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Banking Legislation Amendment Act 1989

  • - C2004A03877
  • In force - Latest Version
Act No. 129 of 1989 as made
An Act to amend the law relating to banking
Administered by: Treasury
Date of Assent 07 Nov 1989
 

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129, 1989

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - TABLE OF PROVISIONS

TABLE OF PROVISIONS
PART I-PRELIMINARY
Section

1. Short title

2. Commencement

PART II-AMENDMENT OF THE BANKING ACT 1959

3. Principal Act

4. Interpretation

5. Authority to carry on banking business

6. Insertion of new Division:

Division 1A-Prudential Supervision and Monitoring of Banks

11A. Prudential requirements may be prescribed by the regulations

11B. Reserve Bank to monitor prudential matters

11C. Division not to limit operation of other provisions

7. Supply of information

8. Banks unable to meet obligations

9. Indemnity

10. Assets of banks

11. Repeal of Division 3 of Part II and substitution of new Division:

Division 3-Non-callable Deposits

17. Interpretation

18. Base for calculating deposits-eligible assets or eligible liabilities

19. Daily eligible assets or eligible liabilities of banks-averaging
provision

20. Determination of non-callable deposit ratios

21. Non-callable Deposit Account

22. Banks to maintain non-callable deposits

23. Penalty for failure to maintain non-callable deposits

24. Interest to be paid on Non-callable Deposit Accounts

25. Repayments from Non-callable Deposit Accounts

12. Advance policy

13. Repeal of Division 6 of Part II

14. Control of interest rates

15. Repeal of Part VI and substitution of new Part:

PART VI-COLLECTION AND PUBLICATION OF INFORMATION ABOUT BANKS

51. Collection and publication of information about banks

52. Secretary to the Department of the Treasury may request copies of
information given to the Reserve Bank

16. Repeal of section 61 and substitution of new section:

61. Reserve Bank to conduct investigations where Governor considers
necessary

17. Supply of information

18. Settlement of balances between banks

19. Repeal of sections 66 and 67 and substitution of new sections:

66. Restriction on use of word ''bank'' etc.

67. Restriction on establishment or maintenance of
representative offices of overseas banks

20. Unclaimed moneys

21. Insertion of new section:

70A. Delegation by Treasurer

22. Regulations

23. First Schedule

24. Repeal of Second Schedule

25. Amendments relating to offences

26. Formal amendments

27. Transitional-non-callable deposit ratios

28. Transitional-abolition of distinction between savings banks and trading banks

PART III-AMENDMENT OF THE COMMONWEALTH BANKS ACT 1959

29. Principal Act

30. Capital

31. Insertion of new section:

30A. Transfers from reserves to capital

32. Commonwealth Bank Reserve Fund

33. Insertion of new section:

33. Crediting of amounts to Commonwealth Bank Reserve Fund

34. General functions of Savings Bank

35. Share capital

36. Amalgamation of other banks with Commonwealth Savings Bank

37. Repeal of section 53

38. Commonwealth Development Bank Reserve Fund

39. Repeal of section 77

40. Insertion of new section:

78. Crediting of amounts to Commonwealth Development Bank Reserve Fund

41. Agents etc.

42. Annual reports and financial statements

43. Transitional-Depositors' Unclaimed Fund

PART IV-AMENDMENT OF THE RESERVE BANK ACT 1959

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44. Principal Act

45. Profits

46. Repeal of section 33

47. Issue, re-issue and cancellation of notes

48. Repeal of sections 38 to 42 (inclusive)

49. Determination of net profits

50. Annual reports and financial statements

51. Transitional-net profits of Note Issue Department

PART V-AMENDMENT OF OTHER ACTS IN CONNECTION WITH THE ABOLITION OF THE
DISTINCTION BETWEEN SAVINGS BANKS AND TRADING BANKS

52. Amendment of Acts

SCHEDULE 1

SCHEDULE TO BE SUBSTITUTED FOR THE FIRST SCHEDULE TO THE BANKING ACT 1959

SCHEDULE 2

AMENDMENTS OF THE BANKING ACT 1959 RELATING TO OFFENCES

SCHEDULE 3

FORMAL AMENDMENTS OF THE BANKING ACT 1959

SCHEDULE 4

AMENDMENT OF OTHER ACTS IN CONNECTION WITH THE ABOLITION OF THE DISTINCTION
BETWEEN SAVINGS BANKS AND TRADING BANKS

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - LONG TITLE

An Act to amend the law relating to banking

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - PART I
PART I-PRELIMINARY

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 1
Short title

(Assented to 7 November 1989)
1. This Act may be cited as the Banking Legislation Amendment Act 1989.

(Minister's second reading speech made in -
House of Representatives on 4 May 1989
Senate on 29 August 1989)

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 2
Commencement

2. (1) The following provisions of this Act commence on the day on which this Act receives the Royal Assent:

Part I, sections 3, 26, 29 to 33 (inclusive), 35, 38 and 40.

(2) Subsection 23 (1) shall be taken to have commenced on 4 May 1989.

(3) Section 39 shall be taken to have commenced on 23 January 1988.

(4) Subject to subsection (5), the remaining provisions of this Act commence on a day or days to be fixed by Proclamation.

(5) If a provision referred to in subsection (4) does not commence within the period of 6 months beginning on the day on which this Act receives the Royal Assent, it commences at the end of that period.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - PART II
PART II-AMENDMENT OF THE BANKING ACT 1959

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 3
Principal Act

3. In this Part, "Principal Act" means the Banking Act 1959.*1* *1* No. 6, 1959, as amended. For previous amendments, see No. 127, 1965; No. 93, 1966; No. 84, 1967; Nos. 116, 193 and 216, 1973; No. 132, 1974; No. 156, 1977; No. 78, 1978; No. 19, 1979; No. 80, 1982; No. 76, 1984; No. 166, 1986; and No. 105, 1987.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 4
Interpretation

4. Section 5 of the Principal Act is amended:
(a) by omitting from subsection (1) the definitions of "savings bank" and "trading bank";
(b) by inserting in subsection (1) the following definition:
" 'prudential matters', in relation to a bank, means matters relating to the conduct by the bank of its affairs (whether or not relating to the banking business of the bank):
(a) in such a way as:
(i) to keep itself in a sound financial position; and
(ii) not to cause or promote instability in the Australian
financial system; and
(b) with integrity, prudence and professional skill;"; (c) by
adding at the end of paragraph (2) (a) "and";
(d) by omitting paragraph (2) (b).

