Document ID: chunk:federal_register_of_legislation:C2004A03591:body:0:p5
Version: federal_register_of_legislation:C2004A03591
Segment Type: other
Provision Reference: 
Character Range: 10461–13333

receives the last notification.".

Disclosure of pecuniary interests of members
12. Section 24 of the Principal Act is amended:
    (a) by inserting after subsection (3) the following subsection:
    "(3a) A member of the Board who has disclosed under this section a prescribed interest in a matter that is being or is about to be considered by the Board may, unless the Board otherwise determines, be present during any deliberations of the Board, and take part in any decisions of the Board, with respect to the matter.";
    (b) by omitting from subsection (4) "the nature of the member's" and substituting "an interest other than a prescribed";
    (c) by omitting from subsection (5) "subsection (4)" and substituting "subsection (3a) or (4)"; and
    (d) by adding at the end the following subsection:
    "(6) This section does not apply to a pecuniary interest of a member who is a customer of the Commonwealth Bank, the Savings Bank or the Development Bank, being an interest that the member has as a customer and in common with other customers.".

Vacation of office
13. Section 26 of the Principal Act is amended:
    (a) by omitting paragraph (b) and substituting the following paragraph:
        "(b) engages in any paid employment outside the duties of his or her office without the approval of the Treasurer; or";
    (b) by omitting from paragraph (c) "or" (last occurring);
    (c) by omitting paragraph (d); and
    (d) by adding at the end the following subsection:
    "(2) The Managing Director and the Deputy Managing Director may resign by delivering to the Governor-General a signed notice of resignation.".

General functions of Commonwealth Bank
14. Section 28 of the Principal Act is amended:
    (a) by inserting after subsection (1) the following subsection:
    "(1a) The Commonwealth Bank may provide insurance services if, in the opinion of the Board, it is necessary to do so to enable the Commonwealth Bank to remain competitive with other banks."; and
    (b) by omitting subsection (3).

Powers of Commonwealth Bank
15. Section 29 of the Principal Act is amended by omitting subsections (2) and (3) and substituting the following subsection:
"(2) Without limiting the generality of subsection (1), the Commonwealth Bank has power, in addition to any other powers conferred on it by this Act:
    (a) to receive money on deposit;
    (b) to borrow money;
    (c) to lend money;
    (d) to subscribe for, buy, sell, discount, re-discount, redeem and otherwise deal in bills of exchange, promissory notes, Treasury notes and other securities issued by the Commonwealth, and other securities and instruments;
    (e) to buy, sell and otherwise deal in foreign exchange, foreign currency hedging instruments, gold and other precious metals;
    (f) to establish credits and engage in hire-purchase and lease financing and factoring;
    (g)