Banking Legislation Amendment Act 1986 (Cth)
Banking Legislation Amendment Act 1986
TABLE OF PROVISIONS PART I—PRELIMINARY
Section
1. Short title
2. Commencement
PART II—AMENDMENTS OF THE RESERVE BANK ACT 1959 3. Principal Act
4. Repeal of section and substitution of new section—
15. Remuneration of members
5. Governor and Deputy Governor
6. Insertion of new section—
24A. | Remuneration of Governor and Deputy Governor |
7. Functions of Department
8. Insertion of new section—
|
9. Repeal of Part VI
10. Determination of net profits
11. Repeal of Second Schedule
12. Formal and minor amendments
PART III—AMENDMENTS OF THE BANKING ACT 1959 13. Principal Act
14. Balance-sheets and statements to be furnished by trading banks
15. Additional statements
16. Preparation and delivery of Forms
17. Certain statements to be published in the
Gazette
An Act to amend the Reserve Bank Act 1959 and the
BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows: | |
1. This Act may be cited as the |
1986.
Commencement 2. ( 1 ) Subject to sub-section ( 2 ), this Act shall come into operation on the twenty-eighth day after the day on which it receives the Royal Assent.
(2) Sections 9, 10 and 11 and Part III shall come into operation on a day to be fixed by Proclamation.
PART II—AMENDMENTS OF THE RESERVE BANK ACT 1959
3. The | is in this Part referred to as the |
Principal Act.
4. Section 15 of the Principal Act is repealed and the following section
is substituted:
"15. (1) A member of the Board shall be paid such remuneration (if
any) as is determined by the Remuneration Tribunal.
"(2) A member of the Board shall be paid such allowances as are
prescribed.
"(3) This section has effect subject to the |
1973.
"(4) A reference in this section to a member of the Board does not
include a reference to the Governor or the Deputy Governor.".
5. Section 24 of the Principal Act is amended by omitting sub-section(2).
6. After section 24 of the Principal Act the following section is inserted:
Remuneration of Governor and Deputy Governor "24A. (1) The Governor and the Deputy Governor shall be paid such
remuneration as is determined by the Remuneration Tribunal.
"(2) The Governor and the Deputy Governor shall be paid such |
allowances as are prescribed.
"(3) This section has effect subject to the |
1973.".
Functions of Department
7. Section 57 of the Principal Act is amended by omitting paragraphs(1) (b) and (c) and substituting the following paragraphs:
"(b) co-operative associations; and
(c) associations of co-operative associations.".
8. After section 65 of the Principal Act the following section is insertedin Part
VI:
Winding up of Rural Credits Department "65A. ( 1 ) The Bank shall not make an advance, or discount a bill, under section 57 after the termination date.
"(2) Where, at a particular time, the Board is satisfied that a part (in this sub-section referred to as the 'surplus') of the capital or reserves of the Rural Credits Department is not required for the purposes of the operation of the Rural Credits Department after that time, the Board may determine that the whole or a part of the surplus be paid out of the Rural Credits Department.
"(3) Where, at a particular time after the termination date, the Board is satisfied that—
(a) | all debts due to the Bank in respect of advances made, or bills discounted, under section 57 have been fully and finally accounted for, whether by reason that the debts have been discharged, written off as bad debts or otherwise; |
(b) | all loans made under section 60, and all advances made under section 61, have been repaid; |
(c) | there will not be a net profit of the Rural Credits Department in the year in which the time occurred; and |
(d) | the net profits of the Rural Credits Department in each of the years preceding that year have been dealt with in accordance with section 63, |
the Board may determine that all of the money standing to the credit of the Rural Credits Department at that time (other than any money standing to the credit of the Rural Credits Development Fund) be paid out of the Rural Credits Department.
"(4) Before making a determination under sub-section (2) or (3), the Board shall consult with the Treasurer.
"(5) Where the Board makes a determination under sub-section (2) or (3), the Board shall inform the Treasurer accordingly.
"(6) As soon as practicable after the Treasurer is informed by the Board of the making of a determination under sub-section (2) or (3) in respect of an amount standing to the credit of the Rural Credits Department, the Treasurer shall, by notice in writing given to the Board— |
(a) direct that the whole of the amount be paid to the Commonwealth;
(b) | direct that the whole of the amount be transferred to the credit of the Reserve Bank Reserve Fund; or |
(c) direct that—
(i) a specified part of the amount be transferred to the credit of the Reserve Bank Reserve Fund; and
(ii) the remaining part of the amount be paid to the Commonwealth,
and the Board shall comply with the direction.
"(7) Before giving a direction under sub-section (6), the Treasurer shall
consult with the Board.
