Federal Register of Legislation - Australian Government

Primary content

Commonwealth Banks Act 1959

  • - C2004C02845
  • In force - Superseded Version
  • View Series
Act No. 5 of 1959 as amended, taking into account amendments up to Act No. 129 of 1989
Registered 24 Nov 2009
Start Date 28 Dec 1989
End Date 30 Dec 1990

COMMONWEALTH BANKS ACT 1959
- Reprinted as at 31 January 1990 (HISTACT CHAP 85 #DATE 31:01:1990)

*1* The Commonwealth Banks Act 1959 as shown in this reprint comprises Act No. 5, 1959 amended as indicated in the Tables below.
Table of Acts
Act Number Date Date of Application, saving or
and year of Assent commencement transitional provisions
Commonwealth Banks Act 1959
5, 1959 23 Apr 1959
14 Jan 1960
(see s. 2 and
Gazette 1960, p. 47)
Commonwealth Banks Act 1961
75, 1961 27 Oct 1961
27 Oct 1961
S. 3 (2)
Commonwealth Banks Act 1962
3, 1962 23 Mar 1962
23 Mar 1962
S. 3 (2)
Commonwealth Banks Act 1963
57, 1963 28 Oct 1963
28 Oct 1963
S. 3 (2)
Commonwealth Banks Act 1965
132, 1965 18 Dec 1965
14 Feb 1966
S. 4
Commonwealth Banks Act 1966
58, 1966 29 Oct 1966
26 Nov 1966
-
Statute Law Revision (Decimal Currency) Act 1966
93, 1966 29 Oct 1966
1 Dec 1966
-
Commonwealth Banks Act 1968
144, 1968 9 Dec 1968
S. 6: 1 Jan 1969
Remainder:
Royal Assent
S. 13 (2)
Commonwealth Banks Act 1973
18, 1973 11 Apr 1973
11 Apr 1973
-
Commonwealth Banks Act (No. 2) 1973
117, 1973 26 Oct 1973
26 Oct 1973
-
Statute Law Revision Act 1973
216, 1973 19 Dec 1973
31 Dec 1973
Ss. 9 (1)
and 10
Commonwealth Banks Act 1974
81, 1974 18 Oct 1974
18 Oct 1974
S. 4 (2)
Administrative Changes (Consequential Provisions) Act 1978
36, 1978 12 June 1978
12 June 1978
-
Commonwealth Banks Amendment Act 1978
77, 1978 22 June 1978
22 June 1978
-
Public Service and Statutory Authorities Amendment Act 1980
177, 1980 17 Dec 1980
Part IV (ss.
52 and 53):
Royal Assent (a)
-
Commonwealth Banks Amendment Act 1981
29, 1981 14 Apr 1981
12 May 1981
Ss. 5 (2),
(3) and 16
Public Service and Statutory Authorities Amendment Act 1983
92, 1983 22 Nov 1983
22 Nov 1983
-
Public Service Reform Act 1984
63, 1984 25 June 1984
Part X (s. 153):
1 Nov 1984
(see Gazette 1984,
No. S383, p. 1) (b)
-
Commonwealth Banks Amendment Act 1984
76, 1984 25 June 1984
29 June 1984
(see Gazette 1984,
No. S241, p. 1)
Ss. 8 (2)-(4),
11 (2), 12
(2), (3), 17 (2),
(3), 19 (2),
23 (2) and 26
Commonwealth Banks Amendment Act 1985
194, 1985 16 Dec 1985
13 Jan 1986
S. 4 (2)
Commonwealth Banks Amendment Act 1987
182, 1987 26 Dec 1987
Ss. 3 and 32:
30 June 1988
Ss. 27-29, 34
(2), 35 and
Part II of the
Schedule: 1 July 1988
Remainder:
23 Jan 1988
Ss. 16 (2),
24 (2), (3)
and 35
Government Business Enterprises (Miscellaneous Reforms) Act 1988
123, 1988 14 Dec 1988
Part II (ss. 3-12):
26 Jan 1989
Part VI (ss. 26-31):
1 Jan 1989 (see
Gazette 1988,
S399, p. 1)
Part VII (ss. 32-37):
14 Nov 1988
Remainder: Royal Assent
Ss. 18 and 19
Banking Legislation Amendment Act 1989
129, 1989 7 Nov 1989
Part I (ss.
1 and 2), ss.
3, 26, 29-33, 35,
38 and 40:
Royal Assent
Remainder:
28 Dec 1989
(see Gazette 1989,
S383, p. 1)
Ss. 42 (2)
and 43
(a) The Commonwealth Banks Act 1959 was amended by Part IV (sections 52 and 53) only of the Public Service and Statutory Authorities Amendment Act 1980, subsection 2 (1) of which provides as follows:
"(1) Sections 1, 2, 3 and 4, sub-sections 5 (2) and 7 (2), (5), (6) and (7), sections 8, 9, 10, 11, 12, 13, 16, 17, 18 and 19, sub-sections 21 (1) and 37 (5), sections 38, 43 and 44, sub-section 45 (10) and sections 46 to 66 (inclusive) shall come into operation on the day on which this Act receives the Royal Assent."
(b) The Commonwealth Banks Act 1959 was amended by Part X (section 153) only of the Public Service Reform Act 1984, subsection 2 (4) of which provides as follows:
"(4) The remaining provisions of this Act shall come into
operation on such day as is, or on such respective days as are, fixed by Proclamation."
Table of Amendments
ad=added or inserted am=amended rep=repealed rs=repealed and substituted
Title am. No. 76, 1984
S. 3 rep. No. 117, 1973
S. 4 am. No. 117, 1973
rs. No. 76, 1984
S. 5 rs. No. 117, 1973
am. No. 182, 1987
S. 5A ad. No. 117, 1973
am. No. 29, 1981
rep. No. 182, 1987
S. 7 am. No. 76, 1984
S. 7A ad. No. 182, 1987
S. 9 am. No. 76, 1984; No. 182, 1987
S. 10 rep. No. 76, 1984
ad. No. 182, 1987
S. 11 am. No. 117, 1973; No. 29, 1981;
No. 76, 1984; No. 182, 1987
S. 12 am. No. 117, 1973; No. 29, 1981;
No. 182, 1987
S. 12A ad. No. 182, 1987
S. 13 am. No. 76, 1984
S. 14 am. Nos. 117 and 216, 1973; No. 81, 1974;
No. 29, 1981; No. 182, 1987;
No. 123, 1988
S. 15 am. No. 182, 1987
S. 16 am. No. 58, 1966; No. 117, 1973; No. 29, 1981;
No. 76, 1984; No. 182, 1987
S. 17 am. No. 117, 1973; No. 29, 1981;
No. 182, 1987
S. 18 am. No. 117, 1973; No. 29, 1981
S. 19 am. No. 182, 1987
Ss. 20, 21 am. No. 29, 1981
rep. No. 76, 1984
S. 22 am. No. 76, 1984
S. 23 rs. No. 76, 1984
S. 24 rs. No. 29, 1981
am. No. 76, 1984; No. 182, 1987
S. 25 am. No. 144, 1968; No. 81, 1974;
No. 29, 1981
rs. No. 123, 1988
S. 26 am. No. 182, 1987
rs. No. 123, 1988

