Commonwealth Bank Agreement Ratification and State Advances Act of 1920 (11 Geo v No. 5) (Qld)

BANKING. 11 GEO. V. No. 5, 1920. Commonwealth Bank AgreMrumt, &c:, Act. '9527 BANKING. An Act to Ratify an Agreement dated the 22nd day 11 Geo. V. of June, 1920, between the Commonwealth Bank ~ ~ :. of Australia and the Government of the State COMMON- WEALTH of Queensland, with respect to the Transfer to BWK the said Bank of the Business and Assets of A: : : : : ~ _ T the Queensland Govel'nment Savings Bank TI~ : A~ : D therein dealt with, and to make provision for A~ ~ ~ ~ IC: : O. the carrying on of the State Advances business of the said Savings Bank, and to Amend certain Acts relating to the said S9..vings Bank, and for other incidental and consequential purposes. [AsSENTED TO 6TH DECEMBER, 1920.] B E it enacted by the, King's Most Excellent Majesty, by and with the advice and consent of the Legis- lativeCouncil and Legislative Assemhly of Queensland in Parliament assembled, and by the authority of tho same, as follows :- 1. This Act may be cited as "The Commonwealth Ehort title Bank Agreement Ratification and State Advances Act of : ~: structi(ln 19~ 0, " and shall be read as one with *" The Queensland of Act. Government Savings Bank Act of 1916," hereafter intituled t" The State Advances Act of 1916." The said Act is herein referred to as the Principal Act. 2. The Agreement made on the twenty-second day Ratificativn of June, one thousand-nine hundred and twenty, between ~ ~ ~ f: dmenb the Commonwealth Bank of Australia and the- Govern- June, 1920. ment of the State of Queensland, a copy whereof is set Sch. I. forth in the First Schedule to this Act, is hereby ratified, and all the provisions thereof may and shall be carried into effect. 3. (1.) The Acts mentioned in the Second Schedule Amendment to this ~ ct are amended to the extent indicated in the ~ c~ : ~ tain said Schedule. Ech. n. (2.) The corporation constituted by the PrinciRal Dissolution Act by the name of "The Commissioner of the Queens- ~ ~ rporation land Government Savings Bank" 1s hereby dissolved, o~ Commis· IiIloner, &0• ... 7 Geo. V. No. 17, supra, page 7406. t Reprinted as amended by this Act, .in/f.", Appendix H. page 9603. \ , ,.,.A..

9528 BANKING. .Commonwealth Bank Agreement, &;c., Act. 11 GEO. V. No. 5, and, after the necessary adjustments are made as herein provided, the Queensland Government Savings Bank Fund created by the Principal Act shall be closed. Trea.surer 4. The Treasurer of Queensland and his successors ctoor b p e oraa.tion. in office, representing the Cro'wn, shall for all the purposes of the Principal Act, and any Act amending the same, and of this Act be a corporation sole by the name of the" State Advances Corporation," and by that name shall have perpetual succession and an official seal which shall be judicially noticed, and, notwithstanding the pro- visions of any other Act, shall be capable in law of suing and being sued, and shall have power to take, purchase, sell, exchange, lease, and hold land, goods, chattels, securities, and any other property whatsoever. For all the purposes of the Principal Act and of this Act, the Corporation shall have and may exercise all the powers, privileges, rights, and reme<:J.ies of the Crown. Vesting of 5. (1.) All moneys, debentures, and Treasury bills, ~ ~ ' b~ t: ~ n and securities for money, and all interest thereon, and Corporation. all books, documents, and other property held by or on behalf of the Commissioner of the Queensland Govern- ment Savings Bank under or pursuant to the Principal Act, or *" The Olermont Flood Relief Act of 1917" as amended by t" The Olermont Flood Relief Act Amendment Act of 1917," or t" The Clermont Flood Relief Undertak1:ng Act of 1917," or §" The Discharged Soldiers' Settlement Acts, 1917 to 1920," or 11" The Workers' Homes Act of 1919," or any other Act, and all the assets and liabilities of the Queensland Government Savings Bank (other than such of them as by the Agreement hereby ratified are transferred to, vested in, or imposed upon the Common- wealth Bank of Australia), and all powers, authorities, rights, title, interest, and obligation in or with respect to such assets and liabilities or any of them, shall forth- with by virtue of this Act pass to and become vested in and imposed upon the said Corporation and b~ divested and discharged from the said Commissioner. * 7 Geo. V. No. 30, 8upra, page 7677. t 8 Geo. V. No. 15, 8upra, page 8369. t 8 Geo. V. No. 3, 8upra, page 8365. § 7 Geo. V. No. 32 and 10 Geo. V. No. 21, 8upra, page 9453. 11 10 Geo. V. No. 7, 8upra, page 9164.

1920. BANKING. . Commonwealth Bank Agreement, &c., Act. 9529 (2.) The Treasurer shall cause to be made in the Adjustment books of the Treasury, and in the Queensland Government of accounts. .savings Bank Fund created by the Principal Act, such ~ djustment of accounts as will give due effect to the provisions of this Act and of the Agreement hereby ratified. (3.) Any right of action or other remedy accrued to Ri~ hts of or against and an ~ y p . ower or authority vested in or aucntdleorn and .exercisable by and any agreement, undertaking, mort- contracts. gage, debentu~ e, bond, lease, deed, guarantee, covenant, or obligation made, given, or entered into by, to, or with the said Commissioner (other than such of them as by the Agreement hereby ratified are transferred to, vested in, or imposed upon the said Commonwealth Bank) may be prosecuted and enforced, by or against the State Advances Corporation, as if the right of action or remedy had originally accrued to or against or the power or authority had originally been vested in or exerlJisable by or the agreement, undertaking, mortgage, debenture, bond, lease, deed, guarantee, covenant, or obligation had been made, given, or entered into by, to, or with the said Corporation. (4.) The following provisions shall apply in respect Existing .of advances made or purpcrting to be made under or advances. pursuant to the Principal Act or any Act as aforesaid before the passing of this Act:- (a) Such advances shall be repaid, and interest thereon shall be paid to the said Corporation at the times and in the amounts prescribed by the Act under or pursuant to which the advance was made or purported to be' made or by any regulation or instrument there- under; (b) The said Corporation may take any proceeding or exercise any right or remedy which under such Act might have been taken or exercised by the said Commissioner; . (c) The land and other property mortgaged as security for the advances aforesaid shall con- tinue to be charged with the repayment of such advances with interest thereon. All mortgages and other securities executed or pur- porting to be executed uncler or pursuant to any of the said Acts shall be construed as if the said Corporation were party thereto instead of the said Commissioner. B

9530 BANKING. State Advances Fund. What payments charged on Fund. Commonwealth Bank Agreement, &lc., Act. 11 GEO. V. No. 5, ------------- -----_.- 6. (1.) There is hereby created at the Treasury a.. Fund to be called" The State Advances Fund." (2.) All moneys repaid to the State Advances Cor- poration in respect of advances and interest thereon under the Principal Act or any other Act or this Act,. and all other moneys whatsoever received by the said Corporation, shall be paid into the said Fund. (3.) All advances by the said Corporation, and the· salaries, wages, or allowances of all officers and agents of the said Corporation, and all expenses of a.dministration shall be payable out of the sai9. Fund. Loans, 7. The Governor in Council may, upon obtaining ~ c .• by from the State Advances Corporation such security as.. toovernment in the opinion of the Governor in Council is necessary Corporation or desirable, by warrant under the hand of the Treasurer,. direct and authorise loans to be made to the said Corporation out of the Consolidated Hevenue Fund. Debentures 8. (1.) In order to obtain funds for the purpose of mayfbemade making advances, the State Advances Corporation, with ~ ~~ oo~ ooo. the approval of the Governor in Council, may raise, by the issue of debentures, any sum or sums of money which shall not exceed in the whole five million pounds. Debentures (2.) The said debentures shall be secured upon the seCurf; ~ Consolidated Revenue of the State, and shall bear interest c~~ ~ otJated at a rate fixed by the Governor in Council according as Revenue. necessity demands. Debontures (3:) The Governor in Council may authorise the sale :io:J : ~ ~ d of any such debentur~s in placEs beyond the limits of .the limits of th~ State, and may appomt any agent or agents to negotIate State. such sale. Sums (4.) All sums borrowed under the authority of this ~ ~ ~ o~ e~ ~ section shall be paid to the said Corporation, and shall be accounted by him placed to the credit of the State Advances Fund. for. Loan whbn (5.) A 11 sums borrowed under the authority of this to be'repaid. section shall be repayable not later than the first day of July, one thousand nine hundred and sixty-five. Debentures, (6.) All debentures pmporting to be issued under the ;!:"d duly authority ?f this ~ection, and signed by the Governor or issued. by the VlCe-Plesldent of the Executive Council, and countersigned by the said Corporation, or, if mch issue purports to l:ave been made in London, in the United Kingdom of Great Britain and Ireland, signed by the Agent-Gtneral for Queensland and an ageht appointed

BANKING. 9531 1920. Commonwealth Bank .Ltgreement., ilic., Act. under *" The Qtwensland Stock I nscf'iption Act of 1883," and countersigned by some officer of the Department of the said Agent-General designated in that behalf by the Auditor-General, shall be deemed to have been duly issued, and the holder thereof shall not be bound to inquire whether such issue was in fact duly authorised. 9. Notwithstanrung anything contained in any other Ex: ~ mption Act, no sum due or payable or paid or derived in respect ~ : o: t~ : ~ of or from any deposit within Queensland in the Savings inoome tax. Bank department of the Commonwealth Bank of Aus- tralia, during the currency of the Agreement hereby ratified, shall be or be deemed to be "income" within the meaning of any State law relating to State income tax, and no such interest shall be subject to. State income tax. 10. In all copies of the Principal Act as amended Reprinting by this Act or by any Order in Qouncil (so far as such Act. amendment has not been superseded by the provisions of this Act) hereafter printed by the Government Printer, the sections, subsections, and numbered or lettered paragraphs thereof shall be renumbered or relettered so as to be in consecutive numerical or alpha- betical order throughout, and all specific references to any section, subsection, or paragraph by its number or letter in any enactment therein contained shall be amended by the substitution of the proper number or letter of the reprinted Act. SCHEDULE I. THls INDENTURE made this twenty-second day of June One thousand nine hundred and twenty between SIR DENJSON SAMUEL KING MILLER K.C.M.G. Governor of the Commonwealth Bank of Australia (hereinafter referred to as the" Governor of the Bank" which expression shall where the context either admits or requires be deemed to include the successors in office of the Governor of the Commonwealth Bank of Australia for the time being) for and on behalf of the Commonwealth Bank of Australia but not so as to incur or come nnder any personal liability of the one part and THE HONOURABLE JOHN ARTHUR FIHELLY the Treasurer of the State of Queensland (hereinafter called "The Treasurer") for and on hchalf of the Government of the © State of Queensland (hereinafter called "the Government") but not so as to incur or come under any personal liability of the other part WITNESSE'fH as follows:- 1. That the Government hereby transfers to the Commonwealth Bank of Australia and the Governor of the Bank hereby accepts * 47 Vic. No. 1, 8upra, page 1847.

9532 BANKING. Commonwealth Bank Ag1'eement, &c., Act. 11 GEO. V. No. 5, the business and assets of the Queensland Government Savings Bank (hereinafter referred to as the "said State Savings Bank") upon the terms and conditions hereinafter appearing. 2. That the Government hereby transfers to the Commonwealth Bank of Australia and the Governor of the Bank hereby accepts the liabilities of the said State Savings Bank as on the thirtieth day of .June One thousand nine hundred and nineteen amounting to the sum of Fourteen millions three hundred and twenty-five thousand and sixty-nine pounds tw€lve shillings and twopence (£14,325,069 12s. 2d.). 3. That the Government hereby transfers to the Commonwealth Bank of Australia and the Governor of the Bank hereby accepts in satisfaction of the assets of the said State Savings Bank as on the thirtieth day of June One thousand nine hundred and nineteen the assets as set out in the six next succeeding clauses. 4. That the Government shall pay to the Commonwealth Bank of Australia at Brisbane or such other point in the State of Queens- land as may be mutually arranged the sum of One hundred and thirty-seven thousand four hundred and thirty-one pounds two' shillings and six pence (£137;431 2s. 6d.) in cash. 5. That the Government shall issue to the Commonwealth Bank of Australia at Br:isbane a deposit receipt at call for the sum of 'fhree million and eighty-six thousand six hundred and seventy- seven pounds three shillings and three pence (£3,086,677 3s. 3d.) being the amount of funds of the said State Savings Bank on deposit with the Queensland Treasury together with the funds standing to credit of the State Savings Bank with the Queensland National Bank Limited as' on the thirtieth day of June One ~ thousand nine hundr,ed and nineteen (after deducting a sum of Three hundred and fourteen thousand seven hundred and seventy- seven pounds five shillings (£314,777 5s. Od.) representing the Accumulated Reserve Two hundred and thirty thousand pounds (£230,000) credit balance of Profit and Loss Seventy-two thousand two hundred and twenty-four pounds seventeen shillings (£72,22'4 17s. Od.) and Inspection Fees Suspense Account Twelve thousand five hundred and fifty-two pounds eight shillings (£12,552 8s. Od.) which said sum of Three hundred and fourteen thousand seven hundred and seventy-seven pounds five shillings (£314,777 5s. Od.) shan be and remain the property of the Government and shall not. constitute any part of the assets of the said State Savings Bank hereby transferred or agreed to be transferred to the Common-; wealth Bank of Australia such deposit receipt to bear interest at the rate of thr.ee and a half (3i) per centum per annum and except· by mutual arrangement the total amount of such deposit to remain undisturbed unless there is an excess of withdrawals· over deposits, in the State of Queensland in which event Clause 12 will operate; 6. That the Government shall transfer and hand over to the; Commonwealth Bank of Australia securities of the Government' included in the assets of the said State Savings Bank at their book '. value of Severi millions eight hundred and two thousand one hundred and fifty-five pounds eighteen shillings and nine pence; (£7,802,155-188. 9d.)- and Commonwealth War Loan 8ecuriti!'ls included in the said Assets at their book value .of Two hundred and

1920. -BANKING. Commort4JJealth Bank Agreement,&ic., Act. seventy-five thousand nine hundred and thirty pounds (£275,930) with accrued interest thereon amounting to the sum of Tw() thousand one hunq.red pounds (£2,100). On the maturity of the Government securities 'covered by this clause the Government shall have the right of renewal for a further term not exceeding twenty- five years and bearing interest at current rates which shall not in any case be more than one per centum above the highest rate of interest then being paid to Savings Bank depositors generally ()J.l current accoun1:k1. 7. That the Government shall transfer to the Commonwealth Bank of Australia the title free of all easements and encumbrances the various premises included in the assets of the said State Savings Bank and valued in their books at One hundred and forty-two thousand one hundred and sev.enty-three pounds nineteen shillings and ten pence (£142,173 19s. 10d.). 8. That the Government shall deliver to the Commonwealth Bank of Australia securities of the Government payable at Brisbane bearing interest 'at the rate of four pounds (£4) per centum per annum to the total face, value of Two millions eight hundred and seventy-two thousand four hundred and forty-four pounds eight shillings and one penny (£2,872,444 8s. Id.) being the amount of advances to settlers and advances on workers' dwellings together with interest thereon included in the assets of the said State Savings Bank as on the thirtieth day of June One thousand nine hundred and nineteen such securities to be for a term of twenty (20) years from the date of the ratification hereof by the Parliament of the State of Queensland and the approval of the Coinmonwealth 'l'reasurer. 9. That the Government will further transfer and hand over to the Commonwealth Bank of Australia any additional assets and securities of the said State Savings Bank not included in the fore- going clauses or in lieu thereof will deliver to the Commonwealth Bank or Australia securities of the Government with a currency of twenty (20) years from such date as last aforesaid payable at Brisbane and bearing interest at the rate of four pounds (£4) per centum per annum and the Government hereby guarantees the due payments of principal and interest in respect of all and any securities handed over to the Commonwealth Bank of Australia in accordance with this Agreement. 10. 'l'hat the Government shall have the right to draw from time to time from the Commonwealth Bank of Australia at current rates of interest seventy (70) per centum of such sum or sums as the Governor of the Bank shall from time to time notify to be the increase in the amount of the Savings Bank depositors' balances in Queensland. Should the Government upon receiving any such notification not require the whole of such seventy (70) per centum of increased depositors' balances the Commonwealth Bank of Australia shall be entitled to retain and invest in the business of the Bank or any Commonwealth State or Municipal securities such part of the seventy (70) per centum as shall not be availed of by the Government. For the purpose of this clause the Governor of the Bunk shull notify the Government of the true amount of such increase in the said depositors' balances on the first day of every quarter in every year namely on the first days of January April 9533

9534 BANKING. Commonwealth Bank Agreement, &c., Act. 11 GEO. V. No. 5, July and October. For the purpose of computing the increase of the said depositors' balances any interest credited to depositors' accounts during the relative quarter shall be regarded as deposits. 11. 'l'he Government shall hand to the Commonwealth Bank of Australia as security for the seventy (70) per centum of increased depositors' balances or such other proportion as the Government may take advantage of securities of the Government payable at Brisbane to have a currency for such respective terms as may be required by the Government but not exceeding twenty- five (25) years as from the respective dates of the receipt by the Government of the sums representing the respective increases in the said depositors' balances and to bear interest at current rates which shall not in any case be more than one (1) per centum above the highest rate of interest then being paid to Savings Bank depositors generally on current accounts. 12. In the event of a decrease in the amount of Savings Bank depositors' balances in Queensland in anyone quarter the Common. wealth Bank of Australia shall have the right to withdraw from the Queensland Treasury from the amount lying on deposit with the Queensland Treasury at call in accordance with Clause five of this Agreement an amount equal to seventy (70) per centum of the excess of withdrawals over deposits for the respective quarter. For the purpose of this clause the Governor of the Bank shall notify the Government of the true amount of the decrease in the said deposits on the first day of every quarter in each year as aforesaid and not later than seven davs after such notification the Governor of the Bank shall notify th~ Government whether he desires to so withdraw seventy (70) per centum or any lesser portion of such excess. 13. That on the first day of July One thousand nine hundred and twenty the Government shall pay to the Governor of the Bank and the Governor of the Bank shall accept the sum of Thirty-six thousand seven hundred and fifty-nine pounds two shillings and six pence (£36,759 2s. 6d.) and in consideration thereof the Governor of the Bank shall deliver to the Government four (4) per centum debentures or stock for the principal sum of Twenty-one thousand and fifty-two pounds seven shillings and nine pence (£21,052 7s. 9d.) maturing on the first day of January One thousand nine hundred and forty-five at par and four (4) per centum debentures or stock for the principal sum of Fifteen thousand seven hundred and six pounds fourteen shillings and nine pence (£15,706 14s. 9d.) maturing on the first day of January One thousand nine hundred and sixty-five at par. That on the first day of July One thousand nine hundred and twenty the Government shall deliver to the Governor of the Bank instalment debentures or stock for the principal sum of Two millions three hundred an9. seventy-two thousand five hundred pounds seventeen shillings and six pence (£2,372,500 17s. 6d.) and in consideration thereof the Governor of the Bank shall deliver to the Government four (4) per centum debentures or stock for the principal sum of One million two hundred and sixty-six thousand two hundred and seven pounds twelve shillings and three pence (£1,266,207 12s. 3d.) maturing on the first day of January One thousand nine hundred and forty- five and four (4) per centum debentures or stock Tor the principal

1920. BANKING. Cmnnwnwealth Ba,nk Agreement, &c., Act. ;sum of One million one hundred and six thousand two hundred ,and ninety-three pounds five shillings and three pence (£1,106,293 .5s. 3d.) maturing on the first day of January One thousand nine hundred and sixty-five. That such instalment debentures or stock shall be charged and :secured upon and payable out of Consolidated Revenue of the State <If Queensland to secure. repayment of a principal sum--of Two million three hundred and seventy-two thousand five hundred .pounds seventeen shillings and six pence (£2,372,500 17s. 6d.) with interest thereon at the rate of four pounds (£4) per centum per annum by half-yearly instalments of principal and interest com- :bined in accordance with the table set out in the Schedule hereto. The number of instalments payable shall be one hundred and €leven (111) and each instalment except the last shall be for a sum of Fifty-three thousand three hundred and ,eighty-one pounds five shillings and five pence (£53,381 5s. 5d.) and the last shall be for the sum of Fifty-one thousand and sixty-five pounds twelve .shillings and ten pence (£51,065 12s. 10d.). The first instalment shall be payable on the first day of January One thousand nine hundred and twenty-one and a further one on each succeeding first ,aay of January and first day of July until all such instalments have been paid. That of the instalments payable the respective sums shown in the third and fourth columns respectively of the Schedule hereto shall be regarded respectively as payment of interest upon the amount of the loan unredeemed immediately .prior to such payment as shown in the second column of the said :Schedule and as the payment of portion of the principal sum. 'l'hat after the issue of the new securities in exchange for the -€xisting securities as described above the Government shall not be required to maintain a sinking fund in respect of the exchanged' -debentures. 14. That all new securities (excluding the deposit receipt referred to in Clause five hereof) issued by the Government in terms of this Agreement shall be in the form of instalment· debentures or stock which shall secure repayment of the principal amount of the loan together with interest thereon by half-yearly instalments of principal and interest combined. The amount of €ach half-yearly instalment except the last to be six months' interest on the total amount of the principal amount originally so secured together with one half of one (i) per centum per annum of the total amount of the principal sum originally so secured. The amount of the last half-yearly instalment to be the balance of principal outstanding at the beginning of the last half-year together with six (6) months' interest thereon. 'l'hat the amount of each half-yearly instalment shall be applied in payment of- Ca) Interest for six months on the amount of principal out- standing at the beginning of the half-year and (b) In reduction of principal. 15. ']'hat the Commonwealth Bank of Australia shall keep a separate account of the amalgamated Savings Bank business in the © State of Queensland and the resultant profit or loss on such business 9535

