Banking (Savings Banks) Regulations (Amendment) (Cth)

Statutory Rules 1984 No. 1681

Banking (Savings Banks) Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Banking Act 1959.

Dated 26 July 1984.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

Treasurer

 

Commencement

1. These Regulations shall come into operation on 1 August 1984.

Principal Regulations

2.In these Regulations, “'Principal Regulations” means the Banking (Savings Banks) Regulations.

Investment of funds of savings banks

3. Regulation 5 of the Principal Regulations is amended by omitting sub-regulations (3) and (4) and substituting the following sub-regulation:

“(4) On and after 1 July 1983, a savings bank shall at all times maintain in—

(a) investments of the kinds specified in paragraphs (2) (a), (c) and (d); and

(b) loans to authorized dealers in the short-term money market secured by securities issued by the Commonwealth,

an amount that, together with cash on hand in Australia, is not less than 15 per cent of the amount on deposit in Australia with the Savings Bank.”.

S.R. 203/84 Cat. No. Recommended retail price 20c 11/17.7.1984

Repeal of regulation 6a

4. Regulation 6a of the Principal Regulations is repealed.

5. Regulation 7 of the Principal Regulations is repealed and the following regulation substituted:

Persons who may draw cheques on accounts maintained with a savings bank

“7. A person authorized to operate on an account maintained with a savings bank may be permitted by the bank to draw cheques on that account.”.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 31 July 1984.

2. Statutory Rules 1960 No. 6 as amended by 1962 No. 58; 1963 No. 80; 1966 No. 69; 1970 No. 167; 1974 No. 155; 1977 Nos. 63, 86, 87 and 196; 1978 No. 160; 1982 No. 206.

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