Coal Industry (Amendment) Act 1965 (NSW)

COAL INDUSTRY (AMENDMENT) ACT.

An Act relating to the banking of moneys of the Joint Coal Board and the power of that Board to borrow money on overdraft; to amend the Coal Industry Act, 1946-1960, and certain other Acts in certain respects; to validate certain matters; and for purposes connected therewith. [Assented to, 8th October, 1965.] BE

Act No. 8, 1965.

¥ > E it enacted by the Queen's Most Excellent Majesty, by •*-* and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows: —

1. (1) This Act may be cited as the "Coal Industry (Amendment) Act, 1965".

(2) This Act shall commence upon a day to be appointed by the Governor and notified by proclamation published in the Gazette.

2. (1) The Coal Industry Act, 1946, as amended by subsequent Acts, is amended—

(a) by omitting subsection one of section twenty-eight and by inserting in lieu thereof the following subsection : —

(1) (a) The Board may open and maintain an account or accounts with an approved bank or approved banks and shall maintain at all times at least one such account.

(b) The Board shall pay all moneys received by it into an account referred to in this subsection.

(c) In this subsection "approved bank" means the Reserve Bank of Australia or any other bank that is declared by the regulations to be an approved bank for the purposes of this section.

(b) by omitting from section thirty-one the words "Commonwealth Bank" and by inserting in lieu

thereof the words "Reserve Bank".

(2) The Coal Industry Act, 1946, as amended by subsequent Acts and by this Act, may be cited as the Coal Industry Act, 1946-1965.

3. (1) (a) The Commonwealth Bank (Interpretation) Act, 1953-1959, is amended by omitting subsection three of section two.

(b)

(b) The Commonwealth Bank (Interpretation) Act, 1953, as amended by subsequent Acts and by this Act, may be cited as the Commonwealth Bank (Interpretation) Act, 1953-1965.

(2) (a) The Banking (Interpretation of References) Act, 1959, is amended by omitting paragraph (c) of subsection one of section two.

(b) The Banking (Interpretation of References) Act, 1959, as amended by subsequent Acts and by this Act, may be cited as the Banking (Interpretation of References) Act, 1959-1965.

The opening and maintenance by the Board prior to the commencement of this Act of an account with a bank that is declared by the regulations to be an approved bank for the purposes of section twenty-eight of the Coal Industry Act, 1946, as amended by subsequent Acts, is hereby validated.

4.