Ss. 26A-26D ad. No. 123, 1988
Heading to Part IV am. No. 76, 1984
S. 27 am. No. 117, 1973; No. 29, 1981
rs. No. 76, 1984
S. 28 am. No. 76, 1984; No. 182, 1987
S. 29 am. No. 29, 1981; No. 76, 1984;
No. 182, 1987
S. 30 am. No. 29, 1981
rs. No. 76, 1984
am. No. 129, 1989
S. 30A ad. No. 129, 1989
S. 31 am. No. 29, 1981
rs. No. 76, 1984
am. No. 129, 1989
S. 32 rs. No. 76, 1984; No. 182, 1987
S. 33 am. No. 144, 1968; No. 81, 1974;
No. 29, 1981
rep. No. 76, 1984
ad. No. 129, 1989
S. 34 rep. No. 76, 1984
S. 35 rs. No. 76, 1984
am. No. 182, 1987
S. 36 rs. No. 76, 1984; No. 182, 1987
Ss. 37, 38 am. No. 76, 1984
S. 39 am. No. 76, 1984
rep. No. 182, 1987
S. 40 am. No. 117, 1973; No. 29, 1981
S. 41 am. No. 182, 1987; No. 129, 1989
S. 42 am. No. 29, 1981; No. 76, 1984;
No. 182, 1987
S. 42A ad. No. 76, 1984
am. No. 129, 1989
S. 43 am. No. 29, 1981
S. 44 rs. No. 76, 1984
S. 45 am. No. 144, 1968; No. 81, 1974;
No. 29, 1981
rep. No. 76, 1984
S. 46 rep. No. 76, 1984
S. 47 rs. No. 76, 1984
am. No. 182, 1987
S. 48 am. No. 182, 1987
S. 49 am. No. 76, 1984
S. 50 am. No. 129, 1989
S. 51 am. No. 76, 1984
rep. No. 182, 1987
S. 52 am. No. 132, 1965; No. 29, 1981
rep. No. 182, 1987
S. 53 am. No. 29, 1981
rep. No. 129, 1989
S. 54 rep. No. 144, 1968
Part VI (ss. 55-65, 67-70) rep. No. 182, 1987
Ss. 55, 56 am. No. 76, 1984
rep. No. 182, 1987
S. 57 rep. No. 182, 1987
Ss. 58, 59 am. No. 76, 1984
rep. No. 182, 1987
S. 60 am. No. 29, 1981; No. 76, 1984
rep. No. 182, 1987
S. 61 rep. No. 182, 1987
S. 62 am. No. 76, 1984
rep. No. 182, 1987
S. 63 am. No. 117, 1973; No. 76, 1984
rep. No. 182, 1987
S. 64 am. No. 76, 1984
rep. No. 182, 1987
S. 65 am. No. 29, 1981
rep. No. 182, 1987
S. 66 rep. No. 18, 1973
S. 67 am. No. 76, 1984
rep. No. 182, 1987
S. 68 rs. No. 76, 1984
ep. No. 182, 1987
S. 69 am. No. 93, 1966; No. 117, 1973;
No. 29, 1981; No. 76, 1984
rep. No. 182, 1987
S. 70 am. No. 29, 1981; No. 76, 1984
rep. No. 182, 1987
S. 72 am. No. 81, 1974; No. 77, 1978;
No. 29, 1981
rs. No. 194, 1985
S. 74 am. No. 29, 1981; No. 194, 1985;
No. 182, 1987
S. 75 am. No. 75, 1961; No. 3, 1962; No. 57, 1963
No. 29, 1981; No. 76, 1984
S. 76 am. No. 29, 1981; No. 129, 1989
S. 77 rep. No. 129, 1989
S. 77A ad. No. 182, 1987
S. 78 am. No. 144, 1968; No. 81, 1974;
No. 29, 1981
rep. No. 76, 1984
ad. No. 129, 1989
S. 79 rep. No. 76, 1984
S. 80 rs. No. 76, 1984
am. No. 182, 1987
S. 81 am. No. 182, 1987
S. 82 am. No. 76, 1984
S. 83 am. No. 76, 1984; No. 129, 1989
S. 84 am. No. 93, 1966
rep. No. 77, 1978
S. 85A ad. No. 77, 1978
rep. No. 182, 1987
S. 87 am. No. 117, 1973; No. 29, 1981;
No. 182, 1987
Heading to Div. 2 of Part VIII am. No. 182, 1987
S. 87A ad. No. 182, 1987
S. 88 rs. No. 182, 1987
S. 89 rep. No. 182, 1987
S. 89A ad. No. 177, 1980
am. No. 29, 1981
rep. No. 92, 1983
S. 89B ad. No. 177, 1980
rep. No. 92, 1983
S. 90 am. No. 117, 1973; Nos. 63 and 76, 1984;
No. 194, 1985
rep. No. 182, 1987
S. 91 rep. No. 194, 1985
Ss. 92, 93 rep. No. 182, 1987
S. 94 am. No. 29, 1981
rep. No. 182, 1987
S. 95 am. No. 117, 1973; No. 29, 1981
rs. No. 76, 1984
rep. No. 182, 1987
S. 96 am. No. 144, 1968; No. 29, 1981
rep. No. 182, 1987
Div. 3 of Part VIII (ss.97-101) rep. No. 182, 1987
S. 97 rep. No. 182, 1987
S. 98 am. No. 29, 1981
rep. No. 182, 1987
S. 99 am. No. 144, 1968; No. 117, 1973;
No. 29, 1981
rep. No. 182, 1987
S. 100 am. No. 29, 1981
rep. No. 182, 1987
S. 101 am. No. 117, 1973; No. 81, 1974;
No. 29, 1981
rep. No. 182, 1987
Div. 4 of Part VIII
(ss. 102, 103, 105, 106) rep. No. 182, 1987
Ss. 102, 103 am. No. 29, 1981
rep. No. 182, 1987
S. 104 rep. No. 144, 1968
S. 105 am. No. 29, 1981
rep. No. 182, 1987
Heading to Div. 5 of Part VIII rep. No. 29, 1981
S. 106 am. No. 144, 1968; No. 29, 1981
rep. No. 182, 1987
Heading to Div. 5 of Part VIII rs. No. 29, 1981
Div. 5 of Part VIII (s. 107) rep. No. 182, 1987
S. 107 rs. No. 144, 1968
am. No. 117, 1973; No. 29, 1981
rep. No. 182, 1987
Heading to Div. 5A of
Part VIII ad. No. 29, 1981
Div. 5A of Part VIII
(ss. 108, 109) rep. No. 182, 1987
S. 108 am. No. 144, 1968; No. 117, 1973;
No. 29, 1981
rep. No. 182, 1987
S. 109 am. No. 117, 1973; No. 81, 1974;
No. 29, 1981
rep. No. 182, 1987
S. 110 am. No. 36, 1978
S. 110A ad. No. 29, 1981
am. No. 182, 1987
S. 111 am. No. 93, 1966; No. 144, 1968;
No. 77, 1978; No. 76, 1984
rep. No. 182, 1987
S. 112 am. No. 29, 1981; No. 76, 1984
rs. No. 182, 1987
rep. No. 123, 1988
S. 113 rep. No. 182, 1987
S. 114 am. No. 76, 1984
S. 115 rep. No. 182, 1987
S. 117 rs. No. 76, 1984
S. 118 am. No. 76, 1984
rs. No. 182, 1987
S. 119 am. No. 117, 1973; No. 29, 1981
rs. No. 76, 1984
am. No. 182, 1987
S. 120 am. No. 29, 1981; No. 76, 1984
S. 121 am. No. 117, 1973; No. 29, 1981;
No. 129, 1989
S. 121A ad. No. 123, 1988
S. 123 am. No. 76, 1984
Ss. 124A , 124B ad. No. 182, 1987
S. 126 am. No. 76, 1984
S. 128 am. No. 216, 1973
rep. No. 194, 1985
S. 129 am. No. 93, 1966; No. 29, 1981;
No. 76, 1984; No. 182, 1987

COMMONWEALTH BANKS ACT 1959 - TABLE OF PROVISIONS

TABLE

TABLE OF PROVISIONS

Section
PART I - PRELIMINARY

1. Short title

2. Commencement

4. Interpretation

5. Application to Territories

6. This Act subject to Banking Act

PART II - THE COMMONWEALTH BANKING CORPORATION

7. The Commonwealth Banking Corporation

7A. Assets and liabilities of the Corporation

8. Establishment of Commonwealth Banking Corporation Board

9. Functions of Commonwealth Banking Corporation Board

10. Delegation by Board

11. Differences of opinion on questions of policy

12. Management of the Corporation

12A. Delegation by the Managing Director

13. Managing Director and Secretary to Treasury to establish liaison

PART III - THE COMMONWEALTH BANKING CORPORATION BOARD

14. Membership of Board

15. Declaration by members

16. Disqualifications from membership

17. Vacation of office

18. Chairman and Deputy Chairman of the Board

19. Meetings of Board

22. Vacancies not to invalidate proceedings

23. Deputy Secretary may attend meeting of Board

24. Disclosure of pecuniary interests of members

25. Appointment of Managing Director and Deputy Managing Director

26. Holding of office during Board's pleasure etc.

26A. Managing Director and Deputy Managing Director
hold office on full time basis

26B. Terms and conditions of appointment not provided for by Act

26C. Disclosure of interests

26D. Exclusion of Managing Director and Deputy
Managing Director from certain deliberations

PART IV - THE COMMONWEALTH BANK

27. The Commonwealth Bank

28. General functions of Commonwealth Bank

29. Powers of Commonwealth Bank

30. Capital

30A. Transfers from reserves to capital

31. Commonwealth Bank Reserve Fund

32. Payment of dividends by Commonwealth Bank

33. Crediting of amounts to Commonwealth Bank Reserve Fund

35. Management of Commonwealth Bank

36. Commonwealth Bank to pay expenses of Corporation

37. Payment for services

38. Amalgamation of other banks with Commonwealth Bank

PART V - THE COMMONWEALTH SAVINGS BANK

40. The Commonwealth Savings Bank

41. General functions of Savings Bank

42. Powers of Savings Bank

42A. Share Capital

43. Reserve Fund

44. Profits of Savings Bank

47. Management of Savings Bank

48. Savings Bank to pay share of expenses of Corporation

49. Payment for services

50. Amalgamation of other banks with Commonwealth Savings Bank

PART VII - THE COMMONWEALTH DEVELOPMENT BANK

71. The Commonwealth Development Bank

72. Functions of Development Bank

73. Matters to be considered in providing finance

74. Powers of Development Bank

75. Capital of the Development Bank

76. Commonwealth Development Bank Reserve Fund

77A. Payment of dividends by Development Bank

78. Crediting of amounts to Commonwealth Development Bank Reserve Fund

80. Management of Development Bank

81. Development Bank to pay share of expenses of Corporation

82. Payment for services

83. Agents etc.

85. Loans by Treasurer

86. Interpretation

PART VIII - THE COMMONWEALTH BANKING CORPORATION SERVICE

Division 1 - Preliminary

87. Interpretation

Division 2 - Appointments

87A. Application of merit principle, prohibition of patronage etc.