9536 BANKING. Commonwealth Bank Agreement, &c., Act. 11 GEO. V. No. 5, shall after each half-yearly balance has been struck be equally divided between or borne by the Commonwealth Bank of Australia and the Government. 16. That on completion of the amalgamation the Bank shall allow interest to anyone individual depositor on any sum exceeding One pound (£1) and not exceeding One thousand pounds (£1,000) at the rate of three and one half (3t) per centum per annum and on any further sum not exceeding Three hundred pounds (£300) at the rate of three (3) per centum per annum. The Governor of the Bank may at his discretion allow interest on sums in excess of One thousand and three hundred pounds (£1,300) on the funds of friendly societies charities and other bodies and associations which do not exist for purposes of profit. The rate of interest to be allowed by the Bank to depositors in the State of Queensland and the maximum amount on which interest is payable as before pro- vided in this section shall not be varied without the concurrence of the Treasurer for the time being for the State of Queensland until such time as any other State shall subsequently amalgamate its. Saving Bank business with the Commonwealth Bank of Australia. If any other State subsequently amalgamates its Savings Bank business with the Commonwealth Bank then the 'rate of interest shall not be varied without the concurrence of a majority of the- State Treasurers concerned. 17. A Savings Bank Advisory Board shall be constituted . consisting of the Treasurer for the time being of the State of Queensland alone or if any other State or States amalgamate their Savings Bank business with the Commonwealth Bank of Australia then together with the Treasurer or Treasurers for the time being of any such other State or States. Such Board shall advise the- Governor of the Bank in relation to Savings Bank business only and particularly in respect of the following matters :- (a) Rates of interest payable to depositors (b) Maximum amount on which interest shall be paid t() depositors (c) Nature of investments and terms and conditions of loans to be ~ade by the Bank out of Savings Bank funds. 18. 'I'he Governor of the Commonwealth Bank agrees to take- over and employ in the business of the said Commonwealth Bank of Australia all officers who were on the date hereof exclusively employed in the Queensland Government Savings Bank subject t() any such officer signing and conforming to tIre usual form of officer's agreement used by the Commonwealth Bank of Australia. Provided always that each such officer shall be employed upon the same terms and conditions whether as to salary terms 'If employment or otherwise howsoever which such officer was entitled to under the laws of the State at the time of such amalgamation and such form of agreement shall be amended accordingly. Officers exclusively employed in the Credit Foncier Department of the said Queensland Government Savings Bank shall not be included in this arrange- ment or taken over and employed in the business of the Common- wealth Bank of Australia.

1920. BANKING. Comm.onwealth Bank Agreement, &c., Act. . All officers taken over by the Commonwealth Bank under 'this clause shall in consideration of their continuing their superannua- tion payments (if any) have the option of retaining all rights and privHeges which have accrued or which would have accrued had t.heir service continued. 19. The Government hereby agrees and undertakes to enter into a separate agreement with the Commonwealth Bank of Australia to hand over to the Commonwealth Bank of Australia the general banking business of the State in Australia London and abroad including the flotation of State loans and the payment of interest thereon and the repayment of principal such agreement to take effect as from the expiry of the existing arrangements with the Queensland National Bank Limited and the Bank of England but it is hereby provided that the Government undertakes to approach the Bank of England at· an opportune time in the near future with a view to terminating the existing arrangement on terms satisfactory to the Government. 20. The figures as on the thirtieth day of June One thousand nine hundred and nineteen have been taken as the basis for this Agreement but as such figures have necessarily varied since that date the necessary adjustments shall in due course be made. 21. This Agre'ementto be for a period of twenty-five (25) years from date hereof the Government to have the option of continuing the arrangement for a further period not exceeding an additional twenty (20) years. 22. It is hereby understood and agreed that any variations of conditions of amalgamation which may subsequently be allowed to other States who amalgamate their Savings Bank business with the Commonwealth Bank of Australia shall be advised to the Government so that they may should they so desire take advantage of such variations and the Governor of the Bank hereby undertakes to grant such variations to the Government should they so desire. 23. It is hereby declared and agreed that this Agreement shall be subject to ratification by the Parliament of the State of Queens- land and the approval of the Commonwealth Treasurer within twelve months after the date hereof. Signed by THE HONOURABLE JOHN} A.RTHUR FIHELLY The ~ reasurer of the J. A. FIHELLY State of Queensland 111 the presence ' o f _ T r e a s u r e r of Queensland. J. H. STANLEY. The Common Seal of The Common- '\ wealth Bank of Australia was affixed I [L.S.] hereto by the Governor Df the Bank ins DENISON MILLER, the presence of- H. T. ARMITAGE. Governor. I, JOSEPH COOK, Treasurer of the Commonwealth of Australia, approve of the within Agreement dated this fourth day of August, One thousand nine hundred and twenty. JOSEPH COOK. 9537

