Document ID: chunk:federal_register_of_legislation:C2004A03877:front:0:p13
Version: federal_register_of_legislation:C2004A03877
Segment Type: other
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Character Range: 30775–33350

SRD amount") that the bank was required to have on deposit in the bank's Statutory Reserve Deposit Account on 26 September 1988;
section 22 of the amended Act applies as if the amount that the bank is required to have on deposit in the bank's Non-callable Deposit Account on the deposit day is an amount not less than the 26 September 1988 SRD amount.
(5) The Reserve Bank shall not give a notice under this section except with the approval of the Treasurer.

Transitional—abolition of distinction between savings banks and trading banks
28. (1) In this section:
    "amended Act" means the Principal Act as amended by this Act.
    (2) A reference in a law of the Commonwealth or of a Territory, or in an instrument or a document, to a trading bank as defined by subsection 5 (1) of the Principal Act shall, in relation to things done on or after the date of commencement of this section, be read as a reference to a bank as defined by subsection 5 (1) of the amended Act.
    (3) A reference in a law of the Commonwealth or of a Territory, or in an instrument or a document, to a savings bank as defined by subsection 5 (1) of the Principal Act shall, in relation to things done on or after the date of commencement of this section, be read as a reference to a bank as defined by subsection 5 (1) of the amended Act.

PART III—AMENDMENT OF THE COMMONWEALTH BANKS ACT 1959

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

Capital
30. Section 30 of the Principal Act is amended by inserting after paragraph (c) the following paragraph:
    "(ca) such other sums as are transferred from the reserves of the Commonwealth Bank under section 30a;".

31. After section 30 of the Principal Act the following section is inserted:

Transfers from reserves to capital
"30a. There may be transfered from the reserves of the Commonwealth Bank to the capital of the Commonwealth Bank such sums as the Board determines.".

Commonwealth Bank Reserve Fund
32. Section 31 of the Principal Act is amended by omitting from paragraph (1) (b) "subsection 32 (3) or (4)" and substituting "section 33".

33. After section 32 of the Principal Act the following section is inserted:

Crediting of amounts to Commonwealth Bank Reserve Fund
"33. The Board may place to the credit of the Commonwealth Bank Reserve Fund an amount that does not exceed so much of the net profits of the Commonwealth Bank as has not previously been dealt with under section 32 or this section.".

General functions of Savings Bank
34. Section 41 of the Principal Act is amended: