STATUTORY RULES.
1941.
No. 272.
REGULATIONS UNDER THE NATIONAL
SECURITY ACT 1939-1940.*
I,
THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the
advice of the Federal Executive Council, hereby make the following Regulations
under the National Security Act 1939-1940.
Dated
this nineteenth day of November, 1941.
(SGD.) GOWRIE
Governor-General.
By His Excellency’s Command,
for and on behalf of the
Minister of State for Defence Co-ordination.
National Security (War-time Banking Control)
Regulations.
Short
title.
1. These Regulations may be
cited as the National Security (War-time Banking Control) Regulations.
Commencement.
2. These Regulations shall
come into operation on the twenty-sixth day of November, 1941.
Administration.
3. These Regulations shall
be administered by the Treasurer.
Definitions.
4. For the purposes of
these Regulations—
“the
Commonwealth Bank” means the
Commonwealth Bank of Australia established by the Commonwealth Bank Act 1911;
“trading
bank” means a body specified in
the Schedule to these Regulations.
Banking
business not to be carried on without authority.
5. A
person or corporation (other than a bank of the Commonwealth or of any State)
shall not, at any time after the expiration of three weeks from the
commencement of these Regulations, carry on in Australia the business of
banking, unless that person or corporation is in possession of a subsisting
authority in writing granted by the Governor-General under these Regulations to
carry on such business.
* Notified in the Commonwealth Gazette on November,
1941.
7586.—20/25.11.1941.—Price
3d.
Grant
of authority to carry on banking business.
6.—(1.) Within three weeks
after the commencement of these Regulations, the Governor-General shall grant
to each of the bodies specified in the Schedule to these Regulations an
authority to carry on in Australia the business of banking.
(2.) The Governor-General may
withdraw any authority granted in pursuance of the last preceding
sub-regulation if, after inquiry and recommendation by a Justice of the High
Court, he is satisfied that the holder of the authority has persistently and
wilfully contravened these Regulations.
Control
of advances.
7. In making advances a
trading bank shall comply with the policy laid down by the Commonwealth Bank
from time to time.
Consent
required to purchase of securities.
8. A
trading bank shall not, except with the prior consent of the Commonwealth Bank,
purchase or subscribe to government, semi-governmental or municipal loans, or
purchase or subscribe to securities listed on any Stock Exchange in Australia.
Trading
banks to make special deposits with Commonwealth Bank.
9.—(1.)
Every trading bank shall lodge in a Special Account with the Commonwealth Bank
such part of its surplus investible funds as is directed by the Commonwealth
Bank in accordance with a plan approved by the Treasurer.
(2.) For the purposes of this
regulation, “surplus investible
funds” means, in the case of each trading bank, the amount by which its total
assets in Australia at any time exceed the average of its total assets in
Australia at the weekly balancing days in the month of August, One thousand
nine hundred and thirty-nine.
Withdrawals
from Special Account.
10. A trading bank shall
not withdraw any sum from its Special Account except with the consent of the
Commonwealth Bank.
Interest
to be paid on Special Accounts.
11. The Commonwealth Bank
shall pay interest to each trading bank on the credit balance of that trading
bank’s Special Account at a rate
determined from time to time by the Commonwealth Bank:
Provided that any rate so
determined shall—
(a) not exceed a rate fixed by the
Treasurer from time to time, and
(b) be designed to secure that, in the
judgment of the Commonwealth Bank, the trading profits of the trading bank
shall not exceed the average of its annual trading profits for the three years
ended the thirty-first day of August, One thousand nine hundred and
thirty-nine.
Publication
of balance-sheets and profit and loss accounts.
12. Every trading bank shall
prepare and publish an annual balance-sheet and profit and loss account in
accordance with a form specified by the Treasurer by order published in the Gazette.
Supply
of information.
13. Every trading bank
shall—
(a) furnish to the Treasurer, through the
Commonwealth Bank, a statement of its profit and loss account in accordance
with a form specified by the Treasurer; and
(b) furnish to the Treasurer, through the
Commonwealth Bank, such statements in respect of its business as the Treasurer
directs, and to the Commonwealth Bank such statements in respect of its
business as the Bank directs:
Provided
that such statements shall not disclose particulars of the accounts of any
individual customer.
Supply
of information by persons or bodies accepting deposits.
14. Every person or
corporation which accepts deposits of money shall furnish to the Treasurer,
through the Commonwealth Bank, such statements in respect of its business as
the Treasurer directs, and to the Commonwealth Bank such statements in respect
of its business as the Bank directs.
Reports
by Auditor-General.
15. The Auditor-General
shall investigate periodically and at any other time when so directed by the
Treasurer the books, accounts and transactions of every trading bank, and shall
furnish to the Treasurer and to the Commonwealth Bank such reports upon the affairs
of each bank as are directed by the Treasurer.
Exemptions.
16. The Treasurer may, by
order published in the Gazette,
either wholly or to the extent specified in the order, and for the period so
specified, and subject to such conditions and restrictions as he may direct,
exempt, from the whole or any of the provisions of these Regulations, any
person or corporation or any classes of persons or corporations who are or may
appear to be carrying on in Australia the business of banking, or who intimate
in any way that they are performing banking services.
THE
SCHEDULE.
Ballarat Banking Company
Limited.
Bank of Adelaide.
Bank of Australasia.
Bank of New South Wales.
Bank of New Zealand.
Brisbane Permanent
Building and Banking Company Limited.
Commercial Bank of
Australia Limited.
Commercial Banking
Company of Sydney Limited.
Comptoir National d’Escompte de Paris.
English, Scottish and
Australian Bank Limited.
National Bank of
Australasia Limited.
Queensland National Bank
Limited.
Union Bank of Australia
Limited.
Yokohama Specie Bank
Limited.
By
Authority: L. F. Johnston,
Commonwealth Government Printer, Canberra.