9538 BANKING. Commonwealth Bank Agreement. &lc., Act. . 11 GEO. V. No. 5, SOHEDULE. FIBs! - ·OOL1JlIN. .!'fo. of Deben- tures. I SECOND TmRD I, FOUR'rB - COLUMN. COLUMN. - I COLUMN. Principal outstanding Portbn of Half· Portion of Half- at beginning of Half- year's Payment year's Payment year. applied to Interest applied to Repay- -4 per centum ment of Principal. per annum on Principal out- standing at be- ginning ef Half- year. I j--------- - FIFm COLUMN. Total - Half-year's Payment . secured by Debenture. SIn'JI - COL1JlIN. Date Pay- able. £ 8. d. £ 8. d. £ 8. d. £ 8_ d. 1 2,372,500 17 6 47,450 0 4 5,931 5 1 53,381 5 5 1-1-1921 2 2,366,569 12 5 47,331 710 6,049 17 7 53,381 5 5 1-7-1921 3 2,360,519 14 10 47,210 711 6,170 17 6 53,381 5 5 1-1-1922 4 2,354,348 17 4 47,086 19 7 6,294 510 53,381 5 5 1-7-1922 5 2,348,054 11 6 46,961 1 10 6,420 3 7 53,381 5 5 1-1-1923 6 2,341,634 711 46,832 13 9· 6,548 11 8 53,381 5 5 1-7-1923 87 22,, 333258; ,400865 156 32 4466,, 750618 124 41 66, , 687193 121 111 5533, , 338811 55 55 11- - 17- - 11992244 il 9 2,321,593 2 3 46,431 17 10 2,314,643 14 1 46,292 17 6,949 8 2 53,381 5 5 1-1-1925 7,088 711 53,381 5 5 1-7-1925 11 2,307,555 6 2 46,151 2 1 12 2,300,325 210 46,006 10 1 13 2,292,950 7 6 45,859 0 2 14 2,285,428 2 3 45,708 11 3 15 2,277,755 8 1 45,555 2 2 16 2,269,929 410 45,398 11 8 17 2,261,946 11 1 45,238 18 7 18 2,253,804 4 3 45,076 1 8 19 2,245,499 0 6 44,909 19 7 20 2,237,027 14 8 44,74011 1 7,230 3 4 7,374 15 4 7,522 5 3 7,672 14 2 7,826 3 3 7,982 13 9 8,142 610 8,305 3 9 8,471 510 8,640 14 4 53,381 5 5 1-1-1926 53,381 5 5 1-7-1926 53,381 5 5 1-1-1927 53,381 5 5 1-7-1927 53,381 5 5 1-1-1928 53,381 5 5 1-7-1928 53,381 5 5 1-1-1929 53,381 5 5 1-7-1929 53,381 5 5 1-1-1930 53,381 5 5 1-7-1930 21 2,228,387 0 4 44,567 14 10 8,813 10 7 53,381 5 5 1-1-1931 22 2,219,573 9 9 44,391 9 5 8,989 16 0 53,381 5 5 1-7-1931 23 2,210,583 13 9 44,211 13 6 9,169 11 11 53,381 5 5 1-1-1932 24 2,201;414 1 10 44,028 5 8 9,352 19 9 53,381 5 5 1-7-1932 25 2,192,061 2 1 43,841 4 5 9,540 1 0 53,381 5 5. 1-1-1933 26 2,182,521 1 1 43,650 8 5 9,730 17 0 53,381 5 5 1-7-1933 27 2,172,790 4 1 43,455 16 1 9,925 9 4 53,381 5 5 1-1-1934 28 2,162,864 14 9 43,257 511 10,123 19 6 53,381 5 5 1-7-1934 29 2,152,740 15 3 43,054 16 4 10,326 9 1 53,381 5 5 1-1-1935 30 2,142,414 6 2 42,848 5 9 10,532 19 8 53,381 5 5 1-7-1935 31 2,131,881 6 6 42,637 12 6 10,743 12 11 53,381 5 5 1-1-1936 32 2,121,137 13 7 42,422 15 I 10,958 10 4. 53,381 5 5 1-7-1936 33 2,110,179 3 3 42,203 11 8 11,177 13 9 53,381 5 5 1-1-1937 34 2,099,001 9 6 41,980 0 7 11,401 4 10 53,381 5 5 1-7-1937 35 2,087,600 4 8 41,752 0 1 11,629 5 4 53,381 5 5 1-1-1938 36 2,075,970 19 4 41,519 8 5 11,861 17 0 53,381 5 5 1-7-1938 37 2,064,109 2 4 41,282 3 8 12,099 I 9 53,381 5 5 1-1-1939 38 2,052,010 0 7 41,040 4 0 12,341 I 5 53,381 5 5 1-7-1939 39 2,039,668 19 2 40,793 7 7 12,587 17 10 53,381 5 5 1-1-1940 40 2,027,081 . 1 4 40,541 12 5 12,839 13 0 53,381 5 5 1-7-1940

1920. BANKING. Commonwealth BanlC Agreement, wc., Act. 9539 SCHEDULE-continued. FIRST' COLUMN. SECOND COLUMN. I I I I THIRD FOURTH FIFTH COLUMN. I COLUMN. I' COLUMN. SIXTH COLUMN. No. of Principal outstanding Portion of Half- Portion of Half- Total Half-year's Date Pay- Deben- tures. at beginning of Half- , year. I i I -----I I I year's Payment -4 app:ied to Interest per centum per annum on I Principal out- i standing at be-I ginning of Half· year. I I year's Payment Payment secured I I[ applied to Repay- by Debenture. ment of Principal. I ~ 1- - - - - - - 0 : - - able. £ 8. d. I £ 8. d. £ 8. d. 1 £ 8. d. ° 41 2,014,241 8 4! 40,284 16 7 13,096 8 10 53,381 5 5 1-1-1941 42 2,001,144 19 6 40,022 18 113,358 7 5 53,381 5 5 1-7-1941 ° ° 43 1,987,786 12 1 39,755 14 8 13,625 10 9 53,381 5 5 1-1-1942 44 ,1,974,161 ] 4 39,483 4 5 13,898 1 53,381 5 --5 1-7-1942 45 1,960,263 0 4 39,205 5 2 14,176 3 53,381 5 5 1-1-1943 ° 46 1,946,087 0 1 38,921 14 10 14,459 10 7 53,381 5 5 1-7-1943 47 1,931,627 9 6 38,632 11 14,748 14 5 53,381 5 5 1-1-1944 ° 48 1,916,878 15 1 38,337 11 6 15,043 13 11 53,381 5 5 1-7-1944 49 1,901,835 1 2 38,036 14 15,344 11 5 53,381 5 5 1-1-1945 50 1,886,490 9 9' 37,729 16 2 15,651 9 3 53,381 5 5 1-7-1945 51 1,870,839 0 \3 37,416 15 7 15,964 9 10 , 53,381 5 5 1-1-1946 52 1,854,874 10 8 37,097 9 10 16,283 15 7 53,381 5 5 1-7-1946 ° 53 1,838,590 15 1 36,771 16 4 16,609 9 1 53,381 5 5 1-1-1947 .54 1,821,981 6 36,439 12 6 16,941 12 11 53,381 5 5 1-7-1947 55 1,805,039 13 1 36,100 15 10 17,280 9 7 53,381 5 5 1-1-1948 56 1,787,759 3 6 35,755 3 8 17,626 1 9 53,381 5 5 1-7-1948 57 1,770,133 1 9 35,402 13 3 17,978 12 2 53,381 5 5 1-1-1949 ° ° 58 1,752,154 9 7 '35,043 1 10 18,338 3 7 53,381 5 5 1-7-1949 59 1,733,816 6 34,676 6 6 18,704 18 11 53,381 5 5 1-1-1950 60 1,715,111 7 1 34,302 4 7 19,079 10 53,381 5 5 1-7-1950 61 1,696,032 6 3 33,920 12 11 19,460 12 6 53,381 5 5 1-1-1951 ° ° ° ° 62 1,676,571 13 9 33,531 8 81 19,849 16 9 53,381 5 5 1-7-1951 63 1,656,721 17 33,134 8 9 20,246 16 8 53,381 5 5 1-1-1952 64 1,636,475 4 32,729 10 20,651 15 5 53,381 5 5 1-7-1952 65 1,615,823 4 11 32,316 9 4 21,064 16 1 53,381 5 5 1-1-1953 66 1,594,758 8 10 31,895 3 5 21,486 2 53,381 5 5 1-7-1953 67 1,573,272 6 10 31,465 8 11 21,915 16 6 53,381 5 5 1-1-1954 ° ° ° 68 1,551,356 10 4 31,027 2 7 22,354 2 10 53,381 5 5 1-7-1954 69 1,529,002 7 6 30,580 11 22,801 4 6 53,381 5 5 1-1-1955 70 1,506,201 3 I 30,124 6 23,257 4 11 53,381 5 5 1-7-1905 71 1,482,943 18 1 29,658 17 7 23,722 7 10 53,381 5 5 1-1-1956 72 1,459,221 10 3 29,184 8 7 24,196 16 10 53,381 5 5 1-7-1956 73 1,435,024 13 5 28,700 9 10 24,680 15 7, 53,381 5 5 1-1-1957 ° 74 1,410,343 17 10 28,206 17 7 25,174 7 10 I 53,381 5 5 1-7-1957 75 1,385,169 10 I 27,703 7 10 25,677 17 7 53,381 5 5 1-1-1958 ° 76 1,359,491 12 5 27,189 16 8 26,191 8 9 53,381 5 5 1-7-1958 77 1,333,300 3 8 26,666 1 26,715 5 4 53,381 5 5 1-1-1959' 78 1,306,584 18 4 26,131 14 0 27,249 11 5 53,381 5 5 1-7-1959 79 1,279,335 6 11 25,586 14 2 27,794 11 3 53,381 5 5 1-1-1960 80 1,251,540 15 8 25,030 16 4 28,350 9 1 53,381 5 5 1-7-1960

