Document ID: chunk:federal_register_of_legislation:C2004A02940:body:0:p9
Version: federal_register_of_legislation:C2004A02940
Segment Type: other
Provision Reference: 
Character Range: 20661–23217

Bank to apply the whole or a specified part of the amount standing to the credit of the Commonwealth Savings Bank Reserve Fund in paying up in full unissued shares in the capital of the Savings Bank, and where the Board so directs, the Savings Bank shall comply with the direction.
"(9) Where the Savings Bank, pursuant to a direction given under sub-section (8), applies an amount in paying up in full unissued shares in the capital of the Savings Bank—
    (a) the shares shall be deemed to have been issued by the Savings Bank to the Commonwealth Bank; and
    (b) the Commonwealth Bank holds the shares as legal and beneficial owner.
"(10) Shares in the capital of the Savings Bank shall not be issued except as provided by this section.
"(11) A person other than the Commonwealth Bank is not capable of holding, or of having a beneficial interest in, shares in the capital of the Savings Bank.".

17. (1) Section 44 of the Principal Act is repealed and the following section is substituted:

Profits of Savings Bank
"44. The Board may direct the Savings Bank to pay to the Commonwealth Bank by way of dividend, or to place to the credit of the Commonwealth Savings Bank Reserve Fund, a specified amount, being an amount that does not exceed so much of the net profits of the Savings Bank as has not previously been dealt with under this section, and where the Board so directs, the Savings Bank shall pay to the Commonwealth Bank by way of dividend, or shall place to the credit of the Commonwealth Savings Bank Reserve Fund, as the case may be, so much of those profits as does not exceed the specified amount.".
(2) The section inserted in the Principal Act by sub-section (1) applies in relation to the net profits of the Savings Bank, after provision for income tax, for the year commencing on 1 July 1984 and for subsequent years.
(3) The net profits of the Savings Bank for the year ending on 30 June 1984 shall be dealt with as follows:
    (a) a percentage, not being greater than 45, determined in writing by the Treasurer shall be paid to the Commonwealth; and
    (b) the remainder shall be placed to the credit of the Commonwealth Savings Bank Reserve Fund.

18. Sections 45, 46 and 47 of the Principal Act are repealed and the following section is substituted:

Management of Savings Bank
"47. (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