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

Statutory Rules

1977 No. 196

REGULATIONS UNDER THE BANKING ACT 1959*

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 this twenty-seventh day of October 1977.

JOHN R. KERR

Governor-General

By His Excellency’s Command,

IAN VINER

Minister of State for Aboriginal Affairs for and on behalf of the

Treasurer

_________

 

AMENDMENTS OF THE BANKING (SAVINGS BANKS)

 REGULATIONS 

 

Investment of funds of savings banks

1. Regulation 5 of the Banking (Savings Banks) Regulations is amended by omitting sub-regulations (5) and (6) and substituting the following sub-regulations:

“ (5) A savings bank shall not at any time have on deposit in Australia with trading banks an amount that exceeds, or amounts that exceed in the aggregate, the sum of $4,000,000 and an amount equal to 2.5 per cent of the amount on deposit in Australia with that savings bank.

“ (6) Sub-regulations (2), (4) and (5) do not apply to The Hobart Savings Bank or the Launceston Bank for Savings.”.

Formal amendments

2. The Banking (Savings Banks) Regulations are further amended as set out in the Schedule.

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* Notified in the Commonwealth of Australia Gazette on 3 November 1977.

  Statutory Rules 1960, No. 6 as amended by Statutory Rules 1962, No. 58; 1963, No. 80; 1966, No. 69; 1970, No. 167; 1974, No. 133; and 1977, Nos. 63, 86 and 87.

24486/78—24

SCHEDULE

Regulation 2

FORMAL AMENDMENTS

Provision	Amendment
Sub-regulation 5 (1).............................	Omit “ (1) of section 5 ” from the definition of “ prescribed bank ”, substitute “ 5 (1) ”.
Omit “ (2) of section 55 ” from the definition of “ prescribed day ”, substitute “ 55 (2) ”.
Paragraph 5 (2) (g) ..............................	Omit “ of the Commonwealth ” (last occurring).
Sub-regulation 5 (3).............................	Omit “ the next succeeding sub-regulation ”, substitute “ sub-regulation (3a) ”.
Omit “ paragraphs (a), (b), (c), (d), (e), (f), (i) and (j) of the last preceding sub-regulation ”, substitute “ paragraphs (2) (a), (b), (c), (d), (e), (f), (i) and (j) ”.
Sub-regulation 5 (3a)..........................	Omit “ the last preceding sub-regulation ”, substitute “ sub-regulation (3) ”.
Sub-regulation 5 (4).............................	Omit “ (a) and (c) of sub-regulation (2) of this regulation ”, substitute “ (2) (a) and (c) ”.
Omit “ seven and one-half per centum ”, substitute “ 7.5 per cent ”.
Sub-regulation 6 (1).............................	Omit “ the next succeeding sub-regulation ”, substitute “ sub-regulation (2) ”.
Sub-regulation 7 (2).............................	Omit “ The last preceding sub-regulation ”, substitute “ Sub-regulation (1) ”.
Regulation 8........................................	Omit “ Two thousand dollars ” (wherever occurring), substitute “ $2,000 ”.