9540 BANKING. Commonwealth Bank Agreement, &c., Act. 11 GEO. V. No. 5. SCHEDULE-Continued. lfIRST SECOND CO - LU - MN. COLUM~ . -- N o. of Principal outstanding Deben- at beginning of Half- tnres. year. -- THIRD COLUMN. - Port·ion of Half· year's Payment applied to interest -4 per centnm per annum on Principal out- standing at be- ginning of Half- year. FOURTH COI,UMN. -- Portion of Half- year's Payment applied to repay- ment of Principal. FIFTH COLUMN. - Total Half-year'g Payment secnred by Debentnre. I I i I I . SIXTH - COLUMN. Date pay. able. £ 8. d. 81 1,223,190 6 7 82 1,194,272 17 4 83 1,164,777 I I 84 1,134,691 6 6 85 1,104,003 17 7 86 1,072,702 13 9 87 1,040,775 9 5 88 1,008,209 14 2 89 974,992 12 8 90 941,111 4 4 91 906,552 3 5 92 871,301 18 10 93 .835,346 14 2 94 798,672 7 5 95 761,264 10 11 96 723,108 11 4 97 684,189 9 4 98 644,491 19 8 19090 I I 566042,, 060909 115111 i ° 101 520,572 3 102 I 477,602 3 8 103 433,772 19 1 104 389,067 2 10 105 343,467 4 3 106 296,955 5 9 107 249,513 2 5 108 201,122 2 3 109 151,763 5 8 110 101,417 5 7 £ 8. d. 24,463 16 2 23,885 9 2 23,295 10 10 22,693 16 6 22,080 I 7 21,454 I I 20,815 10 2 20,164 311 19,499 17 I 18,822 4 6 18,131 010 ° 17,426 9 16,706 18 8 15,973 8 11 15,225 510 14,462 3 5 13,683 15 9 12,889 16 10 ° 12,080 3 11,253 19 9 10,411 9,552 8,675 7,781 6,869 5,939 4,990 4,022 3,035 2,028 810 010 9 2 6 10 611 2 1 53 810 54 611 £ 8. d. £ 28,917 9 3 53,381 29,495 16 3 53,381 30,085 14 7 53,381 30,687 811 53,381 31,301 310 53,381 31,927 4 4 53,381 32,565 15 3 53,381 33,217 1 6 53,381 33,881 8 4. 53,381 ° 34,559 11 I I 53,381 35,250 4 7 53,381 35,955 4 8 53,381 36,674 6 9 53,381 37,407 16 6 53,381 38,155 19 7 I 53,381 ° 38,919 2 53,381 39,697 9 8 53,381 40,491 8 7 53,381 41,301 5 2 53,381 42,127 5 8 53,381 8. d. 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 [) 5 1-1-1961 1-7-1961 1-1-l'96 2 1-7-196 2 1-1-1963 1-7-196 3 1-1-196 4- 1-7-196 4- 1-1-1965 1-7-1965 - 1-1-1966 1-7-1966 1-1-1967 1-7-1967 1-1-1968 1-7-1968 1-1-1969 1-7-1969 1-1-1970 1-7"1970 42,969 16 7 43,829 4 7 44,705 16 3 45,599 18 7 46,511 18 6 47,442 3 4 ° 48,391 2 49,358 16 7 ° 50,346 1 51,352 18 6 53,381 5 5 1-1-1971 53,381 5 5 1-7-1971 53,381 5 5 1-1-1972 53,381 5 5 1-7-1972 53,381 5 5 1,1-1973 53,381 5 5 1-7-1973 53,381 5 5 1-1-1974 53,381 5 5 1-7-1974 53,381 5 5 1-1-1975 53,381 5- 5 1-7-1975 111 50,064 7 1 1,001 5 91 50,064 7 1 51,065 12 10 1-1-1976

19~ O. BANKING. Commonwealth Bank Agreement, &c., Act. 9541' Year, Number, and Title of Act. SCHEDULE n. Extent of Amendment. 7 Geo. V. No. 17 Title-For" to Constitute and Regulate the Queens- land Government Savings Bank" substitute (The Queensland " to make provision for State Advances to Government Farmers and others for Agricultural and Savings Bank like Purposes, and for the Erection of Act of 1916) Dwelling-houses.' , S. I-For" Queensland Government Savings13ank" substitute" State Advances." S. 2-1n the definition 01 " Agricultural land," after " 1898 " I:nsert " or as a miner's homestead perpetuailea,se granted under "l'heMiners' Homestead Perpetual Leases Act of 1913" " Omit definitions oj " Bank" and" Commis- sioner" and insert- " "Corporation"-The State Advances Corporation. Corporation created by this Act" Omit definition of " Employee" In the definition of " Fund," for " Queensland Government Savings Bank" substitute " State Advances" Belore the definition of " Prescribed" insert- " " Officer"-An Officer of the State Officer. Public Service engaged whether wholly or £01' part time under or for the purposes of this Act" In the last paragraph of the section, for" Com- missioner" substitute" Corporation.", SS. 4 and 5-0mit the sections. S. 6-0mit the section and insert- , 6. The Treasurer of Queensland and his Treasurer successors in office, representing. the to be a . Crown, shall, for all the purposes of this corporatJo.n. Act and any Act amending the same, ,be a corporation sole by the name of, the "State Advances Corporation," and by that name shall have perpetual succession and an official seal which shall be judicially noticed, and, notwithstanding the 'pro- visions of any other Act, shall be capable in law of suing and being sued, and shall have power to take, purchase, sell,! ex- change, lease, and hold land, g~ ods, chattels, securities, and ariy other property whatsoever. " i For all the purposes of this Act andr any Actam.ending the same, the Corpor~ tion shall have and may exercise all the powers, privileges, rights, and remedies of the Crown.