88. Appointment of officers

Division 6 - General

110. Superannuation fund

110A. Benefits

PART IX - MISCELLANEOUS

114. Interpretation

116. Appointment of attorneys

117. Guarantee by Commonwealth

118. Accounts and records

119. Taxation

120. Audit

121. Annual reports and financial statements

121A. Information relating to remuneration of
Managing Director and Deputy Managing Director

122. Returns

123. Power to improve property and carry on business

124. Execution of contracts

124A. Affixing of seals

124B. Persons dealing with bodies

125. Judicial notice of seals

126. Investment of trust moneys

127. Validity of acts and transactions

129. Regulations

COMMONWEALTH BANKS ACT 1959 - LONG TITLE

SECT

An Act to establish a Commonwealth Banking Corporation and to
make provision for the conduct of the business of the
Commonwealth Bank of Australia, the Commonwealth Savings Bank of
Australia and the Commonwealth Development Bank of Australia

COMMONWEALTH BANKS ACT 1959 - PART I
PART I - PRELIMINARY

COMMONWEALTH BANKS ACT 1959 - SECT 1
Short title

SECT

1. This Act may be cited as the Commonwealth Banks Act 1959.*1* SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

COMMONWEALTH BANKS ACT 1959 - SECT 2
Commencement

SECT

2. This Act shall come into operation on the day on which the Reserve Bank Act 1959 comes into operation.*1* SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

COMMONWEALTH BANKS ACT 1959 - SECT 4
Interpretation

SECT

4. In this Act, unless the contrary intention appears -
"Australia" includes the external Territories;
"bank" means a person carrying on the business of banking, and includes the Commonwealth Bank, the Savings Bank and the Development Bank;
"Board" means the Commonwealth Banking Corporation Board;
"Commonwealth Bank" means the Commonwealth Bank of Australia in existence by force of section 27;
"Corporation" means the Commonwealth Banking Corporation;
"Deputy Managing Director" means the Deputy Managing Director of the Corporation;
"Development Bank" means the Commonwealth Development Bank of Australia;
"former Commonwealth Bank" means the Commonwealth Bank of Australia established under the Commonwealth Bank Act 1911 and continued in existence under the Commonwealth Bank Act 1945;
"Managing Director" means the Managing Director of the Corporation;
"net profits", except in section 118, means net profits after provision for income tax;
"officer" means an officer of the Service;
"repealed Act" means an Act repealed by the Commonwealth Bank Act 1945 or by the Reserve Bank Act 1959;
"Reserve Bank" means the Reserve Bank of Australia;
"Savings Bank" means the Commonwealth Savings Bank of Australia;
"Service" means the Commonwealth Banking Corporation Service;
"statutory office" means the office of Managing Director or Deputy Managing Director.

COMMONWEALTH BANKS ACT 1959 - SECT 5
Application to Territories

SECT

5. This Act extends to all the Territories.

COMMONWEALTH BANKS ACT 1959 - SECT 6
This Act subject to Banking Act

SECT

6. This Act has effect subject to the Banking Act 1959 and to the regulations under that Act.

COMMONWEALTH BANKS ACT 1959 - PART II
PART II - THE COMMONWEALTH BANKING CORPORATION

COMMONWEALTH BANKS ACT 1959 - SECT 7
The Commonwealth Banking Corporation

SECT

7. (1) There shall be a Commonwealth Banking Corporation.
(2) The Corporation -
(a) is a body corporate;
(b) shall have a seal; and
(c) is capable of acquiring, holding and disposing of real and personal property and of suing and being sued.
(3) The Corporation shall provide and make available to the Commonwealth Bank, the Savings Bank and the Development Bank such officers and employees as are necessary for efficiently conducting the business of each of those banks.

COMMONWEALTH BANKS ACT 1959 - SECT 7A
Assets and liabilities of the Corporation

SECT

7A. (1) The property of the Corporation, whether acquired before or after the commencement of this section, vests in the Commonwealth Bank.
(2) The liabilities of the Corporation, whether incurred before or after the commencement of this section, shall be deemed to be liabilities incurred by the Commonwealth Bank.
(3) Any legal proceedings started against the Corporation before the commencement of this section in respect of a liability of the Corporation may be heard and determined as if this section had not been passed but any liability of the Corporation incurred as a result of those proceedings shall be deemed to have been incurred by the Commonwealth Bank.
(4) A certificate by the Managing Director or a person authorised in writing by the Managing Director stating that specified property is property that vested in the Commonwealth Bank under this section is, for all purposes and in all legal proceedings, prima facie evidence of the matters stated in the certificate.
(5) This section does not apply in relation to any property held by the Corporation in respect of a superannuation fund established under section 110 or any liability incurred by the Corporation in respect of such a fund.

COMMONWEALTH BANKS ACT 1959 - SECT 8
Establishment of Commonwealth Banking Corporation Board

SECT

8. There shall be a Commonwealth Banking Corporation Board, which shall be constituted as provided by Part III.

COMMONWEALTH BANKS ACT 1959 - SECT 9
Functions of Commonwealth Banking Corporation Board

SECT

9. (1) Subject to this Act, the Board has power to determine the policy of the Corporation, of the Commonwealth Bank, of the Savings Bank and of the Development Bank, in relation to any matter, and to control the affairs of the Corporation and of each of those banks.
(2) It is the duty of the Board, within the limits of its powers, to ensure that the policy of the Corporation, and the banking policy of the Commonwealth Bank, of the Savings Bank and of the Development Bank, are directed to the greatest advantage of the people of Australia and have due regard to the stability and balanced development of the Australian economy.
(3) The Board shall, in exercising its powers, have regard to the need for the Corporation, the Commonwealth Bank, the Savings Bank and the Development Bank to perform economically and efficiently and to operate in accordance with commercial principles.

COMMONWEALTH BANKS ACT 1959 - SECT 10
Delegation by Board

SECT

10. (1) The Board may, by resolution, delegate to a committee of the Board, comprising 2 or more members of the Board, all or any of its powers or functions under this Act, other than this power of delegation.
(2) A power or function so delegated, when exercised or performed by the delegate, shall for the purposes of this Act be deemed to have been exercised or performed by the Board.
(3) A delegation does not prevent the exercise of a power or performance of a function by the Board.

COMMONWEALTH BANKS ACT 1959 - SECT 11
Differences of opinion on questions of policy

SECT

11. (1) The Board shall, from time to time, inform the Government of -
(a) any policy of the Corporation which, in the opinion of the Board, should be made known to the Government; and
(b) the banking policy of the Commonwealth Bank, the Savings Bank and the Development Bank.
(2) In the event of a difference of opinion between the Government and the Board whether any policy referred to in subsection (1) is directed to the greatest advantage of the people of Australia and has due regard to the stability and balanced development of the Australian economy, the Treasurer and the Board shall endeavour to reach agreement.
(2A) The Board shall, from time to time and at least once in each year, prepare a corporate plan setting out:
(a) its objectives in relation to the operations of the Commonwealth Bank, the Savings Bank and the Development Bank; and
(b) an outline of the policies to be pursued to achieve those objectives.
(2B) The objectives specified under paragraph (2A) (a) shall include financial objectives, including the level of profitability and rate of return on resources.
(2C) The Board shall give the Treasurer a copy of each corporate plan as soon as practicable after it is prepared.
(2D) The period during which a corporate plan shall remain in effect shall be determined by the Board in consultation with the Treasurer.
(2E) The Treasurer may, by notice in writing given to the Board within one month after the Treasurer receives a corporate plan (or within such further period as is agreed between the Treasurer and the Board), request the Board to vary the plan in the manner specified in the notice.
(2F) The Board may vary a corporate plan on the request of the Treasurer or on its own motion.
(2G) Where the Board varies a corporate plan, it shall, within one month after making the variation (or within such further period as is agreed between the Treasurer and the Board), notify the Treasurer in writing of the variation.
(2H) The Treasurer may, by notice in writing given to the Board within one month after the Treasurer receives a notice of a variation (or within such further period as is agreed between the Treasurer and the Board), request the Board to alter the variation in the manner specified in the notice.
(2J) In the event of a difference of opinion between the Treasurer and the Board in relation to a corporate plan, or any variation of a corporate plan, the Treasurer and the Board shall endeavour to reach agreement.
(3) If the Treasurer and the Board are unable to reach agreement under subsection (2) or (2J), the Board shall forthwith furnish to the Treasurer a statement in relation to the matter in respect of which the difference of opinion has arisen.
(4) The Treasurer may then submit a recommendation to the Governor-General, and the Governor-General, acting with the advice of the Federal Executive Council, may, by order, determine the policy to be adopted by the Corporation, the Commonwealth Bank, the Savings Bank or the Development Bank, as the case may be, but so that the policy so determined is not inconsistent with the Banking Act 1959, with the regulations under that Act or with the monetary and banking policy of the Reserve Bank.
(5) The Treasurer shall inform the Board of the policy so determined and shall at the same time inform the Board that the Government accepts responsibility for the adoption by the Corporation, the Commonwealth Bank, the Savings Bank or the Development Bank, as the case may be, of that policy and will take such action (if any) within its powers as the Government considers to be necessary by reason of the adoption of that policy.
(6) The Board shall thereupon ensure that effect is given to the policy determined by the order and shall, if the order so requires, continue to ensure that effect is given to that policy while the order remains in operation.
(7) The Treasurer shall cause to be laid before each House of the Parliament, within 15 sitting days of that House after the Treasurer has informed the Board of the policy determined under sub-section (4) -
(a) a copy of the order determining the policy;
(b) a statement by the Government in relation to the matter in respect of which the difference of opinion arose; and
(c) a copy of the statement furnished to the Treasurer by the Board under sub-section (3).

COMMONWEALTH BANKS ACT 1959 - SECT 12
Management of the Corporation

SECT

12. (1) There shall be a Managing Director and a Deputy Managing Director of the Corporation, who shall be appointed and hold office as provided by Part III.
(2) Subject to sub-section 9 (1), the Corporation shall be managed by the Managing Director.
(2A) In managing the Corporation, the Managing Director may exercise or perform, on behalf of the Corporation, all or any of the powers or functions of the Corporation other than such of those powers or functions, if any, as are specified by the Board.
(3) The Deputy Managing Director shall perform such duties as the Managing Director directs and, in the event of a vacancy in the office of Managing Director, the Deputy Managing Director shall perform the duties of the Managing Director and shall have and may exercise the powers and functions of the Managing Director.

COMMONWEALTH BANKS ACT 1959 - SECT 12A
Delegation by the Managing Director

SECT

12A. (1) The Managing Director may, either generally or as otherwise provided by the instrument of delegation, by instrument in writing, delegate to an officer of the Corporation all or any of the Managing Director's powers or functions under this Act, other than this power of delegation.
(2) A power or function so delegated, when exercised or performed by the delegate, shall for the purposes of this Act be deemed to have been exercised or performed by the Managing Director.
(3) A delegation does not prevent the exercise of a power or performance of a function by the Managing Director.