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 5
Authority to carry on banking business

5. (1) Section 9 of the Principal Act is amended:
(a) by omitting subsections (4) and (5) and substituting the following subsections:

"(4) The Governor-General may, at any time, by notice in writing served on
the body corporate concerned:
(a) impose conditions, or additional conditions, on an authority; or
(b) vary or revoke conditions imposed on an authority.

"(5) A condition relating to a prudential matter may be expressed to

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have
effect notwithstanding anything in the regulations.";
(b) by omitting subsection (7) and substituting the following subsection:

"(7) Where an authority under this section is granted to a body corporate,
the First Schedule is amended by the addition of the name of the body corporate.";
(c) by inserting after subsection (8) the following subsection:

"(8A) Where:
(a) a body corporate in possession of an authority under this section, by
notice in writing to the Treasurer, requests the revocation of the authority; and
(b) the Governor-General is satisfied that:
(i) the revocation would not prejudice the interests of the depositors of the bank; and
(ii) the revocation would not be likely to be contrary to the national
interest;
the Governor-General shall revoke the authority.";
(d) by inserting after subsection (9) the following subsection:

"(9A) Where the Treasurer is satisfied that a body corporate in possession
of an authority under this section:
(a) has ceased to exist; or
(b) has changed its name;
the Treasurer shall cause to be published in the Gazette a notice to the
effect that the Treasurer is so satisfied and, upon the publication of the notice, the First Schedule is amended, with effect from the date on which the body corporate ceased to exist or changed its name, by the omission of the name or by a change of the name, as the case may be.";
(e) by omitting from subsection (10) "(5)" and substituting "(4)".

(2) Conditions that were in force under section 9 of the Principal Act immediately before the commencement of this section have effect as if they had been imposed under subsection 9 (4) of the Principal Act as amended by this Act.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 6

6. After section 11 of the Principal Act the following Division is inserted:

"Division 1A-Prudential Supervision and Monitoring of Banks
Prudential requirements may be prescribed by the regulations
"11A. The regulations may make provision for and in relation to requiring banks to observe such requirements in relation to prudential matters as are specified in, or ascertained in accordance with, the regulations.

Reserve Bank to monitor prudential matters
"11B. The functions of the Reserve Bank include:
(a) the collection and analysis of information in respect of prudential matters relating to banks;
(b) the encouragement and promotion of the carrying out by banks of sound practices in relation to prudential matters; and
(c) the evaluation of the effectiveness and carrying out of those practices.

Division not to limit operation of other provisions
"11C. Nothing in this Division is intended to limit the operation of any other provision of this Act or of the Reserve Bank Act 1959.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 7
Supply of information

7. Section 13 of the Principal Act is amended by omitting from subsection (3) "an officer of the Reserve Bank Service" and substituting "a person".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 8
Banks unable to meet obligations

8. Section 14 of the Principal Act is amended:
(a) by omitting paragraph (2) (c) and substituting the following paragraph:
"(c) the Reserve Bank is of the opinion that a bank is likely to become
unable to meet its obligations or is about to suspend payment;";
(b) by omitting from subparagraph (2) (d) "an officer of the Reserve Bank Service" and substituting "a person";
(c) by omitting from subsection (3) "an officer" and substituting "a person";
(d) by omitting from subsection (3) "the officer" (wherever occurring) and substituting "the person";
(e) by omitting from subsection (3) "he" and substituting "the person".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 9
Indemnity

9. Section 15 of the Principal Act is amended by omitting "officer of the Reserve Bank Service" and substituting "other person".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 10
Assets of banks

10. Section 16 of the Principal Act is amended by omitting subsection (3).

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 11

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11. Division 3 of Part II of the Principal Act is repealed and the following Division is substituted:

"Division 3-Non-callable Deposits
Interpretation
"17. In this Division:
'determination' means a determination under section 20;
'eligible assets' means assets specified in a notice under subsection 18 (1);
'eligible liabilities' means liabilities specified in a notice under subsection 18 (2);
'month' means any of the 12 months of the year;
'non-callable deposit ratio' means the percentage specified in a determination.

Base for calculating deposits-eligible assets or eligible liabilities
"18. (1) The Reserve Bank may, by notice in the Gazette, direct that specified assets are eligible assets for the purposes of this Division.

"(2) The Reserve Bank may, by notice in the Gazette, direct that specified liabilities are eligible liabilities for the purposes of this Division.

"(3) The Reserve Bank may, by notice in the Gazette, direct that deposits in Non-callable Deposit Accounts on or after a specified day shall be calculated by reference to whichever of the following is specified:
(a) eligible assets;
(b) eligible liabilities.

"(4) The Reserve Bank shall not give a notice under this section except with the approval of the Treasurer.

Daily eligible assets or eligible liabilities of banks-averaging provision
"19. (1) For the purposes of this Division, a bank's eligible assets applicable to each day during each period commencing at the beginning of the third Wednesday in a month and ending at the end of the day before the third Wednesday in the following month shall be taken to be an amount equal to the average of the bank's eligible assets as at the close of business on each Wednesday (other than a Wednesday declared by the Reserve Bank, by notice published in the Gazette, to be a day to which this section does not apply) in the month before the month in which the first-mentioned Wednesday falls.

"(2) For the purposes of this Division, a bank's eligible liabilities applicable to each day during each period commencing at the beginning of the third Wednesday in a month and ending at the end of the day before the third Wednesday in the following month shall be taken to be an amount equal to the average of the bank's eligible liabilities as at the close of business on each Wednesday (other than a Wednesday declared by the Reserve Bank, by notice published in the Gazette, to be a day to which this section does not apply) in the month before the month in which the first-mentioned Wednesday falls.

"(3) Section 22 does not apply to a bank in relation to a particular day during a period commencing at the beginning of the third Wednesday in a month and ending at the end of the day before the third Wednesday in the following month unless the bank was in existence at all times during the month before the month in which the first-mentioned Wednesday falls.

