Rural and Industries Bank Act Amendment Act 1965 (WA)

No. 34.] Rural and Industries Bank. [1965.

RURAL AND INDUSTRIES

BANK.

No. 34 of 1965.

AN ACT to amend the Rural and Industries Bank

Act, 1944-1963.

'Assented to 21st October, 1965.]

BE it enacted by the Queen's Most ExcellentMajesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:-

Short title

and citation. 1. (1) This Act may be cited as the Rural and

Industries Bank Act Amendment Act, 1965.

Reprinted In

Vol. 14 of the	(2) In this Act the Rural and Industries Bank
Reprinted

Acts.	Act, 1944-1963, is referred to as the principal Act.
Approved for
Reprint
18th May,

1959, and	(3) The principal Act as amended by this Act
amended by

Act No. 25	may be cited as the Rural and Industries Bank Act,
of 1963.	1944-1963.

19651 Rural and Industries Bank. [No. 34.

S. 8 repealed

2. Section eight of the principal Act is repealed and

and re-enacted with amendments as follows-	re-enacted.
Management

8. The management of the Bank shall be and is hereby vested in five Commissioners all of

of Bank vested in

Commis-

whom except the part time Commissioner shall

sioners.

have had administrative or executive experience

in the Bank or other trading bank. .

S.10

3. Section ten of the principal Act is amended amended.

by repealing and re-enacting subsection (1) with

amendments as follows

(1) Without affecting in any way the terms of appointment of the Chairman and other full time Commissioners holding office at the date of the commencement of the Rural and Industries Bank Act Amendment Act, 1965, any person appointed or re-appointed as Chairman or full time Commissioner after that date shall hold office until he attains the age of sixty-five years. .

S. 36

4. Section thirty-six of the principal Act is amended.

amended

(a)	by substituting for the word, "six" in the last line of subparagraph (ii) of paragraph (d) of subsection (5), the word, "twelve"; and
(b)	by substituting for the word, "six" in line eight of subparagraph (v) of paragraph (d) of subsection (5), the word, "twelve".

5. Section sixty-five N of the principal Act is vmanded

amended

(a) by substituting for the word, "Interest", being the first word in paragraph (a) of subsection (2), the passage, "Except in respect to school savings bank accounts, interest"; and

No. 34.] Rural and Industries Bank. [1965.

(b) by adding after paragraph (d) of subsec- tion (2), the following paragraphs

(e) Interest payable in respect to school savings bank accounts shall be calculated once in each year up to the thirty-first day of May and credited to those accounts not later than the fifteenth day of June in that year.

(f) The interest on school savings bank accounts, upon being credited to those accounts, becomes principal and, subject to any limitation on the amount on which interest is payable, bears interest on and from the first day of June in that year. .

S. 65Q

amended. 6. Section sixty-five Q of the principal Act is amended

(a) by repealing and re-enacting subsection (1) with amendments as follows

(1) Where a savings bank account is opened, a pass book may be issued to the depositor or the person at whose instance the account is opened. ; and

(b) by repealing subsection (2).

S. 65S

repealed. 7. Section sixty-five S of the principal Act is

repealed.

Second

Schedule	8. The Second Schedule to the principal Act is amended by substituting for the words, "attested by two or more credible witnesses" in line three of subclause (1) of clause six of Part III, the words, "duly attested".
amended.