COMMONWEALTH BANKS ACT 1959 - SECT 13
Managing Director and Secretary to Treasury to establish liaison

SECT

13. The Managing Director and the Secretary to the Department of the Treasury shall establish a close liaison with each other and shall keep each other fully informed on all matters which jointly concern the Corporation, the Commonwealth Bank, the Savings Bank or the Development Bank and the Department of the Treasury.

COMMONWEALTH BANKS ACT 1959 - PART III
PART III - THE COMMONWEALTH BANKING CORPORATION BOARD

COMMONWEALTH BANKS ACT 1959 - SECT 14
Membership of Board

SECT

14. (1) The Commonwealth Banking Corporation Board shall consist of -
(a) the Managing Director;
(b) the Deputy Managing Director;
(c) the Secretary to the Department of the Treasury; and
(d) 8 other members, who shall be appointed by the Governor-General in accordance with this section.
(2) A member of the Board appointed under paragraph (1) (d) -
(a) shall be appointed for such period, not exceeding 5 years, as is specified in the instrument of appointment but is eligible for re-appointment; and
(b) holds office subject to good behaviour.
(5) A member of the Board appointed under paragraph (1) (d) shall be paid by the Corporation such remuneration (if any) as is determined by the Remuneration Tribunal.
(6) Subject to the Remuneration Tribunals Act 1973, a member of the Board appointed under paragraph (1) (d) shall be paid by the Corporation such allowances as are prescribed.

COMMONWEALTH BANKS ACT 1959 - SECT 15
Declaration by members

SECT

15. A member of the Board shall, before entering upon his duties or exercising any power under this Act, make, before a Justice of the Peace or a Commissioner for taking Affidavits, a declaration of secrecy in accordance with the prescribed form.

COMMONWEALTH BANKS ACT 1959 - SECT 16
Disqualifications from membership

SECT

16. (1) A person who is -
(a) a member of the Reserve Bank Board appointed under paragraph 14 (1) (d) of the Reserve Bank Act 1959;
(b) the Governor, the Deputy Governor or an officer or employee of the Reserve Bank;
(c) an officer or an employee of the Corporation (other than the Managing Director or the Deputy Managing Director);
(e) an officer of the Public Service of the Commonwealth (other than the Secretary to the Department of the Treasury); or
(f) a director, officer or employee of a corporation the business of which is wholly or mainly that of banking, is not capable of appointment, or of continuing to act, as a member of the Board.

COMMONWEALTH BANKS ACT 1959 - SECT 17
Vacation of office

SECT

17. (1) If a member of the Board appointed under paragraph 14 (1) (d) -
(a) becomes permanently incapable of performing his duties;
(b) becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with his creditors or makes an assignment of his remuneration for their benefit;
(d) is absent, except on leave granted by the Board, from all meetings of the Board held during 2 consecutive months or during any 3 months in any period of 12 months; or
(e) fails to comply with his obligations under section 24,
the Governor-General shall terminate his appointment.
(1A) A member of the Board appointed under paragraph 14 (1) (d) may resign by delivering to the Governor-General a signed notice of resignation.
(1B) The Board may grant leave to a member of the Board appointed under paragraph 14 (1) (d) to be absent from a meeting of the Board upon such conditions (including conditions relating to remuneration) as the Board thinks fit.
(2) In this section, "month" means any of the 12 months of the year.

COMMONWEALTH BANKS ACT 1959 - SECT 18
Chairman and Deputy Chairman of the Board

SECT

18. (1) The Governor-General shall appoint one of the members of the Board appointed under paragraph 14 (1) (d) to be Chairman of the Board, and another such member to be Deputy Chairman of the Board, for such period as the Governor-General determines.
(2) The Chairman or the Deputy Chairman of the Board holds office as Chairman or Deputy Chairman until the expiration of the period of his appointment or until he ceases to be a member of the Board, whichever first happens.
(3) The Chairman or the Deputy Chairman of the Board may resign his office as Chairman or Deputy Chairman by writing under his hand addressed to the Governor-General.

COMMONWEALTH BANKS ACT 1959 - SECT 19
Meetings of Board

SECT

19. (1) The Board shall meet at such times and places as the Board determines or as the Chairman or the Deputy Chairman directs.
(2) The Chairman shall preside at all meetings of the Board at which he is present and, in the absence of the Chairman, the Deputy Chairman shall preside.
(2A) Where both the Chairman and the Deputy Chairman are absent from a meeting of the Board, a member chosen by the other members present at the meeting shall preside.
(3) Six members form a quorum at a meeting of the Board.
(4) Questions arising at a meeting of the Board shall be decided by a majority of the votes of the members present and voting.
(5) The member presiding at a meeting of the Board shall have a deliberative vote and, in the event of an equality of votes, shall also have a casting vote.
(6) Where all members entitled to vote on a proposed resolution notify the Chairman in writing that they agree with the resolution, the resolution shall be taken to have been passed by the Board on the day on which the Chairman receives the last notification.

COMMONWEALTH BANKS ACT 1959 - SECT 22
Vacancies not to invalidate proceedings

SECT

22. The exercise of the rights, powers, authorities or functions, or the performance of the duties or obligations, of the Board is not affected by reason only of there being a vacancy in the office of a member of the Board.

COMMONWEALTH BANKS ACT 1959 - SECT 23
Deputy Secretary may attend meeting of Board

SECT

23. A Deputy Secretary in the Department of the Treasury nominated for the purpose by the Secretary to that Department may attend a meeting of the Board at which the Secretary is not present and, for the purposes of a meeting that a Deputy Secretary attends pursuant to this section, the Deputy Secretary shall, for the purposes of this Part, be deemed to be a member of the Board.

COMMONWEALTH BANKS ACT 1959 - SECT 24
Disclosure of pecuniary interests of members

SECT

24. (1) A member of the Board who has a direct or indirect pecuniary interest -
(a) in a matter that is being considered or about to be considered by the Board; or
(b) in a contract (other than a contract in relation to which a matter is being considered or about to be considered by the Board) made or proposed to be made by the Corporation, the Commonwealth Bank, the Savings Bank or the Development Bank,
shall, as soon as possible after the relevant facts have come to his knowledge, disclose the nature of his interest at a meeting of the Board.
(3) A disclosure under this section shall be recorded in the minutes of the Board.
(3A) A member of the Board who has disclosed under this section a prescribed interest in a matter that is being or is about to be considered by the Board may, unless the Board otherwise determines, be present during any deliberations of the Board, and take part in any decisions of the Board, with respect to the matter.
(4) A member of the Board who has disclosed under this section an interest other than a prescribed interest in a matter that is being or is about to be considered by the Board shall not, unless the Board or the Treasurer otherwise determines, be present during any deliberations of the Board, or take part in any decision of the Board, with respect to the matter.
(5) For the purpose of the making of a determination by the Board under subsection (3A) or (4) in relation to a member of the Board who has made a disclosure under this section, a member of the Board who has a direct or indirect pecuniary interest in the matter to which the disclosure relates shall not -
(a) be present during any deliberation of the Board for the purpose of the making of the determination; or
(b) take part in the making by the Board of the determination.
(6) This section does not apply to a pecuniary interest of a member who is a customer of the Commonwealth Bank, the Savings Bank or the Development Bank, being an interest that the member has as a customer and in common with other customers.

COMMONWEALTH BANKS ACT 1959 - SECT 25
Appointment of Managing Director and Deputy Managing Director

SECT

25. (1) The Managing Director shall be appointed by the Treasurer after the Treasurer has received a recommendation from the Board.
(2) The Deputy Managing Director shall be appointed by the Treasurer after the Treasurer has received a recommendation from the Board.
(3) The Treasurer shall not appoint a member of the Board (other than the holder of a statutory office) as Managing Director or Deputy Managing Director.
(4) The appointment of a person as Managing Director or Deputy Managing Director is not invalid merely because of a defect or irregularity in relation to the appointment.

COMMONWEALTH BANKS ACT 1959 - SECT 26
Holding of office during Board's pleasure etc.

SECT

26. The Managing Director and Deputy Managing Director:
(a) shall be appointed with effect from the days respectively specified in their instruments of appointment; and
(b) hold office during the Board's pleasure.

COMMONWEALTH BANKS ACT 1959 - SECT 26A
Managing Director and Deputy Managing Director hold office on
full time basis

SECT

26A. The Managing Director and Deputy Managing Director hold office on a full time basis.

COMMONWEALTH BANKS ACT 1959 - SECT 26B
Terms and conditions of appointment not provided for by Act

SECT

26B. The Managing Director and Deputy Managing Director hold office on such terms and conditions (including terms and conditions relating to remuneration and allowances) in relation to matters not provided for by this Act as are determined by the Board.

COMMONWEALTH BANKS ACT 1959 - SECT 26C
Disclosure of interests

SECT

26C. The Managing Director and Deputy Managing Director shall give written notice to the Chairman of the Board of all direct and indirect pecuniary interests that they have or acquire in any business or in any body corporate carrying on any business.

COMMONWEALTH BANKS ACT 1959 - SECT 26D
Exclusion of Managing Director and Deputy Managing Director from
certain deliberations

SECT

26D. The Managing Director and Deputy Managing Director shall not be present during any deliberation of the Board, or take part in any decision of the Board, in relation to:
(a) the appointment of a person as Managing Director or Deputy Managing Director;
(b) the determination or application of any terms or conditions on which the Managing Director or Deputy Managing Director holds office; or
(c) the termination of the appointment of the Managing Director or Deputy Managing Director.