"(4) The regulations may provide that a reference in this section to Wednesday shall be read as a reference to such other day as is prescribed.

Determination of non-callable deposit ratios
"20. (1) The Reserve Bank may, by notice in the Gazette, determine that the non-callable deposit ratio applicable to banks is such percentage, not exceeding 1%, as is specified in the determination.

"(2) The Reserve Bank shall specify in the determination the date from which it is to have effect.

"(3) The determination shall apply to all banks.

"(4) The Reserve Bank shall not give a notice under this section except with the approval of the Treasurer.

Non-callable Deposit Account
"21. Each bank shall, for the purposes of this Division, maintain with the Reserve Bank an account to be known as a Non-callable Deposit Account.

Banks to maintain non-callable deposits
"22. (1) A bank shall, on each day on which a determination that applies to the bank is in force, have on deposit in the bank's Non-callable Deposit Account an amount not less than the amount which, when expressed as a percentage of:
(a) if deposits for the day concerned are required because of a notice under subsection 18 (3) to be calculated by reference to eligible assets-the bank's eligible assets applicable to that day; or
(b) if deposits for the day concerned are required because of a notice under subsection 18 (3) to be calculated by reference to eligible liabilities-the bank's eligible liabilities applicable to that day; is the same as the non-callable deposit ratio specified in the determination.

"(2) Where the minimum amount that, apart from this subsection, a bank would be required under this Division to have on deposit in its Non-callable Deposit Account is not a multiple of $1,000, the amount which the bank is so required to have on deposit is the greatest amount below the first-mentioned amount that is a multiple of $1,000.

Penalty for failure to maintain non-callable deposits
"23. (1) Subject to subsection (2), if a bank fails to comply with section

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22 on any day, the bank is guilty of an offence in respect of that day and is, on conviction, liable to a fixed penalty equal to 20% of one-three hundred and sixty-fifth of the shortfall.

"(2) A bank is not guilty of an offence under this section in respect of a day on which it fails to comply with section 22 if:
(a) that day is a Sunday or, in the State or Territory in which the head office in Australia of the bank is situated, a public holiday or bank holiday; and
(b) on the last day before that day which was not a Sunday or, in that State or Territory, a public holiday or bank holiday, the bank had not failed to comply with that section.

Interest to be paid on Non-callable Deposit Accounts
"24. (1) The Reserve Bank shall pay interest, at half-yearly intervals, to a bank on the daily balance of that bank's Non-callable Deposit Account at a rate determined in writing by the Reserve Bank with the approval of the Treasurer.

"(2) The rate of interest determined under subsection (1) shall be the same for each bank.

Repayments from Non-callable Deposit Accounts
"25. If, on any day, the amount to the credit of the Non-callable Deposit Account of a bank exceeds the minimum amount which, under this Division, the bank is required to have on deposit in that Account on that day, the Reserve Bank shall, as soon as is practicable, repay to the bank, from that Account, the amount of the excess.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 12
Advance policy

12. Section 36 of the Principal Act is amended:
(a) by omitting from subsection (1) all the words after "advances" to and including "applicable to it" and substituting "to be followed by banks, and a bank shall follow the policy so determined that is applicable to it";
(b) by omitting from subsection (2) all the words after "advances" to and including "applicable to it" and substituting "may or may not be made by banks, and a bank shall comply with any directions so given that are applicable to it";
(c) by omitting subsection (4).

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 13
Repeal of Division 6 of Part II

13. Division 6 of Part II of the Principal Act is repealed.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 14
Control of interest rates

14. Section 50 of the Principal Act is amended by omitting paragraph (1) (c) and substituting the following paragraph:
"(c) providing that interest shall not be payable in respect of an amount deposited with a bank, or with another person in the course of banking business carried on by the person, and repayable on demand or after the end of a period specified in the regulations.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 15

15. Part VI of the Principal Act is repealed and the following Part is substituted:
"PART VI-COLLECTION AND PUBLICATION OF INFORMATION ABOUT BANKS
Collection and publication of information about banks
"51. (1) The regulations may make provision for and in relation to:
(a) requiring a bank to give information relating to its banking business to the Reserve Bank;
(b) specifying, or enabling the Reserve Bank to specify, the manner and form in which the information is to be given;
(c) requiring information given to be verified by a statutory declaration made by a senior officer of the bank;
(d) enabling the Treasurer to exempt a bank (either unconditionally or conditionally) from compliance with such an obligation to give information; and
(e) requiring the Reserve Bank to prepare and publish, in respect of a bank, all or any of the following:
(i) a balance-sheet;
(ii) a profit and loss statement;
(iii) a statement of assets and liabilities;
(iv) with the consent of the bank concerned-other information.

"(2) Regulations made for the purposes of this section shall not require information to be given with respect to the affairs of an individual customer unless the information is in respect of prudential matters relating to the bank concerned.

"(3) Regulations made for the purposes of paragraph (1) (e) shall not require the preparation and publication of information with respect to the affairs of an individual customer.

Secretary to the Department of the Treasury may request copies of information given to the Reserve Bank
"52. (1) The Secretary to the Department of the Treasury may request the Reserve Bank to give to the Secretary a copy of particular information that:
(a) was given to the Reserve Bank under regulations made for the purposes of section 51; or

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(b) was derived from such information.

"(2) Subject to subsection (3), the Reserve Bank shall comply with the request.

"(3) If:
(a) the Reserve Bank receives a request for a copy of particular information; and
(b) the Reserve Bank certifies that the information is of a kind that the Reserve Bank uses only in connection with prudential matters relating to one or more banks;
the Reserve Bank is not required to comply with the request.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 16

16. Section 61 of the Principal Act is repealed and the following section is substituted:

Reserve Bank to conduct investigations where Governor considers necessary
"61. (1) Where the Governor of the Reserve Bank is satisfied that a report on specified prudential matters in relation to a bank is necessary, the Reserve Bank may, in writing, appoint a person to investigate and report on those specified prudential matters in relation to that bank.

"(2) The bank:
(a) shall afford the person access to its books, accounts and documents; and
(b) shall give to the person such information and facilities as the person requires to conduct the investigation.

