank Act 1911 and continued in existence under the Commonwealth Bank Act 1945;
    'Managing Director' means the Managing Director of the Corporation;
    'net profits', except in section 118, means net profits after provision for income tax;
    'officer' means an officer of the Service;
    'repealed Act' means an Act repealed by the Commonwealth Bank Act 1945 or by the Reserve Bank Act 1959;
    'Reserve Bank' means the Reserve Bank of Australia;
    'Savings Bank' means the Commonwealth Savings Bank of Australia;
    'Service' means the Commonwealth Banking Corporation Service;
    'statutory office' means the office of Managing Director or Deputy Managing Director.".

Repeal of sections 10, 20 and 21
5. Sections 10, 20 and 21 of the Principal Act are repealed.

6. Section 23 of the Principal Act is repealed and the following section is substituted:

Deputy Secretary may attend meeting of Board
"23. A Deputy Secretary in the Department of the Treasury nominated for the purpose by the Secretary to that Department may attend a meeting of the Board at which the Secretary is not present and, for the purposes of a meeting that a Deputy Secretary attends pursuant to this section, the Deputy Secretary shall, for the purposes of this Part, be deemed to be a member of the Board.".

Disclosure of pecuniary interests of members
7. Section 24 of the Principal Act is amended—
    (a) by omitting from paragraph (1) (b) "Trading Bank" and substituting "Commonwealth Bank"; and
    (b) by omitting sub-sections (2), (3), (4) and (5) and substituting the following sub-sections:
    "(3)