COMMONWEALTH BANKS ACT 1959 - PART IV
PART IV - THE COMMONWEALTH BANK

COMMONWEALTH BANKS ACT 1959 - SECT 27
The Commonwealth Bank

SECT

27. The body corporate that was, immediately before the commencement of section 8 of the Commonwealth Banks Amendment Act 1984, in existence, by virtue of section 27 of the Commonwealth Banks Act 1959 as in force immediately before that commencement, under the name Commonwealth Trading Bank of Australia -
(a) is preserved and continues in existence, by force of this section, as a body corporate, under and subject to the provisions of this Act, under the name Commonwealth Bank of Australia, so that its corporate identity is not affected;
(b) continues to be a body corporate;
(c) shall have a seal; and
(d) is capable of acquiring, holding and disposing of real and personal property and of suing and being sued.

COMMONWEALTH BANKS ACT 1959 - SECT 28
General functions of Commonwealth Bank

SECT

28. (1) The Commonwealth Bank shall carry on general banking business.
(1A) The Commonwealth Bank may provide insurance services if, in the opinion of the Board, it is necessary to do so to enable the Commonwealth Bank to remain competitive with other banks.
(2) It is the duty of the Commonwealth Bank to develop and expand its business.

COMMONWEALTH BANKS ACT 1959 - SECT 29
Powers of Commonwealth Bank

SECT

29. (1) The Commonwealth Bank has such powers as are necessary for the purpose of carrying out its functions under this Act.
(2) Without limiting the generality of subsection (1), the Commonwealth Bank has power, in addition to any other powers conferred on it by this Act:
(a) to receive money on deposit;
(b) to borrow money;
(c) to lend money;
(d) to subscribe for, buy, sell, discount, re-discount, redeem and otherwise deal in bills of exchange, promissory notes, Treasury notes and other securities issued by the Commonwealth, and other securities and instruments;
(e) to buy, sell and otherwise deal in foreign exchange, foreign currency hedging instruments, gold and other precious metals;
(f) to establish credits and engage in hire-purchase and lease financing and factoring;
(g) to carry on (whether as principal, agent, manager, broker or otherwise) all kinds of insurance, re-insurance, assurance, annuity guarantee and indemnity business;
(h) to issue bills and drafts and effect transfers of money;
(j) to guarantee the due fulfilment of contracts and obligations by any person;
(k) to act as attorney for any person;
(m) to promote, effect, guarantee, underwrite, manage and carry out:
(i) any issue of shares, stock or debenture stock of any
body corporate or association;
(ii) any issue of bonds of any description; and
(iii) any joint lending operations;
and to borrow or lend money for the purposes of any such issue or operation;
(n) to operate unit trusts;
(p) with the approval of the Treasurer, to join in the formation of subsidiary companies;
(q) to enter into a partnership, or an arrangement for sharing of profits;
(r) to subscribe for, buy, or otherwise acquire, and to hold, sell or otherwise deal in, shares, stocks, debenture stocks and other similar instruments;
(s) to act as principal, agent or broker in stock and share broking and commodity and commodity futures dealings;
(t) to be a member (whether alone or in partnership or joint venture, or as a shareholder in a body corporate) of stock and securities exchanges and commodity exchanges;
(u) to keep for a body corporate, association or authority any register relating to funds, shares, stocks or other securities of the body corporate, association or authority and to undertake any duties in relation to such funds, shares, stocks or securities, including the registration of transfers and the issue of certificates;
(w) to act as trustee of, and to administer:
(i) any superannuation, pension, provident or retirement
fund scheme;
(ii) any property trust; or
(iii) any other trust;
and to act as executor or administrator of the estate of a
deceased person;
(y) to furnish managerial, financial, technical and administrative advice and services to any person and to assist a person to obtain such advice and services;
(z) to process (whether as principal or agent) debit and credit card arrangements;
(za) to provide facilities (whether as principal or agent) for the merchandising of goods and services;
(zb) to provide computer hardware and software facilities;
(zc) to act as agent in the provision of financial services, including the settlement of financial transactions;
(zd) to subscribe for, and to hold, shares in the capital of the Savings Bank; and
(ze) to do anything incidental to any of its powers.

COMMONWEALTH BANKS ACT 1959 - SECT 30
Capital

SECT

30. The capital of the Commonwealth Bank shall be the aggregate of -
(a) the amount of the capital of the Commonwealth Trading Bank of Australia immediately before the commencement of section 11 of the Commonwealth Banks Amendment Act 1984;
(b) the sum of $75,000,000, which shall be paid by the Development Bank to the Commonwealth Bank, on or before 30 June 1984, out of the Commonwealth Development Bank Reserve Fund;
(c) such other sums as the Minister for Finance pays to the Commonwealth Bank out of moneys appropriated by the Parliament for the purpose of providing further capital for the Commonwealth Bank;
(ca) such other sums as are transferred from the reserves of the Commonwealth Bank under section 30A;
(d) such other sums as are transferred from the Commonwealth Bank Reserve Fund pursuant to sub-section 31 (2); and
(e) an amount equal to the total nominal value of the shares in the capital of the Savings Bank held by the Commonwealth Bank.

COMMONWEALTH BANKS ACT 1959 - SECT 30A
Transfers from reserves to capital

SECT

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.

COMMONWEALTH BANKS ACT 1959 - SECT 31
Commonwealth Bank Reserve Fund

SECT

31. (1) The Commonwealth Bank shall have a reserve fund (to be called the Commonwealth Bank Reserve Fund), which shall consist of the aggregate of -
(a) the amount that, immediately before the commencement of section 11 of the Commonwealth Banks Amendment Act 1984, stood to the credit of the Commonwealth Trading Bank Reserve Fund existing under section 31 of the Commonwealth Banks Act 1959 as in force immediately before that commencement; and
(b) such other sums as are placed to the credit of the reserve fund pursuant to section 33.
(2) There may be transferred from the Commonwealth Bank Reserve Fund to the capital of the Commonwealth Bank such sums as the Board determines.

COMMONWEALTH BANKS ACT 1959 - SECT 32
Payment of dividends by Commonwealth Bank

SECT

32. (1) The Board shall, not later than 3 months after the end of each financial year, recommend in writing to the Treasurer whether the Commonwealth Bank should pay to the Commonwealth a dividend in respect of the operations of the Commonwealth Bank and the Savings Bank during that year and, if so, the amount of the dividend.
(2) In making a recommendation, the Board shall have regard to:
(a) the need to ensure that the Commonwealth receives a reasonable rate of return on the capital and reserves of the Commonwealth Bank and the Savings Bank;
(b) the need to increase the reserves of the Commonwealth Bank and the Savings Bank to fund the expansion of their activities and to enable them to comply with the capital adequacy guidelines applicable in the banking industry; and
(c) any other relevant commercial considerations.
(3) The Treasurer shall, not later than one month after receiving a recommendation, by notice in writing given to the Board:
(a) accept the recommendation; or
(b) specify an amount, or a different amount, to be paid by way of dividend by the Commonwealth Bank to the Commonwealth in respect of the operations of the Commonwealth Bank and the Savings Bank during the financial year to which the recommendation relates.
(4) Where the Board recommends payment of an amount that is less than 45% of the sum of:
(a) so much of the net profits of the Commonwealth Bank for the financial year to which the recommendation relates as does not comprise dividends paid to the Commonwealth Bank by the Savings Bank; and
(b) the net profits of the Savings Bank for that year;
the Treasurer shall not specify a different amount that is more than 45% of the sum of those net profits.
(5) In making a decision under subsection (3), the Treasurer shall have regard to the matters specified in subsection (2).
(6) The Commonwealth Bank shall, as soon as practicable after the Treasurer makes a decision under subsection (3), pay to the Commonwealth an amount equal to:
(a) where the Treasurer accepts the recommendation - the amount specified in the recommendation; or
(b) in any other case - the amount specified by the Treasurer under paragraph (3) (b).

COMMONWEALTH BANKS ACT 1959 - SECT 33
Crediting of amounts to Commonwealth Bank Reserve Fund

SECT

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.

COMMONWEALTH BANKS ACT 1959 - SECT 35
Management of Commonwealth Bank

SECT

35. (1) The person occupying, or performing the duties of, a position in the Service that is designated pursuant to a determination in force under sub-section (3) shall, under the Managing Director, manage the Commonwealth Bank, but if no such determination is in force the Managing Director shall manage the Commonwealth Bank.
(2) The Managing Director, or a person managing the Commonwealth Bank pursuant to sub-section (1), shall, in relation to the management of the Commonwealth Bank, act in accordance with the policy of the Commonwealth Bank and with the directions of the Board.
(2A) In managing the Commonwealth Bank, the Managing Director, and the person managing the Commonwealth Bank under subsection (1), may, in accordance with the policy of the Commonwealth Bank and the directions of the Board, perform any function, or exercise any power, of the Commonwealth Bank on its behalf.
(3) The Board may make a determination designating a position in the Service for the purposes of this section and may make a determination revoking a determination designating such a position.

COMMONWEALTH BANKS ACT 1959 - SECT 36
Commonwealth Bank to pay expenses of Corporation

SECT

36. The Commonwealth Bank shall pay all of the expenses of the Corporation.

COMMONWEALTH BANKS ACT 1959 - SECT 37
Payment for services

SECT

37. The Commonwealth Bank shall pay the Savings Bank or the Development Bank for any services rendered by the Savings Bank or the Development Bank to the Commonwealth Bank.

COMMONWEALTH BANKS ACT 1959 - SECT 38
Amalgamation of other banks with Commonwealth Bank

SECT

38. The Commonwealth Bank may, with the approval of the Treasurer, enter into an arrangement with any other bank for the transfer to the Commonwealth Bank, upon such terms and conditions as are agreed upon between the Commonwealth Bank and that other bank, of the whole or any part of the assets, liabilities and business of that other bank.