"(3) Nothing in this section is intended to limit the operation of any other provision of this Act.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 17
Supply of information

17. Section 62 of the Principal Act is amended:
(a) by adding at the end of subsection (2) ", unless the information is in respect of prudential matters relating to a bank";
(b) by adding at the end the following subsections:

"(3) Nothing in Part VI restricts the powers conferred by this section.

"(4) The Secretary to the Department of the Treasury may request the
Reserve Bank to give to the Secretary a copy of particular information that:
(a) was given to the Reserve Bank under subsection (1); or
(b) was derived from such information.

"(5) Subject to subsection (6), the Reserve Bank shall comply with the
request.

"(6) If:
(a) the Reserve Bank receives a request under subsection (4) for a copy of particular information; and
(b) the Reserve Bank certifies that the information is of a kind that the
Reserve Bank uses only in connection with prudential matters relating to one or more banks;
the Reserve Bank is not required to comply with the request.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 18
Settlement of balances between banks

18. Section 64 of the Principal Act is amended by omitting "trading" (wherever occurring).

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 19

19. Sections 66 and 67 of the Principal Act are repealed and the following sections are substituted:

Restriction on use of word ''bank'' etc.
"66. (1) Except with the consent in writing of the Treasurer, a person (not being a bank) shall not, in Australia, assume or use a bank-related word in relation to a financial business carried on by the person (whether or not in Australia).

"(2) The Treasurer may, at any time, by notice in writing served on the person concerned:
(a) impose conditions, or additional conditions, on a consent;
(b) vary or revoke conditions imposed on a consent; or
(c) revoke a consent.

"(3) Where a consent is subject to conditions, the person to whom the consent is given shall comply with those conditions.

"(4) In this section:
(a) a reference to a bank-related word is a reference to:
(i) the word 'bank', 'banker' or 'banking'; or
(ii) any word of a like import (whether or not in English);
(b) a reference to a word being assumed or used includes a reference to the word being assumed or used:
(i) as part of another word; or
(ii) in combination with other words, letters or other symbols; and
(c) a reference to a financial business is a reference to a business that:
(i) consists of, or includes, the provision of financial services; or
(ii) relates, in whole or in part, to the provision of financial services.

Restriction on establishment or maintenance of representative offices of overseas banks
"67. (1) Except with the consent in writing of the Treasurer, a person (not

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being a bank) who carries on banking business in a foreign country but does not carry on banking business in Australia shall not establish or maintain an office in Australia wholly or partly in connection with the carrying on of that banking business in that foreign country.

"(2) The Treasurer may, at any time, by notice in writing served on the person concerned:
(a) impose conditions, or additional conditions, on a consent;
(b) vary or revoke conditions imposed on a consent; or
(c) revoke a consent.

"(3) Where a consent is subject to conditions, the person to whom the consent is given shall comply with those conditions.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 20
Unclaimed moneys

20. (1) Section 69 of the Principal Act is amended:
(a) by omitting from subsections (1), (3), (6), (10) and (11) "trading" (wherever occurring);
(b) by omitting from subsection (3) "unclaimed moneys" and substituting "sums of unclaimed moneys of not less than $100 or such higher amount as is prescribed";
(c) by omitting subsections (4) and (5) and substituting the following subsections:

"(3A) The regulations may require the statement to be delivered in a
specified form in a specified kind of disk, tape, film or other medium.

"(4) The statement shall set out:
(a) the name, and the last-known address, of each shareholder, depositor
or creditor;
(b) the amount due;
(c) in the case of moneys to the credit of an account-the office or branch of the bank at which the account was kept; and
(d) if the shareholder, depositor or creditor is known to the bank to be
dead-the name and address, so far as they are known to the bank, of his or her legal representative.

"(5) The total amount shown in the statement shall be paid by the bank to
the Commonwealth at the time of the delivery of the statement.";
(d) by omitting subsection (9) and substituting the following subsection:

"(9) The Treasurer shall cause particulars of every sum shown in a
statement delivered under this section to be:
(a) published in the Gazette; or
(b) made available to the public (whether or not on the payment of a fee)
in such other manner as is prescribed.";
(e) by inserting after subsection (11) the following subsection:

"(11A) It is the intention of the Parliament that a law of a State or
Territory has no effect insofar as it requires a bank to:
(a) pay unclaimed moneys to, or to an authority of, a State or Territory;
or
(b) lodge a return relating to unclaimed moneys with, or with an authority of, a State or Territory.";
(f) by omitting from subsection (12) the definition of "trading bank".

(2) The amendments made by paragraphs (1) (a), (b), (c), (d) and (f) apply in relation to:
(a) statements of unclaimed moneys as at 31 December next following the date of commencement of this subsection; and
(b) statements of unclaimed moneys as at a date after that 31 December.

(3) Subsection 69 (11A) of the Principal Act as amended by this Act applies in relation to:
(a) unclaimed moneys as at 31 December next following the date of commencement of this subsection; and
(b) unclaimed moneys as at a date after that 31 December.

(4) In the application of section 69 of the Principal Act as amended by this Act in relation to unclaimed moneys in relation to a bank that, immediately before the commencement of this subsection, was a savings bank as defined by subsection 5 (1) of the Principal Act, a reference to unclaimed moneys does not include a reference to moneys to the credit of an account that, as at 31 December next following the date of commencement of this subsection, has not been operated on (either by deposit or withdrawal) for a period of not less than 8 years.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 21

21. After section 70 of the Principal Act the following section is inserted:

Delegation by Treasurer
"70A. (1) The Treasurer may, by writing, delegate all or any of the Treasurer's powers under sections 66 and 67 to a person occupying or performing the duties of:
(a) the office of Governor or Deputy Governor of the Reserve Bank;
(b) a specified office in the Reserve Bank Service; or
(c) a specified office in the Department of the Treasury.

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"(2) The delegate is, in the exercise of the power delegated under subsection (1), subject to the directions of the Treasurer.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 22
Regulations

22. Section 71 of the Principal Act is amended by adding at the end the following subsections:

"(2) Without limiting the generality of subsection (1), the regulations may confer on the Reserve Bank functions relating to the supervision of banks in relation to prudential matters.