"(8) Where, at a time after the Board complies with a direction given under sub-section (6) in relation to a determination under sub-section (3), the Board is satisfied that there is no money standing to the credit of the Rural Credits Department, the Board shall recommend to the Treasurer that action be taken to bring into effect the repeal of this Part.
"(9) Where—
(a) | the Board makes a determination under sub-section (3) in respect of an amount standing to the credit of the Rural Credits Department at a particular time; and |
(b) | an amount would, but for this sub-section, be required to be placed to the credit of the Rural Credits Department after that time, |
the amount referred to in paragraph (b) shall be placed to the credit of the
Reserve Bank Reserve Fund.
"(10) A reference in this section to the reserves or capital of the Rural
Credits Department is a reference to—
(a) | an amount that forms part of the capital of the Rural Credits Department; |
(b) | an amount standing to the credit of the Rural Credits Department Reserve Fund; and |
(c) | any other amount that forms part of the reserves of the Rural Credits Department, |
but does not include a reference to an amount standing to the credit of the
Rural Credits Development Fund.
"(11) In this section, 'termination date' means 30 June 1988 or such
later date as the Treasurer, by notice in writing in the
9. Part VI of the Principal Act is repealed.
10. Section 78 of the Principal Act is amended by omitting "or the
Rural Credits Department".
11. The Second Schedule to the Principal Act is repealed.
12. The Principal Act is amended as set out in the Schedule.
PART III—AMENDMENTS OF THE BANKING ACT 1959
13. TheBanking Act 1959 2 is in this Part referred to as the Principal
Act.
Balance-sheets and statements to be furnished by trading banks 14. Section 52 of the Principal Act is amended by omitting sub-section
(2).
Additional statements 15. Section 54 of the Principal Act is amended by omitting sub-section
(2).
Preparation and delivery of Forms 16. Section 55 of the Principal Act is amended by omitting from sub-
section (1) ", except in the case of a statement prepared by the Reserve
Bank,".
Certain statements to be published in the Gazette 17. Section 58 of the Principal Act is amended by omitting from sub-
section (2) "and in respect of the Rural Credits Department of the Reserve
Bank".
Section |
F O R M A L | A N D | M I N O R | A M E N D M E N T S | O F | T H E | R E S E R V E | B A N K | A C T | 1959 |
Sub-section 4 ( 2 ) —
Omit " T h e last preceding sub-section", substitute "Sub-section | ( 1 ) ". |
Sub-section 6A ( 2 ) — Omit "1901-1973", substitute
"1901".
Sub-section 7 ( 1 ) —
(a) | Omit "sub-section (1) of section 4", substitute "sub-section 4 ( 1 ) ". |
(b) Omit "1911-1943", substi tute
"1911". (c) Omit "1945-1953", substi tute"1945".
Omit | "fifteen", | substi tute " 1 5 ". |
Omit "sub-section (1) of section 10", substitute "sub-section 10 ( 1 ) ".
Paragraph 14 (1) ( d ) — Omit "seven", substitute " 7 ".
Sub-sections 14 (2), (3) and ( 4 ) — Omit the sub-sections, substi tute the following sub-sections:
"(2) Of the 7 members appointed under paragraph (1) ( d ), at least 5 shall bepersons who are not officers of the Bank or of the Australian Public Service.
" ( 3 ) A member appointed under paragraph (1) (d) who is an officer of the Bank or of the Australian Public Service at the time of his or her appoin tment holds office during the pleasure of the Governor-Genera l.
SCHEDULE—continued " ( 4 ) A member appointed under paragraph (1) (d) who is not an officer of the
Bank or of the Austral ian Public Service—
(a) | shall, subject to sub-section (5), be appointed for a period of 5 years but is eligible for re-appointment; and |
(b) holds office subject to good behaviour.".
Omit "Public Service of the Commonwea l th", substi tute "Austral ian Public Service".
Section 16— Insert "or he r" after "his".
Omit "paragraph (d) of sub-section (1) of section 14", substitute "paragraph
14 (1) | ( d ) ". |
(a) | Omit "paragraph (d) of sub-section (1) of section 14", substitute "paragraph | |
| ||
(b) | Insert "or he r " after "h i s " (wherever occurr ing). |
(a) | Omit | " t w o ", substi tute | " 2 ". |
(b) | Omit " th ree", substitute " 3 ". |
(c) | Omit " twelve", substi tute "12". |
Omit " twelve", substitute "12".
(a) | Omit | " C h a i r m a n " | (wherever occurr ing), substitute | "Chai rperson". |
(b) Add at the end the following sub-sections:
" (2 ) The Chairperson may be referred to as the Cha i rman or Chai rwoman,
as the case requires.