COMMONWEALTH BANKS ACT 1959 - PART V
PART V - THE COMMONWEALTH SAVINGS BANK

COMMONWEALTH BANKS ACT 1959 - SECT 40
The Commonwealth Savings Bank

SECT

40. Notwithstanding the repeal effected by sub-section 4 (1) of the Reserve Bank Act 1959, the Commonwealth Savings Bank of Australia established under the Commonwealth Bank Act 1911 and continued in existence under the Commonwealth Bank Act 1945 -
(a) is preserved and continues in existence under and subject to the provisions of this Act, so that the corporate identity of the Commonwealth Savings Bank of Australia shall not be affected;
(b) continues to be a body corporate;
(c) shall have a seal; and
(d) is capable of acquiring, holding and disposing of real and personal property and of suing and being sued.

COMMONWEALTH BANKS ACT 1959 - SECT 41
General functions of Savings Bank

SECT

41. (1) The Savings Bank shall carry on general banking business.
(1A) The Saving Bank may provide insurance services if, in the opinion of the Board, it is necessary to do so to ensure that the Savings Bank remains competitive with other banks.

COMMONWEALTH BANKS ACT 1959 - SECT 42
Powers of Savings Bank

SECT

42. (1) The Savings Bank has such powers as are necessary for the purpose of carrying out its functions under this Act.
(2) Without limiting the generality of subsection (1), the Savings Bank has power, in addition to any other powers conferred on it by this Act:
(a) to receive money on deposit;
(b) to borrow money;
(c) to lend money;
(d) to subscribe for, buy, sell, discount, re-discount, redeem and otherwise deal in bills of exchange, promissory notes, Treasury notes and other securities issued by the Commonwealth, and other securities and instruments;
(e) to buy, sell and otherwise deal in foreign exchange, foreign currency hedging instruments, gold and other precious metals;
(f) to establish credits and engage in hire-purchase and lease financing and factoring;
(g) to carry on (whether as principal, agent, manager, broker or otherwise) all kinds of insurance, re-insurance, assurance, annuity guarantee and indemnity business;
(h) to issue bills and drafts and effect transfers of money;
(j) to guarantee the due fulfilment of contracts and obligations by any person;
(k) to act as attorney for any person;
(m) to promote, effect, guarantee, underwrite, manage and carry out:
(i) any issue of shares, stock or debenture stock of any
body corporate or association;
(ii) any issue of bonds of any description; and
(iii) any joint lending operations;
and to borrow or lend money for the purposes of any such issue or operation;
(n) to operate unit trusts;
(p) with the approval of the Treasurer, to join in the formation of subsidiary companies;
(q) to enter into a partnership, or an arrangement for sharing of profits;
(r) to subscribe for, buy, or otherwise acquire, and to hold, sell or otherwise deal in shares, stocks, debenture stocks and other similar instruments;
(s) to act as principal, agent or broker in stock and share broking and commodity and commodity futures dealings;
(t) to be a member (whether alone or in partnership or joint venture, or as a shareholder in a body corporate) of stock and securities exchanges and commodity exchanges;
(u) to keep for a body corporate, association or authority any register relating to funds, shares, stocks or other securities of the body corporate, association or authority and to undertake any duties in relation to such funds, shares, stocks or securities, including the registration of transfers and the issue of certificates;
(w) to act as trustee of, and to administer:
(i) any superannuation, pension, provident or retirement
fund scheme;
(ii) any property trust; or
(iii) any other trust;
and to act as executor or administrator of the estate of a deceased person;
(y) to furnish managerial, financial, technical and administrative advice and services to any person and to assist a person to obtain such advice and services;
(z) to process (whether as principal or agent) debit and credit card arrangements;
(za) to provide facilities (whether as principal or agent) for the merchandising of goods and services;
(zb) to provide computer hardware and software facilities;
(zc) to act as agent in the provision of financial services, including the settlement of financial transactions; and
(zd) to do anything incidental to any of its powers.

COMMONWEALTH BANKS ACT 1959 - SECT 42A
Share Capital

SECT

42A. (1) On and after 1 July 1984, the Savings Bank shall have a share capital.
(2) Subject to sub-section (6), the amount of the share capital of the Savings Bank shall be an amount equal to the aggregate of the amounts required by sub-section (4) to be applied as mentioned in the last-mentioned sub-section.
(3) The share capital of the Savings Bank shall be divided into shares of $1 each.
(4) As soon as practicable after 30 June 1984, the Savings Bank shall apply -
(a) so much of the amount standing to the credit of the Commonwealth Savings Bank Reserve Fund at the end of 30 June 1984 as exceeds $20,000,000;
(b) the amount standing to the credit of the Contingencies Reserve of the Savings Bank at the end of 30 June 1984; and
(c) the amount standing to the credit of the Capital Reserve of the Savings Bank at the end of 30 June 1984,
in paying up in full shares in the capital of the Savings Bank.
(5) Upon compliance by the Savings Bank with sub-section (4) -
(a) the shares in the capital of the Savings Bank paid up in full in accordance with that sub-section shall be deemed to have been issued by the Savings Bank to the Commonwealth Bank; and
(b) the Commonwealth Bank holds those shares as legal and beneficial owner.
(6) The Board may, at any time after the Savings Bank has complied with sub-section (4) -
(a) increase the share capital of the Savings Bank by a specified amount; or
(b) cancel a specified number of shares in the capital of the Savings Bank that are not the subject of a direction under sub-section (7) and reduce the amount of the share capital of the Savings Bank by the amount of the shares so cancelled.
(7) The Board may, at any time after the Savings Bank has complied with sub-section (4), direct the Savings Bank to issue to the Commonwealth Bank a specified number of shares in the capital of the Savings Bank, and where the Board so directs and the Commonwealth Bank pays to the Savings Bank, as subscription moneys in respect of the shares, an amount equal to the nominal value of the shares -
(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.
(8) The Board may, at any time after the Savings Bank has complied with sub-section (4), direct the Savings 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.
(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.
(9) Where the Savings Bank, pursuant to a direction given under sub-section (8) or (8A), 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.

COMMONWEALTH BANKS ACT 1959 - SECT 43
Reserve Fund

SECT

43. The Savings Bank shall have a reserve fund (to be called the Commonwealth Savings Bank Reserve Fund), which shall consist of the aggregate of -
(a) the amount standing to the credit of the Savings Bank Reserve Fund existing under the Commonwealth Bank Act 1945 immediately before the commencement of this Act; and
(b) such other sums as are placed to the credit of the Fund in pursuance of section 44.

COMMONWEALTH BANKS ACT 1959 - SECT 44
Profits of Savings Bank

SECT

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.

COMMONWEALTH BANKS ACT 1959 - SECT 47
Management of Savings Bank

SECT

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 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.
(3) In managing the Savings Bank, the Managing Director, and the person managing the Savings Bank under subsection (1), may, in accordance with the policy of the Savings Bank and the directions of the Board, perform any function, or exercise any power, of the Savings Bank on its behalf.

COMMONWEALTH BANKS ACT 1959 - SECT 48
Savings Bank to pay share of expenses of Corporation

SECT

48. The Savings Bank shall pay to the Commonwealth Bank the amount of the expenses of the Corporation attributable to the Savings Bank.

COMMONWEALTH BANKS ACT 1959 - SECT 49
Payment for services

SECT

49. The Savings Bank shall pay the Commonwealth Bank or the Development Bank for any services rendered by the Commonwealth Bank or the Development Bank to the Savings Bank.

COMMONWEALTH BANKS ACT 1959 - SECT 50
Amalgamation of other banks with Commonwealth Savings Bank

SECT

50. The Savings Bank may, with the approval of the Treasurer, enter into an arrangement with any other bank for the transfer to the Savings Bank, upon such terms and conditions as are agreed upon between the Savings Bank and the other bank, of the whole or any part of the assets, liabilities and business of that other bank.

COMMONWEALTH BANKS ACT 1959 - PART VII
PART VII - THE COMMONWEALTH DEVELOPMENT BANK

COMMONWEALTH BANKS ACT 1959 - SECT 71
The Commonwealth Development Bank

SECT

71. (1) A bank, to be called the Commonwealth Development Bank of Australia, is hereby established.
(2) The Development Bank -
(a) is a body corporate;
(b) shall have a seal; and
(c) is capable of acquiring, holding and disposing of real and personal property and of suing and being sued.

COMMONWEALTH BANKS ACT 1959 - SECT 72
Functions of Development Bank

SECT

72. The functions of the Development Bank are -
(a) to provide finance for the purpose of establishing, acquiring or carrying on businesses (including businesses related to primary production), in particular small businesses, in cases where, in the opinion of the Development Bank, the provision of finance is desirable and the finance would not otherwise be available on reasonable and suitable terms and conditions;
(b) in accordance with policies approved by the Treasurer, to participate in businesses of a kind referred to in paragraph (a) in cases where, in the opinion of the Development Bank, participation is desirable and other persons would not be prepared to participate on reasonable and suitable terms and conditions; and
(c) to provide advice and assistance with a view to promoting the efficient organization and conduct of businesses of a kind referred to in paragraph (a).

COMMONWEALTH BANKS ACT 1959 - SECT 73
Matters to be considered in providing finance

SECT

73. (1) In determining whether or not finance shall be provided for a person, the Development Bank shall have regard primarily to the prospects of the operations of that person becoming, or continuing to be, successful and shall not necessarily have regard to the value of the security available in respect of that finance.
(2) The Development Bank shall not provide finance for a person to enable that person to acquire goods for use otherwise than in the course of his business.