"(3) The Governor-General shall not make regulations for or in relation to requiring banks to observe requirements in relation to prudential matters except in accordance with the recommendation of the Treasurer.

"(4) Before making a recommendation for the purposes of subsection (3), the Treasurer shall consult the Reserve Bank.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 23
First Schedule

23. (1) The First Schedule to the Principal Act is repealed and the Schedule set out in Schedule 1 to this Act is substituted.

(2) The First Schedule to the Principal Act is amended:
(a) by omitting the headings to Parts I and II;
(b) by re-ordering the names in alphabetical order (on a letter-by-letter basis).

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 24
Repeal of Second Schedule

24. The Second Schedule to the Principal Act is repealed.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 25
Amendments relating to offences

25. The Principal Act is amended as set out in Schedule 2.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 26
Formal amendments

26. The Principal Act is amended as set out in Schedule 3.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 27
Transitional-non-callable deposit ratios

27. (1) In this section:
"amended Act" means the Principal Act as amended by this Act.

(2) The Reserve Bank may, by notice in the Gazette, determine that the non-callable deposit ratio applicable to a specified bank in respect of a period ending before 1 October 1991 shall, notwithstanding section 20 of the amended Act, be such percentage as is specified in the determination.

(3) A determination under subsection (2) of this section has effect as if it were a determination under section 20 of the amended Act.

(4) Where:
(a) a determination under subsection (2) applicable to a particular bank is in force on a particular day (in this subsection called the "deposit day");
(b) the determination specifies a percentage exceeding 1%; and
(c) apart from this subsection, the bank would be required to have on deposit in the bank's Non-callable Deposit Account on the deposit day an amount that exceeds the amount (in this subsection called the "26 September 1988 SRD amount") that the bank was required to have on deposit in the bank's Statutory Reserve Deposit Account on 26 September 1988;
section 22 of the amended Act applies as if the amount that the bank is required to have on deposit in the bank's Non-callable Deposit Account on the deposit day is an amount not less than the 26 September 1988 SRD amount.

(5) The Reserve Bank shall not give a notice under this section except with the approval of the Treasurer.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 28
Transitional-abolition of distinction between savings banks and trading banks

28. (1) In this section:
"amended Act" means the Principal Act as amended by this Act.

(2) A reference in a law of the Commonwealth or of a Territory, or in an instrument or a document, to a trading bank as defined by subsection 5(1) of the Principal Act shall, in relation to things done on or after the date of commencement of this section, be read as a reference to a bank as defined by subsection 5 (1) of the amended Act.

(3) A reference in a law of the Commonwealth or of a Territory, or in an instrument or a document, to a savings bank as defined by subsection 5 (1) of the Principal Act shall, in relation to things done on or after the date of commencement of this section, be read as a reference to a bank as defined by subsection 5 (1) of the amended Act.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - PART III
PART III-AMENDMENT OF THE COMMONWEALTH BANKS ACT 1959

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 29
Principal Act

29. In this Part, "Principal Act" means the Commonwealth Banks Act 1959.*2* *2* No. 5, 1959, as amended. For previous amendments, see No. 75, 1961; No. 3, 1962; No. 57, 1963; No. 132, 1965; Nos. 58 and 93, 1966; No. 144, 1968; Nos. 18, 117 and 216, 1973; No. 81, 1974; No. 37, 1976; Nos. 36 and 77, 1978; No. 177, 1980; No. 29, 1981; No. 92, 1983; Nos. 63 and 76, 1984; No. 194, 1985; No. 182, 1987; and No. 123, 1988.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 30

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Capital

30. Section 30 of the Principal Act is amended by inserting after paragraph (c) the following paragraph:
"(ca) such other sums as are transferred from the reserves of the Commonwealth Bank under section 30A;".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 31

31. After section 30 of the Principal Act the following section is inserted:

Transfers from reserves to capital
"30A. There may be transfered from the reserves of the Commonwealth Bank to the capital of the Commonwealth Bank such sums as the Board determines.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 32
Commonwealth Bank Reserve Fund

32. Section 31 of the Principal Act is amended by omitting from paragraph (1) (b) "subsection 32 (3) or (4)" and substituting "section 33".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 33

33. After section 32 of the Principal Act the following section is inserted:

Crediting of amounts to Commonwealth Bank Reserve Fund
"33. The Board may place to the credit of the Commonwealth Bank Reserve Fund an amount that does not exceed so much of the net profits of the Commonwealth Bank as has not previously been dealt with under section 32 or this section.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 34
General functions of Savings Bank

34. Section 41 of the Principal Act is amended:
(a) by omitting from subsection (1) "the general business of a savings bank" and substituting "general banking business";
(b) by omitting from subsection (1A) "savings banks" and substituting "banks";
(c) by omitting subsection (2).

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 35
Share capital

35. Section 42A of the Principal Act is amended:
(a) by inserting after subsection (8) the following subsection:
"(8A) The Board may direct the Savings Bank to apply the whole or a
specified part of the amount standing to the credit of a specified reserve of the Savings Bank 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.";
(b) by inserting in subsection (9) "or (8A)" after "(8)".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 36
Amalgamation of other banks with Commonwealth Savings Bank

36. Section 50 of the Principal Act is amended by omitting "other savings bank" (wherever occurring) and substituting "other bank".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 37
Repeal of section 53

37. Section 53 of the Principal Act is repealed.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 38
Commonwealth Development Bank Reserve Fund

38. Section 76 of the Principal Act is amended by omitting from paragraph (1) (c) "77" and substituting "78".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 39
Repeal of section 77

39. Section 77 of the Principal Act is repealed.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 40

40. After section 77A of the Principal Act the following section is inserted:

Crediting of amounts to Commonwealth Development Bank Reserve Fund
"78. The Board may place to the credit of the Commonwealth Development Bank Reserve Fund a specified amount, being an amount that does not exceed so much of the net profits of the Commonwealth Development Bank as has not previously been dealt with under section 77A or this section.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 41
Agents etc.