" (3 ) The Deputy Chairperson may be referred to as the Deputy Chai rman
or Deputy Cha i rwoman, as the case requires.". |
Sub-sections 21 (1), (2) and ( 3 ) —
Omit | " C h a i r m a n " | (wherever | occurring), substi tute | "Chai rperson". |
Sub-section 21 ( 2 ) —
Insert "or she" after | " h e ". |
Sub-section 21 ( 3 ) — Omit "Six", substitute " 6 ".
(a) | Omit "twenty-five", substitute " 2 5 ". |
(b) Omit "his interest", substitute " the member 's interest".
(c) Omit "he", substi tute " the member".
(d) Omit "his knowledge", substitute " the knowledge of the member".
Sub-section 23 ( 2 ) — Omit " the last preceding sub-section", substitute "sub-section ( 1 ) ".
S C H E D U L E — c o n t i n u e d
Paragraph 24 (1) ( b ) — Omit "seven", substi tute " 7 ".
Insert "or he r " after "h i s " (wherever occurr ing).
Paragraph 28 ( a ) — Omit "1945-1953", substitute
"1945".
Paragraph 28 ( b ) — Omit " the next succeeding section", substitute "section 29".
Omit "1945-1953", substi tute
"1945".
Omit " the next succeeding section", substitute "section 30".
Section 32 (definition of "Australian note")— Omit the definition, substi tute the following definition:
" ' A u s t r a l i a n | note ' | means | a | note | issued | under | the |
under Part VII of the |
Sub-section 36 ( 2 ) — Omit " the last preceding sub-section", substitute "sub-section (1 ) ".
Omit "1945-1953", substi tute |
Sub-section 41 ( 2 ) —
(a) | Omit " twen ty", substitute "20". |
(b) | Omit "forty", substi tute "40". |
Section 4 2 — Omit " T w o hundred dollars", substitute "$200".
Omit " O n e thousand dollars", substitute "$1,000".
Sub-section 57 ( 2 ) —
(a) | Omit " the last preceding sub-section", substi tute "sub-section ( 1 ) ". | |||
(b) | Omit "paragraph (a), (b) or (c) of that sub-section", substitute "paragraph (1) | |||
|
Sub-section 57 ( 4 ) — Omit " to this Act".
Paragraph 59 ( a ) —
Omit "1945-1953", substi tute |
Omit "Six million dollars", substi tute "$6,000,000".
Paragraph 62 (1) ( a ) — Omit "1945-1953", substitute
"1945".
S C H E D U L E — c o n t i n u e d
Paragraph 62 (1) ( b ) — Omit " the next succeeding section", substi tute "section 6 3 ".
Paragraphs 68 (1) (a) and ( b ) —
Insert | "or s h e " after | " h e ". |
Paragraph 68 (1) r e - insert "or he r" after "his".
Paragraph 71 (2) r e -
insert | "or s h e " after | " h e ". |
Sub-section 71 ( 3 ) — Omit "One thousand dollars", substitute "$1,000".
(a) Omit "sixty", substitute "60".
(b) | Omit "sixty-five", substi tute " 6 5 ". |
Paragraph 72 ( a ) — Omit "1945-1953", substi tute
"1945".
Paragraph 72 ( b ) —
(a) | Insert "or he r" after "his". |
(b) | Insert "or s h e " after " h e ". |
Omit "h im", substi tute " the | person". |
Insert | "or s h e " after | " h e ". |
Insert "or h e r " after "his".
r e - |
insert "o r he r " after | "his". |
Omit " t he last preceding sub-section", substitute "sub-section ( 1 ) ".
Sub-sections 80 (3), (4) and ( 5 ) —
Omit | " h i m " | (first | occurr ing), substi tute | " the | Audi tor -Genera l". |
Sub-section 80 ( 5 ) — Omit "furnish him", substi tute "furnish the Audi tor-General or the officer, as the
case may be,".
Sub-section 81 ( 2 ) —
(a) | Insert "or he r " after "his". |
(b) | Omit " the last preceding sub-section", substi tute "sub-section ( 1 ) ". |
Omit " O n e hundred dollars", substi tute "$100".
1. N o. 4, 1959, as amended. Fo r previous amendments, see N o. 96, 1965; N o. 93, 1966; Nos. 118 and 216, 1973; N o. 36, 1978; N o. 155, 1979; N o. 70, 1980; N o. 122, 1981; Nos. 63 and 76, 1984; and No. 65, 1985.
2. 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; and No. 76, 1984.
N O T E | A B O U T | S E C T I O N | H E A D I N G |
1. The heading to section 20 of the Reserve Bank Act 1959 is altered to "Chairperson and Deputy Chairperson".
0
0
0