Document ID: chunk:federal_register_of_legislation:C2004A02940:body:0:p10
Version: federal_register_of_legislation:C2004A02940
Segment Type: other
Provision Reference: 
Character Range: 22973–25695

(1) The person occupying, or performing the duties of, a position in the Service designated by the Board for the purposes of this sub-section shall, under the Managing Director, manage the Savings Bank.
"(2) The Managing Director and the person managing the Savings Bank pursuant to sub-section (1) shall, in relation to the management of the Savings Bank, act in accordance with the policy of the Savings Bank and with the directions of the Board.".

19. (1) Section 68 of the Principal Act is repealed and the following section is substituted:

Power to insure homes
"68. The Commonwealth Bank or the Savings Bank may undertake the insurance of a home in respect of which a loan is made under this Division, whether the loan is made by the Commonwealth Bank or by the Savings Bank.".
(2) The section inserted in the Principal Act by sub-section (1)—
    (a) applies in relation to a loan made under Division 3 of Part VI of the Commonwealth Banks Act 1959, whether made before or after the commencement of this section and whether made by the Commonwealth Trading Bank of Australia, by the Commonwealth Bank or by the Savings Bank; and
    (b) so applies, in relation to a loan made by the Commonwealth Trading Bank of Australia, as if the loan had been made by the Commonwealth Bank.
20. Sections 78, 79 and 80 of the Principal Act are repealed and the following section is substituted:

Management of Development Bank
"80. (1) The person occupying, or performing the duties of, a position in the Service designated by the Board for the purposes of this sub-section shall, under the Managing Director, manage the Development Bank.
"(2) The Managing Director and the person managing the Development Bank pursuant to sub-section (1) shall, in relation to the management of the Development Bank, act in accordance with the policy of the Development Bank and with the directions of the Board.".

21. Section 95 of the Principal Act is repealed and the following section is substituted:

Appointment of persons holding tertiary qualifications
"95. (1) The Corporation may approve in writing for the purposes of this section a degree, diploma, certificate or other qualification that is conferred by a university, by a college of advanced education, by an institution at which technical and further education is provided or by another institution at which tertiary education or training is provided, being a university, college or institution in Australia or elsewhere.
"(2) The Corporation may appoint to the Service a person who has not passed a prescribed entrance examination but who holds, or has qualified for—
    (a) a degree that is conferred by an Australian university; or
    (b) a degree, diploma, certificate or