41. Section 83 of the Principal Act is amended by omitting from paragraph (b) "Part I of".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 42
Annual reports and financial statements

42. (1) Section 121 of the Principal Act is amended:
(a) by omitting from paragraph (1) (b) "prescribed forms" and substituting "regulations";
(b) by inserting after subsection (1) the following subsection:

"(1A) Section 121A does not, by implication, limit the power to prescribe
requirements for financial statements by reference to requirements for accounts prescribed under the Companies Act 1981.".

(2) The amendments made by subsection (1) apply in relation to a financial year ending on or after the date of commencement of this section.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 43
Transitional-Depositors' Unclaimed Fund

43. (1) So much of the money standing to the credit of the Depositors'
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Unclaimed Fund immediately before the commencement of this section as represents sums of not less than $100 shall be paid to the Commonwealth.

(2) The payment shall be accompanied by a statement, in a form approved by the Treasurer, setting out particulars of the sums concerned.

(3) Subject to subsection (5) of this section, subsections 69 (7), (8) and (9) of the Banking Act 1959 apply in relation to the amount paid under subsection (1) of this section as if it had been paid by the Savings Bank under section 69 of that Act.

(4) Subject to subsection 69 (7) of the Banking Act 1959, the Savings Bank is, upon payment to the Commonwealth of an amount as required by this section, discharged from further liability in respect of that amount.

(5) Subsection 69 (9) of the Banking Act 1959 does not require the publication of particulars of a sum that was included in a list published under subsection 53 (3) of the Principal Act before the commencement of this section.

(6) Notwithstanding the repeal of section 53 of the Principal Act effected by this Part, that section continues in force, after the commencement of this section, in relation to:
(a) so much of the money standing to the credit of the Depositors' Unclaimed Fund immediately before the commencement of this section as is not required by subsection (1) of this section to be paid to the Commonwealth; and
(b) money that became the absolute property of the Savings Bank before the commencement of this section;
as if that repeal had not been effected.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - PART IV
PART IV-AMENDMENT OF THE RESERVE BANK ACT 1959

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 44
Principal Act

44. In this Part, "Principal Act" means the Reserve Bank Act 1959.*3* *3* No. 4, 1959, as amended. For previous amendments, see No. 96, 1965; No. 93, 1966; Nos. 118 and 216, 1973; No. 36, 1978; No. 155, 1979; No. 70, 1980; No. 122, 1981; Nos. 63 and 76, 1984; No. 65, 1985; and No. 166, 1986.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 45
Profits

45. Section 30 of the Principal Act is amended by omitting "arising from business carried on under this Part".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 46
Repeal of section 33

46. Section 33 of the Principal Act is repealed.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 47
Issue, re-issue and cancellation of notes

47. Section 34 of the Principal Act is amended by omitting from subsection (1) ", through the Note Issue Department".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 48
Repeal of sections 38 to 42 (inclusive)

48. Sections 38 to 42 (inclusive) of the Principal Act are repealed.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 49
Determination of net profits

49. Section 78 of the Principal Act is amended by omitting ", or of the Note Issue Department of the Bank".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 50
Annual reports and financial statements

50. Section 81 of the Principal Act is amended:
(a) by inserting after paragraph (1) (a) the following paragraph:
"(aa) a report on any investigations on prudential matters pursuant to
section 61 of the Banking Act 1959, including details of persons appointed to investigate and report on such matters; and"; and
(b) by inserting after subsection (1) the following subsection:

"(1A) Nothing in this section authorises the Board to furnish a report
under paragraph (1) (aa) with respect to the affairs of an individual bank or the affairs of an individual customer of a bank.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 51
Transitional-net profits of Note Issue Department

51. Notwithstanding anything in the Principal Act, the net profits of the Note Issue Department in the year in which this section commences shall be dealt with in accordance with section 30 of the Principal Act as amended by this Act.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - PART V
PART V-AMENDMENT OF OTHER ACTS IN CONNECTION WITH THE
ABOLITION OF THE DISTINCTION BETWEEN SAVINGS BANKS
AND TRADING BANKS

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SECT 52
Amendment of Acts

52. The Acts specified in Schedule 4 are amended as set out in that Schedule.

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SCHEDULE 1

SCHEDULE 1
Subsection 23 (1) SCHEDULE TO BE SUBSTITUTED FOR THE FIRST SCHEDULE TO THE BANKING ACT 1959

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"FIRST SCHEDULE
Sections 5 and 9 PART I-TRADING BANKS
Australia and New Zealand Banking Group Limited
Australian Bank Limited
Bankers Trust Australia Limited
Bank of America Australia Limited
Bank of China
Bank of New Zealand
Bank of Queensland Limited
Bank of Singapore (Australia) Limited
Bank of Tokyo Australia Limited
Banque Nationale de Paris
Barclays Bank Australia Limited
Chase AMP Bank Limited
Citibank Limited
Deutsche Bank Australia Limited
Hongkong Bank of Australia Limited
IBJ Australia Bank Limited
Lloyds Bank NZA Limited
Macquarie Bank Limited
Mitsubishi Bank of Australia Limited
National Australia Bank Limited
National Mutual Royal Bank Limited
NatWest Australia Bank Limited
Primary Industry Bank of Australia Limited
Standard Chartered Bank Australia Limited
Westpac Banking Corporation
PART II-SAVINGS BANKS
Advance Bank Australia Limited
Australia and New Zealand Savings Bank Limited
Bank of New Zealand Savings Bank Limited
Bank of Queensland Savings Bank Limited
Challenge Bank Limited
Citibank Savings Limited
Civic Advance Bank Limited
Metway Bank Limited
National Australia Savings Bank Limited
National Mutual Royal Savings Bank Limited
The Hobart Savings Bank
Westpac Savings Bank Limited".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SCHEDULE 2

SCHEDULE 2
Section 25 AMENDMENTS OF THE BANKING ACT 1959 RELATING TO OFFENCES
PART I
Sections 7, 8, 9, 10, 11, 14, 16, 33, 36, 62, 63, 64 and 69 are amended by
omitting the penalties.

PART II
Section 49:
Repeal the section.

Paragraph 50 (1) (b):
Omit "and".

Subsection 50 (1):
Add at the end the following word and paragraph:
"; and (d) prescribing penalties, for offences against the regulations, not
exceeding:
(i) if the offender is a natural person-a fine of $5,000; or
(ii) if the offender is a body corporate-a fine of $25,000.".