COMMONWEALTH BANKS ACT 1959 - SECT 74
Powers of Development Bank

SECT

74. (1) For the purpose of carrying out its functions under this Act, the Development Bank is empowered to carry on banking business.
(2) Without limiting the generality of sub-section (1), the Development Bank has power, in addition to any other powers conferred on it by this Act -
(a) to receive money on deposit;
(b) to borrow money;
(c) to lend money;
(d) to subscribe for, buy, sell, discount, re-discount, redeem and otherwise deal in bills of exchange, promissory notes, Treasury notes and other securities issued by the Commonwealth, and other securities and instruments;
(e) to establish credits and engage in hire-purchase and lease financing and factoring;
(f) to issue bills and drafts and effect transfers of money;
(g) to guarantee the due fulfilment of contracts and obligations by any person or body corporate;
(h) to underwrite loans and issues of capital;
(j) to join in the formation of a company;
(k) to subscribe for, buy, or otherwise acquire, and to dispose of, shares, stocks, debenture stocks and other securities;
(m) to enter into a partnership, or an arrangement for sharing of profits; and
(n) to do anything incidental to any of its powers.
(3) In this section, "shares", in relation to a company, means shares in the capital of the company, and includes stock.

COMMONWEALTH BANKS ACT 1959 - SECT 75
Capital of the Development Bank

SECT

75. The capital of the Development Bank shall be the aggregate of -
(a) the amount of the capital of the Mortgage Bank Department of the former Commonwealth Bank immediately before the commencement of this Act;
(b) the amount of the capital of the Industrial Finance Department of the former Commonwealth Bank immediately before the commencement of this Act;
(c) the sum of Five million pounds, which shall be paid by the Reserve Bank to the Development Bank on the date of commencement of this Act;
(ca) the sum of Five million pounds paid by the Commonwealth to the Development Bank;
(cb) the further sum of Five million pounds paid by the Commonwealth to the Development Bank;
(cc) the further sum of Five million pounds paid by the Commonwealth to the Development Bank; and
(d) such other sums as are transferred from the Commonwealth Development Bank Reserve Fund in pursuance of section 76.

COMMONWEALTH BANKS ACT 1959 - SECT 76
Commonwealth Development Bank Reserve Fund

SECT

76. (1) The Development Bank shall have a reserve fund (to be called the Commonwealth Development Bank Reserve Fund), which shall consist of -
(a) the amount standing to the credit of the Mortgage Bank Department Reserve Fund existing under the Commonwealth Bank Act 1945 immediately before the commencement of this Act;
(b) the amount standing to the credit of the Industrial Finance Department Reserve Fund existing under the Commonwealth Bank Act 1945 immediately before the commencement of this Act; and
(c) such other sums as are placed to the credit of the Fund in pursuance of section 78.
(2) There may be transferred from time to time from the Commonwealth Development Bank Reserve Fund to the capital of the Development Bank such sums as the Board determines.

COMMONWEALTH BANKS ACT 1959 - SECT 77A
Payment of dividends by Development Bank

SECT

77A. (1) The Board shall, not later than 3 months after the end of each financial year, recommend in writing to the Treasurer whether the Development Bank should pay to the Commonwealth a dividend in respect of the operations of the Development Bank during that year and, if so, the amount of the dividend.
(2) In making a recommendation, the Board shall have regard to:
(a) the need to ensure that the Commonwealth receives a reasonable rate of return on the capital and reserves of the Development Bank;
(b) the need to maintain the reserves of the Development Bank to support the funding requirements of small business on reasonable terms and conditions and to ensure that the level of capital and reserves of the Development Bank is appropriate having regard to the nature of its business; and
(c) any other relevant commercial considerations.
(3) The Treasurer shall, not later than one month after receiving the recommendation, by notice in writing given to the Board:
(a) accept the recommendation; or
(b) specify an amount, or a different amount, to be paid by way of dividend by the Development Bank to the Commonwealth in respect of the operations of the Development Bank during the financial year to which the recommendation relates.
(4) Where the Board recommends payment of an amount that is less than 45% of the net profits of the Development Bank for the financial year to which the recommendation relates, the Treasurer shall not specify a different amount that is more than 45% of those net profits.
(5) In making a decision under subsection (3), the Treasurer shall have regard to the matters specified in subsection (2).
(6) The Development Bank shall, as soon as practicable after the Treasurer makes a decision under subsection (3), pay to the Commonwealth an amount equal to:
(a) where the Treasurer accepts the recommendation - the amount specified in the recommendation; or
(b) in any other case - the amount specified by the Treasurer under paragraph (3) (b).

COMMONWEALTH BANKS ACT 1959 - SECT 78
Crediting of amounts to Commonwealth Development Bank Reserve Fund

SECT

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.

COMMONWEALTH BANKS ACT 1959 - SECT 80
Management of Development Bank

SECT

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.
(3) In managing the Development Bank, the Managing Director and the person managing the Development Bank under subsection (1), may, in accordance with the policy of the Development Bank and the directions of the Board, perform any functions, or exercise any powers, of the Development Bank on its behalf.

COMMONWEALTH BANKS ACT 1959 - SECT 81
Development Bank to pay share of expenses of Corporation

SECT

81. The Development Bank shall pay to the Commonwealth Bank the amount of the expenses of the Corporation attributable to the Development Bank.

COMMONWEALTH BANKS ACT 1959 - SECT 82
Payment for services

SECT

82. The Development Bank shall pay the Commonwealth Bank or the Savings Bank for any services rendered by the Commonwealth Bank or the Savings Bank to the Development Bank.

COMMONWEALTH BANKS ACT 1959 - SECT 83
Agents etc.

SECT

83. In the exercise of its powers and the performance of its functions, the Development Bank -
(a) may establish branches and agencies at such places within Australia as the Development Bank thinks fit;
(b) may arrange with a person to act as agent of the Development Bank in any place, whether within or beyond Australia, and shall, on request by a bank specified in the First Schedule to the Banking Act 1959, appoint that bank to be an agent of the Development Bank for the receipt and transmission of applications for the provision of finance by the Development Bank; and
(c) may act as the agent of any bank (including the Reserve Bank, the Commonwealth Bank or the Savings Bank) carrying on business within or beyond Australia.

COMMONWEALTH BANKS ACT 1959 - SECT 85
Loans by Treasurer

SECT

85. The Treasurer may, from time to time, out of moneys appropriated by the Parliament for the purpose, but not otherwise, lend to, or deposit with, the Development Bank such amounts, and subject to such terms and conditions, as are agreed upon between the Treasurer and the Board.

COMMONWEALTH BANKS ACT 1959 - SECT 86
Interpretation

SECT

86. In this Part, "finance" includes financial assistance.

COMMONWEALTH BANKS ACT 1959 - PART VIII
PART VIII - THE COMMONWEALTH BANKING CORPORATION SERVICE

COMMONWEALTH BANKS ACT 1959 - DIVISION 1
Division 1 - Preliminary

COMMONWEALTH BANKS ACT 1959 - SECT 87
Interpretation

SECT

87. In this Part -
"superannuation rules" means rules made under sub-section 110 (2) for or in relation to the superannuation fund established under sub-section 110 (1);

COMMONWEALTH BANKS ACT 1959 - DIVISION 2
Division 2 - Appointments

COMMONWEALTH BANKS ACT 1959 - SECT 87A
Application of merit principle, prohibition of patronage etc.

SECT

87A. The appointment, promotion and transfer of officers shall be in accordance with procedures that preclude patronage and favouritism and ensure that:
(a) all persons have, so far as practicable, a reasonable opportunity to apply for appointment or be considered for, promotion or transfer, as the case may be; and
(b) appointments, promotions and transfers are made on the basis of an assessment of the relevant suitability of the persons considered for appointment, promotion or transfer, as the case may be, having regard to:
(i) the nature of the duties to be performed by the
person appointed, promoted or transferred; and
(ii) the abilities, qualifications, experience and other
attributes of each person so considered that are relevant to the performance of those duties.

COMMONWEALTH BANKS ACT 1959 - SECT 88
Appointment of officers

SECT

88. (1) The Corporation may appoint such officers as are necessary for the purposes of this Act.
(2) The officers appointed by the Corporation constitute the Commonwealth Banking Corporation Service.
(3) The terms and conditions of employment of officers shall be determined by the Corporation.

COMMONWEALTH BANKS ACT 1959 - DIVISION 6
Division 6 - General

COMMONWEALTH BANKS ACT 1959 - SECT 110
Superannuation fund

SECT

110. (1) There shall be a superannuation fund of the Corporation.
(2) The Corporation may, with the approval of the Minister for Finance, make rules, not inconsistent with this Act or the regulations, for or in relation to the superannuation fund.

COMMONWEALTH BANKS ACT 1959 - SECT 110A
Benefits

SECT

110A. (1) The regulations may make provision for and in relation to the payment, in such circumstances as are prescribed, to or in respect of an officer who has been retired from the Service of a benefit, whether by way of lump sum or otherwise, ascertained in accordance with the regulations.
(2) Where regulations made for the purposes of sub-section (1) provide for the payment of a benefit by way of a lump sum, those regulations may provide for the payment of different benefits by way of a lump sum to or in respect of different classes of officers and, for the purposes of this sub-section, a class of officers may be constituted by all or any of the officers referred to in that subsection.
(3) The regulations -
(a) may make provision for the purpose of -
(i) enabling a person who is entitled to the payment of a
lump sum under regulations made for the purposes of sub-section (1) and who is or becomes, in such circumstances as the regulations prescribe, entitled to pension benefits under the superannuation rules in consequence of his retirement to elect that, in lieu of that sum, there be paid to him benefits, calculated in such manner as is provided for in the regulations, being pension benefits similar to pension benefits payable under the superannuation rules; and
(ii) enabling the payment of such a pension benefit to the
person entitled to it in association with any pension benefit payable to the person under the superannuation rules as if it were a pension benefit so payable;
(b) may provide for such an election to become void if the person who made the election subsequently ceases, in such circumstances as the regulations prescribe, to be entitled to pension benefits under the superannuation rules;
(c) may apply the superannuation rules, subject to such modifications and adaptations as are prescribed by the regulations, to and in relation to such a benefit; and
(d) may make such other provision, not inconsistent with this Act, as is necessary to be made for carrying out or giving effect to the purpose specified in paragraph (a).
(4) In sub-section (3), "modification" includes the addition or omission of a provision or the substitution of a provision for another provision.

