Document ID: chunk:federal_register_of_legislation:C2004A04484:body:0:p5
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name constituted as a bank under the State Bank (Corporatisation) Act 1989 (NSW).

Unclaimed moneys standing to the credit of the Trust Fund

18.(1) In spite of subsection 20(2) of the Banking Legislation Amendment Act 1989, any amount of unclaimed moneys:

    (a)     paid to the Commonwealth, and credited to the Trust Fund, before 7 November 1989, under section 69 of the Principal Act; and

    (b)     standing to the credit of the Trust Fund immediately before the commencement of this section;

is to be paid into the Consolidated Revenue Fund.

  (2) In subsection (1):

"Trust Fund" means the Trust Fund kept under section 60 of the Audit Act 1901;

"unclaimed moneys" has the same meaning as in section 69 of the Principal Act.

PART 3—AMENDMENT OF THE COMMONWEALTH BANKS ACT 1959

Principal Act

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

20.     Section 32 of the Principal Act is repealed and the following section is substituted:

Declaration of dividends

"32.(1) Before declaring a dividend to be paid to shareholders in the Commonwealth Bank, the Board must notify the Treasurer, in writing, of the proposed amount of the dividend.

"(2) The Treasurer must, not later than 14 days after being notified of the proposed amount of the dividend:

  (a)     accept the proposed amount of the dividend; or

    (b)     vary the proposed amount of the dividend by specifying an amount of dividend that does not exceed 45% of the consolidated profit (excluding abnormal items of a capital nature and extraordinary items and after income tax expense), according to the relevant accounts, of the Commonwealth Bank and all its subsidiaries.

"(3) Before making a decision under paragraph (2)(b), the Treasurer must:

  (a)     try to reach agreement with the Board; and

    (b)     take into consideration the reasons for the Board's proposed amount of dividend.

"(4) If the Treasurer varies the proposed amount of dividend, the Board must declare a dividend of the same amount as the amount specified by the Treasurer.".

Use of certain names

21. Section 128 of the Principal Act is amended by adding at the end of the definition of "protected name" in subsection (6) the following paragraphs:

  "; (f) Commonwealth Savings Bank of Australia;

    (g) Commonwealth Savings Bank;

    (h) CSB".

PART 4—AMENDMENTS OF THE RESERVE BANK ACT 1959

Principal Act

  22. In this Part, "Principal Act" means the Reserve Bank Act 19593.

Interpretation

  23. Section 5 of the Principal Act is amended:

     (a)     by omitting from subsection (1) the definition of "the Deputy Governor";

   (b)     by inserting in subsection (1) the following definition:

     " 'Deputy Governor' means a Deputy Governor of the Bank;".

Management of the Bank

  24. Section 12 of the Principal Act is amended:

    (a)