Subsection 50 (2):
Omit the subsection.

Paragraph 63A (2) (a):
Omit "Two thousand dollars", substitute "$100,000".

Subsection 69 (10):
Omit "provision of this section which", substitute "of the requirements of
subsections (3), (4), (5) and (7) that".

After section 69:
Insert the following sections:
Offences
"69A. (1) A person who contravenes a provision of this Act specified in
column 1 of the table at the end of this section:
(a) if the contravention continues beyond the end of the day on which it
commenced-is guilty of an offence in respect of each day during the whole or a
part of which the contravention continues (including the day of conviction for
any such offence or any later day); or
(b) in any other case-is guilty of an offence.

"(2) A person who contravenes a provision of this Act specified in column 2
of the table is guilty of an offence.

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"(3) An offence against this section in relation to a provision of this Act
specified in column 1 or 2 of the table is punishable, on conviction, as
follows:
(a) if the letter A is specified in column 3 opposite to the reference to the provision in column 1 or 2:
(i) if the offender is a natural person-by a fine not exceeding $20,000;
or
(ii) if the offender is a body corporate-by a fine not exceeding $100,000; (b) if the letter B is specified in column 3 of the table opposite to the
reference to the provision in column 1 or 2;
(i) if the offender is a natural person-by a fine not exceeding $5,000;
or
(ii) if the offender is a body corporate-by a fine not exceeding $25,000.

"(4) An offence to which paragraph (3) (a) applies in an indictable offence.

"(5) Nothing in this section is intended to imply that section 4K of the
Crimes Act 1914 does not apply to offences against this Act or the regulations.

TABLE OF OFFENCES
------------------------------------------------------------------------------ -- Item Column 1 Column 2 Column 3 (continuing
offences) (ordinary offences) (penalty level) ------------------------------------------------------------------------------ -- 1 section 7 A 2 section 8 A 3 subsection 9 (6) A 4 subsection 10 (3) B 5 subsection 11 (3) A 6 subsection 14 (1) A 7 subsection 14 (3) or (4) B 8 subsection 16 (2) A 9 subsection 33 (4) A 10 subsection 36 (1) or (2) A 11 section 41 A 12 subsection 42 (1) or (2) B 13 subsection 45 (1) or (3) A 14 section 46 A 15 subsection 61 (2) B 16 subsection 62 (1) A 17 section 63 A 18 section 64 B 19 section 66 B 20 section 67 B 21 subsection 69 (10) B ------------------------------------------------------------------------------ -- Certain indictable offences may be dealt with summarily
"69B. (1) An indictable offence referred to in subsection 69A (4) may be
heard and determined, with the consent of the prosecutor and the defendant, by a court of summary jurisdiction.

"(2) Where an offence is dealt with by a court of summary jurisdiction under
subsection (1), the penalty that the court may impose is:
(a) if the offender is a natural person-a fine not exceeding $5,000; or
(b) if the offender is a body corporate-a fine not exceeding $25,000.
Conduct of directors, servants and agents
"69C. (1) Where it is necessary to establish, for the purposes of this Act or
the regulations, the state of mind of a body corporate in relation to particular conduct, it is sufficient to show:
(a) that the conduct was engaged in by a director, servant or agent of the
body corporate within the scope of his or her actual or apparent authority; and
(b) that the director, servant or agent had the state of mind.

"(2) Any conduct engaged in on behalf of a body corporate by a director,
servant or agent of the body corporate within the scope of his or her actual or
apparent authority shall be deemed, for the purposes of this Act and the
regulations, to have been engaged in also by the body corporate unless the body
corporate establishes that the body corporate took reasonable precautions and
exercised due diligence to avoid the conduct.

"(3) Where it is necessary to establish, for the purposes of this Act or the

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regulations, the state of mind of a person other than a body corporate in
relation to particular conduct, it is sufficient to show:
(a) that the conduct was engaged in by a servant or agent of the person
within the scope of his or her actual or apparent authority; and
(b) that the servant or agent had the state of mind.

"(4) Any conduct engaged in on behalf of a person other than a body corporate
by a servant or agent of the person within the scope of his or her actual or
apparent authority shall be deemed, for the purposes of this Act and the
regulations, to have been engaged in also by the first-mentioned person unless
the first-mentioned person establishes that the first-mentioned person took
reasonable precautions and exercised due diligence to avoid the conduct.
"(5) Where:
(a) a person other than a body corporate is convicted of an offence; and
(b) the person would not have been convicted of the offence if subsections
(3) and (4) had not been enacted;
the person is not liable to be punished by imprisonment for that offence.

"(6) A reference in subsection (1) or (3) to the state of mind of a person
includes a reference to:
(a) the knowledge, intention, opinion, belief or purpose of the person; and
(b) the person's reasons for the intention, opinion, belief or purpose.

"(7) A reference in this section to a director of a body corporate includes a
reference to a constituent member of a body corporate incorporated for a public
purpose by a law of the Commonwealth, of a State or of a Territory.

"(8) A reference in this section to engaging in conduct includes a reference
to failing or refusing to engage in conduct.".

Section 70:
Add at the end the following subsection:
"(5) For the purposes of this section:
(a) an offence against section 6, 7 or 7A of the Crimes Act 1914; or
(b) an offence against subsection 86 (1) of that Act by virtue of paragraph
(a) of that subsection;
in relation to a provision of this Act or of the regulations shall be treated as if it were an offence against that provision of this Act or of the
regulations.".

Section 71:
Omit "prescribing penalties which, except as otherwise provided by this Act,
shall not exceed Two hundred dollars for any offence against the regulations",
substitute "prescribing penalties for offences against the regulations which,
except as otherwise provided by this Act, shall not exceed:
(a) if the offender is a natural person-a fine of $5,000; or
(b) if the offender is a body corporate-a fine of $25,000.".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SCHEDULE 3

SCHEDULE 3
Section 26 FORMAL AMENDMENTS OF THE BANKING ACT 1959
Subsection 6A (1):
Omit "of this section".

Subsection 6A (2):
Omit "-1973".

Section 8:
Omit "the next succeeding section", substitute "section 9".