9542 BANKING. Commonwealth Bank Agreement, &lc., Act. 11 GEO. V. No. 5, Year, Number, and TItle of Act. SCHEDULE II.--{)Ontinued. Extent of Amendment. 7 Geo. V. No. 17 S. 7-0mit subsection (1) and insert- " (1.) This Act shall be administered by (The Queensland the Corporation and officers of the Public Government &>rvice appointed or deputed in that Savings Bank behalf " Act of 1916) In subsection (2), for "Bank" substitute " Corporation." S 8-For" Commissioner" and" Bank" wherever those words occur substitute" Corporation." S H-Omit subsection (1) In sub·sections (2) and (3), for " Commissioner" and "Bank" wherever those words occur substitute" Corporation." S, H'-For" Commissioner" and "Bank" substitute " Corporation." S. J L-Omit the section. S }·2-After "Commissioner" wherever that word occurs insert " of the Queensland Govern- ment Savings Bank." S. 13-0mit the section and insert- 13. (1.) All moneys, debentures, and Vest,ing of Treasury bills, and securities for money, ~ sse~ ~ ~ md. and all interest thereon and all books lIabIlIties III documents, and other pr~ perty held by o~ Corporation. on behalf of the Commissioner of the Queensland Government Savings Bank under or pursuant to "The Queensland Government Savings Bank Act of 1916," or "The Clermont Illood Relief Act of 1917" as amended by "The Clermont Flood Relief Act Amendment Act of 1917," or "The Clermont Flood Relief Under- taking Act of 1917," or " The Discharged Soldiers' Settlement Acts, 1917 to 1920," or "The Workers' Homes Act of 1919," or any other Act, and all the assets and liabilities of the Queensland Government Savings Bank (other than such of them as by the Agreement ratified by " The Com- monwealth Bank Agreement Ratification and State Advances Act of 1920" are trans- ferred to, vested in, or imposed upon the Commonwealth Bank of Australia) and all powers, authorities, rights, title, interest, and obligation in or with respect to such assets and liabilities or any of them, shall forthwith by virtue of this Act pass to and become vested in and imposed upon the Corporation and be divested and dis- charged from the said Commissioner; 1IIiI..........___ _

1920. Year, Number, and Title of Act. BANKING. Commonwealth Bank Agreement, &c., Act. SCHF.DULE II.-continued. Extent of Amendment. 9543 7 Geo. V. No. 17 (The Queensland Government Savings Bank Act of 1916) (2.) Any right of action or other remedy Rights of accrued to or against and any power or action and aauntyhoargitryeemveesntte,d uinn d oerretax k er i ncigs, abmleobr t ygaagned, cuondnte F r aC t :!I. debenture, bond, lease, deed, guarantee, covenant, or obligation made, given, or entered into by, to, or with the said Com- missioner (other than such of them as by the aforesaid Agreement are transferred to, vested in, or imposed upon the said CommonweaJth Bank) may be prosecuted and enforced, by or against the Corpora- tion, as if the right of action or remedy }iad originally accrued to or against or the power or authority had originally been vested in or exercisable by or the agree- ment, undertaking, mortgage, debenture, bond, lease, deed, guarantee, covenant, or obligation had been made, given, or entered into by, to, or with the Corpora- tion. (3.) The following provisions shall apply Existing in respect of advances made or purporting advancep to be made under or pursuant to any Act as aforesaid before the passing of "The • Commonwealth Bank Agreement Ratifica- tion and State Advances Act of 1920" :- (a) Such advances shall be repaid, and interest thereon shall be paid to the Corporation at the times and in the amounts prescribed by the Act under or pursuant to which the advance was made or purported to be made or by any regulation or instrument thereunder; (b) The Cvrporation may take any pro- ceeding or exercise any right or remedy which under such Act might have been taken or exercised by the said Commissioner; (c) The land and other property mort- gaged as security for the advances aforesaid shall continue to be • charged with the repayment of such advances with interest thereon. All mortgages and other securities executed or purporting to be executed under or pursuant to any of the said Acts shall be construed as if the Corporation were party thereto instead of the said Commissioner.

9544 BANKING. Commonwealth Banking Agreement, &c., Act. 11 GEO. V. No.D, SCHEDULE H.-continued. L Year, Number, and --- -Title of Act. I Extent of Amendment. ------------------------------------------------ 7 Geo. V. No. 17 S. 14----0mit the section and insert-- (The Queensland I Government Savings Bank Act of 1916) 14. (1.) There is hereby created at the State Treasury a Fund to be called" the State Advances Advances Fund." Fund. (2.) All moneys repaid to the Corpora- tion in respect of advances and interest thereon under this Act or any other Act, and all other moneys whatsoever received by the Corporation, shall be paid into the Fund. (3.) All advances by the Corporation What and the salaries, wages, or allowances of all payments officers and agents of the Corporation, and ~ harrd on all expenses of administration, shall be un. payable out of the Fund. SS. 15, 16, 17, 18, and 19-0mit the sections and insert-- 19. The Governor in Council may, upon Loans, obtaining from the Corporation such &c., by ~ ecurity a:s i!1 the opinion of thc. Governor ?oovernment m Counml IS necessary or deSIrable, by Corporation. warrant under the hand of the Treasurer, direct and authorise loans to be made to the Corporation out of the cOnsolidated Revenue Fund. S. 20-0mit the section and insert- 20. (1.) In order to obtain funds for Debentures the purpose of making advances, the may be made Corporation, with the approval of the ~~ to~ ~ r 000 Governor in Council may raise, by the ' , . issue of debentures, any sum or sums of money which shall not exceed in the whole five million pounds. (2.) The said debentures shall be secured Debentures upon the Consolidated Revenue of the securet State, and shall bear interest at a rate C~ ~ ~ o~ i; ated fixed by the Governor in Council accord- Revenue. ingas necessity demands. (3.) The Governor in Council may Debentures authorise the sale of any ~ ch debentures may be sold in places beyo~d the limits of the State, ~ ~ ~ ~ ~ ~ ft~ ~ e and may appomt any agent or agents to State. negotiate such sale. (4.) All sums borrowed under the Sums authority of this section shall be paid to borrowed, the Corpo· ra·lil;On, an- d' sha 11 be by. h' Im ahcocwoutontbeed placed to th0 credit of the Fund. for.