COMMONWEALTH BANKS ACT 1959 - PART IX
PART IX - MISCELLANEOUS

COMMONWEALTH BANKS ACT 1959 - SECT 114
Interpretation

SECT

114. In this Part, "a body to which this Part applies" means the Corporation, the Commonwealth Bank, the Savings Bank or the Development Bank.

COMMONWEALTH BANKS ACT 1959 - SECT 116
Appointment of attorneys

SECT

116. A body to which this Part applies may, by instrument under its seal, appoint a person (whether in Australia or in a place beyond Australia) to be its attorney and the person so appointed may, subject to the instrument, do any act or execute any power or function which he is authorized by the instrument to do or execute.

COMMONWEALTH BANKS ACT 1959 - SECT 117
Guarantee by Commonwealth

SECT

117. By force of this section, the Commonwealth guarantees the due payment by a body to which this Part applies of all moneys that are, or may at any time become, payable by the body to a person other than the Commonwealth.

COMMONWEALTH BANKS ACT 1959 - SECT 118
Accounts and records

SECT

118. A body to which this Part applies shall:
(a) cause proper accounts and records of the transactions and affairs of the body to be kept in accordance with the accounting principles generally applied in commercial practice; and
(b) do all things necessary to ensure that all payments are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the body and over the incurring of liabilities by the body.

COMMONWEALTH BANKS ACT 1959 - SECT 119
Taxation

SECT

119. (1) A body to which this Part applies is not liable to taxation under any law of a State or of a Territory to which the Commonwealth is not subject.
(2) A body to which this Part applies is not a public authority for the purposes of paragraph 23 (d) of the Income Tax Assessment Act 1936.
(3) Stamp duty or other tax under a law of the Commonwealth is not payable in respect of the vesting of an asset of the Corporation in the Commonwealth Bank under section 7A.
(4) The Income Tax Assessment Act 1936 applies in relation to the Commonwealth Bank with respect to any property that becomes vested in the Commonwealth Bank under section 7A as if the Commonwealth Bank were the Corporation.

COMMONWEALTH BANKS ACT 1959 - SECT 120
Audit

SECT

120. (1) The Auditor-General shall inspect and audit the accounts and records of financial transactions of a body to which this Part applies, and shall forthwith draw the Treasurer's attention to any irregularity revealed by the inspection and audit that, in the opinion of the Auditor-General, is of sufficient importance to justify his so doing.
(2) The Auditor-General shall, at least once in each year, report to the Treasurer the results of the inspection and audit carried out under sub-section (1).
(3) The Auditor-General or an officer authorized by him is entitled at all reasonable times to full and free access to all accounts, records, documents and papers of a body to which this Part applies relating directly or indirectly to the receipt or payment of moneys by that body or to the acquisition, receipt, custody or disposal of property of the body.
(4) The Auditor-General or an officer authorized by him may make copies of or take extracts from any such accounts, records, documents or papers.
(5) The Auditor-General or an officer authorized by him may require a prescribed person to furnish him with such information in the possession of the prescribed person or to which the prescribed person has access as the Auditor-General or authorized officer considers necessary for the purposes of an inspection or audit under this Act, and the prescribed person shall comply with the requirement.
(6) In sub-section (5), "prescribed person" means the Managing Director, the Deputy Managing Director, any other member of the Board or an officer.

COMMONWEALTH BANKS ACT 1959 - SECT 121
Annual reports and financial statements

SECT

121. (1) The Board shall, as soon as practicable after each 30 June, in respect of each body to which this Part applies, prepare -
(a) a report on the operations of that body during the year ending on that day; and
(b) financial statements, in accordance with the regulations, in respect of that year,
and furnish that report and those statements, together with a report of the Auditor-General upon those statements, to the Treasurer.
(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 Auditor-General, in his report upon the financial statements prepared in pursuance of sub-section (1) in respect of a body to which this Part applies -
(a) shall report whether the statements are in agreement with the accounts and records of that body and show fairly the financial operations and the state of the affairs of the body; and
(b) shall report on such other matters arising out of the statements as the Auditor-General considers should be made known to the Parliament.
(3) The Board shall transmit true copies of each report and financial statement prepared in pursuance of sub-section (1), and of the report of the Auditor-General upon each such statement, to the President of the Senate and to the Speaker of the House of Representatives to be laid before the Senate and the House of Representatives respectively.

COMMONWEALTH BANKS ACT 1959 - SECT 121A
Information relating to remuneration of Managing Director and
Deputy Managing Director

SECT

121A. (1) The financial statements of the Corporation shall comply with the requirements prescribed under the Companies Act 1981 for the accounts of a listed corporation so far as those requirements relate to the income of executive officers of a listed corporation.
(2) For the purposes of subsection (1):
(a) the Corporation shall be taken to be a listed corporation; and
(b) the Managing Director and Deputy Managing Director shall be taken to be executive officers of the Corporation.
(3) Expressions used in this section that are also used in the Companies Act 1981 have the same respective meanings as they have in that Act.

COMMONWEALTH BANKS ACT 1959 - SECT 122
Returns

SECT

122. A body to which this Part applies shall furnish to the Treasurer such periodical statements as are prescribed.

COMMONWEALTH BANKS ACT 1959 - SECT 123
Power to improve property and carry on business

SECT

123. Where the Commonwealth Bank, the Savings Bank or the Development Bank holds any property (whether real or personal) or business as security for a loan or advance, and the property or business falls into the hands of the Commonwealth Bank, the Savings Bank or the Development Bank, the Commonwealth Bank, the Savings Bank or the Development Bank may maintain, repair or improve the property, or carry on the business, until the Commonwealth Bank, the Savings Bank or the Development Bank can, in its discretion, dispose of the property or business in the best interests of the Commonwealth Bank, the Savings Bank or the Development Bank.

COMMONWEALTH BANKS ACT 1959 - SECT 124
Execution of contracts

SECT

124. (1) Contracts on behalf of a body to which this Part applies may be made, varied or discharged in accordance with the succeeding provisions of this section, and all contracts so made are effectual in law, and are binding upon that body and on all other parties to the contract, their heirs, assigns, executors or administrators, as the case may be.
(2) A contract which, if made between private persons, would be by law required to be in writing under seal may be made, varied or discharged, in the name and on behalf of a body to which this Part applies, in writing under the seal of that body.
(3) A contract which, if made between private persons, would be by law required to be in writing and signed by the parties to be charged therewith may be made, varied or discharged, in the name and on behalf of a body to which this Part applies, in writing signed by any person acting under the express or implied authority of that body.
(4) A contract which, if made between private persons, would by law be valid, although made by parol only and not reduced into writing, may be made, varied or discharged by parol, in the name and on behalf of a body to which this Part applies, by a person acting under the express or implied authority of that body.
(5) Nothing in this section invalidates a contract executed on behalf of a body to which this Part applies by a duly appointed attorney if the contract would be valid if executed by the attorney on his own behalf.

COMMONWEALTH BANKS ACT 1959 - SECT 124A
Affixing of seals

SECT

124A. (1) Where the seal of a body to which this Part applies is affixed to a document, the Managing Director, or any person authorised by the Managing Director, may sign the document as witness to the affixing of the seal.
(2) A person dealing with a body to which this Part applies is entitled to assume that the seal of that body has been duly affixed to a document that bears what appears to be an impression of that seal and that appears to have been signed by a person described as the Managing Director, or a person authorised by the Managing Director, as witness to the affixing of the seal.
(3) This section shall not be taken to affect the operation of any other law of the Commonwealth or of a State or Territory relating to the execution of documents by bodies corporate.

COMMONWEALTH BANKS ACT 1959 - SECT 124B
Persons dealing with bodies

SECT

124B. A person dealing with a body to which this Part applies is entitled to assume that an exercise of a power, or the performance of a function, by the Managing Director, or any person managing the body, is in accordance with the policy of the body and the directions of the Board.

COMMONWEALTH BANKS ACT 1959 - SECT 125
Judicial notice of seals

SECT

125. All courts, judges and persons acting judicially shall take judicial notice of the seal of a body to which this Part applies affixed to a document and shall presume that it was duly affixed.

COMMONWEALTH BANKS ACT 1959 - SECT 126
Investment of trust moneys

SECT

126. A trustee, executor or administrator may invest any trust moneys in his hands on deposit with the Commonwealth Bank, the Savings Bank or the Development Bank.

COMMONWEALTH BANKS ACT 1959 - SECT 127
Validity of acts and transactions

SECT

127. The validity of an act or transaction of a body to which this Part applies shall not be called in question in any legal proceedings on the ground that any provision of this Act has not been complied with.

COMMONWEALTH BANKS ACT 1959 - SECT 129
Regulations

SECT

129. The Governor-General may make regulations, not inconsistent with this Act, prescribing all matters which by this Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for carrying out or giving effect to this Act or for the conduct of business by the Corporation, the Commonwealth Bank, the Savings Bank or the Development Bank and, in particular -
(e) prescribing penalties not exceeding $100 for offences against the regulations.