Subsection 10 (2):
Omit "the last preceding subsection", substitute "subsection (1)".

Subsection 10 (3):
Omit "three", substitute "3".

Subsection 13 (2):
Omit "the last preceding subsection", substitute "subsection (1)".

Subsection 14 (3):
Omit "in pursuance of the last preceding section, or in pursuance of the last
preceding subsection", substitute "under section 13 or subsection (2) of this
section".

Subsection 14 (5):
Omit "the next succeeding subsection", substitute "subsection (6)".
Subsection 33 (1):
Omit "twenty-one", substitute "21".

Subsection 33 (2):
Omit "the last preceding subsection", substitute "subsection (1)".

Subsection 33 (4):
Omit "seven", substitute "7".

Section 34:

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Omit "the last preceding section", substitute "section 33".

Subsection 36 (2):
Omit "the last preceding subsection", substitute "subsection (1)".

Subsection 39 (1):
Omit "he", substitute "the Governor-General".

Subsection 39 (6):
Omit "his".

Subsection 39A (2):
Omit "-1973".

Subsection 39A (2):
Omit "Australia", substitute "the Commonwealth".

Paragraph 39B (1) (a):
Omit "-1974".

Subsection 40 (2):
Omit "he", substitute "the Governor-General".

Subsection 42 (1):
Omit "his" (wherever occurring), substitute "the person's".

Subsection 42 (1):
Omit "one", substitute "1".

Subsection 42 (2):
Omit "his" (wherever occurring), substitute "the person's".

Subsection 42 (2):
Omit "him", substitute "the person".

Subsection 42 (2):
Omit "he" (wherever occurring), substitute "the person".

Subsection 42 (2):
Omit "one", substitute "1".

Section 43:
Omit "the last preceding section", substitute "section 42".

Section 43:
Omit "the next succeeding section", substitute "section 44".

Subsection 45 (2):
Omit "his", substitute "the person's".

Subsection 45 (3):
Omit "him", substitute "the person".

Section 46:
Omit "his" (wherever occurring), substitute "the person's".

Section 46:
Omit "him", substitute "the person".

Subsection 62 (1):
Omit "his", substitute "the person's".

Subsection 65 (2):
Omit "the last preceding subsection", substitute "subsection (1)".

Subsection 65 (3):
Omit "the last preceding subsection", substitute "subsection (2) of this
section".

Subsection 69 (1):
Omit "seven", substitute "7".

Subsection 69 (2):
Omit "the last preceding subsection", substitute "subsection (1)".

Subsection 69 (3):
Omit "three", substitute "3".

Subsection 69 (6):
Omit "the next succeeding subsection", substitute "subsection (7)".

Subsection 69 (7):
Omit "the last preceding subsection", substitute "subsection (6)".

Subsection 69 (8):
Omit "the last preceding subsection", substitute "subsection (7)".

Subsection 69 (12) (definition of "authorized officer"):
Omit "him", substitute "the Secretary".

Subsection 70 (1):
Omit "the next succeeding subsection", substitute "subsection (2)".

Subsection 70 (3):
Omit "the last preceding subsection", substitute "subsection (2)".

Subsection 70 (3):
Omit "his", substitute "the person's".

Subsection 70 (3):
Omit "he", substitute "the person".

BANKING LEGISLATION AMENDMENT ACT 1989 No. 129 of 1989 - SCHEDULE 4

SCHEDULE 4
Section 52 AMENDMENT OF OTHER ACTS IN CONNECTION WITH THE ABOLITION OF THE DISTINCTION
BETWEEN SAVINGS BANKS AND TRADING BANKS
Advisory Council for Inter-government Relations Act 1976
Subsection 2 (1) (paragraph (b) of the definition of "approved bank"):
Omit "trading".

Audit Act 1901
Paragraph 62B (1) (ba):
Omit "savings bank or a trading".

Subsection 62B (4) (definition of "authorized dealer"):
Omit the definition, substitute the following definition:
" 'authorized dealer' means a corporation that:
(a) is a registered corporation within the meaning of the Financial
Corporations Act 1974; and
(b) is declared by regulations made under this Act to be an authorized
dealer for the purposes of this definition;".

Section 62B:
Add at the end the following subsections:
"(5) Regulations made for the purposes of the definition of 'authorized
dealer' in subsection (4) may declare all the corporations included from time to time in a specified category that is determined under section 10 of the
Financial Corporations Act 1974 to be authorized dealers for the purposes of
that definition.

"(6) Subsection (5) does not, by implication, limit the power to declare
corporations by reference to classes.".

Subsection 63D (3):
Omit "trading".

Subsection 63E (2):
Omit "trading".

Australian Bicentennial Authority Act 1980
Section 3 (definition of "approved bank"):
Omit "trading".

Australian Dried Fruits Corporation Act 1978
Section 4 (definition of "approved bank"):
Omit "trading".

Australian Trade Commission Act 1985
Subsection 3 (1) (definition of "approved bank"):
Omit "trading".

Bankruptcy Act 1966
Subsection 5 (1) (definition of "approved bank"):
Omit "trading".

Paragraph 172 (1) (b):
Omit "savings".

Dairy Produce Act 1986
Subsection 3 (1) (definition of "approved bank"):
Omit "trading".

Defence (Re-establishment) Act 1965
Subsection 57 (1):
Omit "savings bank" (wherever occurring), substitute "bank".

Income Tax Assessment Act 1936
Subsection 27A (1) (paragraph (a) of the definition of "eligible bank"):
Omit "savings bank or trading".

Paragraph 128AE (2) (a):
Omit "savings bank or trading".

Subsection 160ACA (1) (paragraph (a) of the definition of "short-term
investments"):
Omit ", being a trading bank".

National Occupational Health and Safety Commission Act 1985
Subsection 58 (8) (definition of "approved bank"):
Omit "trading".

Navigation Act 1912
Subsection 77 (6) (definition of "bank"):
Omit the definition.

Pipeline Authority Act 1973
Subsection 3 (1) (definition of "approved bank"):
Omit "trading".

Stevedoring Industry Finance Committee Act 1977
Section 3 (definition of "approved bank"):
Omit "trading".