Document ID: chunk:federal_register_of_legislation:C2004A02940:body:0:p3
Version: federal_register_of_legislation:C2004A02940
Segment Type: other
Provision Reference: 
Character Range: 5765–8477

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) A disclosure under this section shall be recorded in the minutes of the Board.
    "(4) A member of the Board who has disclosed under this section the nature of the member's interest in a matter that is being or is about to be considered by the Board shall not, unless the Board or the Treasurer otherwise determines, be present during any deliberations of the Board, or take part in any decision of the Board, with respect to the matter.
    "(5) For the purpose of the making of a determination by the Board under sub-section (4) in relation to a member of the Board who has made a disclosure under this section, a member of the Board who has a direct or indirect pecuniary interest in the matter to which the disclosure relates shall not—
        (a) be present during any deliberation of the Board for the purpose of the making of the determination; or
        (b) take part in the making by the Board of the determination.".

8. (1) Section 27 of the Principal Act is repealed and the following section is substituted:

The Commonwealth Bank
"27. The body corporate that was, immediately before the commencement of section 8 of the Commonwealth Banks Amendment Act 1984, in existence, by virtue of section 27 of the Commonwealth Banks Act 1959 as in force immediately before that commencement, under the name Commonwealth Trading Bank of Australia—
    (a) is preserved and continues in existence, by force of this section, as a body corporate, under and subject to the provisions of this Act, under the name Commonwealth Bank of Australia, so that its corporate identity is not affected;
    (b) continues to be a body corporate;
    (c) shall have a seal; and
    (d) is capable of acquiring, holding and disposing of real and personal property and of suing and being sued.".
(2) The alteration of the name of the Commonwealth Trading Bank of Australia resulting from sub-section (1) does not affect any property, powers, rights, liabilities or obligations of the body corporate continued in existence by force of the section inserted in the Principal Act by that sub-section.
(3) The alteration of the name of the Commonwealth Trading Bank of Australia resulting from sub-section (1) does not render defective any legal or other proceedings instituted or to be instituted by or against the body corporate continued in existence by force of the section inserted in the Principal Act by that sub-section, and any legal or other proceedings