,1920. BANKING. Commonwealth Bank Agreement, &c., Act. 9545 SCHEDULE II.-continued. Year, Number, and 1[1 Title of Act. Extent of Amendment. - - - - - - - - - - - - - - - - - -- - -- - -- - -- - - - - - - - - - - - - - - - - - - - - - - ~ - '7 Geo. V. No. 171 (The Queensland I Government I Savings Bank Act of 1916) I I (5.) All sums borrowed under the au- Loan, when thority of this section shall be repayable to be repaid. not later than the first day of July, one thousand nine hundred and sixty-five. (6.) All debentures purporting to be issued De ben tures under the authority of this section, and when.deemed signed by the Governor or by the Vice- duly Issued. President of the Executive Council, and countersigned by the Corporation, or, if such issue purports to have been made in London, in the United Kingdom of Great Britain and Ireland, signed by the Agent- General for Queensland and an agent appointed under "The Queensland Stock Inscription Act of 1883," and counter- signed by some officer of the Department of the said Agent-General designated in that behalf by the Auditor-General, shall be deemed to have been duly issued, and the holder thereof shall not be bound to inquire whether such issue was in fact duly authorised. S. 21-For " Commissioner," wherever it occurs except in paragraph (b) of subsection (6), substitute " Corporation" In paragraph (b) oj subsection (6), for" under this section" substitute" of the Queensland Government Savings Bank." S. 22-(As amended by "The Queensland Govern- ment Savings Bank Act Amendment .{lct of 1919.") In paragraph (a) of subsection (1), after "therefor" insert "or is the holder of a perpetual town lease granted under "The Clermont Flood Relief Act of 1917,"" and for" Commissioner" wherever it occurs substitute "Corporation." SS. 23, 24, 25, 26, and 28-For "Commissioner" wherever it occurs substitute" Corporation." S. 29-0mit the section and insert-· 29. Thfl a.ccounts of the Corporation Audit of shall be audited annually, at the close accounts. of each financial year, by the Auditor- General or an officer of his department, and shall be so audited at such other times as the Auditor-General thinks fit. c

9546 BANKING. Commonwealth Ban!.; Agreement, .foc., Act. 11 GEO. V. No. 5. Year, NUmber, and TItle of Act. SCHEDULE II.-continued. Extent of Amendment. 7 Geo. V. No. 17 SS. 30, 31, 32, and 33-For" Commissioner" wherever it occurs substitute" Corporation," and tor (The Queensland "employee" wherever it occurs substitute Government " officer." Sa ~ ings Bank S. 34-For "Commissioner" wheret'er it occurs sub- Act of 1916) stitute " Corporation" Omit "the administration of the business of the Bank or" Omit paragraphs (i.) and (ii.) of subsection (2) In paragraphs (iii.) and (ix.) of subsection (2), tor" Bank" substitute" Corporation" In last paragraph of subsection (3) omit " depositors and" Schedule- . Omit s. 1 (as amended by Order in Council) and s. 2 and insert- 1. The Corporation may from time to Delegation time delegate to any person or persons of powers. any of the powers, authorities, or duties vested in or imposed upon the Corporation under this Act; and without limiting the generality of the foregoing provision may direct thf'; separation of the business of advances to farmerd and cultivators from the business of advances for workers' dwellings, so that each such business shall be conducted in a different Department and by persons exercising and performing by delegation as aforesaid the functions of the Corporation in that behalf respectively. 2. All persons who at the date of the What passing of "The Commonwealth Bank officers to be Agreement Ratification and State Advances taken over Act of 1920" were employees of the ~ ~ ~ ? - c~ liC Comwissioner of the Queensland Govern- I. ment Savings Bank, and who under the Agreement ratified by the said Act were not taken over and employed in the business of the Commonwealth Bank of Australia, shall forthwith be and become officers of the State Public Service; and the continuous service with the said Commissioner of such of the aforesaid employees as were officers of the State Public Service on the thirty-first day of December, one thousand nine hundred and sixteen, shall be deemed to be and to have been a continuance of service in the said Public Service.

1920.' BANKING. Oommonwealth Bank Agreement, &c., Act. 9547 Year, Number l and Title of Act. SCHEDULE II.-continued. Extent of Amendment. 7 Gao. V.No.17 (The Queensland Government Savings Bank Act of 1916) Omit s. 3, s. 4 (as amended by Ordel' in Oouncil) , ss. 5 and 6, s. 7 (as amended by Orders in Oouncil), and s. 8. In s. 9, for" Commissioner" wherever it occurs Schedule. substitute "Corporation," and for "em- ployee" wherever it occurs substitute "officer." In subsection (3), omit" of the Bank "; for "to the Bank" substitute " to the Corporation" In subsection (5), for" Bank" substitute "Corporation" Omit ss. 10 to 17 inclusive. In s. 18, for "Commissioner" substitute "Corporation" and omit "of the Bank" and "for equalising the rate of interest payable on deposits." In section 19, omit" and shall be si.gned by the Commissioner and Auditor-General"; also for " Commis~ ioner" where it secondly occurs substitute" Corporation" In ss. 20, 21, and 22, for "Commissioner" wherever it occurs substitute" Corporation." Ins. 24, for" under the Agricultural Bank Act and Workers' Dwellings Acts pending at the commencement of this Act" substitute " pending at the passing of "'The Oom- monwealth Bank Agreement Ratification and State Advances Act of 1920." In ss. 25, 26, 27, 28, 30 (as amended by Order in Council), 31, 32, 33, 34, 35, 36, and 37, for" Commissioner" and" Bank" wherever those words occul' substitute" Corporation" 7 Geo. V. No. 32 S. 2-For " "Commissioner" means the Commis- 10 Geo. V. No. sioner of the Queensland Government 21 Savings Bank constituted and appointed under "The Queensland Government (The Discharged Savings Bank Act of 1916" " substitute Soldiers' " "Corporation" means the State Ad- Settlement vances Corporation created by " The State Acts, 1917 to Advances Act of 1916 " " 1920) S. 8-For" Queensland Government Savings Bank" where those words first occur substitute " State Advances" In paragraph (b) of subsection 3, before " relating" insert" or by the Corporation under the provisions of "The State Advances Act of 1916." "

9548 BANKING. Oommonwealth Bank Agreement, &c., Act. 11 GEO. V. No. 5, 1920. Year, Number, and Title of Act. SCHEDULE n.-continued. Extent of Amendment. 7 Geo. V. No. 32 S. SA-In paragraph (b) of subsection 1, before" re- 10 Geo. V. No. o lating" insert" or by the Corporation 21 under the provisions of "The State Ad~ vances Act of 1916." " (The Discharged S. SD-For " Queensland Government Savings Bank" Soldiers' substitute" State Advances." Settlement Acts, 1917 to S. SE-For " Commissioner" wherever it occurs sub· 1920) stitute " Corporation." S 9-For" Commissioner of the Queensland Govern- ment Savings Bank" and" said Commis- sioner" substitute" Corporation," and for "Queensland Govet'nment Savings Bank" substitute" State Advances." 10 Geo. V. No. 7 S.26-For "Commissioner of the Queensland Government Savings Bank" substitute (The Workers' "State Advances Corporation," and for Homes Act of " Commissioner" wherever it elsewhere 1919) occurs substitute" Corporation." COMMONWEALTH BANK AGREEMENT See BANKING.