Document ID: chunk:federal_register_of_legislation:C2004A03407:body:0:p3
Version: federal_register_of_legislation:C2004A03407
Segment Type: other
Provision Reference: 
Character Range: 4983–7621

determination under sub-section (2) or (3) in respect of an amount standing to the credit of the Rural Credits Department, the Treasurer shall, by notice in writing given to the Board—
     (a) direct that the whole of the amount be paid to the Commonwealth;
     (b) direct that the whole of the amount be transferred to the credit of the Reserve Bank Reserve Fund; or
     (c) direct that—
          (i) a specified part of the amount be transferred to the credit of the Reserve Bank Reserve Fund; and
          (ii) the remaining part of the amount be paid to the Commonwealth,
and the Board shall comply with the direction.

"(7) Before giving a direction under sub-section (6), the Treasurer shall consult with the Board.
"(8) Where, at a time after the Board complies with a direction given under sub-section (6) in relation to a determination under sub-section (3), the Board is satisfied that there is no money standing to the credit of the Rural Credits Department, the Board shall recommend to the Treasurer that action be taken to bring into effect the repeal of this Part.
"(9) Where—
     (a) the Board makes a determination under sub-section (3) in respect of an amount standing to the credit of the Rural Credits Department at a particular time; and
     (b) an amount would, but for this sub-section, be required to be placed to the credit of the Rural Credits Department after that time,
the amount referred to in paragraph (b) shall be placed to the credit of the Reserve Bank Reserve Fund.
"(10) A reference in this section to the reserves or capital of the Rural Credits Department is a reference to—
     (a) an amount that forms part of the capital of the Rural Credits Department;
     (b) an amount standing to the credit of the Rural Credits Department Reserve Fund; and
     (c) any other amount that forms part of the reserves of the Rural Credits Department,
but does not include a reference to an amount standing to the credit of the Rural Credits Development Fund.
"(11) In this section, 'termination date' means 30 June 1988 or such later date as the Treasurer, by notice in writing in the Gazette, determines.".

Repeal of Part VI
9. Part VI of the Principal Act is repealed.

Determination of net profits
10. Section 78 of the Principal Act is amended by omitting "or the Rural Credits Department".

Repeal of Second Schedule
11. The Second Schedule to the Principal Act is repealed.

Formal and minor amendments
12. The Principal Act is amended as set out in the Schedule.

PART III—AMENDMENTS OF THE BANKING ACT 1959

Principal Act
13. The Banking Act 19592 is in this Part referred to as the Principal